Dorman Products vs Standard Motor Products
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The short version
- Dorman Products is the larger business, with $2.1B of revenue in fiscal 2025 against $1.8B for Standard Motor Products.
- Standard Motor Products grew revenue faster (22.4%, against 6.0%).
- Dorman Products kept more of each dollar of sales as operating profit (14.1% operating margin, against 7.6%).
- Dorman Products turned more of its sales into free cash flow (3.6% FCF margin, against 1.0%).
- Dorman Products earned a higher return on the capital invested in it (12.4%, against 8.3%).
- Investors pay more for each dollar of Dorman Products’s earnings: a P/E of 17.3x against 16.6x for Standard Motor Products.
| Latest fiscal year | DORM · FY25 | SMP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $853M |
| Revenue | $2.1B | $1.8B |
| Free cash flow | $75.7M | $18.7M |
| Net income | $204M | $41.3M |
| Growth | ||
| Revenue growth | 6.0% | 22.4% |
| 5-year growth | 14.3% | 9.7% |
| Share count change | −0.7% | 1.1% |
| Profitability | ||
| Gross margin | 42.1% | 31.2% |
| Operating margin | 14.1% | 7.6% |
| Net margin | 9.6% | 2.3% |
| FCF margin | 3.6% | 1.0% |
| Return on capital | 12.4% | 8.3% |
| Return on equity | 14.7% | 6.4% |
| Balance sheet | ||
| Net debt | $391M | $547M |
| Net debt / EBITDA | 1.2x | 3.0x |
| Dividends and buybacks | $0.0M | $27.3M |
| Valuation & quality | ||
| P/E | 17.3x | 16.6x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
DORM $860M
SMP $1.1B
FY17
DORM $903M
SMP $1.1B
FY18
DORM $974M
SMP $1.1B
FY19
DORM $991M
SMP $1.1B
FY20
DORM $1.1B
SMP $1.1B
FY21
DORM $1.3B
SMP $1.3B
FY22
DORM $1.7B
SMP $1.4B
FY23
DORM $1.9B
SMP $1.4B
FY24
DORM $2.0B
SMP $1.5B
FY25
DORM $2.1B
SMP $1.8B
DORM
SMP
Operating margin
FY16
DORM 19.6%
SMP 9.3%
FY17
DORM 19.5%
SMP 8.7%
FY18
DORM 17.6%
SMP 7.4%
FY19
DORM 10.7%
SMP 8.3%
FY20
DORM 12.2%
SMP 9.7%
FY21
DORM 12.8%
SMP 9.9%
FY22
DORM 9.9%
SMP 7.6%
FY23
DORM 11.1%
SMP 6.8%
FY24
DORM 14.6%
SMP 5.5%
FY25
DORM 14.1%
SMP 7.6%
DORM
SMP
Free cash flow
FY16
DORM $101M
SMP $76.9M
FY17
DORM $69.8M
SMP $40.2M
FY18
DORM $52.0M
SMP $50.1M
FY19
DORM $65.8M
SMP $60.7M
FY20
DORM $137M
SMP $80.1M
FY21
DORM $80.5M
SMP $59.7M
FY22
DORM $3.8M
SMP −$53.5M
FY23
DORM $165M
SMP $116M
FY24
DORM $192M
SMP $32.7M
FY25
DORM $75.7M
SMP $18.7M
DORM
SMP
Return on capital
FY16
DORM —
SMP 15.7%
FY17
DORM —
SMP 11.4%
FY18
DORM —
SMP 13.5%
FY19
DORM —
SMP 14.1%
FY20
DORM —
SMP 14.9%
FY21
DORM —
SMP 15.6%
FY22
DORM 11.3%
SMP 9.9%
FY23
DORM 10.6%
SMP 8.9%
FY24
DORM 13.1%
SMP 6.2%
FY25
DORM 12.4%
SMP 8.3%
DORM
SMP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.