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Side-by-side financial comparison of DOUGLAS DYNAMICS, INC (PLOW) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $100.0M, roughly 1.8× Latham Group, Inc.). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -7.0%, a 14.0% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 14.5%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $14.1M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs -4.9%).
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...
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PLOW vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.5M | $100.0M |
| Net Profit | $12.8M | $-7.0M |
| Gross Margin | 26.1% | 28.0% |
| Operating Margin | 10.5% | -10.7% |
| Net Margin | 7.0% | -7.0% |
| Revenue YoY | 28.6% | 14.5% |
| Net Profit YoY | 62.3% | 76.0% |
| EPS (diluted) | $0.54 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $162.1M | $161.9M | ||
| Q2 25 | $194.3M | $172.6M | ||
| Q1 25 | $115.1M | $111.4M | ||
| Q4 24 | $143.5M | $87.3M | ||
| Q3 24 | $129.4M | $150.5M | ||
| Q2 24 | $199.9M | $160.1M | ||
| Q1 24 | $95.7M | $110.6M |
| Q4 25 | $12.8M | $-7.0M | ||
| Q3 25 | $8.0M | $8.1M | ||
| Q2 25 | $26.0M | $16.0M | ||
| Q1 25 | $148.0K | $-6.0M | ||
| Q4 24 | $7.9M | $-29.2M | ||
| Q3 24 | $32.3M | $5.9M | ||
| Q2 24 | $24.3M | $13.3M | ||
| Q1 24 | $-8.4M | $-7.9M |
| Q4 25 | 26.1% | 28.0% | ||
| Q3 25 | 23.5% | 35.4% | ||
| Q2 25 | 31.0% | 37.1% | ||
| Q1 25 | 24.5% | 29.5% | ||
| Q4 24 | 24.9% | 24.6% | ||
| Q3 24 | 23.9% | 32.4% | ||
| Q2 24 | 30.7% | 33.1% | ||
| Q1 24 | 19.8% | 27.7% |
| Q4 25 | 10.5% | -10.7% | ||
| Q3 25 | 8.7% | 13.3% | ||
| Q2 25 | 19.0% | 14.3% | ||
| Q1 25 | 2.8% | -4.4% | ||
| Q4 24 | 9.0% | -14.9% | ||
| Q3 24 | 35.4% | 8.9% | ||
| Q2 24 | 18.2% | 12.5% | ||
| Q1 24 | -6.7% | -1.9% |
| Q4 25 | 7.0% | -7.0% | ||
| Q3 25 | 4.9% | 5.0% | ||
| Q2 25 | 13.4% | 9.3% | ||
| Q1 25 | 0.1% | -5.4% | ||
| Q4 24 | 5.5% | -33.4% | ||
| Q3 24 | 24.9% | 3.9% | ||
| Q2 24 | 12.2% | 8.3% | ||
| Q1 24 | -8.7% | -7.1% |
| Q4 25 | $0.54 | $-0.06 | ||
| Q3 25 | $0.33 | $0.07 | ||
| Q2 25 | $1.09 | $0.13 | ||
| Q1 25 | $0.00 | $-0.05 | ||
| Q4 24 | $0.35 | $-0.24 | ||
| Q3 24 | $1.36 | $0.05 | ||
| Q2 24 | $1.02 | $0.11 | ||
| Q1 24 | $-0.37 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $144.0M | $279.8M |
| Stockholders' EquityBook value | $281.4M | $405.9M |
| Total Assets | $626.7M | $823.2M |
| Debt / EquityLower = less leverage | 0.51× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $144.0M | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | $147.5M | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $281.4M | $405.9M | ||
| Q3 25 | $275.3M | $408.4M | ||
| Q2 25 | $273.3M | $398.4M | ||
| Q1 25 | $258.9M | $381.1M | ||
| Q4 24 | $264.2M | $387.2M | ||
| Q3 24 | $260.8M | $416.6M | ||
| Q2 24 | $236.7M | $408.1M | ||
| Q1 24 | $217.2M | $391.8M |
| Q4 25 | $626.7M | $823.2M | ||
| Q3 25 | $694.9M | $844.4M | ||
| Q2 25 | $671.5M | $822.1M | ||
| Q1 25 | $621.0M | $824.6M | ||
| Q4 24 | $590.0M | $794.2M | ||
| Q3 24 | $665.6M | $853.4M | ||
| Q2 24 | $617.0M | $830.0M | ||
| Q1 24 | $577.1M | $808.6M |
| Q4 25 | 0.51× | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | 0.56× | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $92.8M | $14.1M |
| FCF MarginFCF / Revenue | 50.3% | 14.1% |
| Capex IntensityCapex / Revenue | 1.7% | 9.2% |
| Cash ConversionOCF / Net Profit | 7.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $63.6M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.9M | $23.3M | ||
| Q3 25 | $-8.5M | $51.0M | ||
| Q2 25 | $-11.4M | $36.0M | ||
| Q1 25 | $-1.3M | $-46.9M | ||
| Q4 24 | $74.4M | $6.2M | ||
| Q3 24 | $-14.2M | $37.2M | ||
| Q2 24 | $2.5M | $52.4M | ||
| Q1 24 | $-21.6M | $-34.5M |
| Q4 25 | $92.8M | $14.1M | ||
| Q3 25 | $-11.4M | $45.2M | ||
| Q2 25 | $-14.3M | $29.1M | ||
| Q1 25 | $-3.5M | $-50.3M | ||
| Q4 24 | $70.2M | $-98.0K | ||
| Q3 24 | $-15.2M | $33.2M | ||
| Q2 24 | $836.0K | $47.9M | ||
| Q1 24 | $-22.4M | $-39.9M |
| Q4 25 | 50.3% | 14.1% | ||
| Q3 25 | -7.1% | 27.9% | ||
| Q2 25 | -7.4% | 16.8% | ||
| Q1 25 | -3.0% | -45.2% | ||
| Q4 24 | 48.9% | -0.1% | ||
| Q3 24 | -11.8% | 22.1% | ||
| Q2 24 | 0.4% | 29.9% | ||
| Q1 24 | -23.4% | -36.0% |
| Q4 25 | 1.7% | 9.2% | ||
| Q3 25 | 1.8% | 3.6% | ||
| Q2 25 | 1.5% | 4.0% | ||
| Q1 25 | 1.9% | 3.1% | ||
| Q4 24 | 2.9% | 7.2% | ||
| Q3 24 | 0.8% | 2.7% | ||
| Q2 24 | 0.8% | 2.8% | ||
| Q1 24 | 0.8% | 4.8% |
| Q4 25 | 7.47× | — | ||
| Q3 25 | -1.07× | 6.29× | ||
| Q2 25 | -0.44× | 2.25× | ||
| Q1 25 | -9.03× | — | ||
| Q4 24 | 9.41× | — | ||
| Q3 24 | -0.44× | 6.32× | ||
| Q2 24 | 0.10× | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
