NYSE : DOV
Dover Corporation — Financial statements
Industrials · Specialty Industrial Machinery · United States
Last price 210.37 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 27.98B
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Financial statements
Dover Corporation (DOV) reported revenue of 8.58B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.58B | 8.09B | 7.75B | 7.68B | 7.84B | 7.91B |
| Cost of Revenue | 5.13B | 4.84B | 4.75B | 4.80B | 4.93B | 4.92B |
| Gross Profit | 3.45B | 3.25B | 3.00B | 2.89B | 2.91B | 2.98B |
| Selling, General & Admin | 1.72B | 1.64B | 1.56B | 1.48B | 1.44B | 1.51B |
| Research & Development | 164.04M | 165.34M | 149.60M | 139.06M | 151.35M | 157.83M |
| Operating Expenses | 1.88B | 1.81B | 1.71B | 1.62B | 1.59B | 1.67B |
| Operating Income | 1.57B | 1.44B | 1.29B | 1.27B | 1.32B | 1.31B |
| Interest Expense | -115.58M | -109.77M | -131.17M | -131.30M | -116.46M | -106.32M |
| Interest & Investment Income | 62.14M | 73.03M | 37.16M | 13.50M | 4.43M | 4.44M |
| Currency Exchange Gain (Loss) | 1.90M | |||||
| Other Non Operating Income (Expenses) | 22.50M | 18.23M | 32.08M | 19.60M | 15.46M | 12.17M |
| EBT Excluding Unusual Items | 1.54B | 1.43B | 1.23B | 1.17B | 1.22B | 1.22B |
| Merger & Restructuring Charges | -90.90M | -56.74M | -69.81M | -49.90M | -30.48M | -26.70M |
| Gain (Loss) on Sale of Assets | 4.64M | 597.80M | 206.34M | |||
| Pretax Income | 1.45B | 1.37B | 1.76B | 1.12B | 1.19B | 1.40B |
| Income Tax Expense | 284.94M | 276.82M | 357.05M | 179.14M | 200.29M | 277.01M |
| Earnings From Continuing Operations | 1.16B | 1.10B | 1.40B | 943.86M | 989.91M | 1.12B |
| Earnings From Discontinued Operations | 3.21M | -3.47M | 1.30B | 112.96M | 75.46M | |
| Net Income | 1.17B | 1.09B | 2.70B | 1.06B | 1.07B | 1.12B |
| Net Income to Common | 1.17B | 1.09B | 2.70B | 1.06B | 1.07B | 1.12B |
| Shares Outstanding (Basic) | 134.98M | 136.94M | 137.74M | 139.85M | 142.68M | 143.92M |
| Shares Outstanding (Diluted) | 135.78M | 137.78M | 138.70M | 140.60M | 143.59M | 145.27M |
| EPS (Basic) | 8.64 | 7.99 | 19.58 | 7.56 | 7.47 | 7.81 |
| EPS (Diluted) | 8.59 | 7.94 | 19.44 | 7.51 | 7.42 | 7.74 |
| Free Cash Flow | 1.19B | 1.11B | 580.85M | 1.15B | 594.64M | 944.40M |
| Free Cash Flow Per Share | 8.74 | 8.08 | 4.19 | 8.20 | 4.14 | 6.50 |
| Dividend Per Share | 2.08 | 2.07 | 2.05 | 2.03 | 2.01 | 1.99 |
| Gross Margin | 40.23% | 40.16% | 38.69% | 37.57% | 37.12% | 37.72% |
| Operating Margin | 18.28% | 17.85% | 16.67% | 16.54% | 16.79% | 16.58% |
| Profit Margin | 13.60% | 13.52% | 34.82% | 13.75% | 13.58% | 14.21% |
| Free Cash Flow Margin | 13.83% | 13.76% | 7.50% | 15.00% | 7.58% | 11.94% |
| EBITDA | 1.96B | 1.82B | 1.63B | 1.58B | 1.61B | 1.60B |
| EBITDA Margin | 22.84% | 22.55% | 21.03% | 20.51% | 20.56% | 20.25% |
| D&A For EBITDA | 391.52M | 379.58M | 337.84M | 305.05M | 295.66M | 290.12M |
| EBIT | 1.57B | 1.44B | 1.29B | 1.27B | 1.32B | 1.31B |
| EBIT Margin | 18.28% | 17.85% | 16.67% | 16.54% | 16.79% | 16.58% |
| Effective Tax Rate | 19.68% | 20.14% | 20.32% | 15.95% | 16.83% | 19.78% |
