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Side-by-side financial comparison of Pangaea Logistics Solutions Ltd. (PANL) 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 $183.9M, roughly 1.0× Pangaea Logistics Solutions Ltd.). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs 6.5%, a 0.5% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 24.9%). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 32.5%).
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
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...
PANL vs PLOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.9M | $184.5M |
| Net Profit | $11.9M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | 9.5% | 10.5% |
| Net Margin | 6.5% | 7.0% |
| Revenue YoY | 24.9% | 28.6% |
| Net Profit YoY | 40.9% | 62.3% |
| EPS (diluted) | $0.18 | $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 | $183.9M | $184.5M | ||
| Q3 25 | $168.7M | $162.1M | ||
| Q2 25 | $156.7M | $194.3M | ||
| Q1 25 | $122.8M | $115.1M | ||
| Q4 24 | $147.2M | $143.5M | ||
| Q3 24 | $153.1M | $129.4M | ||
| Q2 24 | $131.5M | $199.9M | ||
| Q1 24 | $104.7M | $95.7M |
| Q4 25 | $11.9M | $12.8M | ||
| Q3 25 | $12.2M | $8.0M | ||
| Q2 25 | $-2.7M | $26.0M | ||
| Q1 25 | $-2.0M | $148.0K | ||
| Q4 24 | $8.4M | $7.9M | ||
| Q3 24 | $5.1M | $32.3M | ||
| Q2 24 | $3.7M | $24.3M | ||
| Q1 24 | $11.7M | $-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 | 9.5% | 10.5% | ||
| Q3 25 | 10.0% | 8.7% | ||
| Q2 25 | 2.3% | 19.0% | ||
| Q1 25 | 2.4% | 2.8% | ||
| Q4 24 | 10.1% | 9.0% | ||
| Q3 24 | 9.8% | 35.4% | ||
| Q2 24 | 5.8% | 18.2% | ||
| Q1 24 | 10.5% | -6.7% |
| Q4 25 | 6.5% | 7.0% | ||
| Q3 25 | 7.2% | 4.9% | ||
| Q2 25 | -1.8% | 13.4% | ||
| Q1 25 | -1.6% | 0.1% | ||
| Q4 24 | 5.7% | 5.5% | ||
| Q3 24 | 3.3% | 24.9% | ||
| Q2 24 | 2.8% | 12.2% | ||
| Q1 24 | 11.1% | -8.7% |
| Q4 25 | $0.18 | $0.54 | ||
| Q3 25 | $0.19 | $0.33 | ||
| Q2 25 | $-0.04 | $1.09 | ||
| Q1 25 | $-0.03 | $0.00 | ||
| Q4 24 | $0.19 | $0.35 | ||
| Q3 24 | $0.11 | $1.36 | ||
| Q2 24 | $0.08 | $1.02 | ||
| Q1 24 | $0.25 | $-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 | $103.1M | — |
| Total DebtLower is stronger | $249.6M | $144.0M |
| Stockholders' EquityBook value | $429.3M | $281.4M |
| Total Assets | $928.1M | $626.7M |
| Debt / EquityLower = less leverage | 0.58× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.1M | — | ||
| Q3 25 | $94.0M | — | ||
| Q2 25 | $59.3M | — | ||
| Q1 25 | $63.9M | — | ||
| Q4 24 | $86.8M | — | ||
| Q3 24 | $93.1M | — | ||
| Q2 24 | $77.9M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $249.6M | $144.0M | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $244.7M | — | ||
| Q1 25 | $251.0M | — | ||
| Q4 24 | $257.2M | $147.5M | ||
| Q3 24 | $133.6M | — | ||
| Q2 24 | $90.5M | — | ||
| Q1 24 | $95.9M | — |
| Q4 25 | $429.3M | $281.4M | ||
| Q3 25 | $420.3M | $275.3M | ||
| Q2 25 | $414.4M | $273.3M | ||
| Q1 25 | $420.8M | $258.9M | ||
| Q4 24 | $427.8M | $264.2M | ||
| Q3 24 | $332.6M | $260.8M | ||
| Q2 24 | $331.5M | $236.7M | ||
| Q1 24 | $332.0M | $217.2M |
| Q4 25 | $928.1M | $626.7M | ||
| Q3 25 | $932.1M | $694.9M | ||
| Q2 25 | $916.0M | $671.5M | ||
| Q1 25 | $918.0M | $621.0M | ||
| Q4 24 | $936.5M | $590.0M | ||
| Q3 24 | $749.2M | $665.6M | ||
| Q2 24 | $692.9M | $617.0M | ||
| Q1 24 | $703.3M | $577.1M |
| Q4 25 | 0.58× | 0.51× | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.60× | 0.56× | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.29× | — |
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 | $15.1M | $95.9M |
| Free Cash FlowOCF − Capex | — | $92.8M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.7% |
| Cash ConversionOCF / Net Profit | 1.27× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.1M | $95.9M | ||
| Q3 25 | $28.6M | $-8.5M | ||
| Q2 25 | $14.4M | $-11.4M | ||
| Q1 25 | $-4.4M | $-1.3M | ||
| Q4 24 | $19.3M | $74.4M | ||
| Q3 24 | $28.5M | $-14.2M | ||
| Q2 24 | $9.0M | $2.5M | ||
| Q1 24 | $9.0M | $-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 | 1.27× | 7.47× | ||
| Q3 25 | 2.34× | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | — | -9.03× | ||
| Q4 24 | 2.29× | 9.41× | ||
| Q3 24 | 5.57× | -0.44× | ||
| Q2 24 | 2.43× | 0.10× | ||
| Q1 24 | 0.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
