DMC Global Inc.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here is not about the price of the stock — measured against revenue and book value it is strikingly low, and that alone would never justify this rating. Red is about two documented balance sheet findings. First, debt service: over the trailing twelve months operating income does not cover interest — 2025 produced minus $0.1 million of operating income against $6.5 million of interest expense, and the first half of 2026 plus $1.1 million against $2.7 million — while the three-year cumulative loss position forces the company to stop recognizing tax benefits on U.S. losses. Second, dependence on a single counterparty: from September 6, 2026 the minority holder of Arcadia Products may call at least $187.08 million that DMC can service neither from cash ($28.6 million as of June 30, 2026) nor from remaining credit headroom (on the order of $22 million to $36 million) — and the alternative written into the contract would, on the company's own assessment, likely cost existing stockholders majority voting control. Several things argue against red and deserve a fair hearing: there is no going concern warning, equity is positive at $237.4 million, all covenants were met, the second quarter of 2026 was profitable at the operating level in all three segments, and operations provided $53.5 million in 2025. Where the evidence sits between two levels, the more cautious one applies — and an obligation larger than the market value of the whole company, timed by a third party, is no longer an operating question mark but a balance sheet risk. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
DMC Global is an industrial conglomerate of three solid but shrinking manufacturing businesses — and a balance sheet whose most important number sits above equity. $187.08 million is the contractual floor price for the 40 percent of Arcadia Products that DMC does not own; from September 6, 2026 the minority holder alone decides when to put it. That is more than the market value of the entire group of roughly $111 million (July 29, 2026). Cash ($28.6 million) and credit headroom (on the order of $22 million to $36 million) do not cover it, and if DMC pays in preferred stock the company itself considers a transfer of majority voting control to the partner likely. The fact that the second quarter of 2026 looked better again, with $157.0 million of revenue and $0.5 million of attributable net income, does not change that maturity. Not investment advice.
Business model
Three genuine manufacturing businesses with nothing in common: aluminum facades (Arcadia Products, $246.2 million of revenue in 2025), perforating systems for oil and gas wells (DynaEnergetics, $270.2 million) and explosion-welded clad metal plates (NobelClad, $93.4 million). No synergies, but also no mutual dependence — instead three different cycles under one roof.
Trading performance
Group revenue fell for three consecutive years, from $719.2 million (2023) through $642.9 million (2024) to $609.8 million (2025), and every single segment ended 2025 below its 2023 level. The first half of 2026 brought $292.5 million against $314.8 million. The second quarter of 2026 stabilized at $157.0 million, slightly above the prior-year quarter — one quarter, not a trend.
Balance sheet & debt service
As of June 30, 2026 the company held $28.6 million of cash against $60.2 million of drawn borrowings, and all covenants were met (leverage 2.19 times against a permitted 3.0 times). Operating income does not cover interest, however: 2025 produced minus $0.1 million of operating income against $6.5 million of interest expense, the first half of 2026 plus $1.1 million against $2.7 million. U.S. tax losses are no longer recognized because of the three-year cumulative loss position.
Redeemable noncontrolling interest
Above equity sits a redeemable noncontrolling interest of $187.08 million (June 30, 2026) — the contractual floor value for 40 percent of Arcadia Products, puttable from September 6, 2026 at the partner's sole discretion. That is more than the market value of the whole group of roughly $111 million (July 29, 2026), and the credit facility provides only $22 million to $36 million of additional room up to the temporary 3.5 times cap.
Dilution & control
In the permitted mix of 20 percent cash and 80 percent preferred stock, roughly $149.7 million of convertible preferred would be issued against 20,540,949 common shares outstanding (July 22, 2026). The quarterly report filed July 29, 2026 states in as many words that this would likely give the minority holder majority voting control — through involuntary dilution of existing stockholders.
Recent performance
The second quarter of 2026 was the best in a year: $157.0 million of revenue, all three segments profitable at the operating level, $0.5 million of net income attributable to DMC stockholders and $10.7 million of adjusted EBITDA. Guidance for the third quarter of 2026 is $158 million to $168 million of revenue. The court also dismissed the securities class action on March 20, 2026 and the related derivative suits on May 1, 2026.
Worth Noting
DMC Global reached our research list through the Reddit hype scan of July 30, 2026. The stock appeared in none of our stock scanners that day (checked live on July 30, 2026) — the lists are recalculated daily, so the finding can change.
