FirmAtlas
Company handbook · DOV · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
DOV · CIK 29905 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
Dover Corporation
$195.80
+1.71 (+0.88%)
Close, Oct 16, 2026 · 52-week $165–238
Last fiscal year
Dover Corporation reported revenue of $8.1B for the year ended Dec 31, 2025 (FY25), up 4.5% from FY24. Net income was $1.1B, operating cash flow $1.3B and free cash flow $1.1B. Source: 10-K filed Feb 13, 2026.
Market cap
$27.0B
P/E
23.8
EV/EBITDA
16.7x
P/B
3.5
Div yield
1.06%
ROIC
12.1%
Revenue 1Y
4.5%/yr
EPS 1Y
−59.2%/yr
Shares 1Y
−0.7%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORichard Tobin
HQDowners Grove, IL
AuditorPricewaterhouseCoopers LLP
Employees24,000
Year endsDecember
Revenue by segment · FY25
Pumps Process Solutions27%
Fuelingand Transport End Market26%
Refrigerationand Food Equipment19%
Imaging Identification14%
Engineered Products13%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.2%
3.5%
11.6%
17.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.3B deployed
Capex
$388M
11.8%
Acquisitions
$1.3B
39.4%
Dividends
$566M
17.2%
Buybacks
$1.0B
31.6%
Operating cash flow over the period: $2.4B. Total debt changed by +$706M. R&D of $315M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,746
8,093+4.5%
8,421
YoY
+4.5%
Gross profit
2,959
3,218+8.8%
3,333
Gross margin
38.2%
39.8%+1.6 pp
—
Operating income
1,206
1,373+13.8%
1,420
Operating margin
15.6%
17.0%+1.4 pp
—
EBITDA
1,544
1,753+13.5%
—
EBITDA margin
19.9%
21.7%+1.7 pp
—
Interest expense
131
110−16.3%
—
Interest coverage
11.77x
15.97x+4.20x
—
Net income
2,697
1,094−59.4%
1,135
YoY
−59.4%
Net margin
34.8%
13.5%−21.3 pp
—
EPS (diluted, $)
19.45
7.94−59.2%
8.29
YoY
−59.2%
Balance sheet
Total assets
12,509
13,422+7.3%
13,694
Cash & short-term investments
1,845
1,677−9.1%
—
Accounts receivable
1,354
1,371+1.3%
—
Inventory
1,145
1,273+11.2%
—
Net PP&E
988
1,120+13.3%
—
Other assets
7,177
7,982+11.2%
—
Total liabilities
5,555
6,017+8.3%
5,990
Accounts payable
848
876+3.3%
—
Total debt
3,329
4,035+21.2%
3,942
Other liabilities
1,378
1,107−19.7%
—
Shareholders’ equity
6,954
7,405+6.5%
7,704
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,088
1,338+23.0%
1,395
Net income
2,697
1,094−59.4%
—
Depreciation & amortization
338
380+12.4%
—
Stock-based compensation
40
44+9.0%
—
Working capital & other
(1,987)
(180)n/m
—
Cash from investing
(27)
(887)n/m
—
Capex
(168)
(220)n/m
—
Acquisitions
(635)
(663)n/m
—
Other investing
776
(3)−100.4%
—
Cash from financing
(1,272)
(625)n/m
—
Debt raised
0
631n/m
—
Debt repaid
0
(400)n/m
—
Dividends
(283)
(283)n/m
—
Buybacks
(500)
(541)n/m
—
Other financing
(489)
(32)n/m
—
Net change in cash
1,429
(168)−111.8%
—
Free cash flow (OCF − capex)
920
1,118+21.5%
1,177
Where the cash went
Operating cash flow
1,088
1,338+23.0%
1,395
Reinvested in the business
803
884+10.1%
—
% of operating cash flow
73.8%
66.0%
Capex
168
220+31.5%
219
Acquisitions
635
663+4.4%
—
R&D (memo, already in costs)
150
165+10.5%
—
Free cash flow
920
1,118+21.5%
1,177
YoY
+21.5%
Returned to shareholders
783
824+5.2%
—
% of free cash flow
85.1%
73.7%
Dividends
283
283−0.0%
—
Buybacks
500
541+8.1%
—
Change in total debt
—
706
—
Cash left over
—
337
—
FCF conversion (FCF ÷ net income)
34.1%
102.2%+68.1 pp
—
Owner earnings
—
1,136
—
Owner earnings margin
—
14.0%
—
Buyback yield
1.9%
2.0%+0.1 pp
—
Returns & ratios
ROIC (all capital)
11.4%
12.1%+0.7 pp
—
ROIC (operating)
36.4%
39.7%+3.3 pp
—
Net debt / EBITDA
0.96x
1.35x+0.38x
—
Debt / equity
0.48x
0.54x+0.07x
—
Cash conversion cycle (days)
86
92+5 d
—
ROE
38.8%
14.8%−24.0 pp
—
ROA
21.6%
8.2%−13.4 pp
—
ROCE
11.7%
12.6%+0.9 pp
—
NOPAT
961
1,097+14.1%
—
Invested capital (operating)
2,639
2,888+9.4%
—
Invested capital (all)
8,438
9,763+15.7%
—
Reinvestment rate
—
22.7%
—
Debtor days
64
62−2 d
—
Inventory days
87
95+8 d
—
Days payable
65
66+1 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,078
2,099
2,054
2,190
vs year-ago quarter
Gross profit
834
821
798
881
Gross margin
40.1%
39.1%
38.9%
40.2%
Operating income
377
345
306
392
Net income
302
282
238
312
vs year-ago quarter
Net margin
14.5%
13.4%
11.6%
14.3%
EPS (diluted, $)
2.19
2.05
1.75
2.30
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
13,421
13,422
13,507
13,694
Cash & equivalents
1,553
1,677
1,642
1,756
Total debt
3,471
4,035
3,983
3,942
Shareholders’ equity
7,663
7,405
7,490
7,704
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
424
544
191
236
Capex
54
57
60
48
Free cash flow
370
487
131
188
vs year-ago quarter