Dover (DOV) Financials

$207.49 -3.34 (-1.58%)

As of 03:36 PM Eastern

Annual Income Statements for Dover

This table shows Dover's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	870	509	812	570	701	683	1,124	1,065	1,057	2,697	1,094
Consolidated Net Income / (Loss)	870	509	812	570	678	683	1,124	1,065	1,057	2,697	1,094
Net Income / (Loss) Continuing Operations	596	502	747	591	701	678	1,124	990	944	1,400	1,097
Total Pre-Tax Income	801	685	876	725	843	837	1,401	1,190	1,123	1,757	1,374
Total Operating Income	921	709	807	843	975	933	1,282	1,280	1,219	1,206	1,373
Total Gross Profit	2,568	2,228	2,529	2,560	2,621	2,474	2,970	2,905	2,868	2,959	3,218
Total Revenue	6,956	6,043	6,821	6,992	7,136	6,684	7,907	7,844	7,684	7,746	8,093
Operating Revenue	6,956	6,043	6,821	6,992	7,136	6,684	7,907	7,844	7,684	7,746	8,093
Total Cost of Revenue	4,388	3,816	4,292	4,433	4,515	4,210	4,937	4,939	4,817	4,787	4,874
Operating Cost of Revenue	4,388	3,816	4,292	4,433	4,515	4,210	4,937	4,939	4,817	4,787	4,874
Total Operating Expenses	1,647	1,519	1,722	1,716	1,646	1,536	1,688	1,625	1,648	1,752	1,840
Selling, General & Admin Expense	1,647	1,519	1,722	1,716	1,599	1,541	1,688	1,625	1,648	1,752	1,845
Other Special Charges / (Income)	-	-	-	-	-	-5.21	-	0.00	0.00	-	-4.64
Total Other Income / (Expense), net	-120	-24	69	-118	-108	-96	119	-89	-96	551	-3.75
Interest Expense	132	136	145	131	126	112	106	116	131	131	110
Interest & Investment Income	4.42	6.75	8.49	8.88	4.53	3.57	4.44	4.43	13	37	73
Other Income / (Expense), net	7.11	105	205	4.36	13	12	221	23	21	645	33
Income Tax Expense	205	183	129	134	165	158	277	200	179	357	277
Net Income / (Loss) Discontinued Operations	274	6.76	65	-21	-	-	-	75	113	1,297	-3.47
Basic Earnings per Share	$5.52	$3.28	$5.21	$3.80	$4.67	$4.74	$7.81	$7.47	$7.56	$19.58	$7.99
Weighted Average Basic Shares Outstanding	157.62M	155.23M	155.69M	149.87M	145.20M	144.05M	143.92M	142.68M	139.85M	137.74M	136.94M
Diluted Earnings per Share	$5.46	$3.25	$5.15	$3.75	$4.61	$4.70	$7.74	$7.42	$7.52	$19.45	$7.94
Weighted Average Diluted Shares Outstanding	159.17M	156.64M	157.74M	152.13M	146.99M	145.39M	145.27M	143.60M	140.60M	138.70M	137.78M
Weighted Average Basic & Diluted Shares Outstanding	157.60M	155.20M	154.42M	150.10M	288.66M	143.65M	144.05M	139.71M	139.90M	137.23M	134.87M
Cash Dividends to Common per Share	$1.64	$1.72	$1.82	$1.90	$1.94	$1.97	$1.99	$2.01	$2.03	$2.05	$2.07

This table shows Dover's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	290	296	632	282	347	1,436	231	279	302	282	238
Consolidated Net Income / (Loss)	290	296	632	282	347	1,436	231	279	302	282	238
Net Income / (Loss) Continuing Operations	262	211	602	247	313	173	239	280	303	275	239
Total Pre-Tax Income	318	218	760	307	386	219	295	352	386	341	299
Total Operating Income	337	244	254	323	334	209	296	355	377	345	306
Total Gross Profit	739	622	697	753	763	617	746	818	834	821	798
Total Revenue	1,958	1,547	1,884	1,949	1,984	1,490	1,866	2,050	2,078	2,099	2,054
Operating Revenue	1,958	1,547	1,884	1,949	1,984	1,490	1,866	2,050	2,078	2,099	2,054
Total Cost of Revenue	1,219	925	1,187	1,196	1,220	874	1,121	1,231	1,244	1,278	1,255
Operating Cost of Revenue	1,219	925	1,187	1,196	1,220	874	1,121	1,231	1,244	1,278	1,255
Total Operating Expenses	403	379	-87	430	430	-190	447	461	456	476	492
Selling, General & Admin Expense	403	379	443	429	430	407	449	464	456	476	492
Other Special Charges / (Income)	-	-	-530	0.66	-	-	-2.47	-2.18	0.00	-	0.00
Total Other Income / (Expense), net	-18	-25	-24	-15	53	-589	-3.40	-4.68	9.09	-4.77	-7.01
Interest Expense	32	31	36	32	34	28	28	27	27	28	30
Interest & Investment Income	3.81	4.94	4.76	4.08	5.18	23	20	18	18	17	14
Other Income / (Expense), net	10	0.71	7.14	13	82	-583	3.96	4.18	19	6.32	8.46
Income Tax Expense	56	7.38	158	61	73	45	56	72	83	66	60
Net Income / (Loss) Discontinued Operations	28	-	30	35	34	-	-8.42	-1.07	-1.30	7.31	-0.32
Basic Earnings per Share	$2.07	$2.12	$4.55	$2.05	$2.53	$10.45	$1.68	$2.03	$2.20	$2.08	$1.77
Weighted Average Basic Shares Outstanding	139.88M	139.85M	139.05M	137.44M	137.25M	137.74M	137.27M	137.23M	137.24M	136.94M	134.98M
Diluted Earnings per Share	$2.06	$2.11	$4.52	$2.04	$2.51	$10.38	$1.67	$2.02	$2.19	$2.06	$1.75
Weighted Average Diluted Shares Outstanding	140.62M	140.60M	139.87M	138.40M	138.22M	138.70M	138.26M	137.97M	138.03M	137.78M	135.90M
Weighted Average Basic & Diluted Shares Outstanding	139.89M	139.90M	137.43M	137.46M	137.19M	137.23M	137.10M	137.13M	137.15M	134.87M	134.66M
Cash Dividends to Common per Share	$0.51	-	$0.51	$0.51	$0.52	-	$0.52	$0.52	$0.52	-	$0.52

