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Side-by-side financial comparison of DOUGLAS DYNAMICS, INC (PLOW) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $183.8M, roughly 1.0× Wheels Up Experience Inc.). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -15.7%, a 22.7% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs -10.2%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $-58.3M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs -3.4%).
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...
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
PLOW vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.5M | $183.8M |
| Net Profit | $12.8M | $-28.9M |
| Gross Margin | 26.1% | 14.3% |
| Operating Margin | 10.5% | -0.9% |
| Net Margin | 7.0% | -15.7% |
| Revenue YoY | 28.6% | -10.2% |
| Net Profit YoY | 62.3% | 67.0% |
| EPS (diluted) | $0.54 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $162.1M | $185.5M | ||
| Q2 25 | $194.3M | $189.6M | ||
| Q1 25 | $115.1M | $177.5M | ||
| Q4 24 | $143.5M | $204.8M | ||
| Q3 24 | $129.4M | $193.9M | ||
| Q2 24 | $199.9M | $196.3M | ||
| Q1 24 | $95.7M | $197.1M |
| Q4 25 | $12.8M | $-28.9M | ||
| Q3 25 | $8.0M | $-83.7M | ||
| Q2 25 | $26.0M | $-82.3M | ||
| Q1 25 | $148.0K | $-99.3M | ||
| Q4 24 | $7.9M | $-87.5M | ||
| Q3 24 | $32.3M | $-57.7M | ||
| Q2 24 | $24.3M | $-97.0M | ||
| Q1 24 | $-8.4M | $-97.4M |
| Q4 25 | 26.1% | 14.3% | ||
| Q3 25 | 23.5% | 6.8% | ||
| Q2 25 | 31.0% | 8.3% | ||
| Q1 25 | 24.5% | 10.8% | ||
| Q4 24 | 24.9% | 13.9% | ||
| Q3 24 | 23.9% | 13.9% | ||
| Q2 24 | 30.7% | 2.3% | ||
| Q1 24 | 19.8% | -0.6% |
| Q4 25 | 10.5% | -0.9% | ||
| Q3 25 | 8.7% | -33.1% | ||
| Q2 25 | 19.0% | -31.4% | ||
| Q1 25 | 2.8% | -45.5% | ||
| Q4 24 | 9.0% | -26.0% | ||
| Q3 24 | 35.4% | -21.6% | ||
| Q2 24 | 18.2% | -40.3% | ||
| Q1 24 | -6.7% | -42.9% |
| Q4 25 | 7.0% | -15.7% | ||
| Q3 25 | 4.9% | -45.1% | ||
| Q2 25 | 13.4% | -43.4% | ||
| Q1 25 | 0.1% | -55.9% | ||
| Q4 24 | 5.5% | -42.7% | ||
| Q3 24 | 24.9% | -29.8% | ||
| Q2 24 | 12.2% | -49.4% | ||
| Q1 24 | -8.7% | -49.4% |
| Q4 25 | $0.54 | $-0.04 | ||
| Q3 25 | $0.33 | $-0.12 | ||
| Q2 25 | $1.09 | $-0.12 | ||
| Q1 25 | $0.00 | $-0.14 | ||
| Q4 24 | $0.35 | $-0.13 | ||
| Q3 24 | $1.36 | $-0.08 | ||
| Q2 24 | $1.02 | $-0.14 | ||
| Q1 24 | $-0.37 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $133.9M |
| Total DebtLower is stronger | $144.0M | $671.3M |
| Stockholders' EquityBook value | $281.4M | $-392.1M |
| Total Assets | $626.7M | $968.8M |
| Debt / EquityLower = less leverage | 0.51× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $133.9M | ||
| Q3 25 | — | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | — | $216.4M | ||
| Q3 24 | — | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $180.9M |
| Q4 25 | $144.0M | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | $147.5M | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $281.4M | $-392.1M | ||
| Q3 25 | $275.3M | $-374.5M | ||
| Q2 25 | $273.3M | $-347.8M | ||
| Q1 25 | $258.9M | $-288.1M | ||
| Q4 24 | $264.2M | $-202.1M | ||
| Q3 24 | $260.8M | $-117.7M | ||
| Q2 24 | $236.7M | $-72.2M | ||
| Q1 24 | $217.2M | $936.0K |
| Q4 25 | $626.7M | $968.8M | ||
| Q3 25 | $694.9M | $973.0M | ||
| Q2 25 | $671.5M | $1.0B | ||
| Q1 25 | $621.0M | $1.1B | ||
| Q4 24 | $590.0M | $1.2B | ||
| Q3 24 | $665.6M | $1.0B | ||
| Q2 24 | $617.0M | $1.1B | ||
| Q1 24 | $577.1M | $1.2B |
| Q4 25 | 0.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $92.8M | $-58.3M |
| FCF MarginFCF / Revenue | 50.3% | -31.7% |
| Capex IntensityCapex / Revenue | 1.7% | 21.7% |
| Cash ConversionOCF / Net Profit | 7.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $63.6M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.9M | $-18.4M | ||
| Q3 25 | $-8.5M | $-37.1M | ||
| Q2 25 | $-11.4M | $-62.9M | ||
| Q1 25 | $-1.3M | $-47.9M | ||
| Q4 24 | $74.4M | $37.9M | ||
| Q3 24 | $-14.2M | $-16.9M | ||
| Q2 24 | $2.5M | $-25.2M | ||
| Q1 24 | $-21.6M | $-73.8M |
| Q4 25 | $92.8M | $-58.3M | ||
| Q3 25 | $-11.4M | $-60.4M | ||
| Q2 25 | $-14.3M | $-78.6M | ||
| Q1 25 | $-3.5M | $-62.6M | ||
| Q4 24 | $70.2M | $-70.2M | ||
| Q3 24 | $-15.2M | $-21.9M | ||
| Q2 24 | $836.0K | $-30.8M | ||
| Q1 24 | $-22.4M | $-77.8M |
| Q4 25 | 50.3% | -31.7% | ||
| Q3 25 | -7.1% | -32.6% | ||
| Q2 25 | -7.4% | -41.5% | ||
| Q1 25 | -3.0% | -35.3% | ||
| Q4 24 | 48.9% | -34.3% | ||
| Q3 24 | -11.8% | -11.3% | ||
| Q2 24 | 0.4% | -15.7% | ||
| Q1 24 | -23.4% | -39.5% |
| Q4 25 | 1.7% | 21.7% | ||
| Q3 25 | 1.8% | 12.5% | ||
| Q2 25 | 1.5% | 8.3% | ||
| Q1 25 | 1.9% | 8.3% | ||
| Q4 24 | 2.9% | 52.8% | ||
| Q3 24 | 0.8% | 2.6% | ||
| Q2 24 | 0.8% | 2.9% | ||
| Q1 24 | 0.8% | 2.0% |
| Q4 25 | 7.47× | — | ||
| Q3 25 | -1.07× | — | ||
| Q2 25 | -0.44× | — | ||
| Q1 25 | -9.03× | — | ||
| Q4 24 | 9.41× | — | ||
| Q3 24 | -0.44× | — | ||
| Q2 24 | 0.10× | — | ||
| 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% |
UP
Segment breakdown not available.
