Revenue in 4Q:25 grew 28.5% from a year earlier to $184.5 million, beating our $173 million forecast. EPS (including stock compensation expense) also topped our $0.53 forecast, increasing 62.3% to $0.57. Early season snowfall drove stronger than projected demand in the Attachments segment, and season to date, above average snowfall will drive further growth in 2026. The Solutions segment delivered a record quarter driven by continued strength in municipal demand. A strong orderbook and expanding production capacity will support further gains this year. Management projects 2026 revenue of $710-$760 million (versus our prior $701 million estimate) and EPS (including stock compensation expense) of $2.05-$2.65 (we had estimated $2.14). We raise our 2026 EPS estimate to $2.24 (from $2.16). At the end of 4Q:25, PLOW had net debt of $139 million and net leverage of 1.4x. We raise our price target to $49 (from $42), based on an unchanged 18x our newly increased 2027 EPS estimate of $2.70 (from $2.34). Our moderate risk rating recognizes PLOW's track record of earnings and cash flow and its modestly leveraged balance sheet.