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DOUGLAS DYNAMICS, INC
American construction machinery and equip company based in Milwaukee.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with The Shyft Group, COLUMBUS MCKINNON CORP or ASTEC INDUSTRIES INC, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
26.6%Gross margin3
11.2%Operating margin3
7.1%Net margin3
15.4%Revenue growth, 20253
16.7%Return on equity3
0.51×Debt to equity3
$63.9MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Independent Dealer brought in 65% of the revenue DOUGLAS DYNAMICS, INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Independent Dealer | $428.9M | $404.4M | $424.8M |
| Government Contract | $73.2M | $90.5M | $144.2M |
| Fleet | $58.6M | $65.9M | $76.8M |
| Product and Service, Other | $7.6M | $7.7M | $10.3M |
Business segments
Work Truck Solutions brought in 55% of the revenue DOUGLAS DYNAMICS, INC broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Work Truck Solutions | $276.5M | $312.5M | $360.3M |
| Work Truck Attachments | $291.7M | $256.0M | $295.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue73¢$481.4M
- Research and development1¢$7.7M
- Selling, general and admin14¢$94.9M
- Other costs2¢$10.6M
- Income tax2¢$14.6M
- Profit7¢$46.9M
Out of $656.1M in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending14¢$10.8M
- Dividends paid37¢$27.9M
- Share buybacks8¢$6.0M
- Kept or used elsewhere40¢$29.9M
Out of $74.7M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $656.1M | $568.5M | $568.2M |
| Cost of Product and Service Sold | $481.4M | $421.7M | $433.9M |
| Gross profit | $174.7M | $146.8M | $134.3M |
| Selling, general, and administrative expense | $94.9M | $91.7M | $78.8M |
| Impairment charges | $0 | $1.2M | $0 |
| Gain on sale leaseback transaction | $0 | -$42.3M | $0 |
| Intangibles amortization | $6.2M | $7.5M | $10.5M |
| Income from operations | $73.6M | $88.7M | $44.9M |
| Interest expense, net | -$12.1M | -$15.3M | -$15.7M |
| Debt modification expense | -$176.0K | $0 | $0 |
| Loss on extinguishment of debt | -$156.0K | $0 | $0 |
| Other income, net | $344.0K | $442.0K | $0 |
| Income before taxes | $61.5M | $73.9M | $29.2M |
| Income tax expense | $14.6M | $17.7M | $5.5M |
| Net income | $46.9M | $56.2M | $23.7M |
| Basic (in dollars per share) | $1.99 | $2.39 | $1.01 |
| Diluted (in dollars per share) | $1.96 | $2.36 | $0.98 |
| Cash dividends declared and paid per share (in dollars per share) | $1.18 | $1.18 | $1.18 |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net sales | $184.5M | $162.1M | $194.3M | $115.1M | $143.5M | $129.4M | $199.9M | $95.7M |
| Gross profit | $48.1M | $38.1M | $60.3M | $28.1M | $35.7M | $30.9M | $61.3M | $18.9M |
| Income before taxes | $16.5M | $10.4M | $34.1M | $490.0K | $10.0M | $41.7M | $32.1M | -$9.9M |
| Basic (in dollars per share) | $0.54 | $0.34 | $1.10 | $0.01 | $0.33 | $1.37 | $1.03 | -$0.37 |
| Diluted (in dollars per share) | $0.54 | $0.33 | $1.09 | $0.00 | $0.33 | $1.36 | $1.02 | -$0.37 |
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $8.3M | $5.1M | ||
| Accounts receivable, net | $97.6M | $87.4M | ||
| Inventories | $149.7M | $137.0M | ||
| Inventories - truck chassis floor plan | $4.2M | $2.6M | ||
| Refundable income taxes paid | $920.0K | $0 | ||
| Prepaid and other current assets | $5.4M | $6.1M | ||
| Total current assets | $266.0M | $238.2M | ||
| Property, plant and equipment, net | $44.8M | $41.3M | ||
| Goodwill | $116.8M | $113.1M | ||
