DOVNYSEConstruction, Mining & Materials Handling Machinery & EquipFiscal year ends December 31
DOVER Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$195.37−0.43 (-0.22%)
Close on Oct 19, 2026
- Market cap
- $26.48B
- P/E (TTM)
- 23.5
- Dividend yield
- 1.06%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
39.8%+2.8 pts over 5 years
Operating margin
17.0%+3.0 pts over 5 years
Net margin
13.5%+3.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.5% | +1.0% | +3.9% | +1.5% | |
| Gross profit | +8.8% | +3.5% | +5.4% | +2.3% | |
| Operating income | +13.8% | +2.4% | +8.0% | +4.1% | |
| Net income | -59.4% | +0.9% | +9.9% | +2.3% | |
| EPS, diluted | -59.2% | +2.3% | +11.1% | +3.8% | |
| Free cash flow | +21.5% | +27.8% | +3.5% | +3.5% | |
| Dividend per share | +1.0% | +1.0% | +1.0% | +2.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 21.3% | 15.2% | |
| Return on assets | 5.4% | 7.7% | 8.4% | |
| Current ratio | 1.33 | 1.51 | 1.79 | |
| Debt to equity | – | 0.92 | 0.54 | |
| Net debt to EBITDA | 3.41× | 2.14× | 1.35× | |
| Interest coverage | 5.2× | 8.3× | 12.5× | |
| Inventory turnover | 4.6× | 5.1× | 4.0× | |
| Capex to revenue | 2.3% | 2.5% | 2.7% | |
| Diluted shares | 157M | 145M | 138M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Dover generated $5.51B from operations and spent $4.03B on capital expenditure, dividends and share buybacks. 24% of that went back into the business.
Generated
$5.51B
Used
$4.03B
Capital expenditure$953.75M24%Dividends$1.42B35%Share buybacks$1.65B41%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin13.5%
×Asset turnover0.62×
×Equity multiplier1.81×
=Return on equity, FY202515.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 13.5% | 0.62× | 1.81× | 15.2% |
| FY2024 | 34.8% | 0.65× | 1.98× | 44.7% |
| FY2023 | 13.8% | 0.69× | 2.37× | 22.5% |
| FY2022 | 13.6% | 0.74× | 2.51× | 25.1% |
| FY2021 | 14.2% | 0.81× | 2.58× | 29.7% |
| FY2020 | 10.2% | 0.75× | 2.78× | 21.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.09B
- Cash generatingOperating cash flow above zero$1.34B
- Return on assets improvedROA up on the prior year23.8% → 8.7%
- Earnings backed by cashOperating cash flow above net income$1.34B vs $1.09B
- Less leverageLong-term debt to assets fell20.2% → 19.5%
- Better liquidityCurrent ratio rose2.04 → 1.79
- No dilutionShare count did not rise139M → 138M
- Gross margin improvedGross margin up on the prior year38.20% → 39.77%
- More efficientAsset turnover rose0.68 → 0.65