Detailed financial statements for Dorman Products, Inc. (DORM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Dorman Products, Inc. (DORM) is a global supplier within the automotive aftermarket, providing an extensive range of replacement parts and fasteners for passenger vehicles, light trucks, and heavy-duty commercial trucks. Their comprehensive product catalog features components engineered to meet or surpass original equipment (OE) specifications.
Analysis Summary
Dorman Products, Inc. reported revenue of $2.13B in the most recent fiscal year, growing at a 5-year CAGR of 14.3%. Net income reached $204.2M, with a 13.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 40.8%, operating margin 15.9%, net margin 9.3%. Free cash flow grew at -11.1% CAGR over 5 years.
At $136.01 (closing price, October 30, 2026), DORM trades at a P/E of 18.84 and an ROE of 13.42%. Market capitalisation stands at $4.0B.
Balance sheet quality for DORM: current ratio of 3.1, net debt of $583.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $75.7M represents 37% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $859.6M | $903.2M | $973.7M | $991.3M | $1.09B | $1.35B | $1.73B | $1.93B | $2.01B | $2.13B |
| Cost of Revenue | $521.5M | $544.6M | $600.4M | $651.5M | $709.6M | $882.3M | $1.17B | $1.24B | $1.20B | $1.25B |
| Gross Profit | $338.1M | $358.6M | $373.3M | $339.8M | $383.1M | $462.9M | $564.5M | $685.4M | $806.4M | $876.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $169.5M | $182.4M | $202.1M | $234.0M | $249.7M | $291.4M | $393.4M | $470.7M | $513.5M | $518.5M |
| Operating Expenses | $169.5M | $182.4M | $202.1M | $234.0M | $249.7M | $291.4M | $393.4M | $470.7M | $513.5M | $518.5M |
| Operating Income | $168.6M | $176.2M | $171.1M | $105.8M | $133.4M | $171.6M | $171.0M | $214.8M | $292.9M | $357.7M |
| EBITDA | $187.5M | $198.5M | $199.5M | $132.0M | $168.6M | $207.1M | $216.5M | $271.3M | $352.7M | $359.8M |
| Interest Expense | $241,000 | 0 | 0 | 0 | 0 | $2.2M | $15.6M | $48.1M | $39.7M | $28.6M |
| Pre-tax Income | $168.4M | $176.6M | $171.1M | $105.8M | $135.7M | $169.8M | $156.2M | $168.5M | $256.3M | $275.4M |
| Income Tax | $62.3M | $70.0M | $37.5M | $22.0M | $28.9M | $38.2M | $34.7M | $39.2M | $66.2M | $71.3M |
| Net Income | $106.0M | $106.6M | $133.6M | $83.8M | $106.9M | $131.5M | $121.5M | $129.3M | $190.0M | $204.2M |
| EPS | $3.07 | $3.18 | $4.05 | $2.57 | $3.31 | $4.13 | $3.87 | $4.13 | $6.17 | $6.64 |
| EPS (Diluted) | $3.07 | $3.13 | $4.02 | $2.56 | $3.30 | $4.12 | $3.85 | $4.10 | $6.14 | $6.64 |
| Shares Outstanding (Diluted) | 34.6 M | 34.1 M | 33.2 M | 32.7 M | 32.4 M | 32.0 M | 31.5 M | 31.5 M | 31.0 M | 30.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $543.7M | $537.9M | $528.8M | $544.6M |
| Gross Profit | $241.4M | $223.8M | $190.2M | $251.2M |
| Operating Income | $105.8M | $88.1M | $58.8M | $116.2M |
| EBITDA | $121.2M | $45.4M | $76.0M | $135.7M |
| Net Income | $76.4M | $11.6M | $43.6M | $87.8M |
| EPS | $2.50 | $0.38 | $1.44 | $2.94 |
