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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $184.5M, roughly 1.3× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs 4.4%, a 2.6% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 20.3%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $22.7M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 5.1%).
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
CSW vs PLOW — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $184.5M |
| Net Profit | $10.3M | $12.8M |
| Gross Margin | 39.7% | 26.1% |
| Operating Margin | 7.4% | 10.5% |
| Net Margin | 4.4% | 7.0% |
| Revenue YoY | 20.3% | 28.6% |
| Net Profit YoY | -61.9% | 62.3% |
| EPS (diluted) | $0.62 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $184.5M | ||
| Q3 25 | $277.0M | $162.1M | ||
| Q2 25 | $263.6M | $194.3M | ||
| Q1 25 | $230.5M | $115.1M | ||
| Q4 24 | $193.6M | $143.5M | ||
| Q3 24 | $227.9M | $129.4M | ||
| Q2 24 | $226.2M | $199.9M | ||
| Q1 24 | $210.9M | $95.7M |
| Q4 25 | $10.3M | $12.8M | ||
| Q3 25 | $40.7M | $8.0M | ||
| Q2 25 | $40.9M | $26.0M | ||
| Q1 25 | $35.1M | $148.0K | ||
| Q4 24 | $26.9M | $7.9M | ||
| Q3 24 | $36.1M | $32.3M | ||
| Q2 24 | $38.6M | $24.3M | ||
| Q1 24 | $31.8M | $-8.4M |
| Q4 25 | 39.7% | 26.1% | ||
| Q3 25 | 43.0% | 23.5% | ||
| Q2 25 | 43.8% | 31.0% | ||
| Q1 25 | 44.2% | 24.5% | ||
| Q4 24 | 41.4% | 24.9% | ||
| Q3 24 | 45.6% | 23.9% | ||
| Q2 24 | 47.5% | 30.7% | ||
| Q1 24 | 44.4% | 19.8% |
| Q4 25 | 7.4% | 10.5% | ||
| Q3 25 | 20.5% | 8.7% | ||
| Q2 25 | 20.8% | 19.0% | ||
| Q1 25 | 19.5% | 2.8% | ||
| Q4 24 | 15.3% | 9.0% | ||
| Q3 24 | 22.6% | 35.4% | ||
| Q2 24 | 24.3% | 18.2% | ||
| Q1 24 | 21.0% | -6.7% |
| Q4 25 | 4.4% | 7.0% | ||
| Q3 25 | 14.7% | 4.9% | ||
| Q2 25 | 15.5% | 13.4% | ||
| Q1 25 | 15.2% | 0.1% | ||
| Q4 24 | 13.9% | 5.5% | ||
| Q3 24 | 15.8% | 24.9% | ||
| Q2 24 | 17.1% | 12.2% | ||
| Q1 24 | 15.1% | -8.7% |
| Q4 25 | $0.62 | $0.54 | ||
| Q3 25 | $2.41 | $0.33 | ||
| Q2 25 | $2.43 | $1.09 | ||
| Q1 25 | $2.05 | $0.00 | ||
| Q4 24 | $1.60 | $0.35 | ||
| Q3 24 | $2.26 | $1.36 | ||
| Q2 24 | $2.47 | $1.02 | ||
| Q1 24 | $2.03 | $-0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | — |
| Total DebtLower is stronger | — | $144.0M |
| Stockholders' EquityBook value | $1.1B | $281.4M |
| Total Assets | $2.3B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | — | ||
| Q3 25 | $31.5M | — | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $225.8M | — | ||
| Q4 24 | $213.8M | — | ||
| Q3 24 | $273.2M | — | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $22.2M | — |
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $281.4M | ||
| Q3 25 | $1.1B | $275.3M | ||
| Q2 25 | $1.1B | $273.3M | ||
| Q1 25 | $1.1B | $258.9M | ||
| Q4 24 | $1.0B | $264.2M | ||
| Q3 24 | $1.0B | $260.8M | ||
| Q2 24 | $650.2M | $236.7M | ||
| Q1 24 | $615.7M | $217.2M |
| Q4 25 | $2.3B | $626.7M | ||
| Q3 25 | $1.5B | $694.9M | ||
| Q2 25 | $1.5B | $671.5M | ||
| Q1 25 | $1.4B | $621.0M | ||
| Q4 24 | $1.4B | $590.0M | ||
| Q3 24 | $1.4B | $665.6M | ||
| Q2 24 | $1.1B | $617.0M | ||
| Q1 24 | $1.0B | $577.1M |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $95.9M |
| Free Cash FlowOCF − Capex | $22.7M | $92.8M |
| FCF MarginFCF / Revenue | 9.8% | 50.3% |
| Capex IntensityCapex / Revenue | 2.6% | 1.7% |
| Cash ConversionOCF / Net Profit | 2.81× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $95.9M | ||
| Q3 25 | $61.8M | $-8.5M | ||
| Q2 25 | $60.6M | $-11.4M | ||
| Q1 25 | $27.3M | $-1.3M | ||
| Q4 24 | $11.6M | $74.4M | ||
| Q3 24 | $66.8M | $-14.2M | ||
| Q2 24 | $62.7M | $2.5M | ||
| Q1 24 | $22.4M | $-21.6M |
| Q4 25 | $22.7M | $92.8M | ||
| Q3 25 | $58.7M | $-11.4M | ||
| Q2 25 | $57.7M | $-14.3M | ||
| Q1 25 | $22.8M | $-3.5M | ||
| Q4 24 | $8.5M | $70.2M | ||
| Q3 24 | $61.3M | $-15.2M | ||
| Q2 24 | $59.6M | $836.0K | ||
| Q1 24 | $17.5M | $-22.4M |
| Q4 25 | 9.8% | 50.3% | ||
| Q3 25 | 21.2% | -7.1% | ||
| Q2 25 | 21.9% | -7.4% | ||
| Q1 25 | 9.9% | -3.0% | ||
| Q4 24 | 4.4% | 48.9% | ||
| Q3 24 | 26.9% | -11.8% | ||
| Q2 24 | 26.3% | 0.4% | ||
| Q1 24 | 8.3% | -23.4% |
| Q4 25 | 2.6% | 1.7% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 1.6% | 2.9% | ||
| Q3 24 | 2.4% | 0.8% | ||
| Q2 24 | 1.4% | 0.8% | ||
| Q1 24 | 2.3% | 0.8% |
| Q4 25 | 2.81× | 7.47× | ||
| Q3 25 | 1.52× | -1.07× | ||
| Q2 25 | 1.48× | -0.44× | ||
| Q1 25 | 0.78× | -9.03× | ||
| Q4 24 | 0.43× | 9.41× | ||
| Q3 24 | 1.85× | -0.44× | ||
| Q2 24 | 1.62× | 0.10× | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
