DOVER Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DOVER Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,794	7,830	6,992	7,136	6,684	7,907	7,844	7,684	7,746	8,093
Cost of revenue	3,816	4,292	4,433	4,515	4,210	4,937	4,939	4,817	4,787	4,874
Gross profit	2,228	2,529	2,560	2,621	2,474	2,970	2,905	2,868	2,959	3,218
Research and development	116	131	143	141	142	158	151	139	150	165
Selling, general and administrative	1,519	1,722	1,716	1,599	1,541	1,688	1,625	1,648	1,752	1,845
Operating income	709	807	843	975	933	1,282	1,280	1,219	1,206	1,373
Interest expense	136	145	131	126	112	106	116	131	131	110
Interest income	6.75	8.49	8.88	4.53	3.57	4.44	4.43	13.5	37.2	73
Other non-operating income	8.29	2.25	4.36	13	11.9	14.9	22.6	21.5	46.9	33
Pre-tax income	685	876	725	843	842	1,401	1,190	1,123	1,757	1,374
Income tax	183	129	134	165	158	277	200	179	357	277
Income from continuing operations	502	747	591	678	683	1,124	990	944	1,400	1,097
Net income	509	812	570	678	683	1,124	1,065	1,057	2,697	1,094
EBITDA	959	1,090	1,126	1,247	1,212	1,572	1,575	1,524	1,544	1,753
EPS, basic	3.28	5.21	3.80	4.67	4.74	7.81	7.47	7.56	19.58	7.99
EPS, diluted	3.25	5.15	3.75	4.61	4.70	7.74	7.42	7.52	19.45	7.94
Shares, basic (weighted)	155	156	150	145	144	144	143	140	138	137
Shares, diluted (weighted)	157	158	152	147	145	145	144	141	139	138
Dividend per share	1.72	1.82	1.90	1.94	1.97	1.99	2.01	2.03	2.05	2.07

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	349	754	396	397	513	386	381	399	1,845	1,677
Receivables	1,265	1,184	1,232	1,217	1,137	1,348	1,517	1,321	1,354	1,371
Inventory	870	677	749	806	836	1,191	1,367	1,144	1,145	1,273
Other current assets	104	176	127	128	133	138	159	139	141	186
Total current assets	2,589	2,790	2,504	2,548	2,619	3,062	3,423	3,390	4,484	4,507
Property, plant and equipment	946	788	806	842	897	957	1,005	978	988	1,120
Lease right-of-use assets				155	170	169	197	207	208	229
Goodwill	3,666	3,686	3,677	3,783	4,073	4,559	4,425	4,638	4,906	5,430
Intangible assets	1,803	1,283	1,134	1,055	1,084	1,360	1,334	1,445	1,581	1,760
Other non-current assets	216	246	244	440	479	466	465	555	550	606
Total assets	10,116	10,658	8,366	8,669	9,152	10,404	10,897	11,349	12,509	13,422
Accounts payable	830	882	970	921	854	1,074	1,068	854	848	876
Accrued liabilities	226	228	213	227	240	303	270	64.6	0	281
Deferred revenue	42	48.3	91.6	105	185	228	242	195	199	155
Short-term debt	415	581	220	84.7	0	106	736	0	399	707
Total current liabilities	1,940	2,142	1,827	1,748	1,739	2,250	2,773	2,414	2,197	2,518
Long-term debt	3,207	2,987	2,944	2,986	3,109	3,019	2,943	2,992	2,529	2,621
Lease liabilities			0	121	134	134	166	171	175	194
Other non-current liabilities	459	426	432	529	570	533	475	427	471	483
Total liabilities	6,316	6,275	5,597	5,637	5,766	6,214	6,610	6,242	5,555	6,017
Total debt	3,208	3,337	2,944	2,986	3,109	3,019	2,943	2,992	2,929	3,328
Paid-in capital	947	942	886	870	869	858	868	887	893	851
Retained earnings	7,928	8,456	7,815	8,211	8,608	9,445	10,223	10,996	13,410	14,221
Treasury stock	-4,972	-5,077	-5,948	-6,091	-6,197	-6,219	-6,798	-6,798	-7,281	-7,751
Other comprehensive income	-359	-195	-243	-216	-153	-154	-266	-238	-328	-175
Shareholders' equity				3,033	3,386	4,190	4,286	5,107	6,954	7,405
Total equity	3,800	4,383	2,769	3,033	3,386	4,190	4,286	5,107	6,954	7,405
Total liabilities and equity	10,116	10,658	8,366	8,669	9,152	10,404	10,897	11,349	12,509	13,422

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	509	812	570	678	683	1,124	1,065	1,057	2,697	1,094
Depreciation and amortization	250	283	283	272	279	290	296	305	338	380
Stock-based compensation	18.7	24.1	23.7	29.7	25	31.1	30.1	30.8	40.4	44
Deferred income tax	-29.1	-121	-13.9	-25	-31.4	-56.2	-26.8	-92.2	-91.7	-28.6
Change in receivables	-74	-43.5	-87.6	-7.9	122	-202	-185	100	-43.9	49.4
Change in inventory	-3.29	0.61	-85.1	-56.9	10.5	-298	-191	142	4.42	-37.2
Change in payables	70.8	94.1	106	12.7	-95.6	229	17.3	-114	9.08	-15.6
Cash from operations	735	739	789	945	1,105	1,116	806	1,336	1,088	1,338
Capital expenditures	-140	-170	-171	-187	-166	-171	-211	-183	-168	-220
Acquisitions	-1,562	-27.2	-68.6	-216	-336	-1,112	-313	-534	-635	-663
Cash from investing	-1,481	208	-245	-384	-481	-993	-541	-727	-27	-887
Debt issued	656	0	0	847	0	0		0	0	631
Debt repaid	-1.89	0	-350	-805	0	0		0	0	-400
Share buybacks	0	-105	-895	-143	-106	-21.6	-585	0	-500	-541
Dividends paid	-268	-284	-284	-282	-284	-287	-288	-284	-283	-283
Cash from financing	634	-593	-898	-558	-506	-250	-260	-568	-1,272	-625
Exchange rate effect	-4.74	1.47	10.6	-1.98	-1.32	-0.8	-9.17
Net change in cash	-13	405	-358	1.03	116	-128	-4.64	35	1,429	-168
Free cash flow	595	569	618	759	939	944	595	1,153	920	1,118
Interest paid	131	141	132	127	108	102	112	127	126	104
Income taxes paid	170	338	135	191	200	234	354	332	908	307

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $191.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.6%	Gross profit / revenue.
Operating margin	16.9%	Operating income / revenue.
EBITDA margin	21.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	13.5%	Net income / revenue.
FCF margin	14.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Return on equity (ROE)	14.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	12.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-59.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-59.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	21.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.98x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.70x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.8%	Total debt / total assets.
Liabilities / assets	43.7%	Total liabilities / total assets.
Net debt	$1.50B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.5x	Operating income / interest expense.
Working capital	$2.45B	Current assets - current liabilities.
Goodwill and intangibles / assets	51.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$684.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	7.56x	Revenue / average property, plant and equipment.
Inventory turnover	3.58x	Cost of revenue / average inventory.
Days inventory	102 days	365 x average inventory / cost of revenue.
Receivables turnover	5.53x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	99 days	Days inventory + days sales outstanding - days payables.
FCF conversion	103.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$62.12	Revenue / diluted weighted shares.
FCF per share	$8.68	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.29	Cash from operations / diluted weighted shares.
Book value per share	$56.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.05	Tangible book value / shares outstanding.
Cash per share	$12.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	47.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$25.84B	Share price x shares outstanding.
Enterprise value	$27.35B	Market cap + total debt - cash - short-term investments.
P/E	22.8x	Market cap / net income. Only when net income is positive.
P/S	3.07x	Market cap / revenue.
P/B	3.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	37.7x	Market cap / tangible book value, when positive.
P/FCF	22.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.5x	Market cap / cash from operations, when positive.
EV/Sales	3.25x	Enterprise value / revenue.
EV/EBIT	19.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	9.97x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DOVER Corp's revenue in fiscal 2025?

DOVER Corp reported revenue of $8.09B for fiscal 2025, 4.5% higher than the year before.

Was DOVER Corp profitable in fiscal 2025?

Yes. Net income was $1.09B, a net margin of 13.5%.

How much free cash flow did DOVER Corp generate in fiscal 2025?

Cash from operations of $1.34B minus capital expenditures of $220.3M left free cash flow of $1.12B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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