The $187.08 million redeemable noncontrolling interest is a contractual floor value from the 2021 purchase agreement, not a market price. The company's own impairment test led to a full write-off of Arcadia goodwill of $141.7 million in 2024. Both figures describe the same asset — the difference is the real story of this analysis.
Easily confused: the ticker BOOM refers to NobelClad's explosion-welding technology, not to a defense or munitions maker; until November 2016 the company traded as Dynamic Materials Corp. Valuation figures are dated and evergreen: the anchor is the $5.42 closing price of July 29, 2026 — daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BOOM since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.70 $ to 9.00 $ · Last price: 6.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Conglomerates
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| DMC Global Inc. BOOM | 0.1 | – | 6.8 | 19.9 | -2.6 | -5.1 | -16.3 |
| Honeywell International Inc HON | 124.8 | 15.7 | 6.6 | 36.5 | 21.0 | 7.9 | 0.6 |
| 3M Company MMM | 86.6 | 31.3 | 15.3 | 39.4 | 23.3 | 1.5 | 8.1 |
| Fujikura Ltd FJIKY | 52.6 | 53.0 | 35.5 | 31.0 | 26.1 | 20.7 | 95.7 |
| Toyota Tsusho Corp TYHOY | 51.4 | 21.7 | 10.8 | 10.9 | 5.2 | 1.2 | 66.8 |
| Valmont Industries Inc VMI | 9.2 | 25.5 | 14.6 | 30.4 | 15.0 | 0.7 | 27.7 |
| Brookfield Business Corp BBUC | 5.3 | – | 6.5 | 19.9 | – | 234.5 | -26.2 |
| Pampa Energia SA PAM | 4.5 | 7.2 | 7.2 | 33.5 | 25.6 | 6.5 | 36.2 |
| Seaboard Corporation SEB | 4.1 | 7.1 | 4.8 | 8.1 | 4.0 | 7.1 | 9.4 |
| Median of companies shown | 9.2 | 21.7 | 7.2 | 30.4 | 18.0 | 6.5 | 9.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 159 | -5 | -7 | -0.46 | 18 | 112 | 163 |
| 2017 | 193 | -12 | -19 | -1.31 | 7 | 106 | 173 |
| 2018 | 326 | 37 | 30 | 2.08 | 28 | 134 | 240 |
| 2019 | 398 | 58 | 34 | 2.32 | 65 | 172 | 277 |
| 2020 | 229 | -1 | -1 | -0.10 | 30 | 197 | 280 |
| 2021 | 260 | -2 | -5 | -0.26 | -13 | 361 | 864 |
| 2022 | 654 | 30 | 14 | 0.73 | 45 | 381 | 879 |
| 2023 | 719 | 61 | 21 | 1.10 | 66 | 410 | 885 |
| 2024 | 643 | -131 | -159 | -8.07 | 47 | 251 | 671 |
| 2025 | 610 | 3 | -18 | -0.90 | 54 | 242 | 636 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.49 | -198.00 | 152 | -11.50 | -106.90 | 19 | 13 |
| 2024: Q4 | 0.09 | 800.00 | 152 | -12.40 | -0.50 | 12 | 6 |
| 2025: Q1 | 0.04 | 300.00 | 159 | -4.50 | 0.50 | 5 | 1 |
| 2025: Q2 | 0.12 | -58.60 | 156 | -9.20 | -3.10 | 15 | 12 |
| 2025: Q3 | -0.08 | 83.70 | 152 | -0.60 | -1.40 | 19 | 15 |
| 2025: Q4 | -0.50 | -655.60 | 144 | -5.80 | -8.20 | 15 | 10 |
| 2026: Q1 | -0.34 | -950.00 | 136 | -14.90 | -5.00 | -2 | -5 |
| 2026: Q2 | – | – | 157 | 0.90 | 1.30 | -8 | -10 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.06 | -0.09 – -0.02 | 614 | 84.3% | 2 |
| 12/31/2027 | 0.43 | 0.32 – 0.54 | 657 | 881.8% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 0.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $10.9M |
|---|---|
| Market cap | $129.0M |
| Free cash flow in year ten | $11.5M |
| Terminal value as a share of market value | 46.8% |
For comparison: over the past five years free cash flow grew by 17.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht 10-K für 2025 belegt den eigenen operativen Einsatz von KI-Werkzeugen; KI ist in keinem der drei Segmente (Arcadia Products, DynaEnergetics, NobelClad) eine Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„We are integrating AI tools into our operations, and our third-party service providers and competitors are adopting such technologies."