| Other intangible assets, net | $116.3M | $113.5M | ||
| Operating lease right-of-use assets | $69.0M | $70.8M | ||
| Non-qualified benefit plan assets | $12.0M | $10.5M | ||
| Other long-term assets | $1.8M | $2.5M | ||
| Total assets | $626.7M | $590.0M | $593.4M | |
| Accounts payable | $38.7M | $32.3M | ||
| Accrued expenses and other current liabilities | $33.4M | $26.2M | ||
| Floor plan obligations | $4.2M | $2.6M | ||
| Operating lease liability - current | $7.2M | $7.4M | ||
| Income tax payable | $0 | $1.7M | ||
| Short-term borrowings | $5.0M | $0 | ||
| Current portion of long-term debt | $7.4M | $0 | ||
| Total current liabilities | $95.8M | $70.2M | ||
| Retiree benefits and deferred compensation | $14.9M | $13.6M | ||
| Deferred income taxes | $33.1M | $24.6M | ||
| Long-term debt, less current portion | $135.2M | $146.7M | ||
| Operating lease liability - noncurrent | $60.1M | $64.8M | ||
| Other long-term liabilities | $6.1M | $5.9M | ||
| Common Stock, par value $0.01, 200,000,000 shares authorized, 23,069,841 and 23,094,047 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $231.0K | $231.0K | ||
| Additional paid-in capital | $170.7M | $170.1M | ||
| Retained earnings | $107.4M | $88.4M | ||
| Accumulated other comprehensive income, net of tax | $3.2M | $5.5M | ||
| Total shareholders' equity | $281.4M | $264.2M | $231.6M | $237.1M |
| Total liabilities and shareholders' equity | $626.7M | $590.0M | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, shares issued (in shares) | 23.1M shares | 23.1M shares | ||
| Common stock, shares outstanding (in shares) | 23.1M shares | 23.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $8.3M | $5.1M | ||
| Accounts receivable, net | $97.6M | $87.4M | ||
| Inventories | $149.7M | $137.0M | ||
| Inventories - truck chassis floor plan | $4.2M | $2.6M | ||
| Refundable income taxes paid | $920.0K | $0 | ||
| Prepaid and other current assets | $5.4M | $6.1M | ||
| Total current assets | $266.0M | $238.2M | ||
| Property, plant and equipment, net | $44.8M | $41.3M | ||
| Goodwill | $116.8M | $113.1M | ||
| Other intangible assets, net | $116.3M | $113.5M | ||
| Operating lease right-of-use assets | $69.0M | $70.8M | ||
| Non-qualified benefit plan assets | $12.0M | $10.5M | ||
| Other long-term assets | $1.8M | $2.5M | ||
| Total assets | $626.7M | $590.0M | $593.4M | |
| Accounts payable | $38.7M | $32.3M | ||
| Accrued expenses and other current liabilities | $33.4M | $26.2M | ||
| Floor plan obligations | $4.2M | $2.6M | ||
| Operating lease liability - current | $7.2M | $7.4M | ||
| Income tax payable | $0 | $1.7M | ||
| Short-term borrowings | $5.0M | $0 | ||
| Current portion of long-term debt | $7.4M | $0 | ||
| Total current liabilities | $95.8M | $70.2M | ||
| Retiree benefits and deferred compensation | $14.9M | $13.6M | ||
| Deferred income taxes | $33.1M | $24.6M | ||
| Long-term debt, less current portion | $135.2M | $146.7M | ||
| Operating lease liability - noncurrent | $60.1M | $64.8M | ||
| Other long-term liabilities | $6.1M | $5.9M | ||
| Common Stock, par value $0.01, 200,000,000 shares authorized, 23,069,841 and 23,094,047 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $231.0K | $231.0K | ||
| Additional paid-in capital | $170.7M | $170.1M | ||
| Retained earnings | $107.4M | $88.4M | ||
| Accumulated other comprehensive income, net of tax | $3.2M | $5.5M | ||
| Total shareholders' equity | $281.4M | $264.2M | $231.6M | $237.1M |