This table details how cash moves in and out of Dover's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-319	-13	405	-358	1.03	116	-128	-4.64	35	1,429	-168
Net Cash From Operating Activities	949	735	739	789	945	1,105	1,116	747	1,220	1,088	1,338
Net Cash From Continuing Operating Activities	949	735	739	789	945	1,105	1,116	747	1,220	1,088	1,338
Net Income / (Loss) Continuing Operations	596	502	747	591	678	683	1,124	990	944	1,400	1,097
Consolidated Net Income / (Loss)	870	509	812	570	678	683	1,124	1,065	1,057	2,697	1,094
Net Income / (Loss) Discontinued Operations	274	6.76	65	-21	-	-	-	75	113	1,297	-3.47
Depreciation Expense	327	250	283	283	272	279	290	296	305	338	380
Non-Cash Adjustments To Reconcile Net Income	71	-45	-157	39	112	38	-158	39	39	-562	41
Changes in Operating Assets and Liabilities, net	-45	28	-134	-124	-117	104	-140	-577	-68	-88	-180
Net Cash From Investing Activities	-35	-1,481	208	-245	-384	-481	-993	-521	-718	-27	-887
Net Cash From Continuing Investing Activities	-35	-1,481	208	-245	-384	-481	-993	-521	-718	-27	-887
Purchase of Property, Plant & Equipment	-154	-140	-170	-171	-187	-166	-171	-211	-183	-168	-220
Acquisitions	-568	-1,562	-27	-69	-216	-336	-1,112	-313	-534	-635	-663
Divestitures	689	206	373	3.94	24	15	275	0.00	0.00	769	6.00
Other Investing Activities, net	1.35	-1.06	21	-16	-10	-2.51	8.74	3.09	-0.69	6.97	-9.06
Net Cash From Financing Activities	-1,092	634	-593	-898	-558	-506	-250	-260	-568	-1,272	-625
Net Cash From Continuing Financing Activities	-1,092	634	-593	-898	-558	-506	-250	-260	-568	-1,272	-625
Repayment of Debt	-627	-1.89	-186	-363	-807	-2.52	-4.42	-2.97	-4.13	-4.32	-417
Repurchase of Common Equity	-600	0.00	-105	-895	-143	-106	-22	-585	0.00	-500	-541
Payment of Dividends	-258	-268	-284	-284	-282	-284	-287	-288	-284	-283	-283
Issuance of Debt	394	911	0.00	0.00	712	-85	105	630	-267	-468	631
Other Financing Activities, net	-1.01	-7.27	-18	643	-37	-28	-42	-15	-12	-17	-15
Effect of Exchange Rate Changes	-26	-4.74	1.47	11	-1.98	-1.32	-0.80	-9.17	-6.67	-6.35	20
Other Net Changes in Cash	-116	104	49	-14	-	-	-	39	108	1,646	-14
Cash Interest Paid	128	131	141	132	127	108	102	112	127	126	104
Cash Income Taxes Paid	346	170	338	135	191	200	234	354	332	908	307

This table details how cash moves in and out of Dover's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	15	115	514	-601	68	1,448	-40	-540	288	124	-35
Net Cash From Operating Activities	284	499	146	204	279	439	157	212	424	544	191
Net Cash From Continuing Operating Activities	284	499	146	204	279	439	157	212	424	544	191
Net Income / (Loss) Continuing Operations	215	258	602	282	248	238	239	280	303	275	239
Consolidated Net Income / (Loss)	290	296	632	282	347	1,436	231	279	302	282	238
Net Income / (Loss) Discontinued Operations	-	38	30	-	-	1,198	-8.42	-1.07	-1.30	7.31	-0.32
Depreciation Expense	71	78	82	86	81	87	87	94	98	99	97
Non-Cash Adjustments To Reconcile Net Income	6.11	14	-515	10	-61	3.56	21	4.83	6.73	7.57	21
Changes in Operating Assets and Liabilities, net	-7.37	149	-22	-174	11	110	-191	-167	16	162	-166
Net Cash From Investing Activities	-45	-587	432	28	-395	-90	-74	-682	-59	-72	-62
Net Cash From Continuing Investing Activities	-45	-587	432	28	-395	-90	-74	-682	-59	-72	-62
Purchase of Property, Plant & Equipment	-38	-57	-40	-41	-28	-54	-48	-61	-54	-57	-60
Acquisitions	-7.17	-526	-145	-	-458	-33	-29	-629	-4.71	-0.08	-0.67
Divestitures	-	-	612	63	93	1.16	3.80	2.19	-	-	0.00
Other Investing Activities, net	-0.22	-2.91	5.61	6.04	-1.80	-4.74	-0.51	6.35	0.01	-15	-1.19
Net Cash From Financing Activities	-313	189	-81	-831	93	-453	-122	-84	-74	-345	-161
Net Cash From Continuing Financing Activities	-313	189	-81	-831	93	-453	-122	-84	-74	-345	-161
Repayment of Debt	-0.82	-0.96	-1.13	-0.95	-1.29	-0.96	-1.13	-12	-1.38	-402	-7.36
Repurchase of Common Equity	-	-	-500	-	-	-	-41	-	-	-500	-54
Payment of Dividends	-71	-71	-71	-70	-71	-71	-71	-71	-71	-70	-70
Other Financing Activities, net	-1.27	0.20	-8.91	-1.00	-3.82	-2.87	-9.00	-1.29	-1.34	-3.26	-30
Effect of Exchange Rate Changes	-5.18	-0.36	-1.57	-2.37	-2.63	0.23	0.25	22	-2.30	-0.57	-2.38
Other Net Changes in Cash	-	14	18	-	-	1,552	-0.86	-9.19	-1.30	-2.88	-0.40

This table presents Dover's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	8,606	10,116	10,658	8,366	8,669	9,152	10,404	10,897	11,349	12,509	13,422
Total Current Assets	2,419	2,589	2,790	2,504	2,548	2,619	3,062	3,423	3,390	4,484	4,507
Cash & Equivalents	362	349	754	396	397	513	386	381	399	1,845	1,677
Accounts Receivable	1,120	1,265	1,184	1,232	1,217	1,137	1,348	1,517	1,321	1,354	1,371
Inventories, net	803	870	677	749	806	836	1,191	1,367	1,144	1,145	1,273
Prepaid Expenses	133	104	176	127	128	133	138	159	139	141	186
Plant, Property, & Equipment, net	854	946	788	806	842	0.00	0.00	1,005	978	988	1,120
Total Noncurrent Assets	5,333	6,581	7,080	5,056	5,279	6,533	7,342	6,468	6,980	7,037	7,796
Goodwill	3,737	4,563	3,686	3,677	3,783	4,073	4,559	4,669	4,638	4,906	5,430
Intangible Assets	1,413	1,803	1,283	1,134	1,055	1,084	1,360	1,334	1,445	1,581	1,760
Other Noncurrent Operating Assets	182	216	246	244	440	1,377	1,424	465	555	550	606
Total Liabilities & Shareholders' Equity	8,606	10,116	10,658	8,366	8,669	9,152	10,404	10,897	11,349	12,509	13,422
Total Liabilities	4,962	6,316	6,275	5,597	5,637	5,766	6,214	6,610	6,242	5,555	6,017
Total Current Liabilities	1,367	1,940	2,142	1,827	1,748	1,739	2,250	2,773	2,414	2,197	2,518
Short-Term Debt	151	415	581	220	85	0.00	106	736	468	400	707
Accounts Payable	651	830	882	970	921	854	1,074	1,068	854	848	876
Accrued Expenses	100	96	102	98	98	99	101	93	151	88	88
Current Deferred Revenue	-	-	-	-	105	185	228	257	195	199	155
Current Deferred & Payable Income Tax Liabilities	6.53	40	15	14	18	18	92	31	37	34	61
Current Employee Benefit Liabilities	223	226	228	213	227	240	303	270	259	292	281
Other Current Liabilities	236	333	334	313	295	344	347	318	297	335	352
Total Noncurrent Liabilities	3,594	4,376	4,133	3,770	3,889	4,028	3,964	3,837	3,828	3,359	3,499
Long-Term Debt	2,604	3,207	2,987	2,944	2,986	3,109	3,019	2,943	2,992	2,529	2,621
Noncurrent Deferred & Payable Income Tax Liabilities	576	710	348	339	322	298	364	375	346	352	394
Other Noncurrent Operating Liabilities	415	459	426	432	529	570	533	475	427	471	483
Total Equity & Noncontrolling Interests	3,645	3,800	4,383	2,769	3,033	3,386	4,190	4,286	5,107	6,954	0.00
Total Preferred & Common Equity	3,645	3,800	4,383	2,769	3,033	3,386	4,190	4,286	5,107	6,954	7,405
Total Common Equity	3,645	3,800	4,383	2,769	3,033	3,386	4,190	4,286	5,107	6,954	0.00

