Dorman Products
DORM on Nasdaq. Dorm sells replacement and upgrade parts to vehicle owners and repair shops. Market value $3.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.85 of spare cash in the past 12 months. A savings account pays about $4.
You pay 12.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 93 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.
$123.44 a share, 25% above its 1-year low
Over the past year the price has ranged from $98.45 to $164.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $214 million in the past 12 months, $76 million in the year to December 2025.
| Revenue | |||||
| Revenue | $1.3bn | $1.7bn | $1.9bn | $2.0bn | $2.1bn |
| Operating margin | |||||
| Operating margin | 12.8% | 9.9% | 11.1% | 14.6% | 14.1% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.47 | 0.41 | 0.36 | 0.30 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.30× equity
- Revenue growth, five yearsStrong, 14.2% a year
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $545 million last quarter, up 1% on a year ago.
- Profit: $88 million, up 50% on a year ago.
- It keeps 14 cents of each $1 of sales as operating profit, down from 16 cents a year earlier.
- Spare cash over the past 12 months: $214 million, up from $139 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $308 million more than cash, down from $405 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $504m |
| December 2024 | $534m |
| March 2025 | $508m |
| June 2025 | $541m |
| September 2025 | $544m |
| December 2025 | $538m |
| March 2026 | $529m |
| June 2026 | $545m |
| Quarter to | Amount |
|---|---|
| September 2024 | $55m |
| December 2024 | $55m |
| March 2025 | $58m |
| June 2025 | $59m |
| September 2025 | $76m |
| December 2025 | $12m |
| March 2026 | $44m |
| June 2026 | $88m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
5 long-term investors we follow own it, up from 4 last quarter. 327 funds in all.
- Mawer Investment ManagementMawer team
- Value
- $35m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $112m | 0.9% | Added |
| First Eagle Investment ManagementMatthew McLennan | $43m | <0.1% | Added |
| SouthernSun Asset ManagementMichael Cook | $36m | 4.8% | Added |
| Mawer Investment ManagementMawer team | $35m | 0.2% | |
| Horizon KineticsMurray Stahl | $245,610 | <0.1% | New |
Largest holders overall
- BlackRock$557m
- Vanguard Portfolio Management$209m
- Morgan Stanley$197mAdded
- Vanguard Capital Management$166m
- State Street$156mAdded
- Dimensional Fund Advisors LP$155mAdded
- KTF Investments$119mAdded
- Royce & Associates$112mAdded
- Jennison Associates$111m
- Geode Capital Management$102mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Steven L. BermanInsider or founder6.9%−1.5 ptsSince 24 October 2025
What they said
Item 4 is hereby amended and supplemented by adding the following: The shares of Common Stock reported herein as beneficially owned by the Reporting Person were acquired by the Reporting Person for investment purposes. As Non-Executive Chairman and a member of the board of…
Read the filing - Marc H. BermanPassive investor5.1%−0.6 ptsSince 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.1%Since 31 March 2026
- Morgan StanleyPassive investorSold down below 5%Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Steven L. Berman Insider or founder | 6.9%−1.5 pts | 24 October 2025 | What they saidItem 4 is hereby amended and supplemented by adding the following: The shares of Common Stock reported herein as beneficially owned by the Reporting Person were acquired by the Reporting Person for investment purposes. As Non-Executive Chairman and a member of the board of… Read the filing |
Marc H. Berman Passive investor | 5.1%−0.6 pts | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.1% | 31 March 2026 | |
Morgan Stanley Passive investor | Sold down below 5% | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $3m, $297,340 of it under preset trading plans.