| Total liabilities and shareholders' equity | $626.7M | $590.0M | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 200.0M shares | 200.0M shares | ||
| Common stock, shares issued (in shares) | 23.1M shares | 23.1M shares | ||
| Common stock, shares outstanding (in shares) | 23.1M shares | 23.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $46.9M | $56.2M | $23.7M |
| Depreciation and amortization | $15.4M | $17.9M | $21.7M |
| Amortization of deferred financing costs and debt discount | $489.0K | $703.0K | $588.0K |
| Debt modification expense | $176.0K | $0 | $0 |
| Loss on extinguishment of debt | $156.0K | $0 | $0 |
| Loss (gain) on disposal of fixed assets | $0 | $347.0K | -$56.0K |
| Gain on sale leaseback transaction | $0 | -$42.3M | $0 |
| Stock based compensation | $6.7M | $4.9M | $953.0K |
| Adjustments on derivatives not designated as hedges | $0 | -$287.0K | -$688.0K |
| Provision (credit) for losses on accounts receivable | $279.0K | $702.0K | $320.0K |
| Deferred income taxes | $9.3M | -$3.0M | $7.6M |
| Impairment charges | $0 | $1.2M | $0 |
| Non-cash lease expense | $8.5M | $6.3M | $5.1M |
| Accounts receivable | -$6.1M | -$4.3M | $2.7M |
| Inventories | -$672.0K | $3.4M | -$3.9M |
| Prepaid assets, refundable income taxes and other assets | -$2.8M | $2.2M | -$14.0M |
| Accounts payable | $3.4M | $991.0K | -$17.1M |
| Accrued expenses and other current liabilities | $4.4M | $2.1M | -$8.2M |
| Benefit obligations, long-term liabilities and other | -$11.5M | -$5.7M | -$6.2M |
| Net cash provided by operating activities | $74.7M | $41.1M | $12.5M |
| Capital expenditures | -$11.1M | -$7.8M | -$10.5M |
| Acquisition of business | -$26.3M | $0 | $0 |
| Proceeds from sale leaseback transaction | $0 | $64.2M | $0 |
| Proceeds from insurance recoveries | $0 | $452.0K | $0 |
| Net cash provided by (used in) investing activities | -$37.5M | $56.8M | -$10.5M |
| Repurchase of common stock | -$6.0M | $0 | $0 |
| Shares withheld on restricted stock vesting paid for employees taxes | -$161.0K | $0 | $0 |
| Proceeds from (payments on) life insurance policy loans | -$119.0K | -$204.0K | $750.0K |
| Payments of financing costs | -$293.0K | -$279.0K | -$334.0K |
| Borrowings on long-term debt | $148.8M | $0 | $0 |
| Dividends paid | -$27.9M | -$27.5M | -$27.4M |
| Net revolver borrowings | $5.0M | -$47.0M | $47.0M |
| Repayment of long-term debt | -$153.3M | -$42.0M | -$18.4M |
| Net cash provided by (used in) financing activities | -$34.1M | -$117.0M | $1.5M |
| Change in cash and cash equivalents | $3.2M | -$19.0M | $3.5M |
| Truck chassis inventory acquired through floor plan obligations | $19.2M | $5.6M | $7.9M |
| Acquisition-related purchase consideration not yet paid | $927.0K | $0 | $0 |
| Income taxes paid | $7.7M | $13.6M | $14.5M |
| Interest paid | $14.0M | $18.9M | $18.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led DOUGLAS DYNAMICS, INC, and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerGenderen Mark Van Mar 4, 2025 to now11
- Chief executive officerRobert L. McCormick Feb 21, 2019 to Mar 13, 202412
- Chief executive officerJames L. Janik May 4, 2010 to Aug 26, 202413
- ChairJames L. Janik May 8, 2014 to May 17, 202414
- PresidentGenderen Mark Van Feb 21, 2023 to now15
- PresidentRobert L. McCormick Feb 21, 2019 to Mar 13, 202412
- PresidentJonathon P. Sievert May 10, 2017 to Mar 12, 202116
- PresidentJames L. Janik May 4, 2010 to Aug 26, 202413
- Chief financial officerSarah C. Lauber Aug 28, 2017 to now17
