Dole
DOLE NYSE Agricultural Products & Services Financials FY2019–FY2025
Dole's revenue rose 8.2% to $9.2 billion in fiscal 2025. Its operating margin was 2.4%, down from 3.3% a year earlier. Free cash flow was $2 million, down 99.0%. It paid out $32 million in dividends and buybacks, 1847% of free cash flow. The diluted share count rose 0.5%.
What Dole does
Dole plc grows, buys, ships and sells fresh fruit and vegetables. It handles more than 300 products, sources them from over 100 countries and distributes them in more than 85 countries. Its customers include grocery stores, wholesalers, mass merchandisers, foodservice operators, club stores and convenience stores, and it says no one customer accounted for a major share of 2025 sales. Its best-known brand is DOLE.
It reports three segments. Fresh Fruit covers bananas, pineapples and plantains, mostly grown in Latin America on company-owned and leased farms and by independent growers. Approximately one-third of the bananas it markets and 75% of its pineapples come from its own production. It also runs refrigerated ships and sells spare cargo space to other shippers. Diversified Fresh Produce, Europe, the Middle East and Africa sells imported and local produce across Europe. Diversified Fresh Produce, Americas and the Rest of the World markets items such as avocados, kiwis, apples, berries and cherries.
On August 5, 2025, Dole sold its Fresh Vegetables division for approximately $140.0 million, and it reports that division as discontinued operations. It owns approximately 112,000 acres of farms and other land.
- Legal name
- Dole plc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001857475-26-000028
0001857475
Revenue and margins
Dole had $9.2B of revenue in fiscal 2025, up 8.2% on the year before.
Net income and earnings per share
From fiscal 2019 to 2025, diluted EPS grew −9.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.7M in fiscal 2025, 0.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Dole returned $31.6M to shareholders in fiscal 2025, 1,847% of free cash flow. The diluted share count rose 0.5%.
Value Dole yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$600M and divides by 95.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 25.4x · peers 18.6x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Dole can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $257M | $234M | $282M | $336M | $274M |
| Debt incl. finance leases | $1.4B | $1.3B | $1.1B | $967M | $874M |
| Net debt / EBITDA | 20.1x | 3.6x | 2.2x | 1.7x | 1.8x |
| Debt / equity | 1.3x | 1.1x | 0.9x | 0.8x | 0.6x |
| Interest coverage | −0.4x | 3.1x | 3.4x | 3.9x | 3.4x |
| Current ratio | 1.2x | 1.1x | 1.1x | 1.2x | 1.2x |
| Quick ratio | 0.9x | 0.8x | 0.9x | 0.9x | 0.8x |
| Total assets | $4.7B | $4.6B | $4.6B | $4.4B | $4.4B |
| Total liabilities | $3.4B | $3.3B | $3.1B | $3.0B | $2.9B |
| Shareholders' equity | $1.1B | $1.2B | $1.2B | $1.3B | $1.4B |
| Net debt (− = net cash) | $1.1B | $1.0B | $812M | $631M | $600M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$8.6M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 22, 2026 | Pale Fire Capital SE10% owner | Bought | 163,780 | $13.39 | $2.2M | Form 4 |
| Oct 21, 2026 | Pale Fire Capital SE10% owner | Bought | 438,900 | $13.12 | $5.8M | Form 4 |
| Oct 20, 2026 | Pale Fire Capital SE10% owner | Bought | 45,676 | $13.24 | $0.6M | Form 4 |
| Oct 12, 2026 | Pale Fire Capital SE10% owner | Bought | 5,700 | $13.28 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 9 | 8 / 9 | 6 / 9 |
| Accruals ratio | −3.8% | −3.1% | −1.6% |
| Altman Z'' | 1.56 | 1.79 | 1.76 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dole DOLE | $1.3B | 8.2% | 2.4% | 0.0% | 6.3% | — | 6 | |
| Ingredion INGR | $6.1B | −2.8% | 14.1% | 7.1% | 16.0% | 10.4x | 8 | Compare → |
| Darling Ingredients DAR | $9.0B | 7.4% | 4.5% | 11.1% | 3.2% | 15.2x | 7 | Compare → |
| Bunge Global BG | $20.2B | 32.4% | — | −1.3% | 6.1% | 24.1x | 4 | Compare → |
| Archer Daniels Midland ADM | $38.9B | −6.2% | — | 5.2% | 5.2% | 22.0x | 5 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $4.2B | $4.3B | $5.9B | $8.0B | $8.2B | $8.5B | $9.2B |
