PLOWDOUGLAS DYNAMICS, INC

Construction Machinery & Equip

Revenue: $656M; 15% YoY
Operating margin: 11.2%; 28% YoY
EBITDA: $89M; 17% YoY
Market cap: $911M
Employees: 1,764; $372K revenue each
Net debt / EBITDA: 1.5×; $137M net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
159% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$372K · 38th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$911M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$79K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$541M	$616M	$568M	$569M	$656M	15%
Operating income	$51M	$59M	$45M	$89M	$74M	17%
Net income	$31M	$39M	$24M	$56M	$47M	16%
Operating cash flow	$61M	$40M	$12M	$41M	$75M	82%
Capex	$12M	$12M	$10M	$8M	$11M	39%
Stock-based comp	$6M	$7M	$953K	$5M	$7M	38%
Buybacks	$0	$6M	$0	$0	$6M
Dividends	$27M	$27M	$27M	$27M	$28M	1.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $79K · 2
Net: −$79K

Pay vs performance

No pay-versus-performance disclosure yet.