Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 13.8x · ROE 17.2%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $770M | $556M | $682M | $829M | $897M | $977M | $1.3B | $815M | $854M | $756M |
| Enterprise Value | $1.2B | $976M | $772M | $914M | $1.0B | $1.1B | $1.2B | $1.5B | $1.1B | $1.1B | $1.1B |
| P/E Ratio → | 22.43 | 16.57 | 10.01 | 29.39 | 22.18 | 30.28 | — | 26.07 | 18.60 | 15.75 | 19.79 |
| P/S Ratio | 1.55 | 1.17 | 0.98 | 1.20 | 1.35 | 1.66 | 2.04 | 2.19 | 1.55 | 1.80 | 1.82 |
| P/B Ratio | 3.70 | 2.74 | 2.10 | 2.94 | 3.50 | 4.18 | 4.88 | 4.01 | 2.88 | 3.33 | 3.43 |
| P/FCF | 16.05 | 12.11 | 16.67 | 349.86 | 29.61 | 18.18 | 25.13 | 19.08 | 16.80 | 14.52 | 12.59 |
| P/OCF | 13.65 | 10.31 | 13.51 | 54.66 | 20.70 | 14.82 | 18.31 | 16.23 | 14.01 | 12.71 | 10.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.49 | 1.36 | 1.61 | 1.68 | 2.03 | 2.51 | 2.61 | 2.04 | 2.38 | 2.53 |
| EV / EBITDA | 13.79 | 10.97 | 7.24 | 13.73 | 12.98 | 15.39 | — | 14.11 | 11.53 | 12.77 | 12.25 |
| EV / EBIT | 16.66 | 13.26 | 8.66 | 20.35 | 17.65 | 23.69 | — | 18.80 | 14.68 | 15.89 | 13.33 |
| EV / FCF | — | 15.36 | 23.17 | 469.24 | 36.97 | 22.30 | 30.97 | 22.70 | 22.00 | 19.26 | 17.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.7% | 25.7% | 25.8% | 23.6% | 24.6% | 26.2% | 26.7% | 29.5% | 29.6% | 30.1% | 32.2% |
| Operating Margin | 11.2% | 11.2% | 15.6% | 7.9% | 9.5% | 9.4% | -15.6% | 15.1% | 14.0% | 14.8% | 16.6% |
| Net Profit Margin | 7.1% | 7.1% | 9.9% | 4.2% | 6.3% | 5.7% | -18.0% | 8.6% | 8.4% | 11.6% | 9.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.2% | 17.2% | 22.7% | 10.1% | 17.1% | 14.8% | -33.7% | 16.5% | 16.3% | 23.2% | 18.5% |
| ROA | 7.7% | 7.7% | 9.5% | 4.0% | 6.6% | 5.3% | -13.5% | 7.1% | 6.5% | 8.2% | 6.6% |
| ROIC | 11.4% | 11.4% | 14.1% | 7.4% | 10.2% | 9.1% | -11.5% | 12.0% | 10.3% | 10.0% | 12.0% |
| ROCE | 14.0% | 14.0% | 17.8% | 9.2% | 11.9% | 10.2% | -13.2% | 14.1% | 12.2% | 11.4% | 12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.84 | 1.11 | 0.96 | 1.12 | 1.34 | 0.87 | 0.99 | 1.23 | 1.42 |
| Debt / EBITDA | 2.42 | 2.42 | 2.08 | 3.86 | 2.84 | 3.36 | — | 2.59 | 3.02 | 3.56 | 3.65 |
| Net Debt / Equity | — | 0.73 | 0.82 | 1.00 | 0.87 | 0.95 | 1.13 | 0.76 | 0.89 | 1.08 | 1.34 |
| Net Debt / EBITDA | 2.32 | 2.32 | 2.03 | 3.49 | 2.58 | 2.84 | — | 2.25 | 2.72 | 3.14 | 3.43 |
| Debt / FCF | — | 3.25 | 6.49 | 119.38 | 7.36 | 4.11 | 5.84 | 3.62 | 5.20 | 4.74 | 4.91 |
| Interest Coverage | 6.08 | 6.08 | 5.84 | 2.87 | 5.21 | 3.92 | -3.88 | 4.73 | 4.29 | 3.89 | 5.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.78 | 2.78 | 3.39 | 2.21 | 2.52 | 2.69 | 3.28 | 2.71 | 2.52 | 2.45 | 3.54 |
| Quick Ratio | 1.18 | 1.18 | 1.40 | 1.01 | 1.15 | 1.39 | 1.96 | 1.63 | 1.43 | 1.47 | 2.09 |
| Cash Ratio | 0.09 | 0.09 | 0.07 | 0.20 | 0.21 | 0.45 | 0.62 | 0.46 | 0.35 | 0.46 | 0.36 |
| Asset Turnover | — | 1.05 | 0.96 | 0.96 | 1.03 | 0.95 | 0.83 | 0.81 | 0.78 | 0.69 | 0.62 |
| Inventory Turnover | 3.19 | 3.19 | 3.02 | 3.04 | 3.37 | 3.75 | 4.02 | 4.77 | 4.28 | 4.19 | 3.77 |
| Days Sales Outstanding | — | 54.28 | 56.12 | 56.90 | 51.41 | 48.71 | 63.24 | 56.10 | 56.75 | 60.81 | 70.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.6% | 4.9% | 4.0% | 3.3% | 3.0% | 2.7% | 2.0% | 3.0% | 2.6% | 2.8% |
| Payout Ratio | 59.6% | 59.6% | 48.9% | 115.7% | 70.0% | 86.4% | — | 51.2% | 55.5% | 39.7% | 55.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 6.0% | 10.0% | 3.4% | 4.5% | 3.3% | — | 3.8% | 5.4% | 6.3% | 5.1% |
| FCF Yield | 6.2% | 8.3% | 6.0% | 0.3% | 3.4% | 5.5% | 4.0% | 5.2% | 6.0% | 6.9% | 7.9% |
| Buyback Yield | 0.6% | 0.8% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Total Shareholder Yield | 3.3% | 4.4% | 4.9% | 4.0% | 4.0% | 3.0% | 2.7% | 2.0% | 3.0% | 2.7% | 2.8% |
| Shares Outstanding | — | $24M | $24M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $22M |
Seasonal weather-dependent revenue volatility
