Dover Corporation

DOV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$26,778	$25,737	$21,517	$19,005	$26,148	$18,178	$16,596	$10,216	$14,541	$10,789	$8,828	–	–	–	–	–	–	–	–	–	–	–	–	$3,947	$5,058	$5,515	$6,353	$5,465	$5,390	$3,836	$2,806	$1,976	$2,333	$1,779	$1,659	$1,620	$1,523	$1,283	$1,394	$1,008	$939
Enterprise value	$28,880	$27,046	$24,797	$22,511	$29,064	$20,957	$19,432	$12,983	$17,355	$14,061	$11,220	–	–	–	–	–	–	–	–	–	–	–	–	$4,706	$5,957	$6,802	$7,121	$6,412	$5,964	$4,382	$3,360	$2,403	$2,697	$1,933	$1,719	$1,830	$1,670	$1,449	$1,382	$1,002	$890
P/E (TTM) at period end	24.48×	9.54×	20.36×	17.84×	23.27×	26.60×	24.48×	17.91×	17.92×	21.20×	10.15×	–	–	–	–	–	–	–	–	–	–	–	–	–	20.35×	10.61×	6.99×	14.43×	13.30×	9.83×	10.08×	9.76×	14.74×	13.71×	12.94×	10.41×	10.58×	8.80×	12.48×	12.03×	9.39×
P/S (TTM) at period end	3.31×	3.32×	2.80×	2.42×	3.31×	2.72×	2.33×	1.46×	1.86×	1.59×	1.27×	–	–	–	–	–	–	–	–	–	–	–	–	0.97×	1.20×	1.09×	1.50×	1.37×	1.47×	1.19×	0.75×	0.64×	0.94×	0.78×	0.76×	0.73×	0.72×	0.66×	0.88×	0.70×	0.65×
P/B at period end	3.62×	3.70×	4.21×	4.43×	6.24×	5.37×	5.47×	3.69×	3.32×	2.84×	2.42×	–	–	–	–	–	–	–	–	–	–	–	–	1.65×	2.01×	2.26×	3.12×	2.86×	3.16×	2.58×	2.29×	1.98×	2.68×	2.21×	2.00×	2.06×	2.04×	1.73×	2.07×	1.61×	1.50×
EV / EBITDA (TTM)	16.48×	17.51×	16.27×	14.29×	18.49×	17.29×	15.58×	11.53×	15.92×	14.67×	8.99×	–	–	–	–	–	–	–	–	–	–	–	–	9.57×	11.42×	6.82×	9.17×	9.16×	8.84×	7.78×	6.15×	5.71×	8.15×	6.89×	6.91×	5.53×	5.31×	–	–	–	–
EV / Sales (TTM)	3.57×	3.49×	3.23×	2.87×	3.68×	3.14×	2.72×	1.86×	2.22×	2.07×	1.61×	–	–	–	–	–	–	–	–	–	–	–	–	1.16×	1.41×	1.34×	1.68×	1.61×	1.63×	1.36×	0.90×	0.78×	1.09×	0.85×	0.78×	0.83×	0.79×	0.74×	0.87×	0.70×	0.62×
Returns
Return on equity	14.8%	38.8%	20.7%	24.9%	26.8%	20.2%	22.4%	20.6%	18.5%	13.4%	23.9%	20.9%	18.7%	16.5%	18.2%	15.5%	8.7%	15.6%	16.8%	14.7%	15.3%	13.2%	10.7%	(5.1%)	9.9%	21.3%	44.6%	19.8%	23.8%	26.2%	22.7%	20.3%	18.2%	16.1%	15.5%	19.8%	19.3%	19.7%	16.6%	13.4%	16.0%
Return on invested capital	11.5%	11.6%	12.2%	13.7%	14.5%	12.3%	13.4%	12.4%	9.6%	7.4%	11.4%	14.3%	12.0%	10.7%	14.6%	13.7%	8.5%	14.2%	13.6%	12.6%	10.2%	10.5%	9.9%	8.4%	6.5%	15.1%	14.2%	12.4%	15.1%	14.9%	16.4%	15.1%	13.3%	13.7%	11.6%	16.2%	16.7%	16.2%	17.2%	14.2%	17.4%
Dividend yield	1.1%	1.1%	1.3%	1.5%	1.1%	1.6%	1.7%	2.8%	2.0%	2.5%	2.9%	–	–	–	–	–	–	–	–	–	–	–	–	2.8%	2.1%	1.8%	1.4%	1.6%	1.5%	1.9%	2.3%	2.8%	2.2%	2.8%	3.7%	2.8%	2.9%	–	–	–	–
Financial health
Current ratio	1.79×	2.04×	1.40×	1.23×	1.36×	1.51×	1.46×	1.37×	1.30×	1.33×	1.77×	1.39×	2.02×	1.52×	2.85×	2.73×	2.60×	2.10×	1.51×	1.58×	1.41×	1.52×	2.03×	2.30×	1.92×	1.23×	1.21×	1.32×	1.33×	1.31×	1.28×	1.47×	1.52×	1.35×	1.59×	1.34×	1.43×	1.37×	1.75×	1.87×	2.28×
Debt / equity	0.45×	0.42×	0.68×	0.86×	0.75×	0.92×	1.01×	1.14×	0.81×	0.95×	0.76×	0.82×	0.53×	0.57×	0.44×	0.40×	0.46×	0.55×	0.53×	0.46×	0.46×	0.35×	0.39×	0.44×	0.43×	0.60×	0.44×	0.55×	0.41×	0.50×	0.55×	0.52×	0.49×	0.28×	0.17×	0.40×	0.38×	0.34×	0.27×	0.26×	0.22×
Effective tax rate	20.1%	20.3%	16.0%	16.8%	19.8%	18.8%	19.6%	18.5%	14.7%	26.7%	25.6%	28.9%	23.8%	30.2%	23.5%	23.8%	24.5%	26.6%	26.6%	26.8%	26.5%	26.4%	23.3%	21.1%	29.5%	30.8%	34.1%	33.2%	34.0%	33.0%	33.3%	34.1%	35.5%	35.5%	37.2%	36.2%	36.6%	35.1%	38.3%	37.6%	37.5%
Share count
Diluted shares outstanding	138	139	141	144	145	145	147	152	158	157	159	169	174	184	189	189	187	189	203	205	204	205	204	203	204	205	211	224	226	231	227	229	229	232	237	243	253	265	266	270	278

