PLOW // Douglas Dynamics Inc.

Industrials • Construction/Ag Equipment/Trucks

$39.83 ▲ +0.13 (+0.33%)

MKT CAP: $919.2M • VOL: 156.4K

52W L $29 52W H $55

PIOTROSKI

7 / 9

PLOW // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

PLOW // Douglas Dynamics Inc.

GROSS MARGIN

26.6%

OP MARGIN

11.2%

ROIC %

20.7%

MKT CAP

$919.2M

UPSTREAM INPUTS ──► PLOW OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
PLOW ★	Douglas Dynamics Inc.	$39.83	$919.2M	26.6%	11.2%	20.7%	11.1x	+15.4%	SUBJECT ISSUER
CAT	Caterpillar Inc.	$647.39	$297.59B	82.2%	17.5%	21.1%	20.9x	+18.4%	PLOW VS CAT <GO>
RTX	RTX Corporation	$199.40	$269.08B	—	10.5%	7.2%	26.5x	+9.7%	PLOW VS RTX <GO>
TMO	Thermo Fisher Scientific Inc	$709.18	$262.22B	—	17.4%	9.3%	30.4x	+3.9%	PLOW VS TMO <GO>
UNP	Union Pacific Corporation	$301.93	$179.42B	—	40.2%	20.1%	15.3x	+1.1%	PLOW VS UNP <GO>
DE	Deere & Company	$660.00	$177.95B	—	13.4%	9.3%	27.9x	-11.7%	PLOW VS DE <GO>