According to recent market data, Douglas Dynamics trades at a TTM P/E of 27.36, which appears elevated relative to its historical performance and suggests investors are pricing in a recovery that may be hindered by the company's inherent sensitivity to North American snowfall patterns and chassis supply constraints.
The forward P/E of 18.44 implies a significant expectation for earnings normalization, yet this valuation may be overly optimistic given the volatility in recent quarterly net margins. Investors should monitor whether the current P/S of 1.90 adequately accounts for the lower-margin profile of the Work Truck Solutions segment compared to the core attachment business.
As reported in financial statements, the company's gross margin has fluctuated between 19.8% and 31.0% over the last ten quarters, indicating that Douglas Dynamics struggles to maintain consistent pricing power amidst volatile raw material costs and the lower-margin nature of its vehicle upfitting segment.
The operating margin of 11.22% highlights the company's vulnerability to volume deleveraging during mild winters, where fixed costs cannot be easily scaled down. This suggests that true earning power is often obscured by seasonal shifts, making it difficult to rely on TTM figures as a proxy for sustainable profitability.
Based on the reported figures, ROIC has remained largely stagnant or negative in recent periods, with a 0.0% reading in 2026Q1, suggesting that the company is currently failing to generate returns on invested capital that exceed its cost of capital during off-peak seasonal windows.
The erratic trend in ROE, which swung from -3.7% to 13.0% over the observed period, reflects the heavy reliance on seasonal inventory buildup rather than efficient capital deployment. This pattern warrants further investigation into whether the company's recent acquisitions are truly accretive or merely adding complexity to an already cyclical balance sheet.
Data from recent filings indicates that the cash conversion cycle remains highly unstable, peaking at 230 days in 2024Q1, which highlights the company's significant exposure to inventory overhang and the challenges of managing receivables in a business model heavily dependent on pre-season dealer stocking programs.
The high DIO levels suggest that Douglas Dynamics is frequently forced to carry substantial inventory, which ties up cash and limits operational flexibility. Investors should monitor the DSO trends, as any extension in collection periods could further strain the company's already thin cash position during the off-season.
The P/E ratio is frequently misapplied to Douglas Dynamics because it fails to account for the extreme seasonal earnings volatility, which often leads to misleading valuation signals during the off-season when the company is essentially in a cash-burning phase to prepare for the upcoming winter demand.
Instead of relying on P/E, analysts should prioritize EV/EBITDA or FCF-based metrics that normalize for the seasonal working capital swings inherent in the snow and ice control industry. Using P/E in this context obscures the underlying cash flow reality and may lead to an inaccurate assessment of the company's true financial health.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying PLOW stock.
Douglas Dynamics, Inc.'s current P/E ratio is 22.4x. The historical average is 32.4x. This places it at the 60th percentile of its historical range.
Douglas Dynamics, Inc.'s current EV/EBITDA is 13.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Douglas Dynamics, Inc.'s return on equity (ROE) is 17.2%. The historical average is 11.3%.
Based on historical data, Douglas Dynamics, Inc. is trading at a P/E of 22.4x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Douglas Dynamics, Inc.'s current dividend yield is 2.68% with a payout ratio of 59.6%.
Douglas Dynamics, Inc. has 25.7% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Douglas Dynamics, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.