DOUGLAS DYNAMICS, INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DOUGLAS DYNAMICS, INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	416	475	524	572	480	541	616	568	569	656
Cost of revenue	282	332	369	403	352	400	465	434	422	481
Gross profit	134	143	155	169	128	142	151	134	147	175
Research and development	3.13	2.93	3.19	5.69	6.68	10.2	12.2	10.1	8.4	7.7
Selling, general and administrative	53.6	60.9	70	71.3	64.6	78.8	82.2	78.8	91.7	94.9
Operating income	69.8	70.8	73.5	86.6	-75.1	51.1	58.8	44.9	88.7	73.6
Interest expense					0.61	1.76	0.48	0.48	0.2	0
Other non-operating income	-0.97	-0.83	-0.76	-0.57	0.09	0.23	-0.14	0	0.44	0.34
Pre-tax income	63.7	52.9	55.8	62.6	-98.8	34.6	47.4	29.2	73.9	61.5
Income tax	24.7	-2.41	11.9	13.5	-12.3	3.9	8.75	5.51	17.7	14.6
Net income	39	55.3	43.9	49.2	-86.6	30.7	38.6	23.7	56.2	46.9
EBITDA	86.6	89.4	92.5	106	-55.4	71.5	79.7	66.6	107	89
EPS, basic	1.71	2.42	1.91	2.13	-3.81	1.31	1.65	1.01	2.39	1.99
EPS, diluted	1.70	2.40	1.89	2.11	-3.81	1.29	1.63	0.98	2.36	1.96
Shares, basic (weighted)	22,481	22,576	22,682	22,779	22.8	23	22.9	23	23.1	23.1
Shares, diluted (weighted)	22,481	22,588	22,705	22,814	22.8	23	22.9	23	23.5	23.6
Dividend per share	0.94	0.96	1.06	1.09	1.12	1.14	1.16	1.18	1.18	1.18

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.6	36.9	27.8	35.7	41	37	20.7	24.2	5.12	8.3
Receivables	78.6	79.1	81.5	87.9	83.2	71	86.8	83.8	87.4	97.6
Inventory	70.9	71.5	82	77.9	79.5	104	137	140	137	150
Other current assets	2.89	2.88	3.59	3.51	5.33	4.54	7.77	6.9	6.05	5.42
Total current assets	176	198	199	212	217	220	253	262	238	266
Property, plant and equipment	52.1	54	55.2	58.4	64.3	66.8	68.7	67.3	41.3	44.8
Lease right-of-use assets				22.6	21.4	18.5	17.4	18	70.8	69
Goodwill	238	241	241	241	113	113	113	113	113	117
Intangible assets	195	186	175	164	153	142	132	121	114	116
Other non-current assets	4.46	5.95	6.22	1.17	1.29	1.21	4.28	2.43	2.48	1.85
Total assets	666	685	676	706	579	572	597	593	590	627
Accounts payable	17.3	16.3	18.7	16.1	16.3	27.4	49.3	31.4	32.3	38.7
Accrued liabilities	27.3	21	23.3	26.5	30.8	36.1	30.5	25.8	26.2	33.4
Short-term debt	2.83	32.7	32.7	22.1	1.67	11.1	11.1	6.76	0	7.42
Total current liabilities	51.4	80.8	79.1	78.1	66.2	81.9	100	119	70.2	95.8
Long-term debt	307	275	243	222	237
Lease liabilities				19	17.4	15.4	14	13.9	64.8	60.1
Other non-current liabilities	15.7	17	14.9	12.1	16.2	7.53	5.55	6.13	5.92	6.06
Total liabilities	446	428	393	393	379	358	360	362	326	345
Total debt	307	275	243	222	237	11.1	208	189	148	144
Paid-in capital	145	147	152	155	158	164	164	165	170	171
Retained earnings	82.4	116	137	161	47.7	51.9	63.5	59.7	88.4	107
Other comprehensive income	-6.67	-6.57	-6.05	-2.81	-5.5	-1.05	9.13	6.36	5.47	3.18
Shareholders' equity	220	257	283	313	200	215	237	232	264	281
Total equity	220	257	283	313	200	215	237	232	264	281
Total liabilities and equity	666	685	676	706	579	572	597	593	590	627
Shares outstanding	22.5	22.6	22.7	22.8	22.9	23	22.9	23	23.1	23.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	39	55.3	43.9	49.2	-86.6	30.7	38.6	23.7	56.2	46.9
Depreciation and amortization	16.7	18.6	19.1	19.2	19.7	20.3	20.9	21.7	17.9	15.4
Stock-based compensation	2.9	3.5	4.55	3.24	2.83	5.79	6.73	0.95	4.86	6.72
Deferred income tax	6.16	-15.3	6.17	-2.11	-19.4	1.62	-3.27	7.56	-3.04	9.27
Change in receivables	2.42	-1.15	-0.51	-7.75	3.04	12.1	-14.3	2.68	-4.35	-6.1
Change in inventory	0.61	0.89	-12.3	4.05	-1.8	-24.3	-32.5	-3.89	3.36	-0.67
Change in payables	-0.11	-2.49	3.04	-2.56	-0.02	10.4	21.5	-17.1	0.99	3.39
Cash from operations	69.9	66.4	58.2	77.3	53.4	60.5	40	12.5	41.1	74.7
Capital expenditures	-9.83	-7.56	-9.69	-11.5	-14.7	-11.9	-12.4	-9.77	-7.76	-10.8
Acquisitions	-181	-7.39						0	0	-26.3
Cash from investing	-191	-14.9	-9.69	-11.5	-14.5	-11.2	-12	-10.5	56.8	-37.5
Debt issued	129				271	224	0	0	0	149
Debt repaid	-2.56	-3.15	-33.1	-32.7	-277	-250	-11.3	-18.4	-42	-153
Share buybacks					0	0	-6	0	0	-6
Dividends paid	-21.5	-22	-24.4	-25.2	-25.9	-26.5	-27	-27.4	-27.5	-27.9
Cash from financing	103	-33.1	-57.5	-57.9	-33.5	-53.4	-44.3	1.54	-117	-34.1
Net change in cash	-18.2	18.3	-9.06	7.85	5.37	-4.07	-16.3	3.49	-19	3.18
Free cash flow	60.1	58.8	48.5	65.8	38.7	48.7	27.6	2.7	33.4	63.9
Interest paid	14.2	17.2	15.9	15.8	16.8	12.3	11.7	18.2	18.9	14
Income taxes paid	16.4	6.61	8.47	13.3	4.28	9.77	7.03	14.5	13.6	7.72

