Douglas Dynamics is North America's leading manufacturer and upfitter of commercial work truck attachments and equipment. The company operates two segments. Work Truck Attachments (~45% of net sales) designs and sells snowplows and sand/salt spreaders under the FISHER, WESTERN, and SNOWEX brands, targeting professional snow removal contractors. Douglas Dynamics also sells parts and accessories throughout the product lifecycle, which carry slightly higher margins and provide a recurring revenue stream. Following the November 2025 acquisition of Venco Venturo, the segment now also includes truck-mounted service cranes and dump hoists. Work Truck Solutions (~55% of net sales) upfits commercial trucks and vans under the HENDERSON and DEJANA brands, serving municipalities, government agencies, fleet operators, and dealers primarily in the Northeast and Mid-Atlantic. The Attachments business is fundamentally a replacement-cycle business — snowplows are replaced every 9–12 years on average, and annual demand tracks prior-season snowfall closely. Douglas Dynamics sells through ~3,000 distributor points of sale and uses a pre-season order program to smooth production. The cost structure is highly variable, with temporary workers making up 10–15% of the Attachments workforce in average snow years. Work Truck Solutions earns revenue on a project basis, with municipal customers providing multi-year contract visibility. Douglas Dynamics targets modest capex of 2–3% of net sales and prioritizes its quarterly dividend, with M&A focused on small-to-medium deals in complex vehicle attachments.