DOVER
DOV · NYSEConstruction, Mining & Materials Handling Machinery & Equip · Fiscal year ends Dec 31
DOVER reported revenue of $8.1B in the fiscal year ended Dec 2025, up 4.5% from the year before. Operating income was $1.4B, an operating margin of 17.0%, and net income was $1.1B. Operating cash flow of $1.3B less capital expenditure of $220M left free cash flow of $1.1B. Net debt was $1.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.9B | $7.8B | $7.7B | $7.7B | $8.1B |
| Cost of revenue | $4.9B | $4.9B | $4.8B | $4.8B | $4.9B |
| Gross profit | $3B | $2.9B | $2.9B | $3B | $3.2B |
| Research & development | $158M | $151M | $139M | $150M | $165M |
| Selling, general & admin | $1.7B | $1.6B | $1.6B | $1.8B | $1.8B |
| Operating income | $1.3B | $1.3B | $1.2B | $1.2B | $1.4B |
| Interest expense | $106M | $116M | $131M | $131M | $110M |
| Pre-tax income | $1.4B | $1.2B | $1.1B | $1.8B | $1.4B |
| Income tax | $277M | $200M | $179M | $357M | $277M |
| Net income | $1.1B | $1.1B | $1.1B | $2.7B | $1.1B |
| Diluted EPS | 7.74 | 7.42 | 7.52 | 19.45 | 7.94 |
| Diluted shares | 145M | 144M | 141M | 139M | 138M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $386M | $381M | $399M | $1.8B | $1.7B |
| Receivables | $1.3B | $1.5B | $1.3B | $1.4B | $1.4B |
| Inventory | $1.2B | $1.4B | $1.1B | $1.1B | $1.3B |
| Current assets | $3.1B | $3.4B | $3.4B | $4.5B | $4.5B |
| Net PP&E | $957M | $1B | $978M | $988M | $1.1B |
| Goodwill | $4.6B | $4.4B | $4.6B | $4.9B | $5.4B |
| Total assets | $10.4B | $10.9B | $11.3B | $12.5B | $13.4B |
| Payables | $1.1B | $1.1B | $854M | $848M | $876M |
| Deferred revenue | $228M | $242M | $195M | $199M | $155M |
| Current liabilities | $2.3B | $2.8B | $2.4B | $2.2B | $2.5B |
| Short-term debt | $106M | $736M | $0 | $399M | $707M |
| Long-term debt | $3B | $2.9B | $3B | $2.5B | $2.6B |
| Shareholders' equity | $4.2B | $4.3B | $5.1B | $7B | $7.4B |
| Backlog (remaining obligations) | $263M | $297M | $203M | $187M | $315M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $806M | $1.3B | $1.1B | $1.3B |
| Capital expenditure | $171M | $211M | $183M | $168M | $220M |
| Free cash flow | $944M | $595M | $1.2B | $920M | $1.1B |
| Depreciation & amortisation | $290M | $296M | $305M | $338M | $380M |
| Stock-based compensation | $31M | $30M | $31M | $40M | $44M |
| Acquisitions | $1.1B | $313M | $534M | $635M | $663M |
| Share buybacks | $22M | $585M | $0 | $500M | $541M |
| Dividends paid | $287M | $288M | $284M | $283M | $283M |
| Dividend per share | 1.99 | 2.01 | 2.03 | 2.05 | 2.07 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.8% | −2.0% | 0.8% | 4.5% |
| Operating income growth (YoY) | – | −0.1% | −4.7% | −1.1% | 13.8% |
| EPS growth (YoY) | – | −4.1% | 1.3% | 158.6% | −59.2% |
| Gross margin | 37.6% | 37.0% | 37.3% | 38.2% | 39.8% |
| Operating margin | 16.2% | 16.3% | 15.9% | 15.6% | 17.0% |
| Net margin | 14.2% | 13.6% | 13.8% | 34.8% | 13.5% |
| Return on equityBlank when equity is negative | 26.8% | 24.9% | 20.7% | 38.8% | 14.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.7% | 15.8% | 13.6% | 11.7% | 12.6% |
| Free cash flow margin | 11.9% | 7.6% | 15.0% | 11.9% | 13.8% |
| Cash conversion (CFO ÷ net income) | 0.99x | 0.76x | 1.26x | 0.40x | 1.22x |
| Receivable days | 62 | 71 | 63 | 64 | 62 |
| Inventory days | 88 | 101 | 87 | 87 | 95 |
| Payable days | 79 | 79 | 65 | 65 | 66 |
| Interest cover | 12.1x | 11.0x | 9.29x | 9.20x | 12.5x |
| Debt ÷ equity | 0.75x | 0.86x | 0.59x | 0.42x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.7B | $3.3B | $2.6B | $1.1B | $1.7B |
| Current ratio | 1.36x | 1.23x | 1.40x | 2.04x | 1.79x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.