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$8,577	$8,093	$7,746	$7,684	$7,844	$7,907	$6,684	$7,136	$6,992	$7,830	$6,794	$6,956	$7,753	$7,155	$6,627	$7,369	$6,110	$5,344	$7,569	$7,317	$6,329	$5,135	$4,479	$4,413	$4,054	$4,223	$5,065	$4,228	$3,978	$3,670	$3,216	$3,746	$3,085	$2,484	$2,272	$2,196	$2,210	$2,120	$1,954	$1,586	$1,440	$1,440
Cost of revenue	($5,174)	($4,874)	($4,787)	($4,817)	($4,939)	($4,937)	($4,210)	($4,515)	($4,433)	($4,292)	($3,816)	($4,388)	($4,778)	($4,377)	($4,047)	($4,524)	($3,687)	($3,331)	($4,839)	($4,698)	($4,021)	($3,303)	($2,878)	($2,893)	($2,723)	($2,870)	($3,204)	($2,693)	($2,384)	($2,187)	($1,966)	($2,456)	($2,042)	($1,656)	($1,524)	($1,495)	($1,439)	($1,402)	($1,290)	($1,033)	($971)	($975)
Gross profit	$3,403	$3,218	$2,959	$2,868	$2,905	$2,970	$2,474	$2,621	$2,560	$2,529	$2,228	$2,568	$2,974	$2,779	$2,580	$2,845	$2,423	$2,013	$2,730	$2,620	$2,309	$1,832	$1,601	$1,520	$1,331	$1,353	$1,861	$1,535	$1,594	$1,482	$1,249	$1,289	$1,044	$828	$748	$701	$771	$718	$664	$552	$468	$464
Operating expenses
Research and development	–	($165)	($150)	($139)	($151)	($158)	($142)	($141)	($143)	($131)	($116)	($115)	($118)	($117)	($124)	($176)	($159)	($172)	($189)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,941)	($1,845)	($1,752)	($1,648)	($1,625)	($1,688)	($1,541)	($1,599)	($1,716)	($1,722)	($1,519)	($1,647)	($1,759)	($1,617)	($1,521)	($1,721)	($1,500)	($1,422)	($1,701)	($1,614)	($1,411)	($1,184)	($1,053)	($1,077)	($996)	($1,040)	($1,047)	($930)	($894)	($808)	($686)	($743)	($622)	($497)	($467)	($452)	($440)	($404)	($363)	($306)	($270)	($250)
Total operating expenses	($1,941)	($1,845)	($1,752)	($1,648)	($1,625)	($1,688)	($1,541)	($1,646)	($1,716)	($1,722)	($1,519)	($1,647)	($1,759)	($1,617)	($1,521)	($1,721)	($1,500)	($1,422)	($1,701)	($1,614)	($1,411)	($1,184)	($1,053)	($1,077)	($996)	($1,040)	($1,047)	($930)	($1,062)	($963)	($797)	($851)	($718)	($574)	($544)	($538)	($518)	($483)	($437)	($368)	($327)	($303)
Total costs and expenses	($7,114)	($6,719)	($6,540)	($6,465)	($6,565)	($6,626)	($5,751)	($6,162)	($6,149)	($7,024)	($6,085)	($6,036)	($6,537)	($5,993)	($5,568)	($6,245)	($5,186)	($4,753)	($6,540)	($6,312)	($5,431)	($4,487)	($3,931)	($3,970)	($3,719)	($3,909)	($4,251)	($3,623)	($3,446)	($3,150)	($2,763)	($3,307)	($2,760)	($2,230)	($2,068)	($2,032)	($1,957)	($1,885)	($1,727)	($1,402)	($1,298)	($1,279)
Operating income	$1,462	$1,373	$1,206	$1,219	$1,280	$1,282	$933	$975	$843	$807	$709	$921	$1,215	$1,162	$1,059	$1,124	$923	$591	$1,029	$1,005	$898	$648	$548	$444	$335	$314	$814	$606	$532	$520	$453	$438	$325	$254	$203	$163	$253	$236	$227	$184	$141	$161
Earnings
EBITDA	$1,854	$1,753	$1,544	$1,524	$1,575	$1,572	$1,212	$1,247	$1,126	$1,090	$959	$1,248	$1,523	$1,440	$1,289	$1,427	$1,165	$822	$1,290	$1,249	$1,094	$796	$703	$595	$492	$522	$998	$776	$700	$675	$563	$546	$421	$331	$281	$249	$331	$314	–	–	–	–
Interest income	$62	$73	$37	$13	$4	$4	$4	$5	$9	$8	$7	$4	$5	$4	$5	$9	$9	$16	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($116)	($110)	($131)	($131)	($116)	($106)	($112)	($126)	($131)	($145)	($136)	($132)	($132)	($121)	($121)	($116)	($115)	($116)	($130)	($89)	($77)	($72)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,448	$1,374	$1,757	$1,123	$1,190	$1,401	$842	$843	$725	$876	$685	$801	$1,094	$1,046	$931	$1,010	$813	$494	$946	$912	$809	$588	$492	$372	$263	$253	$742	$585	$489	$492	$502	$417	$307	$246	$200	$204	$244	$227	$225	$181	$134	$160
Income tax expense	($285)	($277)	($357)	($179)	($200)	($277)	($158)	($165)	($134)	($129)	($183)	($205)	($316)	($248)	($281)	($237)	($194)	($121)	($251)	($243)	($217)	($156)	($130)	($87)	($56)	($75)	($228)	($199)	($162)	($167)	($166)	($139)	($104)	($87)	($71)	($76)	($88)	($83)	($79)	($69)	($51)	($60)
Net income	$1,166	$1,094	$2,697	$1,057	$1,065	$1,124	$683	$678	$570	$812	$509	$870	$775	$1,003	$811	$895	$700	$356	$591	$661	$562	$510	$413	$293	($121)	$249	$520	$909	$379	$405	$390	$278	$202	$158	$130	$128	$156	$144	$146	$112	$84	$100
Per share
Diluted EPS (GAAP)	$8.56	$7.94	$19.45	$7.52	$7.42	$7.74	$4.70	$4.61	$3.75	$5.15	$3.25	$5.46	$4.59	$5.78	$4.41	$4.74	$3.70	$1.91	$3.12	$3.26	$2.74	$2.50	$2.02	$1.44	($0.60)	$1.22	$2.54	$4.41	$1.69	$1.79	$1.69	$1.23	$0.89	$0.69	$0.56	$0.54	$0.64	$0.57	$0.55	$0.42	$0.31	$0.36
Basic EPS (GAAP)	$8.63	$7.99	$19.58	$7.56	$7.47	$7.81	$4.74	$4.67	$3.80	$5.21	$3.28	$5.52	$4.65	$5.86	$4.47	$4.82	$3.75	$1.91	$3.13	$3.28	$2.76	$2.52	$2.03	$1.45	($0.60)	$1.22	$2.56	$4.44	$1.70	$1.82	$1.72	$1.23	$0.89	$0.69	$0.56	$0.54	$0.64	$0.57	$0.55	$0.42	$0.31	$0.36
Basic shares outstanding	135	137	138	140	143	144	144	145	150	156	155	158	167	171	182	186	187	186	188	201	204	203	203	203	202	204	203	209	223	223	227	227	229	229	232	237	243	253	265	266	270	278
Margins
Gross margin	39.7%	39.8%	38.2%	37.3%	37.0%	37.6%	37.0%	36.7%	36.6%	32.3%	32.8%	36.9%	38.4%	38.8%	38.9%	38.6%	39.7%	37.7%	36.1%	35.8%	36.5%	35.7%	35.7%	34.5%	32.8%	32.0%	36.7%	36.3%	40.1%	40.4%	38.8%	34.4%	33.8%	33.3%	32.9%	31.9%	34.9%	33.9%	34.0%	34.8%	32.5%	32.2%
Operating margin	17.0%	17.0%	15.6%	15.9%	16.3%	16.2%	14.0%	13.7%	12.1%	10.3%	10.4%	13.2%	15.7%	16.2%	16.0%	15.3%	15.1%	11.1%	13.6%	13.7%	14.2%	12.6%	12.2%	10.1%	8.3%	7.4%	16.1%	14.3%	13.4%	14.2%	14.1%	11.7%	10.5%	10.2%	8.9%	7.4%	11.5%	11.1%	11.6%	11.6%	9.8%	11.2%
Net margin	13.6%	13.5%	34.8%	13.8%	13.6%	14.2%	10.2%	9.5%	8.2%	10.4%	7.5%	12.5%	10.0%	14.0%	12.2%	12.1%	11.5%	6.7%	7.8%	9.0%	8.9%	9.9%	9.2%	6.6%	(3.0%)	5.9%	10.3%	21.5%	9.5%	11.0%	12.1%	7.4%	6.6%	6.4%	5.7%	5.8%	7.0%	6.8%	7.5%	7.0%	5.8%	6.9%

Analyst consensus

Buy28 analysts

Bearish · 0 · Hold · 9 · Bullish · 19

Earnings history

	EPS	Estimate
Q4 2024	$2.20	$2.20	Match
Q1 2025	$2.05	$1.98	Beat
Q2 2025	$2.44	$2.39	Beat
Q3 2025	$2.62	$2.51	Beat
Q4 2025	$2.51	$2.49	Beat
Q1 2026	$2.28	$2.27	Beat
Q2 2026	$2.74	$2.72	Beat
Q3 2026	$2.88	$2.85	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEORichard Joseph Tobin

Employees24,000

SectorIndustrials

IndustryIndustrial - Machinery

CountryUS

ExchangeNew York Stock Exchange

Websitewww.dovercorporation.com

Dover Corporation operates as a global enterprise, supplying a wide array of industrial equipment, essential components, consumable products, replacement parts, software and digital platforms, and comprehensive support services. Its Engineered Products division delivers diverse machinery, parts, software, and solutions tailored for various industries, including automotive aftermarket service, waste management, industrial automation, aerospace and defense, heavy-duty winching and hoisting, and fluid dispensing. This segment also manufactures specific items such as manual and power clamps, rotary and linear mechanical indexers, conveyors, robotic pick-and-place units, glove ports, manipulators, and end-of-arm tooling like grippers, slides, and end effectors. The Clean Energy & Fueling segment focuses on providing components, equipment, software, and services crucial for the secure transportation of both traditional and sustainable fuels, along with other hazardous materials, throughout the supply chain. It further supports the operations of convenience retail outlets, fuel stations, and vehicle wash establishments. Through its Imaging and Identification segment, Dover offers solutions for precision marking and coding, intelligent packaging, product traceability, brand protection, and digital textile printing equipment. These offerings, along with associated consumables, software, and services, cater to markets like packaged and consumer goods, pharmaceuticals, industrial manufacturing, and fashion and apparel. The Pumps and Process Solutions segment is responsible for producing specialized pumps, connectors, flow meters, fluid connection systems, plastics and polymer processing machinery, and custom-engineered components for rotating and reciprocating equipment. Finally, the Climate & Sustainability Technologies segment manufactures advanced refrigeration systems, commercial refrigeration display cases, glass doors for refrigerators and freezers, and brazed plate heat exchangers, serving applications in industrial heating and cooling as well as residential climate control. Dover distributes its extensive product portfolio through both direct sales channels and a broad network of distributors. The company was founded in 1947 and maintains its headquarters in Downers Grove, Illinois.

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