This table presents Dover's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	10,902	10,772	11,349	11,987	11,292	11,913	12,509	12,649	13,161	13,421	13,507
Total Current Assets	3,415	3,457	3,390	3,910	3,266	3,746	4,484	4,554	4,221	4,503	4,677
Cash & Equivalents	286	284	399	930	329	387	1,845	1,805	1,265	1,553	1,642
Accounts Receivable	1,561	1,549	1,321	1,519	1,560	1,429	1,354	1,379	1,481	1,452	1,445
Inventories, net	1,396	1,280	1,144	1,246	1,239	1,214	1,145	1,209	1,306	1,322	1,371
Prepaid Expenses	171	154	139	215	138	133	141	160	169	176	219
Plant, Property, & Equipment, net	1,016	992	978	1,024	1,025	996	988	1,016	1,080	1,099	1,114
Total Noncurrent Assets	6,471	6,323	6,980	7,053	7,000	7,171	7,037	7,079	7,861	7,819	7,716
Goodwill	4,699	4,607	4,638	4,960	4,951	4,974	4,906	4,960	5,371	5,404	5,401
Intangible Assets	1,274	1,236	1,445	1,525	1,482	1,645	1,581	1,564	1,900	1,810	1,702
Other Noncurrent Operating Assets	498	480	555	568	568	551	550	555	590	605	612
Total Liabilities & Shareholders' Equity	10,902	10,772	11,349	11,987	11,292	11,913	12,509	12,649	13,161	13,421	13,507
Total Liabilities	6,239	5,940	6,242	6,834	5,928	6,215	5,555	5,511	5,720	5,758	6,017
Total Current Liabilities	2,424	2,188	2,414	2,984	2,134	2,387	2,197	2,139	2,166	2,206	2,507
Short-Term Debt	446	207	468	969	210	379	400	400	400	401	693
Accounts Payable	1,029	971	854	970	974	865	848	844	870	862	976
Accrued Expenses	87	89	151	89	92	93	88	88	89	91	84
Current Deferred Revenue	261	256	195	242	230	185	199	217	203	183	163
Current Deferred & Payable Income Tax Liabilities	45	34	37	190	72	62	34	64	30	57	43
Current Employee Benefit Liabilities	236	238	259	188	231	250	292	180	230	252	186
Other Current Liabilities	319	325	297	337	324	335	335	345	344	360	362
Total Noncurrent Liabilities	3,815	3,752	3,828	3,850	3,794	3,828	3,359	3,372	3,554	3,552	3,510
Long-Term Debt	2,977	2,945	2,992	2,973	2,961	3,008	2,529	2,573	2,669	2,670	2,597
Noncurrent Deferred & Payable Income Tax Liabilities	341	342	346	349	335	354	352	334	395	392	443
Other Noncurrent Operating Liabilities	470	437	427	499	492	460	471	460	491	490	469
Total Equity & Noncontrolling Interests	0.00	0.00	5,107	0.00	0.00	0.00	6,954	0.00	0.00	0.00	0.00
Total Preferred & Common Equity	4,662	4,833	5,107	5,153	5,364	5,698	6,954	7,138	7,441	7,663	7,490
Total Common Equity	0.00	0.00	5,107	0.00	0.00	0.00	6,954	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Dover's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.27%	-13.13%	12.87%	2.51%	2.06%	-6.34%	18.30%	-0.80%	-2.04%	0.80%	4.48%
EBITDA Growth	-17.90%	-15.25%	21.82%	-12.77%	11.51%	-2.87%	46.48%	-10.87%	-3.26%	2.93%	-18.41%
EBIT Growth	-24.03%	-12.29%	24.38%	-16.28%	16.56%	-4.35%	59.04%	-13.34%	-4.72%	1.00%	-24.02%
NOPAT Growth	-20.72%	-24.13%	32.30%	-0.12%	14.10%	-3.51%	35.91%	3.52%	-3.71%	-6.21%	14.10%
Net Income Growth	12.20%	-41.50%	59.50%	-29.74%	18.88%	0.82%	64.43%	-5.20%	-0.80%	155.21%	-59.44%
EPS Growth	18.95%	-41.50%	59.50%	-27.18%	22.93%	1.95%	64.68%	-4.13%	1.35%	158.64%	-59.18%
Operating Cash Flow Growth	-0.12%	-22.60%	0.66%	6.73%	19.78%	16.87%	1.00%	-33.08%	63.31%	-10.80%	23.00%
Free Cash Flow Firm Growth	23.72%	-238.68%	520.47%	-65.51%	-17.66%	-21.78%	-83.11%	403.75%	92.91%	-5.89%	-89.38%
Invested Capital Growth	5.49%	17.14%	-20.87%	-1.06%	3.06%	4.83%	15.83%	9.46%	3.11%	2.80%	12.66%
Revenue Q/Q Growth	-3.91%	-9.95%	7.83%	4.27%	-0.47%	0.07%	2.71%	-6.15%	-7.16%	-9.47%	2.14%
EBITDA Q/Q Growth	-3.92%	-5.55%	9.71%	-4.36%	2.18%	-0.33%	15.58%	-12.82%	-6.64%	-32.58%	7.46%
EBIT Q/Q Growth	-6.22%	5.57%	3.03%	-6.30%	3.51%	-0.76%	19.29%	-14.90%	-8.19%	-37.92%	8.60%
NOPAT Q/Q Growth	-4.95%	-7.96%	15.23%	-3.45%	3.38%	-1.12%	1.75%	-0.56%	-4.92%	-14.98%	4.48%
Net Income Q/Q Growth	-3.06%	3.95%	20.00%	-21.36%	4.08%	2.09%	19.16%	-8.52%	3.19%	73.18%	-51.33%
EPS Q/Q Growth	-5.54%	3.95%	20.00%	-40.94%	32.47%	7.80%	19.26%	-7.94%	3.44%	73.97%	-51.17%
Operating Cash Flow Q/Q Growth	-11.90%	-17.42%	20.10%	12.09%	9.83%	576.58%	-56.75%	-5.99%	15.09%	-13.95%	8.52%
Free Cash Flow Firm Q/Q Growth	-52.68%	86.58%	636.10%	-67.76%	-24.04%	-16.67%	-89.24%	1,309.13%	-3.54%	98.63%	-61.01%
Invested Capital Q/Q Growth	198.34%	10.12%	-24.61%	-4.86%	-1.09%	0.42%	11.52%	3.65%	3.20%	-3.54%	-1.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.92%	36.86%	37.08%	36.61%	36.73%	37.02%	37.56%	37.03%	37.32%	38.20%	39.77%
EBITDA Margin	18.04%	17.60%	18.99%	16.16%	17.66%	18.31%	22.67%	20.37%	20.12%	20.54%	22.07%
Operating Margin	13.24%	11.73%	11.83%	12.06%	13.66%	13.96%	16.21%	16.31%	15.87%	15.57%	16.97%
EBIT Margin	13.34%	13.47%	14.84%	12.12%	13.84%	14.14%	19.00%	16.60%	16.15%	16.18%	17.38%
Profit (Net Income) Margin	12.50%	8.42%	11.90%	8.16%	9.50%	10.23%	14.21%	13.58%	13.75%	34.82%	13.52%
Tax Burden Percent	108.65%	74.33%	92.68%	78.62%	80.42%	81.70%	80.23%	89.51%	94.11%	153.51%	79.60%
