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Douglas Dynamics
(NYSE:PLOW)
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Rating:63Neutral
Price Target:
$42.00
▲(0.77% Upside)
Action:Reiterated
Date:08/04/26
PLOW scores as a balanced setup: annual financials show improving profitability, better leverage, and recovered free cash flow, while the latest earnings call was constructive with raised full-year guidance and strong segment momentum/backlog. These positives are tempered by questionable/inconsistent TTM cash-flow signals and weak near-term technicals (below key moving averages with negative MACD), leaving the overall profile moderately attractive but not high-conviction.
Positive Factors
Raised Growth Outlook
Higher full-year sales and EBITDA guidance indicates management sees sufficient demand and operating execution to support stronger earnings. If delivered, the outlook would improve revenue scale, reinforce confidence in the business plan, and provide resources for continued investment.
Negative Factors
Weak Cash Conversion
Negative year-to-date cash flow despite reported earnings indicates that working capital is absorbing substantial cash, particularly through inventory and receivables. If this persists, it could constrain internally funded investment, reduce liquidity flexibility, and make earnings quality less dependable.
Read all positive and negative factors
Positive Factors
Negative Factors
Raised Growth Outlook
Higher full-year sales and EBITDA guidance indicates management sees sufficient demand and operating execution to support stronger earnings. If delivered, the outlook would improve revenue scale, reinforce confidence in the business plan, and provide resources for continued investment.
Read all positive factors
Douglas Dynamics Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales across the company’s business lines to show where growth is coming from. For Douglas Dynamics, segment revenue highlights the mix between new equipment, aftermarket parts, and services, exposes seasonal exposure to winter demand, and pinpoints areas where market share gains or product expansion could drive future top-line resilience.
Breaks down sales across the company’s business lines to show where growth is coming from. For Douglas Dynamics, segment revenue highlights the mix between new equipment, aftermarket parts, and services, exposes seasonal exposure to winter demand, and pinpoints areas where market share gains or product expansion could drive future top-line resilience.
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The Fly
The FlyDouglas Dynamics (PLOW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$918.47M
Dividend Yield2.96%
Average Volume (3M)168.33K
Price to Earnings (P/E)17.8
Beta (1Y)0.69
Revenue Growth20.05%
EPS Growth-20.51%
CountryUS
Employees1,764
SectorConsumer Cyclical
Sector Strength84
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)2.24
Shares Outstanding23,077,045
10 Day Avg. Volume132,506
30 Day Avg. Volume168,334
Financial Highlights & Ratios
PEG Ratio-1.07
Price to Book (P/B)2.68
Price to Sales (P/S)1.15
P/FCF Ratio11.85
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue2.23
Enterprise Value/Gross Profit8.18
Enterprise Value/Ebitda16.43
Forecast
1Y Price Target
$50.00Price Target Upside19.96% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.2
Revenue Forecast (FY)$775.63M
Douglas Dynamics Business Overview & Revenue Model
Company Description
Douglas Dynamics, Inc. is a North American firm specializing in the production and customization of equipment and accessories for commercial work trucks. The company's operations are divided into two primary segments: Work Truck Attachments and Wo...
How the Company Makes Money
Douglas Dynamics generates revenue primarily by designing, manufacturing, and selling work-truck attachments and related equipment to end users through independent dealers, distributors, and, in some cases, OEM and upfit channels. Its core revenue...
Douglas Dynamics Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call communicates a predominantly positive operational and financial story: record quarterly results, strengthened full-year guidance, strong Attachments performance and municipal backlog growth, along with strategic capacity investments and completed integration of Venco Venturo. Offsetting items include higher SG&A, modest margin pressure in Q2 from acquisition and shipment timing, softness in parts of the commercial Solutions business, paused large fleet orders, and weaker year-to-date cash flow driven by inventory and receivables. Overall, the positive drivers (record sales and earnings, raised guidance, capacity expansion, and backlog strength) materially outweigh the transitory and manageable negatives.Positive Updates
Record Quarterly and Year-to-Date Results
Consolidated net sales increased 10% year-over-year to a record $214.6M in Q2 2026; adjusted EBITDA increased 5% to a record $44.6M; adjusted EPS increased 7% to a record $1.22. Gross margin remained strong at 31% (flat YoY).
