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Side-by-side financial comparison of PATRICK INDUSTRIES INC (PATK) and DOUGLAS DYNAMICS, INC (PLOW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
PATRICK INDUSTRIES INC is the larger business by last-quarter revenue ($924.2M vs $184.5M, roughly 5.0× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 3.1% vs 7.0%, a 3.8% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 9.2%). PATRICK INDUSTRIES INC produced more free cash flow last quarter ($112.7M vs $92.8M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% CAGR vs -0.5%).
Anduril Industries, Inc. is an American defense technology company specializing in the development of advanced autonomous systems.
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...
PATK vs PLOW — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $924.2M | $184.5M |
| Net Profit | $29.1M | $12.8M |
| Gross Margin | 23.0% | 26.1% |
| Operating Margin | 6.2% | 10.5% |
| Net Margin | 3.1% | 7.0% |
| Revenue YoY | 9.2% | 28.6% |
| Net Profit YoY | 99.7% | 62.3% |
| EPS (diluted) | $0.82 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $924.2M | $184.5M | ||
| Q3 25 | $975.6M | $162.1M | ||
| Q2 25 | $1.0B | $194.3M | ||
| Q1 25 | $1.0B | $115.1M | ||
| Q4 24 | $846.1M | $143.5M | ||
| Q3 24 | $919.4M | $129.4M | ||
| Q2 24 | $1.0B | $199.9M | ||
| Q1 24 | $933.5M | $95.7M |
| Q4 25 | $29.1M | $12.8M | ||
| Q3 25 | $35.3M | $8.0M | ||
| Q2 25 | $32.4M | $26.0M | ||
| Q1 25 | $38.2M | $148.0K | ||
| Q4 24 | $14.6M | $7.9M | ||
| Q3 24 | $40.9M | $32.3M | ||
| Q2 24 | $47.9M | $24.3M | ||
| Q1 24 | $35.1M | $-8.4M |
| Q4 25 | 23.0% | 26.1% | ||
| Q3 25 | 22.6% | 23.5% | ||
| Q2 25 | 23.9% | 31.0% | ||
| Q1 25 | 22.8% | 24.5% | ||
| Q4 24 | 22.1% | 24.9% | ||
| Q3 24 | 23.1% | 23.9% | ||
| Q2 24 | 22.8% | 30.7% | ||
| Q1 24 | 21.9% | 19.8% |
| Q4 25 | 6.2% | 10.5% | ||
| Q3 25 | 6.8% | 8.7% | ||
| Q2 25 | 8.3% | 19.0% | ||
| Q1 25 | 6.5% | 2.8% | ||
| Q4 24 | 4.7% | 9.0% | ||
| Q3 24 | 8.1% | 35.4% | ||
| Q2 24 | 8.3% | 18.2% | ||
| Q1 24 | 6.4% | -6.7% |
| Q4 25 | 3.1% | 7.0% | ||
| Q3 25 | 3.6% | 4.9% | ||
| Q2 25 | 3.1% | 13.4% | ||
| Q1 25 | 3.8% | 0.1% | ||
| Q4 24 | 1.7% | 5.5% | ||
| Q3 24 | 4.4% | 24.9% | ||
| Q2 24 | 4.7% | 12.2% | ||
| Q1 24 | 3.8% | -8.7% |
| Q4 25 | $0.82 | $0.54 | ||
| Q3 25 | $1.01 | $0.33 | ||
| Q2 25 | $0.96 | $1.09 | ||
| Q1 25 | $1.11 | $0.00 | ||
| Q4 24 | $-1.44 | $0.35 | ||
| Q3 24 | $1.80 | $1.36 | ||
| Q2 24 | $2.16 | $1.02 | ||
| Q1 24 | $1.59 | $-0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.4M | — |
| Total DebtLower is stronger | $1.3B | $144.0M |
| Stockholders' EquityBook value | $1.2B | $281.4M |
| Total Assets | $3.1B | $626.7M |
