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Side-by-side financial comparison of DOUGLAS DYNAMICS, INC (PLOW) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $184.5M, roughly 1.1× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs 1.1%, a 5.9% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 4.9%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $-26.8M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs 0.8%).
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...
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
PLOW vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.5M | $209.6M |
| Net Profit | $12.8M | $2.3M |
| Gross Margin | 26.1% | 33.3% |
| Operating Margin | 10.5% | 7.3% |
| Net Margin | 7.0% | 1.1% |
| Revenue YoY | 28.6% | 4.9% |
| Net Profit YoY | 62.3% | 866.7% |
| 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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $184.5M | $228.9M | ||
| Q3 25 | $162.1M | $203.0M | ||
| Q2 25 | $194.3M | $212.9M | ||
| Q1 25 | $115.1M | $199.8M | ||
| Q4 24 | $143.5M | — | ||
| Q3 24 | $129.4M | $205.7M | ||
| Q2 24 | $199.9M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $12.8M | $12.2M | ||
| Q3 25 | $8.0M | $-89.1M | ||
| Q2 25 | $26.0M | $6.9M | ||
| Q1 25 | $148.0K | $-300.0K | ||
| Q4 24 | $7.9M | — | ||
| Q3 24 | $32.3M | $-51.1M | ||
| Q2 24 | $24.3M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 26.1% | 34.0% | ||
| Q3 25 | 23.5% | 33.3% | ||
| Q2 25 | 31.0% | 36.0% | ||
| Q1 25 | 24.5% | 34.3% | ||
| Q4 24 | 24.9% | — | ||
| Q3 24 | 23.9% | 32.6% | ||
| Q2 24 | 30.7% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 10.5% | 8.6% | ||
| Q3 25 | 8.7% | -39.8% | ||
| Q2 25 | 19.0% | 10.4% | ||
| Q1 25 | 2.8% | 5.6% | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 35.4% | 5.3% | ||
| Q2 24 | 18.2% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 7.0% | 5.3% | ||
| Q3 25 | 4.9% | -43.9% | ||
| Q2 25 | 13.4% | 3.2% | ||
| Q1 25 | 0.1% | -0.2% | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 24.9% | -24.8% | ||
| Q2 24 | 12.2% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.54 | $0.29 | ||
| Q3 25 | $0.33 | $-2.15 | ||
| Q2 25 | $1.09 | $0.17 | ||
| Q1 25 | $0.00 | $-0.01 | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $1.36 | $-1.25 | ||
| Q2 24 | $1.02 | $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 | — | $125.6M |
| Total DebtLower is stronger | $144.0M | $367.6M |
| Stockholders' EquityBook value | $281.4M | $476.9M |
| Total Assets | $626.7M | $1.1B |
| Debt / EquityLower = less leverage | 0.51× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | — | $155.1M | ||
| Q3 25 | — | $152.6M | ||
| Q2 25 | — | $223.0M | ||
| Q1 25 | — | $212.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $200.5M | ||
| Q2 24 | — | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $144.0M | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | $147.5M | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $281.4M | $472.6M | ||
| Q3 25 | $275.3M | $455.3M | ||
| Q2 25 | $273.3M | $549.7M | ||
| Q1 25 | $258.9M | $540.2M | ||
| Q4 24 | $264.2M | — | ||
| Q3 24 | $260.8M | $529.1M | ||
| Q2 24 | $236.7M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $626.7M | $1.1B | ||
| Q3 25 | $694.9M | $1.1B | ||
| Q2 25 | $671.5M | $1.4B | ||
| Q1 25 | $621.0M | $1.3B | ||
| Q4 24 | $590.0M | — | ||
| Q3 24 | $665.6M | $1.2B | ||
| Q2 24 | $617.0M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.51× | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $92.8M | $-26.8M |
| FCF MarginFCF / Revenue | 50.3% | -12.8% |
| Capex IntensityCapex / Revenue | 1.7% | 5.1% |
| Cash ConversionOCF / Net Profit | 7.47× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $63.6M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $95.9M | $7.9M | ||
| Q3 25 | $-8.5M | $7.7M | ||
| Q2 25 | $-11.4M | $16.6M | ||
| Q1 25 | $-1.3M | $9.5M | ||
| Q4 24 | $74.4M | — | ||
| Q3 24 | $-14.2M | $25.9M | ||
| Q2 24 | $2.5M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $92.8M | $2.3M | ||
| Q3 25 | $-11.4M | $1.4M | ||
| Q2 25 | $-14.3M | $9.8M | ||
| Q1 25 | $-3.5M | $5.3M | ||
| Q4 24 | $70.2M | — | ||
| Q3 24 | $-15.2M | $19.9M | ||
| Q2 24 | $836.0K | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 50.3% | 1.0% | ||
| Q3 25 | -7.1% | 0.7% | ||
| Q2 25 | -7.4% | 4.6% | ||
| Q1 25 | -3.0% | 2.7% | ||
| Q4 24 | 48.9% | — | ||
| Q3 24 | -11.8% | 9.7% | ||
| Q2 24 | 0.4% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 1.7% | 2.4% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 1.5% | 3.2% | ||
| Q1 25 | 1.9% | 2.1% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 0.8% | 2.9% | ||
| Q2 24 | 0.8% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 7.47× | 0.65× | ||
| Q3 25 | -1.07× | — | ||
| Q2 25 | -0.44× | 2.41× | ||
| Q1 25 | -9.03× | — | ||
| Q4 24 | 9.41× | — | ||
| Q3 24 | -0.44× | — | ||
| Q2 24 | 0.10× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