Interest Burden Percent	86.29%	84.12%	86.52%	85.59%	85.34%	88.53%	93.22%	91.40%	90.51%	140.20%	97.72%
Effective Tax Rate	25.57%	26.66%	14.75%	18.51%	19.58%	18.92%	19.77%	16.83%	15.95%	20.32%	20.14%
Return on Invested Capital (ROIC)	11.65%	7.93%	10.86%	12.34%	13.95%	12.94%	15.93%	14.67%	13.31%	12.12%	12.83%
ROIC Less NNEP Spread (ROIC-NNEP)	20.01%	7.54%	16.38%	6.47%	10.05%	10.17%	19.52%	14.70%	14.37%	103.54%	12.63%
Return on Net Nonoperating Assets (RNNOA)	12.03%	5.74%	8.98%	3.60%	9.42%	8.35%	13.74%	10.47%	9.20%	32.60%	2.41%
Return on Equity (ROE)	23.68%	13.67%	19.84%	15.95%	23.37%	21.30%	29.67%	25.14%	22.50%	44.73%	15.24%
Cash Return on Invested Capital (CROIC)	6.31%	-7.85%	34.17%	13.41%	10.93%	8.23%	1.26%	5.64%	10.24%	9.36%	0.92%
Operating Return on Assets (OROA)	10.52%	8.69%	9.75%	8.91%	11.60%	10.60%	15.37%	12.23%	11.16%	10.51%	10.85%
Return on Assets (ROA)	9.86%	5.44%	7.81%	6.00%	7.96%	7.67%	11.49%	10.00%	9.50%	22.61%	8.44%
Return on Common Equity (ROCE)	23.68%	13.67%	19.84%	15.95%	23.37%	21.30%	29.67%	25.14%	22.50%	44.73%	15.24%
Return on Equity Simple (ROE_SIMPLE)	23.87%	13.39%	18.52%	20.60%	22.35%	20.19%	26.82%	24.86%	20.70%	38.79%	0.00%
Net Operating Profit after Tax (NOPAT)	685	520	688	687	784	756	1,028	1,064	1,025	961	1,097
NOPAT Margin	9.85%	8.60%	10.09%	9.83%	10.99%	11.32%	13.00%	13.57%	13.34%	12.41%	13.55%
Net Nonoperating Expense Percent (NNEP)	-8.36%	0.39%	-5.52%	5.87%	3.90%	2.77%	-3.59%	-0.04%	-1.06%	-91.42%	0.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.36%	11.96%	9.73%	10.22%
Cost of Revenue to Revenue	63.08%	63.14%	62.92%	63.39%	63.27%	62.98%	62.44%	62.97%	62.68%	61.80%	60.23%
SG&A Expenses to Revenue	23.68%	25.13%	25.25%	24.55%	22.41%	23.06%	21.35%	20.72%	21.45%	22.62%	22.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.68%	25.13%	25.25%	24.55%	23.07%	22.98%	21.35%	20.72%	21.45%	14.90%	22.74%
Earnings before Interest and Taxes (EBIT)	928	814	1,012	847	988	945	1,503	1,302	1,241	1,253	1,406
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,255	1,064	1,296	1,130	1,260	1,224	1,793	1,598	1,546	1,591	1,786
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.23	2.69	3.22	3.44	5.17	5.12	6.03	4.32	4.17	3.70	3.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	55.06	124.23
Price to Revenue (P/Rev)	1.17	1.69	2.07	1.36	2.20	2.59	3.19	2.36	2.77	3.32	3.31
Price to Earnings (P/E)	9.36	20.10	17.40	16.70	22.35	25.38	22.47	17.39	20.13	9.54	24.48
Dividend Yield	3.12%	2.61%	2.01%	2.78%	1.80%	1.64%	1.13%	1.52%	1.33%	1.09%	1.06%
Earnings Yield	10.69%	4.98%	5.75%	5.99%	4.47%	3.94%	4.45%	5.75%	4.97%	10.48%	4.09%
Enterprise Value to Invested Capital (EV/IC)	1.74	1.91	3.03	2.22	3.22	3.33	4.04	2.88	3.11	3.34	3.14
Enterprise Value to Revenue (EV/Rev)	1.51	2.23	2.48	1.76	2.57	2.98	3.54	2.78	3.17	3.46	3.51
Enterprise Value to EBITDA (EV/EBITDA)	8.39	12.69	13.07	10.88	14.56	16.29	15.61	13.66	15.74	16.86	15.92
Enterprise Value to EBIT (EV/EBIT)	11.35	16.59	16.73	14.50	18.58	21.10	18.63	16.76	19.61	21.40	20.21
Enterprise Value to NOPAT (EV/NOPAT)	15.37	25.96	24.62	17.89	23.41	26.36	27.23	20.51	23.75	27.90	25.92
Enterprise Value to Operating Cash Flow (EV/OCF)	11.10	18.38	22.90	15.58	19.41	18.05	25.09	29.23	19.96	24.66	21.25
Enterprise Value to Free Cash Flow (EV/FCFF)	28.38	0.00	7.83	16.47	29.86	41.48	344.83	53.37	30.85	36.13	360.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.76	0.95	0.81	1.14	1.01	0.92	0.75	0.86	0.68	0.42	0.45
Long-Term Debt to Equity	0.71	0.84	0.68	1.06	0.98	0.92	0.72	0.69	0.59	0.36	0.35
Financial Leverage	0.60	0.76	0.55	0.56	0.94	0.82	0.70	0.71	0.64	0.31	0.19
Leverage Ratio	2.40	2.51	2.54	2.66	2.94	2.78	2.58	2.51	2.37	1.98	1.81
Compound Leverage Factor	2.07	2.12	2.20	2.28	2.51	2.46	2.41	2.30	2.14	2.77	1.76
Debt to Total Capital	43.05%	48.80%	44.87%	53.33%	50.31%	47.87%	42.72%	46.18%	40.39%	29.64%	31.01%
Short-Term Debt to Total Capital	2.36%	5.59%	7.31%	3.71%	1.39%	0.00%	1.45%	9.24%	5.47%	4.05%	6.58%
Long-Term Debt to Total Capital	40.69%	43.21%	37.56%	49.62%	48.92%	47.87%	41.27%	36.94%	34.92%	25.59%	24.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	56.95%	51.20%	55.13%	46.67%	49.69%	52.13%	57.28%	53.82%	59.61%	70.36%	68.99%
Debt to EBITDA	2.20	3.40	2.75	2.80	2.44	2.54	1.74	2.30	2.24	1.84	1.86
Net Debt to EBITDA	1.91	3.08	2.17	2.45	2.12	2.12	1.53	2.06	1.98	0.68	0.92
Long-Term Debt to EBITDA	2.07	3.02	2.31	2.60	2.37	2.54	1.68	1.84	1.94	1.59	1.47
Debt to NOPAT	4.02	6.96	5.19	4.60	3.92	4.11	3.04	3.46	3.38	3.05	3.03
Net Debt to NOPAT	3.49	6.29	4.09	4.03	3.41	3.43	2.66	3.10	2.99	1.13	1.51
Long-Term Debt to NOPAT	3.80	6.17	4.34	4.28	3.81	4.11	2.94	2.76	2.92	2.63	2.39
Altman Z-Score	3.55	3.01	3.49	3.60	4.30	4.31	5.04	4.18	4.54	5.45	5.28
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.77	1.33	1.30	1.37	1.46	1.51	1.36	1.23	1.40	2.04	1.79
