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Douglas Dynamics

PLOW
39
Auto - Parts · Consumer Cyclical
Price
$44.62
-0.30 (-0.67%)
Market Cap
$1.03B
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+2.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 23.0M (2021) → 23.6M (2025)

Douglas Dynamics makes equipment that attaches to trucks to move snow and spread salt on roads. Its main brands include Fisher, Western, and SnowEx, which are sold to truck owners, municipalities, and contractors who need to clear parking lots, roads, and driveways during winter storms. The company is the largest manufacturer of work truck attachments in North America.

Douglas Dynamics makes money by selling snowplows, spreaders, and related parts through a network of dealers across the United States and Canada. Most of its revenue comes from product sales, with parts and accessories providing a steadier income stream year-round. The company's established dealer network and well-known brands give it a durable position in a niche market, but its biggest risk is weather dependence — a string of mild winters with below-average snowfall can sharply reduce demand and pressure its financial results.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

2.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 months

$5.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Douglas Dynamics has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
26.3%
Modest — 26.3% gross margin
Operating Margin
7.2%
Modest — 7.2% operating margin
ROCE
0.0%
Weak — 0.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+15.5%
Fast-growing sales (15.5% YoY)
EPS YoY
-17.2%
Earnings shrinking (-17.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
-1728%
Weak — only -1728% of profit becomes cash
FCF Margin
-602.2%
Burning cash (-602.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.35
Conservative — low debt load (0.35)
Interest Cover
6.81x
Adequate interest coverage (6.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
19.7x
Fair value — P/E 19.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+2.5
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield
2.18%
Moderate income — 2.18% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+0.0%
Dividend flat

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