- Long Donna M.SVP, CIOSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 734
- Price
- $135.21
- Value
- $99,244
- Bowen Gregory C.VP, Chief Accounting OfficerSold
- Date
- 5 August 2026
- Shares
- 3,531
- Price
- $145.01
- Value
- $512,013
- Long Donna M.SVP, CIOSoldunder a preset trading plan
- Date
- 12 March 2026
- Shares
- 947
- Price
- $103.07
- Value
- $97,608
- Long Donna M.SVP, CIOSoldunder a preset trading plan
- Date
- 2 January 2026
- Shares
- 812
- Price
- $123.75
- Value
- $100,488
- McKnight JohnPresident, Heavy DutySold
- Date
- 12 December 2025
- Shares
- 2,000
- Price
- $128.80
- Value
- $257,600
- McKnight JohnPresident, Heavy DutySold
- Date
- 1 December 2025
- Shares
- 4,898
- Price
- $130.71
- Value
- $640,216
- Hession DavidSVP and CFOSold
- Date
- 31 October 2025
- Shares
- 12,493
- Price
- $135.31
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Long Donna M. SVP, CIO | Sold under a preset trading plan | 734 | $135.21 | $99,244 |
| 5 August 2026 | Bowen Gregory C. VP, Chief Accounting Officer | Sold | 3,531 | $145.01 | $512,013 |
| 12 March 2026 | Long Donna M. SVP, CIO | Sold under a preset trading plan | 947 | $103.07 | $97,608 |
| 2 January 2026 | Long Donna M. SVP, CIO | Sold under a preset trading plan | 812 | $123.75 | $100,488 |
| 12 December 2025 | McKnight John President, Heavy Duty | Sold | 2,000 | $128.80 | $257,600 |
| 1 December 2025 | McKnight John President, Heavy Duty | Sold | 4,898 | $130.71 | $640,216 |
| 31 October 2025 | Hession David SVP and CFO | Sold | 12,493 | $135.31 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Global climate change and related regulations could negatively affect our business.
Could happenClimate change poses financial and operational risks to our business. Extreme weather events and other potential impacts of climate change, including, but not limited to hail, floods, rising sea levels, droughts, wild fires, tornadoes, and tropical cyclones, can reduce product demand, disrupt product availability or distribution center operations, raise insurance and operating costs, disrupt ports and logistics networks, and increase supply chain expenses. Reduced product availability and demand can lead to reduced revenue, and increased costs can adversely affect our profitability. In addition, growing global focus on greenhouse gas emissions may lead to new laws and regulations that require significant compliance efforts and capital expenditures. For example, restrictions or standards adopted regarding emissions of carbon dioxide by motor vehicles or fuels could adversely affect demand for motor vehicles, annual miles driven, or the products we sell. Moreover, such restrictions and standards could lead to or require changes in motor vehicle technology and increased product development costs. While we strive to meet evolving standards, we cannot guarantee success, market acceptance of our products, or favorable returns on related investments.
Read moreWe use AI technologies in our business, and that use exposes us to risk.
Could happenWe continually update and expand our information technology systems to enable us to run our business more efficiently, including through the incorporation of AI solutions into our information systems, operations and processes. The increasing use and evolution of AI solutions creates potential risks for loss or misuse of Company data that forms part of any data set that was collected, used, stored, or transferred to run our business. Any unintentional dissemination or intentional destruction of confidential information stored in our or our third-party providers' systems, portable media or storage devices may result in significantly increased business and security recovery costs, damages to our reputation, or costs related to defending legal claims. In addition, if the content, analyses, or recommendations that AI programs assist in producing are or are alleged to be deficient, inaccurate, or biased, then our business, financial condition, and results of operations may be adversely affected.
Read moreCyber-attacks or other information technology security breaches could adversely impact our business and operations.
Could happenAttacks—such as malware, ransomware, and unauthorized access—are increasing in frequency and severity, and the rapid adoption of AI may heighten these risks, including through the use of deepfakes. Despite preventive measures, evolving attack techniques may outpace our defenses. Furthermore, because the techniques used to carry out cyber-attacks change frequently and in many instances are not recognized until after they are used against a target, we may be unable to anticipate these changes or implement adequate preventative measures. Responding to such incidents also could require significant costs.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.