$PLOW Douglas Dynamics Inc | Understand Stock

What Do They Do?

Sells snowplows, spreaders, truck-mounted cranes and dump hoists through distributors, and builds upfitted work trucks for fleet and government buyers.

How Do They Make Money?

The company sells attachments and parts to dealers, with sales tied to shipment; upfit sales generally happen when vehicles are delivered, while customer-owned truck jobs are counted as the work progresses.

revenue

Segment	Share	How money arrives
Independent Dealer Sold outright	65% FY2022: 82%	Sold outright
Government Contract Sold outright	22% FY2022: 9.1%	Sold outright
Fleet	12% FY2022: 8.0%
Product and Service, Other	1.6% FY2022: 1.4%

Who Are Their Customers?

Snow and ice equipment reaches professional snowplowers through truck-equipment and lawn-care distributors. Work Truck Solutions sells custom upfits and municipal equipment to dealers, fleet buyers, and government agencies.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

11% of revenue

▼ −17% vs FY2024 ($88.7M, 16%)

Net income, FY2025

7% of revenue

▼ −16% vs FY2024 ($56.2M, 10%)

Free cash flow, FY2025

10% of revenue

▲ +91% vs FY2024 ($33.4M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $194.3M in Q2 FY2025
Net income: ▼ −2%; vs $26M in Q2 FY2025

Independent Dealer share of revenue vs 72.8% in Q2 FY2025

Growing. Revenue grew 21% in 4 years, from $541.5M in FY2021 to $656.1M in FY2025, about 5% a year.

Added truck-mounted equipment The Work Truck Attachments business added truck-mounted service cranes and dump hoists through the Venco Venturo acquisition; the earlier report described snow and ice equipment and related parts.

Revenue over time

Independent Dealer Government Contract Fleet Product and Service, Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025