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Dover

DOV NYSE Industrial Machinery & Supplies & Components Financials FY2016–FY2025

Dover's revenue rose 4.5% to $8.1 billion in fiscal 2025. Its operating margin was 17.0%, up from 15.6% a year earlier. Free cash flow was $1.1 billion, up 21.4%. It paid out $824 million in dividends and buybacks, 74% of free cash flow. The diluted share count fell 0.7%.

Last close · Oct 23, 2026

$199.20

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$8.1B
4.5% vs prior year
Operating margin Operating income as a share of revenue.
17.0%
1.4 pts
Net income Profit after all expenses, interest and tax.
$1.1B
59.4%
Free cash flow Cash from operations minus capital spending.
$1.1B
21.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.0%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$26.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.2x
On $8.58 EPS (TTM)

What Dover does

No business description yet.

Legal name
DOVER Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000029905-26-000009
0000029905

Revenue and margins

Dover had $8.1B of revenue in fiscal 2025, up 4.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 13.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dover returned $824M to shareholders in fiscal 2025, 74% of free cash flow. The diluted share count fell 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dover 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 −$2.4B and divides by 137.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.2x · peers 26.2x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dover can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $386M$381M$399M$1.8B$1.7B
Debt incl. finance leases $3.0B$3.7B$3.5B$3.3B$4.0B
Net debt / EBITDA 1.7x2.1x2.0x1.0x1.4x
Debt / equity 0.7x0.9x0.7x0.5x0.6x
Interest coverage 12.1x11.0x9.3x9.2x12.5x
Current ratio 1.4x1.2x1.4x2.0x1.8x
Quick ratio 0.8x0.7x0.9x1.5x1.3x
Total assets $10.4B$10.9B$11.3B$12.5B$13.4B
Total liabilities $6.2B$6.6B$6.2B$5.6B$6.0B
Shareholders' equity $4.2B$4.3B$5.1B$7.0B$7.4B
Net debt (− = net cash) $2.6B$3.3B$3.1B$1.5B$2.4B

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

$0.0M

0 insiders

Sold, 12 months

$20.0M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 19, 2026 Richard J TobinChairman, President & CEO Sold 76,997 $232.70 $17.9M Form 4
Feb 17, 2026 Ivonne M CabreraSVP, General Counsel & Secr. Sold 4,000 $233.23 $0.9M Form 4
Feb 11, 2026 Girish JunejaSenior VP & CDO Sold 1,500 $230.77 $0.3M Form 4
Dec 4, 2025 Ivonne M CabreraSVP, General Counsel & Secr. Sold 2,630 $190.80 $0.5M Form 4
Nov 28, 2025 Christopher B. WoenkerSenior VP & CFO Sold 1,627 $186.05 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 7 / 97 / 95 / 9
Accruals ratio −2.5%13.5%−1.9%
Altman Z'' 5.306.666.41