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $39.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.3%	Gross profit / revenue.
Operating margin	11.3%	Operating income / revenue.
EBITDA margin	13.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.8%	Pre-tax income / revenue.
Net margin	7.5%	Net income / revenue.
FCF margin	7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.9%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	19.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-17.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-16.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-16.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	81.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	91.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.16x	Current assets / current liabilities.
Quick ratio	1.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.0%	Total debt / total assets.
Liabilities / assets	58.7%	Total liabilities / total assets.
Net debt	$5.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$184.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$69.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	14.8x	Revenue / average property, plant and equipment.
Inventory turnover	2.90x	Cost of revenue / average inventory.
Days inventory	126 days	365 x average inventory / cost of revenue.
Receivables turnover	4.46x	Revenue / average receivables.
Days sales outstanding	82 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	180 days	Days inventory + days sales outstanding - days payables.
FCF conversion	93.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$29.64	Revenue / diluted weighted shares.
FCF per share	$2.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.64	Cash from operations / diluted weighted shares.
Book value per share	$12.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.02	Tangible book value / shares outstanding.
Cash per share	$0.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	53.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	57.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	12.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$917.1M	Share price x shares outstanding.
Enterprise value	$922.6M	Market cap + total debt - cash - short-term investments.
P/E	17.5x	Market cap / net income. Only when net income is positive.
P/S	1.31x	Market cap / revenue.
P/B	3.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.2x	Market cap / tangible book value, when positive.
P/FCF	18.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	1.32x	Enterprise value / revenue.
EV/EBIT	11.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.80x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.3%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.1%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	2.75x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DOUGLAS DYNAMICS, INC's revenue in fiscal 2025?

DOUGLAS DYNAMICS, INC reported revenue of $656.1M for fiscal 2025, 15.4% higher than the year before.

Was DOUGLAS DYNAMICS, INC profitable in fiscal 2025?

Yes. Net income was $46.9M, a net margin of 7.1%.

How much free cash flow did DOUGLAS DYNAMICS, INC generate in fiscal 2025?

Cash from operations of $74.7M minus capital expenditures of $10.8M left free cash flow of $63.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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