- Chief financial officerRobert L. McCormick May 4, 2010 to Mar 6, 201718
- Chief operating officerGenderen Mark Van Nov 5, 2024 to now19
- Chief operating officerRobert L. McCormick Jan 8, 2018 to Mar 7, 201820
Board members and other officers (23)
- Pres. Work Truck AttachmentsChristopher E. Bernauer Feb 28, 2025 to now21
- VP of Human ResourcesLinda R. Evans Feb 18, 2021 to Mar 13, 202422
- ControllerJon J. Sisulak Jan 23, 2019 to now23
- OfficerAndrew Dejana Feb 22, 2018 to Mar 18, 201924
- VP, OperationsKeith Hagelin May 4, 2010 to Mar 8, 202225
- VP, Sales and MarketingMark Adamson May 4, 2010 to Mar 6, 201726
- Board memberGenderen Mark Van Mar 4, 2025 to now11
- Board memberBradley M. Nelson Oct 31, 2025 to now27
- Board memberJennifer I. Ansberry Oct 31, 2025 to now28
- Board memberJoher Akolawala Oct 3, 2022 to now29
- Board memberLisa R. Bacus Oct 29, 2020 to now30
- Board memberMargaret S. Dano Jun 5, 2012 to now31
- Board memberKenneth W. Krueger Jul 7, 2011 to now32
- Board memberJack O. Peiffer May 4, 2010 to Mar 7, 201433
- Board memberJames L. Janik May 4, 2010 to now13
- Board memberJeffrey Serota May 4, 2010 to May 4, 201034
- Board memberMark Rosenbaum May 4, 2010 to May 4, 201035
- Board memberMichael Marino May 4, 2010 to May 4, 201036
- Board memberMichael W. Wickham May 4, 2010 to Mar 7, 201437
- Board memberNav Rahemtulla May 4, 2010 to May 4, 201038
- Board memberJames D. Staley Jul 29, 2010 to Feb 17, 202239
- Board memberJames L. Packard Jul 29, 2010 to Feb 20, 202040
- Board memberDonald W. Sturdivant Nov 4, 2010 to now41
Former names
- DOUGLAS DYNAMICS HOLDINGS INCApr 14, 2004 to Jul 14, 20042
Timeline
Filings
215 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 102 insider forms, 26 large holders, 23 other. The latest 20:
- Aug 3, 202610-Q EDGAR
- Aug 3, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jul 1, 20264 EDGAR
- Jun 18, 202611-K EDGAR
- May 15, 2026SD EDGAR
- May 13, 20264 EDGAR
- May 5, 202610-Q EDGAR
- May 5, 20268-K EDGAR
- May 1, 20268-K EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 30, 20264 EDGAR
- Apr 17, 2026SCHEDULE 13G/A EDGAR
- Apr 14, 2026SCHEDULE 13G/A EDGAR
The 215 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 26 such filings since October 2021, the latest 10:
- Jul 31, 2026SCHEDULE 13G
- Jul 31, 2026SCHEDULE 13G/A
- Apr 17, 2026SCHEDULE 13G/A
- Apr 14, 2026SCHEDULE 13G/A
- Mar 26, 2026SCHEDULE 13G/A
- May 1, 2025SCHEDULE 13G/A
- Apr 28, 2025SCHEDULE 13G/A
- Oct 16, 2024SCHEDULE 13G
- Oct 7, 2024SC 13G/A
- Feb 13, 2024SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14SEC EDGARJames L. Janik, Chair
- 15SEC EDGARGenderen Mark Van, President
- 16SEC EDGARJonathon P. Sievert, President
- 17
- 18
- 19
- 20
- 21
- 22
- 23SEC EDGARJon J. Sisulak, Controller
- 24SEC EDGARAndrew Dejana, Officer
- 25SEC EDGARKeith Hagelin, VP, Operations
- 26
- 27SEC EDGARBradley M. Nelson, Board member
- 28SEC EDGARJennifer I. Ansberry, Board member
- 29SEC EDGARJoher Akolawala, Board member
- 30SEC EDGARLisa R. Bacus, Board member
- 31SEC EDGARMargaret S. Dano, Board member
- 32SEC EDGARKenneth W. Krueger, Board member
- 33SEC EDGARJack O. Peiffer, Board member
- 34SEC EDGARJeffrey Serota, Board member
- 35SEC EDGARMark Rosenbaum, Board member
- 36SEC EDGARMichael Marino, Board member
- 37SEC EDGARMichael W. Wickham, Board member
- 38SEC EDGARNav Rahemtulla, Board member
- 39SEC EDGARJames D. Staley, Board member
- 40SEC EDGARJames L. Packard, Board member
- 41SEC EDGARDonald W. Sturdivant, Board member