| Advertising Expenses | 23.83M | 23.17M | 22.11M | 24.42M | 23.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.69B | 1.68B | 1.84B | 398.56M | 380.87M | 385.50M |
| Cash & Short-Term Investments | 1.69B | 1.68B | 1.84B | 398.56M | 380.87M | 385.50M |
| Receivables | 1.57B | 1.41B | 1.38B | 1.34B | 1.53B | 1.36B |
| Inventory | 1.47B | 1.27B | 1.14B | 1.14B | 1.37B | 1.19B |
| Prepaid Expenses | 224.68M | 149.33M | 115.89M | 118.11M | 147.10M | 123.33M |
| Other Current Assets | 885.00K | 647.00K | 2.26M | 388.81M | 944.00K | 2.83M |
| Total Current Assets | 4.96B | 4.51B | 4.48B | 3.39B | 3.42B | 3.06B |
| Property, Plant & Equipment | 1.16B | 1.35B | 1.20B | 1.19B | 1.20B | 1.13B |
| Goodwill | 5.38B | 5.43B | 4.91B | 4.64B | 4.67B | 4.56B |
| Other Intangible Assets | 1.59B | 1.76B | 1.58B | 1.45B | 1.33B | 1.36B |
| Long-Term Deferred Tax Assets | 130.11M | 116.37M | 110.41M | 35.69M | 33.06M | |
| Other Long-Term Assets | 591.31M | 247.09M | 225.43M | 579.83M | 232.25M | 264.18M |
| Total Assets | 13.68B | 13.42B | 12.51B | 11.35B | 10.90B | 10.40B |
| Accounts Payable | 943.34M | 875.68M | 848.01M | 854.47M | 1.07B | 1.07B |
| Accrued Expenses | 714.84M | 606.68M | 607.49M | 533.84M | 577.93M | 633.42M |
| Short-Term Debt | 645.00K | 468.28M | 735.77M | 105.70M | ||
| Current Portion of Long-Term Debt | 683.40M | 706.68M | 399.41M | |||
| Current Portion of Leases | 56.87M | 53.19M | 51.04M | 45.20M | 45.56M | |
| Current Income Taxes Payable | 26.77M | 60.72M | 34.19M | 36.88M | 31.43M | 92.00M |
| Current Unearned Revenue | 180.32M | 155.03M | 198.63M | 194.80M | 256.93M | 227.55M |
| Other Current Liabilities | 546.00K | 56.83M | 54.97M | 274.47M | 57.86M | 72.55M |
| Total Current Liabilities | 2.55B | 2.52B | 2.20B | 2.41B | 2.77B | 2.25B |
| Long-Term Debt | 2.58B | 2.62B | 2.53B | 2.99B | 2.94B | 3.02B |
| Long-Term Leases | 199.61M | 180.51M | 176.72M | 171.93M | 141.22M | |
| Long-Term Unearned Revenue | 4.43M | 4.45M | 7.10M | 19.88M | 21.51M | |
| Pension & Post-Retirement Benefits | 84.02M | 87.02M | 86.07M | 92.63M | 138.99M | |
| Long-Term Deferred Tax Liabilities | 456.62M | 394.37M | 352.01M | 346.38M | 375.15M | 364.12M |
| Other Long-Term Liabilities | 456.24M | 195.01M | 205.31M | 220.11M | 234.78M | 279.21M |
| Total Liabilities | 6.04B | 6.02B | 5.56B | 6.24B | 6.61B | 6.21B |
| Common Stock | 260.44M | 260.19M | 260.03M | 259.84M | 259.64M | 259.46M |
| Additional Paid-In Capital | 882.03M | 850.76M | 892.69M | 886.69M | 867.56M | 857.64M |
| Retained Earnings | 14.89B | 14.22B | 13.41B | 11.00B | 10.22B | 9.45B |
| Treasury Stock | -8.17B | -7.75B | -7.28B | -6.80B | -6.80B | -6.22B |
| Comprehensive Income & Other | -228.01M | -174.95M | -327.78M | -237.87M | -266.22M | -154.05M |
| Shareholders' Equity | 7.64B | 7.41B | 6.95B | 5.11B | 4.29B | 4.19B |
| Total Liabilities & Equity | 13.68B | 13.42B | 12.51B | 11.35B | 10.90B | 10.40B |
| Total Debt | 3.26B | 3.58B | 3.16B | 3.69B | 3.90B | 3.31B |
| Net Cash (Debt) | -1.57B | -1.91B | -1.32B | -3.29B | -3.51B | -2.93B |
| Net Cash Per Share | -11.57 | -13.85 | -9.50 | -23.39 | -24.48 | -20.14 |