| EPS (Diluted) | $2.48 | $0.38 | $1.43 | $2.93 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $149.1M | $71.7M | $43.5M | $68.4M | $155.6M | $58.8M | $46.0M | $36.8M | $57.1M | $49.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $230.5M | $241.9M | $400.7M | $391.8M | $460.9M | $472.8M | $427.4M | $526.9M | $573.8M | $479.3M |
| Inventory | $168.9M | $212.1M | $270.5M | $280.8M | $298.7M | $532.0M | $755.9M | $637.4M | $708.0M | $959.0M |
| Total Current Assets | $551.6M | $532.8M | $631.4M | $754.6M | $922.9M | $1.08B | $1.27B | $1.23B | $1.37B | $1.52B |
| Property, Plant & Equipment | $88.4M | $92.7M | $98.6M | $134.0M | $130.0M | $173.9M | $258.5M | $263.6M | $283.0M | $281.6M |
| Goodwill | $28.1M | $66.0M | $72.6M | $74.5M | $91.1M | $197.3M | $443.0M | $443.9M | $442.9M | $387.3M |
| Intangible Assets | $1.6M | $22.2M | $25.2M | $21.3M | $25.2M | $178.8M | $322.4M | $301.6M | $278.2M | $257.1M |
| Total Assets | $711.8M | $765.9M | $889.4M | $1.04B | $1.22B | $1.67B | $2.34B | $2.29B | $2.42B | $2.49B |
| Accounts Payable | $72.6M | $80.2M | $109.1M | $90.4M | $117.9M | $177.4M | $179.8M | $176.7M | $231.8M | $185.1M |
| Short-term Debt | 0 | 0 | 0 | $5.3M | 0 | $239.4M | $251.9M | $125.3M | $28.1M | $37.5M |
| Total Current Liabilities | $103.8M | $110.8M | $143.4M | $220.5M | $322.6M | $665.0M | $678.3M | $547.2M | $563.8M | $492.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $482.5M | $467.2M | $439.5M | $499.0M |
| Total Liabilities | $110.2M | $131.1M | $161.7M | $267.5M | $367.1M | $740.4M | $1.30B | $1.12B | $1.13B | $1.02B |
| Retained Earnings | $557.1M | $589.7M | $679.4M | $720.7M | $789.2M | $856.4M | $956.9M | $1.07B | $1.18B | $1.34B |
| Total Equity | $601.6M | $634.8M | $727.6M | $773.6M | $853.6M | $932.7M | $1.04B | $1.17B | $1.29B | $1.48B |
| Total Debt | 0 | 0 | 0 | $35.1M | $37.1M | $301.9M | $848.5M | $683.8M | $572.8M | $633.0M |
| Net Debt | -$149.1M | -$71.7M | -$43.5M | -$33.3M | -$118.5M | $243.1M | $802.4M | $647.0M | $515.6M | $583.6M |
| Working Capital | $447.8M | $422.1M | $488.1M | $534.1M | $600.3M | $411.5M | $590.8M | $686.6M | $806.0M | $1.03B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $49.4M | $43.1M | $132.0M | $167.0M |
| Total Assets | $2.49B | $2.44B | $2.50B | $2.56B |
| Total Liabilities | $1.02B | $968.4M | $985.1M | $993.9M |
| Total Equity | $1.48B | $1.47B | $1.52B | $1.56B |
| Total Debt | $633.0M | $548.2M | $528.3M | $523.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $106.0M | $106.6M | $133.6M | $83.8M | $106.9M | $131.5M | $121.5M | $129.3M | $190.0M | $204.2M |
| Depreciation & Amortization | $18.9M | $22.2M | $28.4M | $25.9M | $32.3M | $35.2M | $44.7M | $54.7M | $56.7M | $55.7M |
| Stock-based Compensation | $2.4M | $3.2M | $3.5M | $3.1M | $7.6M | $8.2M | $9.4M | $11.5M | $15.0M | $19.6M |
| Change in Working Capital | -$2.1M | -$42.7M | -$86.7M | -$18.5M | $17.0M | -$60.4M | -$128.0M | $32.1M | -$19.9M | -$229.1M |
| Operating Cash Flow | $121.5M | $94.2M | $78.1M | $95.3M | $152.0M | $100.3M | $41.7M | $208.8M | $231.0M | $113.6M |
| Capital Expenditure | -$20.1M | -$24.4M | -$26.1M | -$29.6M | -$15.4M | -$19.8M | -$37.9M | -$44.0M | -$39.4M | -$38.0M |
