Douglas DYNAMICS, Inc. (PLOW) intrinsic value & 10-year financials
Douglas DYNAMICS, Inc. (PLOW) has a Graham intrinsic value of $19.75 per share. At $39.54 on Oct 20, 2026, the stock trades 100% above that value. Over the last 10 fiscal years revenue grew 5.2% a year to $656.1M, with an average return on invested capital of 9.6%.
- Graham intrinsic value
- $19.75
- Share price (Oct 20, 2026)
- $39.54
- Price vs Graham value
- 100% above
- Market cap
- $934.0M
- Revenue (FY2025)
- $656.1M
- Revenue growth (10-yr CAGR)
- 5.2%
- ROIC (10-yr avg)
- 9.6%
- Free cash flow (FY2025)
- $63.9M
PLOW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $656.1M | $46.9M | $1.96 | $63.9M | 11.2% | 11.7% |
| FY2024 | $568.5M | $56.2M | $2.36 | $33.4M | 15.6% | 15.2% |
| FY2023 | $568.2M | $23.7M | $0.98 | $2.7M | 7.9% | 8.4% |
| FY2022 | $616.1M | $38.6M | $1.63 | $27.6M | 9.5% | 14.7% |
| FY2021 | $541.5M | $30.7M | $1.29 | $48.7M | 9.4% | 14.7% |
| FY2020 | $480.2M | -$86.6M | -$3.81 | $38.7M | -15.6% | -13.8% |
| FY2019 | $571.7M | $49.2M | $2.11 | $65.8M | 15.1% | 12.7% |
| FY2018 | $524.1M | $43.9M | $1.89 | $48.5M | 14.0% | 10.9% |
| FY2017 | $474.9M | $55.3M | $2.40 | $58.8M | 14.8% | 13.5% |
| FY2016 | $416.3M | $39.0M | $1.70 | $60.1M | 16.6% | 8.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DOUGLAS DYNAMICS, INC has demonstrated mature, steady growth, with revenue compounding at 5.2% annually over the past decade.
DOUGLAS DYNAMICS, INC returns on capital have been average, hovering around 9.6% ROIC over the decade.
Over the decade, DOUGLAS DYNAMICS, INC shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DOUGLAS DYNAMICS, INC is modeled at 1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.75 per share.