Douglas Dynamics, Inc. (PLOW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+37.2%

$54.98

vs $40.09 price

Levered DCF

$42.83

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.16

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.08×	9.89×	29.39×	21.92×	29.82×	-11.23×	25.82×	18.5×
P/B	2.68×	2.06×	2.94×	3.49×	4.18×	4.88×	4×	2.88×
P/S	1.15×	0.96×	1.2×	1.35×	1.66×	2.04×	2.19×	1.55×
EV / EBITDA	10.83×	7.11×	13.73×	13×	16.47×	-20.46×	15.12×	11.68×
Gross margin	26.6%	25.8%	23.6%	24.6%	26.2%	26.7%	29.5%	29.6%
Operating margin	11.2%	8.4%	7.9%	9.5%	9.4%	-15.6%	15.1%	14.0%
Net margin	7.1%	9.9%	4.2%	6.3%	5.7%	-18.0%	8.6%	8.4%
Current ratio	2.78×	3.39×	2.21×	2.52×	2.69×	3.28×	2.71×	2.52×
Debt / equity	0.78×	0.84×	1.11×	0.96×	1.12×	1.34×	0.87×	0.99×
Interest coverage	6.08×	3.12×	2.87×	5.22×	4.32×	-3.71×	5.16×	4.34×
Dividend yield	3.7%	5.0%	4.0%	3.3%	3.0%	2.7%	2.0%	3.0%
Payout ratio	59.6%	48.9%	115.7%	70.0%	86.4%	-30.0%	51.2%	55.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.7%	21.3%	10.2%	16.3%	14.3%	-43.2%	15.7%	15.5%
Return on invested capital	10.1%	6.8%	6.8%	9.3%	8.9%	-12.5%	10.3%	9.1%
Return on assets	7.5%	9.5%	4.0%	6.5%	5.4%	-14.9%	7.0%	6.5%
Free cash flow yield	8.4%	6.1%	0.3%	3.4%	5.5%	4.0%	5.2%	6.0%
Earnings yield	6.2%	10.3%	3.5%	4.7%	3.4%	-8.9%	3.9%	5.4%
Enterprise value	$963.6M	$761.6M	$914.1M	$1B	$1.1B	$1.2B	$1.5B	$1.1B
Net debt / EBITDA	2.37×	2.02×	3.49×	2.59×	3.04×	-3.86×	2.41×	2.76×
Cash conversion cycle (days)	141	149	150	121	121	137	118	123