Negative Updates
Increased SG&A and Compensation Costs
SG&A expenses increased 37% YoY to $29.8M, driven by higher variable incentives, stock-based compensation, increased employee costs related to the Venco Venturo acquisition, and other operating investments.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly and Year-to-Date Results
Consolidated net sales increased 10% year-over-year to a record $214.6M in Q2 2026; adjusted EBITDA increased 5% to a record $44.6M; adjusted EPS increased 7% to a record $1.22. Gross margin remained strong at 31% (flat YoY).
Read all positive updates
Company Guidance
Management raised full‑year 2026 guidance to net sales of $765–$805 million, adjusted EBITDA of $120–$135 million (midpoint up ~8.5% versus prior guidance) and adjusted EPS of $2.90–$3.40 (midpoint up ~12.5%), with an expected effective tax rate of ~24–25% and full‑year CapEx still targeted at ~2–3% of sales; the company said preseason shipments should be roughly 50/50 between Q2 and Q3 (vs. 60/40 in 2025) and be completed by the end of Q3, expects Attachments full‑year margins in the low‑20% range and Solutions to deliver low double‑digit margins, and noted the guidance midpoint implies roughly 15–20% company revenue growth (and that the low end of EPS would be ~20% above the 2019 EPS record). In addition, they reiterated assumptions of average Q4 snowfall and stable conditions and provided balance‑sheet context of $69.4 million total liquidity ($1.9M cash, $67.5M revolver) alongside YTD free cash flow of -$32.5M and net cash used in operations of $25.2M.Douglas Dynamics Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 699.10M | 656.05M | 568.50M | 568.18M | 616.07M | 541.45M |
| Gross Profit | 190.81M | 174.68M | 146.84M | 134.27M | 151.46M | 141.87M |
| EBITDA | 95.01M | 88.98M | 107.04M | 66.57M | 79.55M | 66.74M |
| Net Income | 52.55M | 46.90M | 56.15M | 23.72M | 38.61M | 30.69M |
Balance Sheet | ||||||
| Total Assets | 725.67M | 626.70M | 589.98M | 593.42M | 596.89M | 572.48M |
| Cash, Cash Equivalents and Short-Term Investments | 1.88M | 8.30M | 5.12M | 24.16M | 20.67M | 36.96M |
| Total Debt | 290.20M | 219.05M | 221.47M | 256.70M | 226.53M | 239.88M |
| Total Liabilities | 430.01M | 345.25M | 325.77M | 361.85M | 359.79M | 357.87M |
| Stockholders Equity | 299.66M | 281.45M | 264.21M | 231.56M | 237.10M | 214.61M |
Cash Flow | ||||||
| Free Cash Flow | 48.91M | 63.56M | 33.32M | 1.95M | 27.98M | 49.33M |
| Operating Cash Flow | 62.22M | 74.69M | 41.13M | 12.47M | 40.03M | 60.53M |
| Investing Cash Flow | -40.56M | -37.46M | 56.79M | -10.52M | -12.05M | -11.21M |
| Financing Cash Flow | -27.76M | -34.05M | -116.96M | 1.54M | -44.28M | -53.39M |
Douglas Dynamics Technical Analysis
Negative
41.68
Price Trends
40.35
Negative
43.05
Negative
42.49
Negative
Market Momentum
-0.14
Negative
47.17
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLOW, the sentiment is Negative. The current price of 41.68 is above the 20-day moving average (MA) of 39.83, above the 50-day MA of 40.35, and below the 200-day MA of 42.49, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 47.17 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLOW.
Douglas Dynamics Risk Analysis
Douglas Dynamics disclosed 28 risk factors in its most recent earnings report. Douglas Dynamics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Douglas Dynamics Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $254.75M | 17.21 | 6.82% | ― | -6.39% | -1.99% | |
67 Neutral | $1.78B | 17.42 | 8.70% | 0.93% | 4.07% | -15.07% | |
64 Neutral | $5.86B | 25.77 | 4.30% | 1.33% | 29.17% | -27.70% | |
63 Neutral | $918.47M | 17.77 | 18.51% | 2.96% | 20.05% | -20.51% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $885.33M | 44.71 | 2.88% | 1.35% | 18.70% | -57.51% | |
46 Neutral | $1.13B | 66.17 | 3.17% | 1.87% | -2.91% | -68.31% |
* Consumer Cyclical Sector Average
PLOW
Douglas Dynamics
39.80
9.28
30.39%
ALG
Alamo Group
146.18
-37.36
-20.36%
ASTE
Astec
38.45
-8.86
-18.73%
GENC
Gencor
17.38
3.46
24.86%
TNC
Tennant Co
66.26
-14.05
-17.49%
TEX
Terex
51.29
-6.51
-11.26%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.