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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $114.8M, roughly 1.6× HA Sustainable Infrastructure Capital, Inc.). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -46.8%, a 53.8% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 13.3%). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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...
HASI vs PLOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $184.5M |
| Net Profit | $-53.8M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | -57.4% | 10.5% |
| Net Margin | -46.8% | 7.0% |
| Revenue YoY | 13.3% | 28.6% |
| Net Profit YoY | -176.7% | 62.3% |
| EPS (diluted) | $-0.38 | $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 | $114.8M | $184.5M | ||
| Q3 25 | $103.1M | $162.1M | ||
| Q2 25 | $85.7M | $194.3M | ||
| Q1 25 | $96.9M | $115.1M | ||
| Q4 24 | $101.3M | $143.5M | ||
| Q3 24 | $82.0M | $129.4M | ||
| Q2 24 | $94.5M | $199.9M | ||
| Q1 24 | $105.8M | $95.7M |
| Q4 25 | $-53.8M | $12.8M | ||
| Q3 25 | $83.3M | $8.0M | ||
| Q2 25 | $98.4M | $26.0M | ||
| Q1 25 | $56.6M | $148.0K | ||
| Q4 24 | $70.1M | $7.9M | ||
| Q3 24 | $-19.6M | $32.3M | ||
| Q2 24 | $26.5M | $24.3M | ||
| Q1 24 | $123.0M | $-8.4M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | 19.8% |
| Q4 25 | -57.4% | 10.5% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | 84.7% | 2.8% | ||
| Q4 24 | 90.9% | 9.0% | ||
| Q3 24 | -32.1% | 35.4% | ||
| Q2 24 | 39.5% | 18.2% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | -46.8% | 7.0% | ||
| Q3 25 | 80.8% | 4.9% | ||
| Q2 25 | 114.9% | 13.4% | ||
| Q1 25 | 58.4% | 0.1% | ||
| Q4 24 | 69.2% | 5.5% | ||
| Q3 24 | -23.9% | 24.9% | ||
| Q2 24 | 28.1% | 12.2% | ||
| Q1 24 | 116.3% | -8.7% |
| Q4 25 | $-0.38 | $0.54 | ||
| Q3 25 | $0.61 | $0.33 | ||
| Q2 25 | $0.74 | $1.09 | ||
| Q1 25 | $0.44 | $0.00 | ||
| Q4 24 | $0.58 | $0.35 | ||
| Q3 24 | $-0.17 | $1.36 | ||
| Q2 24 | $0.23 | $1.02 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | — |
| Total DebtLower is stronger | — | $144.0M |
| Stockholders' EquityBook value | $2.7B | $281.4M |
| Total Assets | $8.2B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | — | ||
| Q3 25 | $301.8M | — | ||
| Q2 25 | $86.5M | — | ||
| Q1 25 | $67.4M | — | ||
| Q4 24 | $129.8M | — | ||
| Q3 24 | $44.1M | — | ||
| Q2 24 | $145.7M | — | ||
| Q1 24 | $61.4M | — |
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.7B | $281.4M | ||
| Q3 25 | $2.7B | $275.3M | ||
| Q2 25 | $2.6B | $273.3M | ||
| Q1 25 | $2.5B | $258.9M | ||
| Q4 24 | $2.4B | $264.2M | ||
| Q3 24 | $2.3B | $260.8M | ||
| Q2 24 | $2.3B | $236.7M | ||
| Q1 24 | $2.3B | $217.2M |
| Q4 25 | $8.2B | $626.7M | ||
| Q3 25 | $8.2B | $694.9M | ||
| Q2 25 | $7.6B | $671.5M | ||
| Q1 25 | $7.5B | $621.0M | ||
| Q4 24 | $7.1B | $590.0M | ||
| Q3 24 | $6.7B | $665.6M | ||
| Q2 24 | $6.7B | $617.0M | ||
| Q1 24 | $6.7B | $577.1M |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $167.3M | $95.9M |
| Free Cash FlowOCF − Capex | — | $92.8M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | — | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $95.9M | ||
| Q3 25 | $-121.8M | $-8.5M | ||
| Q2 25 | $79.6M | $-11.4M | ||
| Q1 25 | $-37.1M | $-1.3M | ||
| Q4 24 | $5.9M | $74.4M | ||
| Q3 24 | $21.9M | $-14.2M | ||
| Q2 24 | $-24.8M | $2.5M | ||
| Q1 24 | $20.9M | $-21.6M |
| Q4 25 | — | $92.8M | ||
| Q3 25 | — | $-11.4M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-3.5M | ||
| Q4 24 | — | $70.2M | ||
| Q3 24 | — | $-15.2M | ||
| Q2 24 | — | $836.0K | ||
| Q1 24 | — | $-22.4M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -7.1% | ||
| Q2 25 | — | -7.4% | ||
| Q1 25 | — | -3.0% | ||
| Q4 24 | — | 48.9% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -23.4% |
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | — | 7.47× | ||
| Q3 25 | -1.46× | -1.07× | ||
| Q2 25 | 0.81× | -0.44× | ||
| Q1 25 | -0.66× | -9.03× | ||
| Q4 24 | 0.08× | 9.41× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | -0.94× | 0.10× | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