| Debt / EquityLower = less leverage | 1.10× | 0.51× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $26.4M | — | ||
| Q3 25 | $20.7M | — | ||
| Q2 25 | $22.0M | — | ||
| Q1 25 | $86.6M | — | ||
| Q4 24 | $33.6M | — | ||
| Q3 24 | $52.6M | — | ||
| Q2 24 | $44.0M | — | ||
| Q1 24 | $17.6M | — |
| Q4 25 | $1.3B | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $281.4M | ||
| Q3 25 | $1.2B | $275.3M | ||
| Q2 25 | $1.1B | $273.3M | ||
| Q1 25 | $1.1B | $258.9M | ||
| Q4 24 | $1.1B | $264.2M | ||
| Q3 24 | $1.1B | $260.8M | ||
| Q2 24 | $1.1B | $236.7M | ||
| Q1 24 | $1.1B | $217.2M |
| Q4 25 | $3.1B | $626.7M | ||
| Q3 25 | $3.1B | $694.9M | ||
| Q2 25 | $3.1B | $671.5M | ||
| Q1 25 | $3.2B | $621.0M | ||
| Q4 24 | $3.0B | $590.0M | ||
| Q3 24 | $3.1B | $665.6M | ||
| Q2 24 | $3.0B | $617.0M | ||
| Q1 24 | $3.0B | $577.1M |
| Q4 25 | 1.10× | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.18× | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $130.8M | $95.9M |
| Free Cash FlowOCF − Capex | $112.7M | $92.8M |
| FCF MarginFCF / Revenue | 12.2% | 50.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.0% | 1.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.50× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $246.5M | $63.6M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $130.8M | $95.9M | ||
| Q3 25 | $9.1M | $-8.5M | ||
| Q2 25 | $149.4M | $-11.4M | ||
| Q1 25 | $40.1M | $-1.3M | ||
| Q4 24 | $102.7M | $74.4M | ||
| Q3 24 | $51.5M | $-14.2M | ||
| Q2 24 | $137.5M | $2.5M | ||
| Q1 24 | $35.2M | $-21.6M |
| Q4 25 | $112.7M | $92.8M | ||
| Q3 25 | $-17.2M | $-11.4M | ||
| Q2 25 | $131.1M | $-14.3M | ||
| Q1 25 | $19.9M | $-3.5M | ||
| Q4 24 | $77.2M | $70.2M | ||
| Q3 24 | $33.7M | $-15.2M | ||
| Q2 24 | $120.6M | $836.0K | ||
| Q1 24 | $19.7M | $-22.4M |
| Q4 25 | 12.2% | 50.3% | ||
| Q3 25 | -1.8% | -7.1% | ||
| Q2 25 | 12.5% | -7.4% | ||
| Q1 25 | 2.0% | -3.0% | ||
| Q4 24 | 9.1% | 48.9% | ||
| Q3 24 | 3.7% | -11.8% | ||
| Q2 24 | 11.9% | 0.4% | ||
| Q1 24 | 2.1% | -23.4% |
| Q4 25 | 2.0% | 1.7% | ||
| Q3 25 | 2.7% | 1.8% | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 3.0% | 2.9% | ||
| Q3 24 | 1.9% | 0.8% | ||
| Q2 24 | 1.7% | 0.8% | ||
| Q1 24 | 1.7% | 0.8% |
| Q4 25 | 4.50× | 7.47× | ||
| Q3 25 | 0.26× | -1.07× | ||
| Q2 25 | 4.61× | -0.44× | ||
| Q1 25 | 1.05× | -9.03× | ||
| Q4 24 | 7.05× | 9.41× | ||
| Q3 24 | 1.26× | -0.44× | ||
| Q2 24 | 2.87× | 0.10× | ||
| Q1 24 | 1.00× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
PATK
| Recreational Vehicle | $276.3M | 30% |
| Distribution | $222.4M | 24% |
| Marine | $141.9M | 15% |
| Industrial | $110.8M | 12% |
| Powersports | $104.8M | 11% |
| Manufactured Housing | $67.9M | 7% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |