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Side-by-side financial comparison of DOUGLAS DYNAMICS, INC (PLOW) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs 5.5%, a 1.5% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 28.6%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $-11.3M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 27.8%).
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...
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
PLOW vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.5M | $148.3M |
| Net Profit | $12.8M | $8.1M |
| Gross Margin | 26.1% | 31.6% |
| Operating Margin | 10.5% | 11.7% |
| Net Margin | 7.0% | 5.5% |
| Revenue YoY | 28.6% | 38.6% |
| Net Profit YoY | 62.3% | 3.9% |
| EPS (diluted) | $0.54 | $0.05 |
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 | $184.5M | $148.3M | ||
| Q3 25 | $162.1M | $135.8M | ||
| Q2 25 | $194.3M | $110.8M | ||
| Q1 25 | $115.1M | $80.4M | ||
| Q4 24 | $143.5M | $107.0M | ||
| Q3 24 | $129.4M | $102.2M | ||
| Q2 24 | $199.9M | $99.2M | ||
| Q1 24 | $95.7M | $90.8M |
| Q4 25 | $12.8M | $8.1M | ||
| Q3 25 | $8.0M | $11.9M | ||
| Q2 25 | $26.0M | $13.9M | ||
| Q1 25 | $148.0K | $-282.0K | ||
| Q4 24 | $7.9M | $7.8M | ||
| Q3 24 | $32.3M | $-267.0K | ||
| Q2 24 | $24.3M | $11.8M | ||
| Q1 24 | $-8.4M | $4.8M |
| Q4 25 | 26.1% | 31.6% | ||
| Q3 25 | 23.5% | 37.0% | ||
| Q2 25 | 31.0% | 37.2% | ||
| Q1 25 | 24.5% | 35.0% | ||
| Q4 24 | 24.9% | 37.6% | ||
| Q3 24 | 23.9% | 24.8% | ||
| Q2 24 | 30.7% | 40.3% | ||
| Q1 24 | 19.8% | 40.2% |
| Q4 25 | 10.5% | 11.7% | ||
| Q3 25 | 8.7% | 13.7% | ||
| Q2 25 | 19.0% | 14.4% | ||
| Q1 25 | 2.8% | 5.4% | ||
| Q4 24 | 9.0% | 15.4% | ||
| Q3 24 | 35.4% | 4.4% | ||
| Q2 24 | 18.2% | 18.7% | ||
| Q1 24 | -6.7% | 12.8% |
| Q4 25 | 7.0% | 5.5% | ||
| Q3 25 | 4.9% | 8.7% | ||
| Q2 25 | 13.4% | 12.5% | ||
| Q1 25 | 0.1% | -0.4% | ||
| Q4 24 | 5.5% | 7.3% | ||
| Q3 24 | 24.9% | -0.3% | ||
| Q2 24 | 12.2% | 11.9% | ||
| Q1 24 | -8.7% | 5.3% |
| Q4 25 | $0.54 | $0.05 | ||
| Q3 25 | $0.33 | $0.07 | ||
| Q2 25 | $1.09 | $0.08 | ||
| Q1 25 | $0.00 | $0.00 | ||
| Q4 24 | $0.35 | $0.04 | ||
| Q3 24 | $1.36 | $0.00 | ||
| Q2 24 | $1.02 | $0.07 | ||
| Q1 24 | $-0.37 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $7.3M |
| Total DebtLower is stronger | $144.0M | — |
| Stockholders' EquityBook value | $281.4M | $600.0M |
| Total Assets | $626.7M | $904.1M |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $144.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | $147.5M | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $281.4M | $600.0M | ||
| Q3 25 | $275.3M | $589.6M | ||
| Q2 25 | $273.3M | $575.4M | ||
| Q1 25 | $258.9M | $558.9M | ||
| Q4 24 | $264.2M | $556.8M | ||
| Q3 24 | $260.8M | $545.2M | ||
| Q2 24 | $236.7M | $544.6M | ||
| Q1 24 | $217.2M | $554.0M |
| Q4 25 | $626.7M | $904.1M | ||
| Q3 25 | $694.9M | $851.8M | ||
| Q2 25 | $671.5M | $795.0M | ||
| Q1 25 | $621.0M | $788.4M | ||
| Q4 24 | $590.0M | $793.1M | ||
| Q3 24 | $665.6M | $801.3M | ||
| Q2 24 | $617.0M | $788.4M | ||
| Q1 24 | $577.1M | $825.3M |
| Q4 25 | 0.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 0.56× | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $95.9M | $-4.1M |
| Free Cash FlowOCF − Capex | $92.8M | $-11.3M |
| FCF MarginFCF / Revenue | 50.3% | -7.6% |
| Capex IntensityCapex / Revenue | 1.7% | 4.8% |
| Cash ConversionOCF / Net Profit | 7.47× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $63.6M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.9M | $-4.1M | ||
| Q3 25 | $-8.5M | $19.4M | ||
| Q2 25 | $-11.4M | $-13.8M | ||
| Q1 25 | $-1.3M | $15.6M | ||
| Q4 24 | $74.4M | $14.0M | ||
| Q3 24 | $-14.2M | $15.7M | ||
| Q2 24 | $2.5M | $37.8M | ||
| Q1 24 | $-21.6M | $12.9M |
| Q4 25 | $92.8M | $-11.3M | ||
| Q3 25 | $-11.4M | $9.0M | ||
| Q2 25 | $-14.3M | $-26.0M | ||
| Q1 25 | $-3.5M | $12.3M | ||
| Q4 24 | $70.2M | $12.5M | ||
| Q3 24 | $-15.2M | $13.3M | ||
| Q2 24 | $836.0K | $35.8M | ||
| Q1 24 | $-22.4M | $10.4M |
| Q4 25 | 50.3% | -7.6% | ||
| Q3 25 | -7.1% | 6.6% | ||
| Q2 25 | -7.4% | -23.5% | ||
| Q1 25 | -3.0% | 15.4% | ||
| Q4 24 | 48.9% | 11.6% | ||
| Q3 24 | -11.8% | 13.0% | ||
| Q2 24 | 0.4% | 36.1% | ||
| Q1 24 | -23.4% | 11.4% |
| Q4 25 | 1.7% | 4.8% | ||
| Q3 25 | 1.8% | 7.7% | ||
| Q2 25 | 1.5% | 11.0% | ||
| Q1 25 | 1.9% | 4.0% | ||
| Q4 24 | 2.9% | 1.4% | ||
| Q3 24 | 0.8% | 2.3% | ||
| Q2 24 | 0.8% | 2.0% | ||
| Q1 24 | 0.8% | 2.7% |
| Q4 25 | 7.47× | -0.50× | ||
| Q3 25 | -1.07× | 1.63× | ||
| Q2 25 | -0.44× | -1.00× | ||
| Q1 25 | -9.03× | — | ||
| Q4 24 | 9.41× | 1.79× | ||
| Q3 24 | -0.44× | — | ||
| Q2 24 | 0.10× | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
