DOUGLAS DYNAMICS, INC

Listed Company

PLOWCIK 0001287213NYSEAcceleratedConstruction Machinery & EquipDelawareFY ends Dec 31

Period

FY 2025

Revenue

$656.05M

Net Income

$46.90M

Total Assets

$626.70M

Equity

$281.45M

Shares Out

23.08M

Op. Cash Flow

$74.69M

Business

DOUGLAS DYNAMICS, INC is North America’s premier manufacturer and upfitter of commercial work truck attachments and equipment, focused on delivering high‑quality products for professional snow and ice control and work truck upfits. The company produces snowplows, sand and salt spreaders, parts and accessories, municipal snow and ice control products, truck bodies, racking and storage solutions, and custom upfit services. Its operations are organized into two reportable segments: Work Truck Attachments and Work Truck Solutions. Products are sold primarily through an extensive North American distributor network and direct upfit channels serving dealers, fleets and governmental entities.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	656	569	568	616	541
Cost of Product and Service Sold	481	422	434	465	400
Gross profit	175	147	134	151	142
Selling, general, and administrative expense	95	92	79	82	79
Impairment charges	0	1	0	0	1
Gain on sale leaseback transaction	0	−42	0	0	—
Intangibles amortization	6	8	11	11	11
Income from operations	74	89	45	59	51
Interest expense, net	−12	−15	−16	−11	−12
Debt modification expense	−176,000	0	0	—	—
Loss on extinguishment of debt	−156,000	0	0	0	−5
Other income, net	344,000	442,000	0	−139,000	228,000
Income before taxes	62	74	29	47	35
Income tax expense	15	18	6	9	4
Net income	47	56	24	39	31
Basic (in dollars per share)	1.99	2.39	1.01	1.65	1.31
Diluted (in dollars per share)	1.96	2.36	0.98	1.63	1.29
Cash dividends declared and paid per share (in dollars per share)	1.18	1.18	1.18	1.16	1.14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	8	5	24	21	37
Accounts receivable, net	98	87	84	87	71
Inventories	150	137	140	137	104
Inventories - truck chassis floor plan	4	3	2	1	3
Refundable income taxes paid	920,000	0	5	0	1
Prepaid and other current assets	5	6	7	8	5
Total current assets	266	238	262	253	220
Property, plant and equipment, net	45	41	67	69	67
Goodwill	117	113	113	113	113
Other intangible assets, net	116	114	121	132	142
Operating lease right-of-use assets	69	71	18	17	18
Non-qualified benefit plan assets	12	10	9	9	10
Other long-term assets	2	2	2	4	1
Total assets	627	590	593	597	572
Accounts payable	39	32	31	49	27
Accrued expenses and other current liabilities	33	26	26	30	36
Floor plan obligations	4	3	2	1	3
Operating lease liability - current	7	7	5	5	5
Income tax payable	0	2	0	3	0
Short-term borrowings	5	0	47	0	—
Current portion of long-term debt	7	0	7	11	11
Total current liabilities	96	70	119	100	82
Retiree benefits and deferred compensation	15	14	14	15	17
Deferred income taxes	33	25	28	30	30
Long-term debt, less current portion	135	147	181	195	206
Operating lease liability - noncurrent	60	65	14	14	15
Other long-term liabilities	6	6	6	6	8
Commitments and contingencies (Note 15)	—	—	—	—	—
Common Stock, par value $0.01, 200,000,000 shares authorized, 23,069,841 and 23,094,047 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	231,000	231,000	230,000	229,000	230,000
Additional paid-in capital	171	170	165	164	164
Retained earnings	107	88	60	63	52
Accumulated other comprehensive income, net of tax	3	5	6	9	−1
Total shareholders' equity	281	264	232	237	215
Total liabilities and shareholders' equity	627	590	593	597	572

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	15	18	22	21	20
Amortization of deferred financing costs and debt discount	489,000	703,000	588,000	491,000	894,000
Loss (gain) on disposal of fixed assets	0	347,000	−56,000	111,000	−220,000
Stock based compensation	7	5	953,000	7	6
Adjustments on derivatives not designated as hedges	0	−287,000	−688,000	−688,000	−1
Provision (credit) for losses on accounts receivable	279,000	702,000	320,000	−1	67,000
Deferred income taxes	9	−3	8	−3	2
Non-cash lease expense	8	6	5	1	2
Accounts receivable	−6	−4	3	−14	12
Inventories	−672,000	3	−4	−32	−24
Prepaid assets, refundable income taxes and other assets	−3	2	−14	3	−2
Accounts payable	3	991,000	−17	22	10
Accrued expenses and other current liabilities	4	2	−8	1	42,000
Benefit obligations, long-term liabilities and other	−11	−6	−6	−2	−2
Net cash provided by operating activities	75	41	12	40	61
Capital expenditures	−11	−8	−11	−12	−11
Acquisition of business	−26	0	0	—	—
Proceeds from sale leaseback transaction	0	64	0	0	—
Proceeds from insurance recoveries	0	452,000	0	0	—
Net cash provided by (used in) investing activities	−37	57	−11	−12	−11
Repurchase of common stock	−6	0	0	−6	0
Shares withheld on restricted stock vesting paid for employees taxes	−161,000	0	0	0	0
Proceeds from (payments on) life insurance policy loans	−119,000	−204,000	750,000	0	0
Payments of financing costs	−293,000	−279,000	−334,000	0	−1
Borrowings on long-term debt	149	0	0	—	224
Dividends paid	−28	−27	−27	−27	−27
Net revolver borrowings	5	−47	47	0	—
Repayment of long-term debt	−153	−42	−18	−11	−250
Net cash provided by (used in) financing activities	−34	−117	2	−44	−53
Change in cash and cash equivalents	3	−19	3	−16	−4
Truck chassis inventory acquired through floor plan obligations	19	6	8	5	34
Acquisition-related purchase consideration not yet paid	927,000	0	0	—	—
Income taxes paid	8	14	15	7	10
Interest paid	14	19	18	12	12

Filings

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