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Home to the best-selling brands in the industry, Douglas Dynamics, Inc. (the Company, we, us, our ) is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that enable end-users to perform their jobs more efficiently and effectively, providing opportunities for businesses to increas…
11.22% operating margin is respectable but not wide. ROIC at 11.93%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 15.4%, still solid. Margins contracted 4.4pp, which offsets some of the top-line progress.
ROIC dropped from 14.51% to 11.93%, capital efficiency is deteriorating. Operating margin contracted 4.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$679M
▲ +15.4% YoY
Net Income (TTM)
$53M
▼ -16.5% YoY
Op. Margin
11.60%
▼ -4.4pp YoY
ROIC
14.94%
▼ -2.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$63M
▲ +91.4% YoY
Op. Cash Flow (TTM)
$75M
▲ +81.6% YoY
Net Debt
$92M
Cash & Equiv.
$5M
5Y CAGR: +6.4%
5Y CAGR: +10.5%
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