Quick Ratio	1.08	0.83	0.90	0.89	0.92	0.95	0.77	0.68	0.71	1.46	1.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	371	-515	2,164	746	615	481	81	409	789	742	79
Operating Cash Flow to CapEx	679.61%	590.72%	467.11%	478.05%	517.59%	697.11%	678.77%	353.77%	664.94%	649.32%	607.46%
Free Cash Flow to Firm to Interest Expense	2.82	-3.79	14.93	5.70	4.88	4.29	0.76	3.51	6.01	5.66	0.72
Operating Cash Flow to Interest Expense	7.21	5.40	5.10	6.03	7.51	9.87	10.50	6.41	9.29	8.29	12.19
Operating Cash Flow Less CapEx to Interest Expense	6.15	4.49	4.01	4.77	6.06	8.45	8.95	4.60	7.89	7.02	10.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.65	0.66	0.74	0.84	0.75	0.81	0.74	0.69	0.65	0.62
Accounts Receivable Turnover	6.03	5.07	5.57	5.79	5.83	5.68	6.36	5.48	5.42	5.79	5.94
Inventory Turnover	5.27	4.56	5.55	6.22	5.81	5.13	4.87	3.86	3.84	4.18	4.03
Fixed Asset Turnover	8.23	6.71	7.87	8.77	8.66	0.00	0.00	0.00	7.75	7.88	7.68
Accounts Payable Turnover	6.93	5.15	5.01	4.79	4.78	4.74	5.12	4.61	5.01	5.62	5.66
Days Sales Outstanding (DSO)	60.53	72.05	65.52	63.04	62.63	64.29	57.35	66.64	67.40	63.03	61.47
Days Inventory Outstanding (DIO)	69.31	80.04	65.80	58.71	62.85	71.18	74.92	94.50	95.12	87.26	90.52
Days Payable Outstanding (DPO)	52.66	70.84	72.81	76.23	76.39	76.93	71.25	79.13	72.84	64.90	64.54
Cash Conversion Cycle (CCC)	77.18	81.24	58.51	45.52	49.08	58.54	61.02	82.01	89.68	85.39	87.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,037	7,072	5,596	5,536	5,706	5,982	6,928	7,584	7,820	8,039	9,056
Invested Capital Turnover	1.18	0.92	1.08	1.26	1.27	1.14	1.23	1.08	1.00	0.98	0.95
Increase / (Decrease) in Invested Capital	314	1,035	-1,476	-59	169	276	947	655	236	219	1,018
Enterprise Value (EV)	10,531	13,500	16,936	12,292	18,349	19,939	27,994	21,825	24,337	26,822	28,429
Market Capitalization	8,138	10,228	14,122	9,525	15,676	17,343	25,255	18,527	21,276	25,737	26,778
Book Value per Share	$23.52	$24.46	$28.14	$18.92	$20.88	$23.50	$29.10	$30.54	$36.50	$50.69	$53.99
Tangible Book Value per Share	($9.72)	($16.52)	($3.76)	($13.96)	($12.43)	($12.29)	($12.01)	($12.23)	($6.98)	$3.41	$1.57
Total Capital	6,399	7,421	7,951	5,933	6,103	6,495	7,314	7,965	8,567	9,883	10,733
Total Debt	2,755	3,621	3,568	3,164	3,070	3,109	3,124	3,678	3,460	2,929	3,328
Total Long-Term Debt	2,604	3,207	2,987	2,944	2,986	3,109	3,019	2,943	2,992	2,529	2,621
Net Debt	2,393	3,272	2,814	2,768	2,673	2,596	2,739	3,297	3,061	1,085	1,651
Capital Expenditures (CapEx)	140	124	158	165	183	158	164	211	183	168	220
Debt-free, Cash-free Net Working Capital (DFCFNWC)	841	714	475	500	488	367	532	1,005	1,046	843	1,018
Debt-free Net Working Capital (DFNWC)	1,203	1,063	1,229	897	885	880	917	1,386	1,445	2,688	2,695
Net Working Capital (NWC)	1,052	649	648	676	800	880	811	650	976	2,288	1,988
Net Nonoperating Expense (NNE)	-185	11	-124	117	106	73	-96	-1.08	-32	-1,736	2.76
Net Nonoperating Obligations (NNO)	2,393	3,272	1,213	2,768	2,673	2,596	2,739	3,297	2,713	1,085	1,651
Total Depreciation and Amortization (D&A)	327	250	283	283	272	279	290	296	305	338	380
Debt-free, Cash-free Net Working Capital to Revenue	12.09%	11.82%	6.97%	7.16%	6.84%	5.50%	6.72%	12.81%	13.61%	10.89%	12.58%
Debt-free Net Working Capital to Revenue	17.29%	17.60%	18.02%	12.82%	12.40%	13.17%	11.60%	17.67%	18.80%	34.70%	33.30%
Net Working Capital to Revenue	15.12%	10.74%	9.50%	9.67%	11.21%	13.17%	10.26%	8.29%	12.71%	29.54%	24.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.43	$2.63	$0.00	$3.80	$4.67	$4.74	$7.81	$7.47	$7.56	$19.58	$7.99
Adjusted Weighted Average Basic Shares Outstanding	196.45M	193.48M	0.00	149.87M	145.20M	144.05M	143.92M	142.68M	139.85M	137.74M	136.94M
Adjusted Diluted Earnings per Share	$4.38	$2.61	$0.00	$3.75	$4.61	$4.70	$7.74	$7.42	$7.52	$19.45	$7.94
Adjusted Weighted Average Diluted Shares Outstanding	198.39M	195.23M	0.00	152.13M	146.99M	145.39M	145.27M	143.60M	140.60M	138.70M	137.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	193.20M	193.81M	0.00	144.94M	288.66M	143.65M	144.05M	139.71M	139.90M	137.23M	134.87M
Normalized Net Operating Profit after Tax (NOPAT)	685	520	688	687	822	752	1,028	1,064	1,025	485	1,093
Normalized NOPAT Margin	9.85%	8.60%	10.09%	9.83%	11.51%	11.25%	13.00%	13.57%	13.34%	6.26%	13.51%
Pre Tax Income Margin	11.51%	11.33%	12.84%	10.37%	11.81%	12.52%	17.72%	15.17%	14.61%	22.68%	16.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.05	5.99	6.98	6.47	7.85	8.44	14.13	11.18	9.45	9.55	12.81
NOPAT to Interest Expense	5.20	3.82	4.75	5.25	6.23	6.76	9.67	9.14	7.81	7.33	9.99
EBIT Less CapEx to Interest Expense	5.99	5.07	5.89	5.21	6.40	7.03	12.59	9.37	8.05	8.28	10.81
NOPAT Less CapEx to Interest Expense	4.14	2.91	3.65	3.99	4.78	5.34	8.12	7.33	6.41	6.05	7.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.66%	52.61%	34.98%	49.73%	41.63%	41.60%	25.53%	26.99%	26.90%	10.50%	25.87%
Augmented Payout Ratio	98.66%	52.61%	47.92%	206.67%	62.76%	57.15%	27.45%	81.90%	26.90%	29.04%	75.30%