Wir binden KI-Werkzeuge in unsere Abläufe ein, und unsere externen Dienstleister und Wettbewerber führen solche Technologien ebenfalls ein.
10-K · 2026-02-23 · View SEC filing
„Advances in automation and AI may also alter the skills required of our workforce and could reduce demand for certain roles, creating challenges in workforce management, employee relations, and reputational risk."
Fortschritte bei Automatisierung und KI können außerdem die Qualifikationsanforderungen an unsere Belegschaft verändern und die Nachfrage nach bestimmten Tätigkeiten verringern; daraus entstehen Herausforderungen in der Personalführung, in den Arbeitnehmerbeziehungen und Reputationsrisiken.
10-K · 2026-02-23 · View SEC filing
Filings Reviewed: 10-Q 2026-07-29 · 10-Q 2026-04-30 · 10-K 2026-02-23 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-K 2025-02-24
Rated on July 30, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.3%
- More than 10% revenue growth is expected for the coming year -74.4%
- Share count grows by less than 3% a year 0.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 0.9%
- Gross margin at 40% or higher and without meaningful erosion 22.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 2.8 x EBITDA
- Operating cash flow covers the profits of the last three years 321 m
- Return on capital at 15% or higher, or up versus two years ago 0.7%
- Insiders hold at least 10% or are net buyers 7.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 16.1%
- Exp. sales growth 3Y > 5% 3.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 3.8%
- Net debt < 4x EBIT 26.1x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -20.6%
- ROCE > 15% 0.7%
- Expected return > 10% 33.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
DMC Global Inc. provides various products and engineered solutions for the construction, energy, and industrial processing markets worldwide. It operates through three segments: Arcadia Products, DynaEnergetics, and NobelClad. The Arcadia Products segment offers designed, engineered, fabricated, and finished aluminum framing systems, windows, curtain walls, storefronts, entrance systems, and other architectural components for use in commercial exteriors; and interior framing and partitions comprising framing systems, aluminum doors, sliding systems, and glazing systems. This segment also provides custom, fully fabricated aluminum, steel, and wood windows and doors for the home market. This segment sells its products through a national in-house sales force for buildings, such as office towers, airports, hotels, education and athletic facilities, health care facilities, government buildings, retail centers, mixed use and multi-family residential buildings, and industrial and manufacturing centers. The DynaEnergetics segment designs, manufactures, and sells perforating systems, such as initiation systems, shaped charges, detonating cords, gun hardware, and a control panel; and perforating systems and associated hardware for the oil and gas industry. This segment sells its products through direct selling, distributors, and independent sales representatives. The NobelClad segment produces and sells explosion-welded clad metal plates for use in the construction of heavy, corrosion resistant pressure vessels, and heat exchangers for oil and gas, chemical and petrochemical, petroleum refining, alternative energy, hydrometallurgy, aluminum production, shipbuilding, power generation, and industrial refrigeration industries. The company was formerly known as Dynamic Materials Corporation and changed its name to DMC Global Inc. in November 2016. DMC Global Inc. was founded in 1965 and is headquartered in Broomfield, Colorado.
- Employees
- 1,500
- Headquarters
- Broomfield, CO
- Address
- 11800 Ridge Parkway, 80021 Broomfield, United States
- Phone
- 303 665 5700
- Website
- dmcglobal.com
- IPO Date
- 01/05/1989
- ISIN
- US23291C1036
- Stock Split
- 2:1 on 10/13/2005
- Stock Split
- 1:5 on 08/27/1990
Management
| Name | Title | Birth Year |
|---|---|---|
| James O'Leary | CEO, President & Executive Chairman of the Board | 1963 |
| Eric V. Walter | Chief Financial Officer | 1970 |
| Brett A. Seger | Chief Accounting Officer | 1983 |
| Ian Grieves | President & MD of DynaEnergetics | 1969 |
| James Schladen | President of Arcadia Products, LLC | 1958 |
| Geoff High | Vice President of Investor Relations & Corporate Communications | – |
| Adam McCoy | Senior Vice President of Human Resources | – |
| Antoine Nobili | President of NobelClad Europe SAS | 1972 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/29/2026 DMC Global Inc. (BOOM): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.