| Gross profit | $303M | $334M | $344M | $600M | $694M | $718M | $714M |
| Research and development | $0.0M | $0.0M | $3.8M | $9.2M | $9.0M | $8.9M | $9.2M |
| Operating income | $47.6M | $67.1M | −$8.7M | $175M | $272M | $281M | $223M |
| Interest expense | $12.0M | $10.5M | $25.0M | $56.4M | $81.1M | $72.3M | $66.5M |
| Pretax income | $42.8M | $59.1M | −$21.4M | $136M | $206M | $240M | $168M |
| Income tax | $10.3M | $18.1M | −$11.0M | −$25.6M | $43.6M | $75.6M | $71.0M |
| Net income | $55.1M | $52.5M | −$7.2M | $86.5M | $124M | $126M | $51.3M |
| Diluted EPS | $0.99 | $0.94 | −$0.10 | $0.91 | $1.30 | $1.32 | $0.53 |
| Diluted shares | 0.06B | 0.06B | 0.07B | 0.09B | 0.10B | 0.10B | 0.10B |
| Cash flow | |||||||
| Cash from operations | $75.2M | $145M | $16.4M | $239M | $299M | $263M | $123M |
| Capital expenditure | $27.0M | $23.2M | $58.6M | $85.6M | $78.0M | $82.4M | $122M |
| Free cash flow | $48.3M | $121M | −$42.2M | $153M | $221M | $180M | $1.7M |
| Depreciation and amortization | $34.4M | $36.2M | $65.5M | $110M | $104M | $98.8M | $113M |
| Stock-based compensation | $0.0M | $0.0M | $0.8M | $4.5M | $6.0M | $8.0M | $6.9M |
| Acquisitions | $4.9M | $0.3M | $104M | $4.9M | $1.3M | $0.9M | $2.2M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $14.9M | $11.9M | $17.1M | $30.4M | $30.4M | $30.6M | $31.6M |
| Dividends and buybacks | $14.9M | $11.9M | $17.1M | $30.4M | $30.4M | $30.6M | $31.6M |
| Balance sheet | |||||||
| Cash and short-term investments | $130M | $161M | $257M | $234M | $282M | $336M | $274M |
| Total debt | — | $347M | $1.4B | $1.2B | $1.1B | $893M | $829M |
| Finance lease liabilities | $0.0M | $9.4M | $40.7M | $29.9M | $33.2M | $74.0M | $44.9M |
| Current assets | — | $730M | $1.6B | $1.6B | $1.9B | $1.8B | $1.8B |
| Current liabilities | — | $690M | $1.4B | $1.5B | $1.7B | $1.6B | $1.5B |
| Inventory | $0.0M | $141M | $411M | $394M | $379M | $430M | $509M |
| Property and equipment, net | — | $220M | $1.4B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total assets | — | $1.9B | $4.7B | $4.6B | $4.6B | $4.4B | $4.4B |
| Total liabilities | — | $1.2B | $3.4B | $3.3B | $3.1B | $3.0B | $2.9B |
| Shareholders' equity | $614M | $535M | $1.1B | $1.2B | $1.2B | $1.3B | $1.4B |
| Margins | |||||||
| Gross margin | 7.3% | 7.7% | 5.8% | 7.5% | 8.4% | 8.5% | 7.8% |
| Operating margin | 1.1% | 1.5% | −0.2% | 2.2% | 3.3% | 3.3% | 2.4% |
| EBITDA margin | 2.0% | 2.4% | 1.0% | 3.6% | 4.6% | 4.5% | 3.7% |
| Net margin | 1.3% | 1.2% | −0.1% | 1.1% | 1.5% | 1.5% | 0.6% |
| FCF margin | 1.2% | 2.8% | −0.7% | 1.9% | 2.7% | 2.1% | 0.0% |
| Returns | |||||||
| Return on capital | — | — | −0.4% | 7.5% | 9.5% | 9.1% | 6.3% |
| Return on capital employed | — | — | −0.4% | 5.5% | 9.1% | 9.8% | 7.7% |
| Return on equity | — | — | −0.9% | 7.7% | 10.3% | 9.9% | 3.9% |
| Return on assets | — | — | −0.2% | 1.9% | 2.7% | 2.8% | 1.2% |
| Growth | |||||||
| Revenue growth | — | 4.3% | 36.8% | 35.0% | 2.8% | 2.8% | 8.2% |
| Net income growth | — | −4.7% | −113.8% | — | 43.4% | 1.2% | −59.1% |
| EPS growth | — | −5.1% | −110.6% | — | 42.9% | 1.5% | −59.9% |
| FCF growth | — | 151.4% | −134.8% | — | 43.9% | −18.3% | −99.1% |
| Share count change | — | −0.0% | 30.2% | 31.1% | 0.2% | 0.4% | 0.5% |
| Financial health | |||||||
| Net debt / EBITDA | — | 1.9x | 20.1x | 3.6x | 2.2x | 1.7x | 1.8x |
| Debt / equity | — | 0.7x | 1.3x | 1.1x | 0.9x | 0.8x | 0.6x |
| Interest coverage | 4.0x | 6.4x | −0.4x | 3.1x | 3.4x | 3.9x | 3.4x |
| Current ratio | — | 1.1x | 1.2x | 1.1x | 1.1x | 1.2x | 1.2x |
| Quick ratio | — | 0.9x | 0.9x | 0.8x | 0.9x | 0.9x | 0.8x |
| Capital allocation | |||||||
| Capex / revenue | 0.7% | 0.5% | 1.0% | 1.1% | 1.0% | 1.0% | 1.3% |
| Stock comp / revenue | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | 30.9% | 9.8% | — | 19.8% | 13.8% | 17.0% | 1,847.2% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 6.0 | 8.0 | 8.0 | 6.0 |
| Altman Z'' | — | 1.8 | 1.0 | 1.2 | 1.6 | 1.8 | 1.8 |
| Accruals ratio | — | — | −0.7% | −3.3% | −3.8% | −3.1% | −1.6% |
Source: SEC EDGAR XBRL filings (CIK 0001857475). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.