This table displays calculated financial ratios and metrics derived from Dover's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	134,866,626.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	134,866,626.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.26%	4.86%	0.72%	3.72%	1.28%	-3.67%	-0.94%	5.17%	4.75%	8.77%	10.05%
EBITDA Growth	-8.83%	-0.22%	130.93%	13.97%	18.78%	-189.29%	12.99%	8.14%	-1.56%	-51.24%	6.22%
EBIT Growth	-9.11%	-5.19%	160.82%	15.22%	19.74%	-253.08%	14.89%	6.68%	-4.72%	-58.04%	4.69%
NOPAT Growth	-7.68%	11.85%	-7.33%	12.46%	-2.47%	-29.64%	19.12%	8.71%	9.60%	20.28%	1.81%
Net Income Growth	1.30%	12.40%	176.59%	16.34%	19.79%	384.70%	-63.49%	-0.98%	-12.99%	-80.36%	3.30%
EPS Growth	3.00%	13.44%	177.30%	18.60%	21.84%	391.94%	-63.05%	-0.98%	-12.75%	-80.15%	4.79%
Operating Cash Flow Growth	7.49%	78.27%	-30.96%	4.31%	-2.05%	-11.96%	7.52%	42.34%	20.10%	23.92%	21.29%
Free Cash Flow Firm Growth	102.12%	99.89%	3.30%	66.32%	-2,948.85%	-11,101.26%	133.39%	-412.76%	-13.31%	-5,858.40%	-687.91%
Invested Capital Growth	3.55%	3.11%	6.54%	5.22%	9.99%	2.80%	1.71%	12.66%	10.17%	12.66%	10.03%
Revenue Q/Q Growth	-6.75%	-21.01%	-0.56%	4.03%	-8.94%	-24.87%	25.23%	9.84%	1.38%	1.02%	-2.17%
EBITDA Q/Q Growth	1.87%	-22.92%	110.08%	-48.95%	6.17%	-157.95%	234.87%	16.89%	9.04%	-8.74%	-8.68%
EBIT Q/Q Growth	4.72%	-29.53%	133.82%	-54.05%	8.83%	-190.09%	180.26%	19.49%	10.29%	-11.13%	-10.60%
NOPAT Q/Q Growth	5.75%	-15.01%	-27.03%	26.59%	-8.30%	-38.68%	44.85%	17.55%	4.97%	-5.92%	-12.30%
Net Income Q/Q Growth	19.61%	2.25%	113.40%	-55.42%	23.16%	313.71%	-83.93%	20.90%	8.22%	-6.60%	-15.47%
EPS Q/Q Growth	19.77%	2.43%	114.22%	-54.87%	23.04%	313.55%	-83.91%	20.96%	8.42%	-5.94%	-15.05%
Operating Cash Flow Q/Q Growth	45.68%	75.28%	-67.74%	22.25%	36.81%	57.54%	-64.13%	34.84%	99.80%	28.22%	-64.89%
Free Cash Flow Firm Q/Q Growth	105.11%	-102.78%	-95.64%	58.09%	-332.39%	89.08%	288.42%	-856.43%	27.19%	-34.09%	20.39%
Invested Capital Q/Q Growth	-2.85%	3.20%	1.56%	0.50%	1.55%	-3.54%	3.32%	11.32%	-0.70%	-1.36%	0.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.75%	40.23%	36.16%	37.72%	38.48%	41.38%	39.95%	39.92%	40.12%	39.10%	38.86%
EBITDA Margin	21.33%	20.81%	43.71%	21.45%	25.01%	-19.29%	20.78%	22.11%	23.78%	21.48%	20.05%
Operating Margin	17.18%	15.75%	14.05%	16.96%	16.82%	14.04%	15.88%	17.30%	18.15%	16.45%	14.90%
EBIT Margin	17.71%	15.80%	39.66%	17.52%	20.94%	-25.11%	16.09%	17.50%	19.04%	16.75%	15.31%
Profit (Net Income) Margin	14.80%	19.15%	30.19%	12.94%	17.50%	96.36%	12.37%	13.62%	14.53%	13.44%	11.61%
Tax Burden Percent	91.05%	135.62%	79.14%	79.77%	89.85%	657.16%	78.14%	79.26%	78.19%	82.83%	79.77%
Interest Burden Percent	91.76%	89.38%	96.19%	92.59%	93.03%	-58.41%	98.37%	98.14%	97.62%	96.84%	95.08%
Effective Tax Rate	17.68%	3.38%	20.86%	20.23%	19.01%	20.82%	19.01%	20.44%	21.48%	19.31%	20.12%
Return on Invested Capital (ROIC)	15.72%	15.19%	11.87%	14.42%	14.65%	10.86%	12.07%	12.35%	12.90%	12.57%	11.30%
ROIC Less NNEP Spread (ROIC-NNEP)	15.89%	17.21%	16.92%	14.26%	15.62%	77.76%	11.96%	12.31%	12.96%	12.82%	11.23%
Return on Net Nonoperating Assets (RNNOA)	0.00%	11.01%	0.00%	0.00%	0.00%	24.49%	0.00%	0.00%	0.00%	2.44%	0.00%
Return on Equity (ROE)	0.00%	26.20%	0.00%	0.00%	0.00%	35.35%	0.00%	0.00%	0.00%	15.01%	0.00%
Cash Return on Invested Capital (CROIC)	10.98%	10.24%	7.60%	9.11%	4.70%	9.36%	10.46%	-0.17%	2.31%	0.92%	3.08%
Operating Return on Assets (OROA)	13.68%	10.92%	29.42%	13.47%	15.79%	-16.30%	10.10%	11.21%	11.91%	10.46%	9.69%
Return on Assets (ROA)	11.43%	13.23%	22.40%	9.95%	13.20%	62.57%	7.76%	8.72%	9.09%	8.39%	7.35%
Return on Common Equity (ROCE)	0.00%	26.20%	0.00%	0.00%	0.00%	35.35%	0.00%	0.00%	0.00%	15.01%	0.00%
Return on Equity Simple (ROE_SIMPLE)	21.19%	0.00%	28.34%	27.97%	27.33%	0.00%	32.16%	30.81%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	277	235	233	295	270	166	240	282	296	279	244
NOPAT Margin	14.15%	15.22%	11.12%	13.53%	13.62%	11.12%	12.86%	13.76%	14.25%	13.27%	11.90%
Net Nonoperating Expense Percent (NNEP)	-0.17%	-2.02%	-5.05%	0.16%	-0.97%	-66.90%	0.11%	0.04%	-0.07%	-0.25%	0.07%
Return On Investment Capital (ROIC_SIMPLE)	-	2.75%	-	-	-	1.68%	8.07%	9.19%	9.64%	2.60%	7.43%
Cost of Revenue to Revenue	62.25%	59.77%	63.84%	62.28%	61.52%	58.62%	60.05%	60.08%	59.88%	60.90%	61.14%
SG&A Expenses to Revenue	20.57%	24.47%	22.12%	20.76%	21.66%	27.34%	24.07%	22.62%	21.97%	22.65%	23.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.57%	24.47%	22.12%	20.76%	21.66%	-12.78%	23.94%	22.52%	21.97%	22.65%	23.97%
Earnings before Interest and Taxes (EBIT)	347	244	830	382	415	-374	300	359	396	352	314
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	418	322	915	467	496	-287	388	453	494	451	412
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.17	0.00	0.00	0.00	3.70	0.00	0.00	0.00	3.62	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	55.06	0.00	0.00	0.00	124.23	0.00
Price to Revenue (P/Rev)	2.33	2.77	2.92	2.91	3.08	3.32	3.12	3.21	2.89	3.31	3.40
Price to Earnings (P/E)	18.82	20.13	16.92	16.53	16.92	9.54	10.50	10.96	10.18	24.48	25.52
Dividend Yield	1.47%	1.33%	1.15%	1.13%	1.07%	1.09%	1.17%	1.12%	1.24%	1.06%	1.00%
Earnings Yield	5.31%	4.97%	5.91%	6.05%	5.91%	10.48%	9.52%	9.13%	9.83%	4.09%	3.92%
Enterprise Value to Invested Capital (EV/IC)	2.92	3.11	3.40	3.37	3.52	3.34	3.04	2.91	2.66	3.14	3.26
Enterprise Value to Revenue (EV/Rev)	2.68	3.17	3.28	3.24	3.43	3.46	3.27	3.44	3.08	3.51	3.59
Enterprise Value to EBITDA (EV/EBITDA)	13.37	15.74	12.47	12.12	12.44	16.86	15.45	16.13	14.68	15.92	16.44
Enterprise Value to EBIT (EV/EBIT)	16.38	19.61	14.60	14.17	14.54	21.40	19.56	20.48	18.84	20.21	20.95
Enterprise Value to NOPAT (EV/NOPAT)	20.54	23.75	25.15	24.33	25.97	27.90	25.23	26.29	23.24	25.92	27.03
Enterprise Value to Operating Cash Flow (EV/OCF)	20.90	19.96	21.98	21.76	23.22	24.66	23.00	23.17	19.79	21.25	21.70
Enterprise Value to Free Cash Flow (EV/FCFF)	27.07	30.85	46.11	37.91	78.54	36.13	29.33	0.00	120.61	360.46	110.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.68	0.00	0.00	0.00	0.42	0.00	0.00	0.00	0.45	0.00
Long-Term Debt to Equity	0.00	0.59	0.00	0.00	0.00	0.36	0.00	0.00	0.00	0.35	0.00
Financial Leverage	0.00	0.64	0.00	0.00	0.00	0.31	0.00	0.00	0.00	0.19	0.00
