Douglas Dynamics, Inc

Industrials
Construction/Ag Equipment/Trucks
www.douglasdynamics.com

Earnings Score
Moat Score
Safety Score

Market Cap $595.33M
PE 11
Debt $67.00M
Cash $8.41M
EV $653.92M
FCF $36.56M

Earnings

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Sales & Net Margins

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Earnings	$54.28M
EBIT	$88.38M
ROE	21%
ROA	13%
FCF	$36.56M
Equity	$260.76M
Growth Stability	-175%
PE	10.97
PEG	-1.8
PB	2.28
P/FCF	16.28
P/S	1.06
Price/Cash	0.01
Debt/Equity	0.26
Debt/FCF	1.83
Net Margins	11%
Gross Margins	25%
Op. Margins	16%
Earnings CAGR	-4%
Sales Growth YoY	-10%
Sales Growth QoQ	-35%
Sales CAGR	4%
FCF CAGR	-6%
Equity CAGR	1%
Earnings Stability	0.18
Earnings Growth YoY	478%
Earnings Growth QoQ	29%
Earnings CAGR 5Y	-6%

Sales CAGR 5Y	3%
FCF CAGR 5Y	-16%
Equity CAGR 5Y	1%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	5%
Market Cap	$595.33M
Revenue	$559.20M
Dividend Yield	5%
Payout Ratio	50%
Assets	$665.59M
Total Debt	$67.00M
Cash	$8.41M
Shares Outstanding	23.07M
EV	653.92M
Earnings Score	5%
Moat Score	94%
Safety Score	63%
Final Score	54%
Working Capital	168.55M
Current Ratio	2.14
Gross Profit	$140.60M
Shares Growth 3y	0%
Equity Growth QoQ	10%
Equity Growth YoY	10%

Assets & ROA

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Stockholders Equity & ROE

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Douglas Dynamics Inc is a manufacturer and upfitter of commercial vehicle attachments and equipment. The product line includes snow plows, sand and salt spreaders for light trucks, and turf-care equipment. The products are sold under the Blizzard, Fisher, Snowex, Western, Turfex, and Sweepex brands. The clients include professional snowplowers who are contracted to remove snow and ice from commercial, municipal, and residential areas. The majority of Douglas Dynamics' operations are focused in the snow-belt regions in North America.

SEC Filings

Direct access to Douglas Dynamics, Inc (PLOW) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Douglas Dynamics, Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Douglas Dynamics, Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -4%

Stability 18%

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Douglas Dynamics, Inc Discounted Cash Flow

Fully customizable DCF calculator online for Douglas Dynamics, Inc.

Years

Calculation mode

= $246M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$37M	$34M	$32M	$30M	$29M	$27M	$25M	$24M	$22M	$21M	$20M	$197M
DCF		$31M	$27M	$23M	$20M	$17M	$14M	$12M	$10M	$8.9M	$7.6M	$76M
Value	$246M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	11%	9%	12%	8%	9%	-18%	6%	6%	4%	11%
ROA	-	10%	10%	11%	12%	-13%	9%	10%	8%	13%
ROE	-	18%	22%	16%	16%	-43%	14%	16%	10%	21%

Good Net Margins (11.15%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	10.32	5.23	5.69	3.71	6.16	0.23	7.92	121.36	1.83
Debt over Equity	1.85	2.81	1.2	0.98	0.78	1.19	0.05	0.92	1.02	0.26
Growth Stability	-	-	-	96%	100%	-175%	100%	-	-	-175%

Good Debt/FCF ratio (1.83)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.26)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-175%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	4%	14%	10%	9%	-16%	13%	14%	-8%	3%
Earnings YoY growth	-	-10%	42%	-21%	12%	-276%	-135%	23%	-39%	-6%
Equity YoY growth	-	10%	16%	10%	11%	-36%	7%	10%	-2%	1%
FCF YoY growth	-	29%	-2%	-18%	36%	-41%	26%	-43%	-93%	-16%