DOUGLAS DYNAMICS, INC
PLOW · Construction Machinery & Equip · 23.1M shares · -82%/yr ↓ buyback · EDGAR filings ↗
Reference price $42.61 · est. market cap ~$985M — last insider sale, 2026-03-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B75Niche work-truck attachment leader with strong returns and cash generation, tempered by acute snowfall/weather seasonality.
Strengths
- Top-quartile ROE 16.7% (74th pct) and ROA 7.5% (84th pct) with solid operating margin (73rd pct)
- Largest installed base in light-truck snow/ice control (~500k units, ~3,000 points of sale) gives predictable replacement-driven sales
Risks
- Results highly exposed to below-average snowfall — seventh consecutive below-average season pressured volumes
- Steel-cost and tariff exposure plus prior liquidity actions (sale-leaseback, term-loan paydown) signal cyclical strain
Notable findings
- Customer concentration~10% of revenue from one customer/distributor — During 2023, our raw steel purchases were in amounts equivalent to approximately 10
- Buying back stockNet buyback — share count -82%/yr over 4y
- Revenue declineRevenue -25.3% YoY
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
26.6%
Operating margin
11.2%
Net margin
7.1%
Return on equity
16.7%
Return on assets
7.5%
ROIC
13.7%
Revenue growth (QoQ)
-25.3%
Net-income growth
-16.5%
Debt / equity
0.5×
Current ratio
2.8×
Free cash flow
$64M
EBITDA
$89M
Tangible book value
$48M
Stock comp / revenue
1.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-11 | Janik James L | Gift | 6.0K | — |
| 2026-04-29 | KRUEGER KENNETH W | Grant | 2.7K | — |
| 2026-04-29 | STURDIVANT DONALD W | Grant | 2.7K | — |
| 2026-04-29 | Nelson Bradley M. | Grant | 2.7K | — |
| 2026-04-29 | Janik James L | Grant | 2.7K | — |
| 2026-04-29 | Bacus Lisa R | Grant | 2.7K | — |
| 2026-04-29 | Ansberry Jennifer I | Grant | 2.7K | — |
| 2026-04-29 | Akolawala Joher | Grant | 2.7K | — |
| 2026-03-09 | Van Genderen Mark | Tax withheld | 4.7K | $44.80 |
| 2026-03-09 | Sisulak Jon J | Sell | 977 | $42.61 |
| 2026-03-09 | Lauber Sarah C | Tax withheld | 5.2K | $44.80 |
| 2026-03-09 | Bernauer Christopher E | Sell | 869 | $42.61 |
| 2026-02-27 | Janik James L | Gift | 2.0K | — |
| 2026-02-17 | Van Genderen Mark | Grant | 21K | — |
| 2026-02-17 | Sisulak Jon J | Grant | 2.0K | — |
| 2026-02-17 | Lauber Sarah C | Grant | 9.9K | — |
| 2026-02-17 | Bernauer Christopher E | Grant | 4.1K | — |
| 2026-01-02 | Lauber Sarah C | Tax withheld | 14K | $33.11 |
| 2025-10-30 | Nelson Bradley M. | Grant | 1.9K | — |
| 2025-10-30 | Ansberry Jennifer I | Grant | 1.9K | — |
| 2025-05-16 | Janik James L | Sell | 16K | $29.01 |
| 2025-03-10 | Van Genderen Mark | Tax withheld | 1.4K | $25.74 |
| 2025-03-10 | Lauber Sarah C | Tax withheld | 4.8K | $25.74 |
| 2025-03-10 | Sisulak Jon J | Sell | 837 | $25.81 |
| 2025-03-03 | Van Genderen Mark | Grant | 14K | — |
| 2025-03-03 | Bernauer Christopher E | Grant | 6.0K | — |
| 2025-03-03 | Janik James L | Grant | 4.4K | — |
| 2025-02-19 | Sisulak Jon J | Grant | 2.0K | — |
| 2025-02-19 | Sisulak Jon J | Grant | 199 | — |
| 2025-02-19 | Van Genderen Mark | Grant | 8.4K | — |
| 2025-02-19 | Van Genderen Mark | Grant | 390 | — |
| 2025-02-19 | Lauber Sarah C | Grant | 14K | — |
| 2025-02-19 | Lauber Sarah C | Grant | 1.7K | — |
| 2025-02-18 | DANO MARGARET S | Grant | 4.4K | — |
| 2025-02-18 | Bacus Lisa R | Grant | 4.4K | — |
| 2025-02-18 | KRUEGER KENNETH W | Grant | 4.4K | — |
| 2025-02-18 | Akolawala Joher | Grant | 4.4K | — |
| 2025-02-18 | STURDIVANT DONALD W | Grant | 4.4K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-05-01 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-02-24 | ResultsExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-10-31 | Exec/director changeExhibits | filing ↗ |
| 2025-08-05 | ResultsExhibits | filing ↗ |
| 2025-05-06 | ResultsExhibits | filing ↗ |
| 2025-05-02 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-05 | 2026-03-31 | 0001437749-26-014867 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001437749-26-014705 ↗ |
| 8-K | 2026-05-01 | 2026-04-29 | 0001437749-26-014317 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001437749-26-005316 ↗ |
| 8-K | 2026-02-24 | 2026-02-23 | 0001437749-26-005128 ↗ |
| 8-K | 2025-11-04 | 2025-11-03 | 0001437749-25-032832 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001437749-25-033011 ↗ |
| 8-K | 2025-10-31 | 2025-10-28 | 0001437749-25-032559 ↗ |
| 8-K | 2025-08-05 | 2025-08-04 | 0001437749-25-024661 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001437749-25-024848 ↗ |
| 10-Q | 2025-05-06 | 2025-03-31 | 0001437749-25-014753 ↗ |
| 8-K | 2025-05-06 | 2025-05-05 | 0001437749-25-014583 ↗ |