Leverage Ratio	0.00	2.37	0.00	0.00	0.00	1.98	0.00	0.00	0.00	1.81	0.00
Compound Leverage Factor	0.00	2.12	0.00	0.00	0.00	-1.16	0.00	0.00	0.00	1.75	0.00
Debt to Total Capital	100.00%	40.39%	100.00%	100.00%	100.00%	29.64%	100.00%	100.00%	100.00%	31.01%	100.00%
Short-Term Debt to Total Capital	6.57%	5.47%	24.58%	6.64%	11.20%	4.05%	13.46%	13.05%	13.05%	6.58%	21.06%
Long-Term Debt to Total Capital	93.43%	34.92%	75.42%	93.36%	88.80%	25.59%	86.54%	86.95%	86.95%	24.42%	78.94%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	59.61%	0.00%	0.00%	0.00%	70.36%	0.00%	0.00%	0.00%	68.99%	0.00%
Debt to EBITDA	1.90	2.24	1.77	1.39	1.44	1.84	1.82	1.84	1.85	1.86	1.82
Net Debt to EBITDA	1.73	1.98	1.35	1.25	1.27	0.68	0.71	1.08	0.91	0.92	0.91
Long-Term Debt to EBITDA	1.78	1.94	1.34	1.30	1.27	1.59	1.57	1.60	1.61	1.47	1.43
Debt to NOPAT	2.92	3.38	3.58	2.79	3.00	3.05	2.97	3.00	2.93	3.03	2.99
Net Debt to NOPAT	2.66	2.99	2.73	2.50	2.65	1.13	1.17	1.76	1.45	1.51	1.50
Long-Term Debt to NOPAT	2.73	2.92	2.70	2.61	2.66	2.63	2.57	2.61	2.54	2.39	2.36
Altman Z-Score	2.96	4.25	3.20	3.50	3.51	5.02	3.54	3.51	3.28	5.02	3.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.58	1.40	1.31	1.53	1.57	2.04	2.13	1.95	2.04	1.79	1.87
Quick Ratio	0.84	0.71	0.82	0.89	0.76	1.46	1.49	1.27	1.36	1.21	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17	-0.47	-269	-113	-487	-53	100	-757	-551	-739	-588
Operating Cash Flow to CapEx	754.95%	870.47%	374.58%	498.29%	985.28%	814.28%	326.76%	348.49%	783.46%	954.48%	319.35%
Free Cash Flow to Firm to Interest Expense	0.53	-0.02	-7.38	-3.48	-14.26	-1.88	3.63	-28.26	-20.24	-26.28	-19.93
Operating Cash Flow to Interest Expense	8.78	16.14	4.58	6.29	8.16	15.51	5.70	7.93	15.57	19.33	6.47
Operating Cash Flow Less CapEx to Interest Expense	7.62	14.28	3.36	5.03	7.34	13.60	3.96	5.65	13.59	17.31	4.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.77	0.69	0.74	0.77	0.75	0.65	0.63	0.64	0.63	0.62	0.63
Accounts Receivable Turnover	5.44	5.42	5.67	5.47	5.75	5.79	5.33	5.15	5.50	5.94	5.86
Inventory Turnover	3.92	3.84	4.04	4.08	4.31	4.18	3.85	3.74	3.77	4.03	3.88
Fixed Asset Turnover	8.48	7.75	8.30	8.36	8.61	7.88	7.58	7.44	7.56	7.68	7.77
Accounts Payable Turnover	4.98	5.01	5.33	5.36	5.86	5.62	5.21	5.16	5.54	5.66	5.51
Days Sales Outstanding (DSO)	67.16	67.40	64.35	66.77	63.51	63.03	68.45	70.89	66.36	61.47	62.24
Days Inventory Outstanding (DIO)	93.16	95.12	90.30	89.49	84.68	87.26	94.89	97.64	96.82	90.52	94.00
Days Payable Outstanding (DPO)	73.27	72.84	68.42	68.03	62.33	64.90	70.11	70.76	65.92	64.54	66.29
Cash Conversion Cycle (CCC)	87.04	89.68	86.22	88.22	85.86	85.39	93.23	97.76	97.25	87.45	89.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,577	7,820	8,165	8,206	8,334	8,039	8,305	9,246	9,181	9,056	9,138
Invested Capital Turnover	1.11	1.00	1.07	1.07	1.08	0.98	0.94	0.90	0.90	0.95	0.95
Increase / (Decrease) in Invested Capital	260	236	501	407	757	219	140	1,039	847	1,018	833
Enterprise Value (EV)	22,141	24,337	27,730	27,642	29,356	26,822	25,275	26,926	24,396	28,429	29,761
Market Capitalization	19,274	21,276	24,718	24,799	26,356	25,737	24,108	25,122	22,878	26,778	28,113
Book Value per Share	$0.00	$36.50	$0.00	$0.00	$0.00	$50.69	$0.00	$0.00	$0.00	$53.99	$0.00
Tangible Book Value per Share	($41.77)	($6.98)	($46.64)	($46.81)	($48.16)	$3.41	($47.54)	($53.03)	($52.61)	$1.57	($52.67)
Total Capital	3,152	8,567	3,942	3,171	3,387	9,883	2,973	3,069	3,071	10,733	3,290
Total Debt	3,152	3,460	3,942	3,171	3,387	2,929	2,973	3,069	3,071	3,328	3,290
Total Long-Term Debt	2,945	2,992	2,973	2,961	3,008	2,529	2,573	2,669	2,670	2,621	2,597
Net Debt	2,868	3,061	3,013	2,843	3,000	1,085	1,167	1,804	1,518	1,651	1,648
Capital Expenditures (CapEx)	38	57	44	41	28	54	48	61	54	57	60
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,192	1,046	965	1,014	1,351	843	1,010	1,190	1,145	1,018	1,221
Debt-free Net Working Capital (DFNWC)	1,476	1,445	1,894	1,342	1,738	2,688	2,815	2,455	2,698	2,695	2,862
Net Working Capital (NWC)	1,269	976	926	1,132	1,359	2,288	2,415	2,055	2,297	1,988	2,170
Net Nonoperating Expense (NNE)	-13	-61	-399	13	-77	-1,270	9.17	3.06	-5.84	-3.46	5.91
Net Nonoperating Obligations (NNO)	7,577	2,713	8,165	8,206	8,334	1,085	8,305	9,246	9,181	1,651	9,138
Total Depreciation and Amortization (D&A)	71	78	85	86	81	87	87	94	98	99	97
Debt-free, Cash-free Net Working Capital to Revenue	14.40%	13.61%	11.41%	11.88%	15.79%	10.89%	13.06%	15.21%	14.45%	12.58%	14.74%
Debt-free Net Working Capital to Revenue	17.83%	18.80%	22.41%	15.73%	20.31%	34.70%	36.42%	31.36%	34.05%	33.30%	34.57%
Net Working Capital to Revenue	15.33%	12.71%	10.95%	13.27%	15.88%	29.54%	31.25%	26.25%	28.99%	24.57%	26.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.07	$2.12	$4.55	$2.05	$2.53	$10.45	$1.68	$2.03	$2.20	$2.08	$1.77
Adjusted Weighted Average Basic Shares Outstanding	139.88M	139.85M	139.05M	137.44M	137.25M	137.74M	137.27M	137.23M	137.24M	136.94M	134.98M
Adjusted Diluted Earnings per Share	$2.06	$2.11	$4.52	$2.04	$2.51	$10.38	$1.67	$2.02	$2.19	$2.06	$1.75
Adjusted Weighted Average Diluted Shares Outstanding	140.62M	140.60M	139.87M	138.40M	138.22M	138.70M	138.26M	137.97M	138.03M	137.78M	135.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	139.89M	139.90M	137.43M	137.46M	137.19M	137.23M	137.10M	137.13M	137.15M	134.87M	134.66M
Normalized Net Operating Profit after Tax (NOPAT)	277	235	233	295	270	166	238	280	296	279	244
Normalized NOPAT Margin	14.15%	15.22%	11.12%	13.53%	13.62%	11.12%	12.75%	13.68%	14.25%	13.27%	11.90%
Pre Tax Income Margin	16.25%	14.12%	38.15%	16.22%	19.48%	14.66%	15.83%	17.18%	18.59%	16.22%	14.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.71	7.91	22.84	11.79	12.17	-13.22	10.88	13.39	14.53	12.50	10.65
NOPAT to Interest Expense	8.55	7.62	6.40	9.10	7.92	5.85	8.69	10.53	10.87	9.90	8.28
EBIT Less CapEx to Interest Expense	9.54	6.06	21.61	10.52	11.34	-15.12	9.13	11.12	12.54	10.47	8.62
NOPAT Less CapEx to Interest Expense	7.39	5.77	5.18	7.84	7.09	3.95	6.95	8.26	8.88	7.88	6.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.71%	26.90%	19.51%	18.96%	18.22%	10.50%	12.33%	12.36%	12.63%	25.87%	25.60%
Augmented Payout Ratio	27.71%	26.90%	53.75%	52.30%	50.33%	29.04%	14.10%	14.14%	14.44%	75.30%	75.89%