| Filing Date Shares Outstanding | 133.01M | 134.87M | 137.23M | 139.90M | 139.71M | 144.05M |
| Total Common Shares Outstanding | 133.01M | 134.85M | 137.22M | 139.90M | 139.70M | 144.05M |
| Working Capital | 2.41B | 1.99B | 2.29B | 976.47M | 650.19M | 811.37M |
| Book Value Per Share | 57.41 | 54.92 | 50.68 | 36.50 | 30.68 | 29.08 |
| Tangible Book Value | 662.63M | 215.55M | 467.44M | -976.16M | -1.72B | -1.73B |
| Tangible Book Value Per Share | 4.98 | 1.60 | 3.41 | -6.98 | -12.29 | -12.00 |
| Land | 70.28M | 68.65M | 62.27M | 64.72M | 62.49M | 63.66M |
| Buildings | 728.19M | 705.76M | 626.08M | 592.14M | 620.50M | 582.31M |
| Machinery | 2.27B | 2.17B | 1.95B | 1.86B | 1.90B | 1.82B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.17B | 1.09B | 2.70B | 1.06B | 1.07B | 1.12B |
| Depreciation & Amortization | 391.52M | 379.58M | 337.84M | 305.05M | 295.66M | 290.12M |
| Loss (Gain) From Sale of Assets | -4.64M | -530.35M | -206.34M | |||
| Loss (Gain) From Sale of Investments | -67.45M | |||||
| Stock-Based Compensation | 39.79M | 43.98M | 40.36M | 30.77M | 30.07M | 31.11M |
| Provision & Write-off of Bad Debts | 8.82M | 8.82M | 5.33M | 2.64M | 5.50M | 5.05M |
| Other Operating Activities | -42.07M | -48.32M | -1.37B | -204.77M | -118.71M | -43.79M |
| Change in Accounts Receivable | -118.41M | 49.41M | -43.89M | 100.39M | -184.56M | -201.54M |
| Change in Inventory | -135.30M | -37.21M | 4.42M | 141.75M | -190.73M | -297.62M |
| Change in Accounts Payable | 77.36M | -15.64M | 9.08M | -114.20M | 17.27M | 229.33M |
| Change in Income Taxes | 65.99M | -11.97M | -23.25M | -16.82M | -62.43M | 88.19M |
| Change in Other Net Operating Assets | -43.89M | -119.94M | 28.13M | -82.09M | -110.68M | 97.53M |
| Operating Cash Flow | 1.41B | 1.33B | 748.38M | 1.34B | 805.73M | 1.12B |
| Capital Expenditures | -219.99M | -220.26M | -167.53M | -183.41M | -211.08M | -171.47M |
| Sale of Property, Plant & Equipment | 7.07M | |||||
| Cash Acquisitions | -42.88M | -663.27M | -635.27M | -533.62M | -312.86M | -1.11B |
| Divestitures | 6.00M | 6.00M | 768.85M | 274.98M | ||
| Other Investing Activities | -11.70M | -18.86M | 1.99B | -9.60M | -16.99M | 8.73M |
| Investing Cash Flow | -274.57M | -896.39M | 1.96B | -726.63M | -540.92M | -992.75M |
| Short-Term Debt Issued | 629.89M | 105.00M | ||||
| Long-Term Debt Issued | 631.19M | |||||
| Total Debt Issued | 631.19M | 631.19M | 629.89M | 105.00M | ||
| Short-Term Debt Repaid | -639.00K | -467.64M | -267.49M | |||
| Long-Term Debt Repaid | -400.00M | |||||
| Total Debt Repaid | -400.64M | -400.64M | -467.64M | -267.49M | ||
| Net Debt Issued (Repaid) | 230.55M | 230.55M | -467.64M | -267.49M | 629.89M | 105.00M |
| Repurchase of Common Stock | -922.71M | -555.59M | -516.60M | -12.14M | -599.64M | -63.56M |
| Common Dividends Paid | -280.61M | -283.01M | -283.12M | -284.30M | -287.55M | -286.90M |
| Other Financing Activities | -13.11M | -16.82M | -4.32M | -4.13M | -2.97M | -4.42M |
| Financing Cash Flow | -985.88M | -624.87M | -1.27B | -568.06M | -260.26M | -249.88M |
| Foreign Exchange Rate Adjustments | -5.35M | 19.62M | -6.35M | -6.67M | -9.17M | -803.00K |