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dover DOV $26.9B 4.5% 17.0% 13.8% 12.0% 23.2x 5
Ingersoll Rand IR $28.8B 5.8% 15.0% 16.0% 6.5% 30.2x 5 Compare →
Xylem XYL $25.7B 5.5% 13.5% 10.1% 8.1% 25.9x 6 Compare →
Hubbell HUBB $23.9B 3.8% 20.7% 15.0% 18.7% 26.5x 7 Compare →
Snap-on SNA $18.7B 0.9% 25.8% 19.5% 19.2% 18.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.0B $6.8B $7.0B $7.1B $6.7B $7.9B $7.8B $7.7B $7.7B $8.1B
Gross profit $2.2B $2.5B $2.6B $2.6B $2.5B $3.0B $2.9B $2.9B $3.0B $3.2B
Research and development $116M $131M $143M $141M $142M $158M $151M $139M $150M $165M
Operating income $709M $807M $843M $975M $933M $1.3B $1.3B $1.2B $1.2B $1.4B
Interest expense $136M $145M $131M $126M $112M $106M $117M $131M $131M $110M
Pretax income $685M $876M $725M $843M $842M $1.4B $1.2B $1.1B $1.8B $1.4B
Income tax $183M $129M $134M $165M $158M $277M $200M $179M $357M $277M
Net income $509M $812M $570M $678M $684M $1.1B $1.1B $1.1B $2.7B $1.1B
Diluted EPS $3.25 $5.15 $3.75 $4.61 $4.70 $7.74 $7.42 $7.52 $19.45 $7.94
Diluted shares 0.16B 0.16B 0.15B 0.15B 0.15B 0.15B 0.14B 0.14B 0.14B 0.14B
Cash flow
Cash from operations $735M $739M $789M $945M $1.1B $1.1B $806M $1.3B $1.1B $1.3B
Capital expenditure $140M $170M $171M $187M $166M $172M $211M $183M $168M $220M
Free cash flow $595M $569M $618M $759M $939M $944M $595M $1.2B $920M $1.1B
Depreciation and amortization $250M $283M $283M $272M $279M $290M $296M $305M $338M $380M
Stock-based compensation $18.6M $24.1M $23.7M $29.7M $25.0M $31.1M $30.1M $30.8M $40.4M $44.0M
Acquisitions $1.6B $27.2M $68.6M $216M $336M $1.1B $313M $534M $635M $663M
Share buybacks $0.0M $105M $895M $143M $106M $21.6M $585M $0.0M $500M $541M
Dividends paid $268M $284M $284M $282M $284M $287M $288M $284M $283M $283M
Dividends and buybacks $268M $389M $1.2B $425M $391M $309M $873M $284M $783M $824M
Balance sheet
Cash and short-term investments $349M $754M $396M $397M $513M $386M $381M $399M $1.8B $1.7B
Total debt $3.2B $3.7B $2.9B $3.1B $3.1B $3.0B $3.7B $3.5B $3.3B $4.0B
Finance lease liabilities $0.0M $0.0M $0.0M $9.9M $11.3M $9.2M $8.7M $9.0M $9.1M $9.6M
Current assets $2.6B $2.8B $2.5B $2.5B $2.6B $3.1B $3.4B $3.4B $4.5B $4.5B
Current liabilities $1.9B $2.1B $1.8B $1.7B $1.7B $2.3B $2.8B $2.4B $2.2B $2.5B
Inventory $871M $677M $749M $806M $836M $1.2B $1.4B $1.1B $1.1B $1.3B
Property and equipment, net $946M $788M $807M $842M $897M $957M $1.0B $979M $988M $1.1B
Total assets $10.1B $10.7B $8.4B $8.7B $9.2B $10.4B $10.9B $11.3B $12.5B $13.4B
Total liabilities $6.3B $6.3B $5.6B $5.6B $5.8B $6.2B $6.6B $6.2B $5.6B $6.0B
Shareholders' equity $3.8B $4.4B $2.8B $3.0B $3.4B $4.2B $4.3B $5.1B $7.0B $7.4B
Margins
Gross margin 36.9% 37.1% 36.6% 36.7% 37.0% 37.6% 37.0% 37.3% 38.2% 39.8%
Operating margin 11.7% 11.8% 12.1% 13.7% 14.0% 16.2% 16.3% 15.9% 15.6% 17.0%
EBITDA margin 15.9% 16.0% 16.1% 17.5% 18.1% 19.9% 20.1% 19.8% 19.9% 21.7%
Net margin 8.4% 11.9% 8.2% 9.5% 10.2% 14.2% 13.6% 13.8% 34.8% 13.5%
FCF margin 9.9% 8.4% 8.8% 10.6% 14.1% 11.9% 7.6% 15.0% 11.9% 13.8%
Returns
Return on capital 8.2% 9.8% 10.9% 14.2% 12.9% 16.0% 14.8% 13.0% 11.6% 12.0%
Return on capital employed 9.2% 9.7% 11.2% 14.5% 13.0% 16.5% 15.7% 14.3% 12.5% 13.0%
Return on equity 13.7% 19.8% 16.0% 23.4% 21.3% 29.7% 25.1% 22.5% 44.7% 15.2%
Return on assets 5.4% 7.8% 6.0% 8.0% 7.7% 11.5% 10.0% 9.5% 22.6% 8.4%
Growth
Revenue growth −13.1% 12.9% 2.5% 2.1% −6.3% 18.3% −0.8% −2.0% 0.8% 4.5%
Net income growth −41.5% 59.5% −29.7% 18.9% 0.8% 64.4% −5.2% −0.8% 155.2% −59.4%
EPS growth −40.5% 58.5% −27.2% 22.9% 2.0% 64.7% −4.1% 1.4% 158.6% −59.2%
FCF growth −25.1% −4.3% 8.6% 22.7% 23.8% 0.6% −37.0% 93.9% −20.2% 21.5%
Share count change −1.6% 0.7% −3.6% −3.4% −1.1% −0.1% −1.2% −2.1% −1.4% −0.7%
Financial health
Net debt / EBITDA 3.0x 2.7x 2.3x 2.2x 2.2x 1.7x 2.1x 2.0x 1.0x 1.4x
Debt / equity 0.9x 0.8x 1.1x 1.0x 0.9x 0.7x 0.9x 0.7x 0.5x 0.6x
Interest coverage 5.2x 5.6x 6.4x 7.8x 8.3x 12.1x 11.0x 9.3x 9.2x 12.5x
Current ratio 1.3x 1.3x 1.4x 1.5x 1.5x 1.4x 1.2x 1.4x 2.0x 1.8x
Quick ratio 0.9x 1.0x 1.0x 1.0x 1.0x 0.8x 0.7x 0.9x 1.5x 1.3x
Capital allocation
Capex / revenue 2.3% 2.5% 2.5% 2.6% 2.5% 2.2% 2.7% 2.4% 2.2% 2.7%
Stock comp / revenue 0.3% 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5%
Payouts / FCF 45.0% 68.3% 190.6% 56.1% 41.6% 32.7% 146.7% 24.7% 85.1% 73.7%
Quality scores
Piotroski F-score 4.0 4.0 6.0 8.0 7.0 7.0 3.0 7.0 7.0 5.0
Altman Z'' 4.1 4.2 4.8 5.0 5.0 5.0 4.9 5.3 6.7 6.4
Accruals ratio −2.4% 0.7% −2.3% −3.1% −4.7% 0.1% 2.4% −2.5% 13.5% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0000029905). Data updated October 22, 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.

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