| Acquisitions | -$6.2M | -$70.0M | -$33.0M | 0 | -$14.8M | -$345.5M | -$489.0M | $67,000 | $100,000 | 0 |
| Stock Repurchased | -$24.7M | -$76.1M | -$45.4M | -$41.3M | -$38.7M | -$62.6M | -$19.9M | -$15.7M | -$80.8M | -$40.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $101.5M | $69.8M | $52.0M | $65.7M | $136.5M | $80.5M | $3.8M | $164.8M | $191.6M | $75.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $41.6M | $43.8M | $152.6M | $64.6M |
| Capital Expenditure | -$8.2M | -$8.4M | -$9.1M | -$7.7M |
| Free Cash Flow | $33.5M | $35.3M | $143.5M | $56.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $7.2M | $4.1M | $5.4M | $6.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.1% | +7.8% | +1.8% | +10.2% | +23.1% | +28.9% | +11.3% | +4.1% | +6.0% | |
| Net Income Growth (YoY) | +0.5% | +25.3% | -37.3% | +27.6% | +23.1% | -7.6% | +6.3% | +47.0% | +7.5% | |
| EPS Growth (YoY) | +3.6% | +27.4% | -36.5% | +28.8% | +24.8% | -6.3% | +6.7% | +49.4% | +7.6% | |
| Shares Change (YoY) | -1.6% | -2.5% | -1.6% | -1.0% | -1.3% | -1.3% | -0.0% | -1.8% | -0.6% | |
| FCF Growth (YoY) | -31.2% | -25.5% | +26.4% | +107.6% | -41.0% | -95.3% | +4,230.9% | +16.3% | -60.5% | |
| Gross Margin | 39.3% | 39.7% | 38.3% | 34.3% | 35.1% | 34.4% | 32.6% | 35.5% | 40.1% | 41.1% |
| Operating Margin | 19.6% | 19.5% | 17.6% | 10.7% | 12.2% | 12.8% | 9.9% | 11.1% | 14.6% | 16.8% |
| EBITDA Margin | 21.8% | 22.0% | 20.5% | 13.3% | 15.4% | 15.4% | 12.5% | 14.1% | 17.6% | 16.9% |
| Net Margin | 12.3% | 11.8% | 13.7% | 8.4% | 9.8% | 9.8% | 7.0% | 6.7% | 9.5% | 9.6% |
| FCF Margin | 11.8% | 7.7% | 5.3% | 6.6% | 12.5% | 6.0% | 0.2% | 8.5% | 9.5% | 3.6% |
| Effective Tax Rate | 37.0% | 39.6% | 21.9% | 20.8% | 21.3% | 22.5% | 22.2% | 23.3% | 25.9% | 25.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.93 | $2.05 | $1.57 | $2.01 | $4.22 | $2.52 | $0.12 | $5.23 | $6.19 | $2.46 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 34.5 M | 33.6 M | 33.0 M | 32.6 M | 32.3 M | 31.8 M | 31.4 M | 31.3 M | 30.8 M | 30.8 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 13.42% |
| Return on Invested Capital | 12.09% |
| Return on Assets | 7.90% |
| Gross Margin | 40.81% |
| Operating Margin | 15.93% |
| Net Margin | 9.30% |
Financial Health
| Debt / Equity | 0.33 |
| Current Ratio | 3.65 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.80 | 19.23 | 22.23 | 29.46 | 26.23 | 27.36 | 20.90 | 20.20 | 21.00 | 18.55 |
| P/B | 4.19 | 3.23 | 4.08 | 3.19 | 3.28 | 3.85 | 2.44 | 2.23 | 3.08 | 2.57 |
| P/S | 2.93 | 2.27 | 3.05 | 2.49 | 2.56 | 2.67 | 1.47 | 1.35 | 1.99 | 1.78 |
| Gross Margin | 39.3% | 39.7% | 38.3% | 34.3% | 35.1% | 34.4% | 32.6% | 35.5% | 40.1% | 41.1% |
| Operating Margin | 19.6% | 19.5% | 17.6% | 10.7% | 12.2% | 12.8% | 9.9% | 11.1% | 14.6% | 16.8% |
| Net Margin | 12.3% | 11.8% | 13.7% | 8.4% | 9.8% | 9.8% | 7.0% | 6.7% | 9.5% | 9.6% |
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Explore sector: Consumer Cyclical · Auto - Parts
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