| Net Cash Flow | 140.37M | -168.07M | 1.43B | 34.99M | -4.64M | -127.57M |
| Free Cash Flow | 1.19B | 1.11B | 580.85M | 1.15B | 594.64M | 944.40M |
| Free Cash Flow Margin | 13.83% | 13.76% | 7.50% | 15.00% | 7.58% | 11.94% |
| Free Cash Flow Per Share | 8.74 | 8.08 | 4.19 | 8.20 | 4.14 | 6.50 |
| Levered Free Cash Flow | 863.53M | 858.88M | 1.14B | 817.86M | 391.98M | 744.30M |
| Unlevered Free Cash Flow | 935.77M | 927.48M | 1.22B | 899.92M | 464.76M | 810.75M |
| Cash Interest Paid | 103.89M | 103.89M | 126.43M | 126.70M | 112.47M | 102.14M |
| Cash Income Tax Paid | 307.07M | 307.07M | 907.79M | 332.19M | 354.47M | 233.63M |
| Change in Working Capital | -154.26M | -135.36M | -25.52M | 29.03M | -531.14M | -84.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.72B | 26.78B | 25.74B | 21.52B | 19.01B | 26.15B |
| Enterprise Value | 30.29B | 28.30B | 28.74B | 24.38B | 22.33B | 28.47B |
| Last Close Price | 215.91 | 193.80 | 184.15 | 149.30 | 129.58 | 171.26 |
| PE Ratio | 25.13 | 24.48 | 9.54 | 20.36 | 17.84 | 23.27 |
| Forward PE | 18.63 | 18.79 | 20.71 | 16.35 | 15.37 | 22.92 |
| PS Ratio | 3.35 | 3.31 | 3.32 | 2.80 | 2.42 | 3.31 |
| PB Ratio | 3.76 | 3.62 | 3.70 | 4.21 | 4.43 | 6.24 |
| P/TBV Ratio | 43.34 | 124.23 | 55.06 | |||
| P/FCF Ratio | 24.21 | 24.05 | 44.31 | 18.66 | 31.96 | 27.69 |
| P/OCF Ratio | 20.42 | 20.08 | 34.39 | 16.10 | 23.59 | 23.43 |
| PEG Ratio | 1.72 | 1.39 | 2.37 | 1.43 | 1.40 | 1.75 |
| EV/Sales Ratio | 3.53 | 3.50 | 3.71 | 3.17 | 2.85 | 3.60 |
| EV/EBITDA Ratio | 15.46 | 15.51 | 17.64 | 15.47 | 13.85 | 17.78 |
| EV/EBIT Ratio | 19.32 | 19.58 | 22.26 | 19.18 | 16.95 | 21.72 |
| EV/FCF Ratio | 25.53 | 25.42 | 49.48 | 21.15 | 37.55 | 30.14 |
| Debt / Equity Ratio | 0.43 | 0.48 | 0.46 | 0.72 | 0.91 | 0.79 |
| Debt / EBITDA Ratio | 1.59 | 1.86 | 1.84 | 2.22 | 2.30 | 1.97 |
| Debt / FCF Ratio | 2.75 | 3.22 | 5.45 | 3.20 | 6.55 | 3.51 |
| Net Debt / Equity Ratio | 0.21 | 0.26 | 0.19 | 0.64 | 0.82 | 0.70 |
| Net Debt / EBITDA Ratio | 0.80 | 1.05 | 0.81 | 2.09 | 2.18 | 1.83 |
| Net Debt / FCF Ratio | 1.32 | 1.71 | 2.27 | 2.85 | 5.91 | 3.10 |
| Asset Turnover | 0.63 | 0.62 | 0.65 | 0.69 | 0.74 | 0.81 |
| Inventory Turnover | 3.67 | 4.01 | 4.15 | 3.82 | 3.86 | 4.86 |
| Quick Ratio | 1.28 | 1.23 | 1.47 | 0.72 | 0.69 | 0.78 |
| Current Ratio | 1.95 | 1.79 | 2.04 | 1.41 | 1.23 | 1.36 |
| Return on Equity (ROE) | 15.20% | 15.29% | 23.22% | 20.10% | 23.36% | 29.67% |
| Return on Assets (ROA) | 7.23% | 6.97% | 6.76% | 7.14% | 7.73% | 8.38% |
| Return on Invested Capital (ROIC) | 13.68% | 13.12% | 12.34% | 13.19% | 14.69% | 15.82% |
| Return on Capital Employed (ROCE) | 14.10% | 13.30% | 12.50% | 14.20% | 16.20% | 16.10% |
| Earnings Yield | 3.98% | 4.08% | 10.48% | 4.91% | 5.61% | 4.30% |
| FCF Yield | 4.13% | 4.16% | 2.26% | 5.36% | 3.13% | 3.61% |
| Dividend Yield | 0.97% | 1.04% | 1.09% | 1.32% | 1.48% | 1.10% |
| Payout Ratio | 24.44% | 25.87% | 10.50% | 26.90% | 26.99% | 25.53% |
| Buyback Yield / Dilution | 1.71% | 0.66% | 1.35% | 2.09% | 1.16% | 0.08% |
| Total Shareholder Return | 2.68% | 1.70% | 2.45% | 3.41% | 2.63% | 1.18% |