Financials Breakdown Chart

Key Financial Trends

Market insight: Dover (DOV) has shown a positive trajectory on the top line in 2025, healthy operating cash flow, and active capital allocation, while maintaining solid liquidity. The quarterly data below highlights four years of performance through Q4 2025, with a focus on recent trends most relevant to retail investors.

Revenue growth: Dover’s quarterly revenue rose to about $2.10B in Q4 2025, up from about $1.49B in Q4 2024, indicating sustained top-line growth.
Strong operating cash flow: Net cash from continuing operating activities reached roughly $543.9M in Q4 2025, up from about $439.0M in Q4 2024, underscoring durable cash generation.
Robust free cash flow: Free cash flow (approx. CFO minus capex) was about $487M in Q4 2025, reflecting solid cash generation after capital spending.
Capital return activity: Dover executed notable share repurchases (about $500M in Q4 2025), signaling management’s confidence in the stock and a capital-return mindset.
Margin context: Gross margin has remained solid around 39–41% across 2024–2025, with a modest dip in Q4 2025 versus Q4 2024 (indicative of slight margin pressure but still healthy).
Debt and leverage stability: Long-term debt sits in the low-to-mid $2.6B range, with total liabilities and equity structure remaining broadly stable over the period.
Non-operating items: Quarterly results feature some variability from other income/expense and small discontinued-operation contributions, which can temper headline earnings but are portions of normal quarterly volatility.
Net income volatility: Net income attributable to common shareholders in Q4 2025 declined versus Q4 2024, highlighting quarterly earnings volatility or one‑time items affecting bottom line.
Gross margin trend: The slight gross-margin compression from 41% (late 2024) toward ~39% (Q4 2025) suggests margin pressure that investors may want monitored.
Financing outflow intensity: Net cash from financing activities was more negative in Q4 2025 (larger buybacks and debt activity) compared with a year earlier, which can press cash balances in the near term.

05/19/26 03:36 PM ETAI Generated. May Contain Errors.

Dover Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dover's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Dover's net income appears to be on an upward trend, with a most recent value of $1.09 billion in 2025, rising from $869.83 million in 2015. The previous period was $2.70 billion in 2024. Find out what analysts predict for Dover in the coming months.

Dover's total operating income in 2025 was $1.37 billion, based on the following breakdown:

Total Gross Profit: $3.22 billion
Total Operating Expenses: $1.84 billion

Over the last 10 years, Dover's total revenue changed from $6.96 billion in 2015 to $8.09 billion in 2025, a change of 16.3%.

Dover's total liabilities were at $6.02 billion at the end of 2025, a 8.3% increase from 2024, and a 21.3% increase since 2015.

In the past 10 years, Dover's cash and equivalents has ranged from $349.15 million in 2016 to $1.84 billion in 2024, and is currently $1.68 billion as of their latest financial filing in 2025.

Over the last 10 years, Dover's book value per share changed from 23.52 in 2015 to 53.99 in 2025, a change of 129.6%.

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Financial statements for NYSE:DOV last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Dover (DOV) Financials

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