Dover Corporation, founded in 1955 and headquartered in Downers Grove, Illinois, is a diversified industrial manufacturer trading on the NYSE under DOV. It offers a broad range of engineered products including industrial pumps, compressors, and automation systems designed for sectors such as energy, transportation, and manufacturing. Under the leadership of CEO Richard J. Tobin since 2012, Dover leverages recurring revenue, strategic acquisitions, and continuous innovation to secure niche market shares of 10-15%. The company’s commitment to digital transformation and sustainable practices underpins its strategy for future growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
8,092,570
7,745,910
7,684,480
7,844,170
Cost of Sales
4,874,400
4,787,290
4,816,930
4,939,220
Gross Profit
3,218,170
2,958,620
2,867,540
2,904,950
Selling, General & Administrative Expenses
1,844,810
1,752,270
1,648,200
1,625,310
Operating Profit
1,373,360
1,206,360
1,219,340
1,279,640
Interest and Investment Income
73,032
37,158
13,496
4,429
Interest Expense
(109,772)
(131,171)
(131,304)
(116,456)
Non-Operating Income
37,631
644,674
21,468
22,589
Total Non-Operating Income
891
550,661
(96,340)
(89,438)
Income Before Provision for Income Taxes
1,374,250
1,757,020
1,123,000
1,190,200
Provision for Income Taxes
276,823
357,048
179,136
200,291
Consolidated Net Income
1,097,430
1,399,970
943,864
989,912
Net Income Attributable to Discontinued Operations
(3,473)
1,297,160
112,964
75,464
Net Income Attributable to Common Shareholders
1,093,960
2,697,130
1,056,830
1,065,380
Basic EPS
7.99
19.58
7.56
6.94
Diluted EPS
7.94
19.45
7.52
6.89
Basic Weighted Average Shares Outstanding
136,935
137,735
139,848
142,681
Diluted Weighted Average Shares Outstanding
137,777
138,696
140,599
143,595
Shares Outstanding
134,846
137,216
139,896
139,699
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,676,810
1,844,880
398,561
380,868
Total Cash and Cash Equivalents
1,676,810
1,844,880
398,561
380,868
Accounts Receivable
1,371,350
1,354,230
1,321,110
1,516,870
Total Trade Receivables
1,371,350
1,354,230
1,321,110
1,516,870
Inventories
1,272,780
1,144,840
1,144,090
1,366,610
Other Current Assets
185,996
140,557
526,478
159,118
Total Current Assets
4,506,940
4,484,500
3,390,240
3,423,470
Net Property, Plant & Equipment
1,119,620
987,924
978,472
1,004,830
Net Intangible Assets
1,759,620
1,580,850
1,445,200
1,333,740
Goodwill
5,430,040
4,905,700
4,637,560
4,669,490
Other Long-Term Assets
606,206
550,183
897,038
465,000
Total Assets
13,422,400
12,509,200
11,348,500
10,896,500
Accounts Payable
875,678
848,006
854,465
1,068,140
Accrued Expenses
720,386
715,649
641,766
680,998
Short-Term Debt
706,677
400,056
468,282
735,772
Current Portion of Long-Term Debt
706,677
400,056
468,282
735,772
Unearned Revenue
155,025
198,629
194,798
256,933
Other Current Liabilities
60,723
34,187
254,459
31,427
Total Current Liabilities
2,518,490
2,196,530
2,413,770
2,773,270
Long-Term Debt
2,621,300
2,529,350
2,991,760
2,942,510
Other Long-Term Liabilities
877,433
829,291
836,379
894,366
Total Long-Term Liabilities
3,498,730
3,358,640
3,828,140
3,836,880
Total Liabilities
6,017,220
5,555,160
6,241,910
6,610,150
Common Stock
—
260,031
259,842
259,644
Treasury Stock
—
(7,280,580)
(6,797,690)
(6,797,690)
Additional Paid-in Capital
—
892,686
886,690
867,560
Accumulated Other Comprehensive Income
—
(327,776)
(237,866)
(266,223)
Retained Earnings
—
13,409,600
10,995,600
10,223,100
Total Common Shareholders' Equity
—
6,954,000
5,106,610
4,286,370
Total Shareholders' Equity
7,405,210
6,954,000
5,106,610
4,286,370
Total Liabilities and Shareholders' Equity
13,422,400
12,509,200
11,348,500
10,896,500
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,093,960
2,697,130
1,056,830
1,065,380
Depreciation & Amortization
379,577
337,842
305,046
295,660
Share-Based Compensation Expense
43,981
40,359
30,766
30,075
Other Adjustments
(44,148)
(1,961,980)
(202,125)
(113,215)
Changes in Trade Receivables
49,405
(43,894)
100,393
(184,562)
Changes in Inventories
(37,210)
4,418
141,747
(190,731)
Changes in Accounts Payable
(15,643)
9,076
(114,198)
17,268
Changes in Accrued Expenses
(91,039)
67,846
(76,730)
(92,446)
Changes in Income Taxes Payable
(11,972)
(23,245)
(16,821)
(62,433)
Changes in Other Operating Activities
(33,332)
(379,174)
111,439
40,733
Cash from Operating Activities
1,333,580
748,379
1,336,350
805,725
Capital Expenditure
(220,263)
(167,533)
(183,406)
(211,082)
Payments for Business Acquisitions
(663,270)
(635,269)
(533,623)
(312,855)
Proceeds from Business Divestments
5,998
768,847
—
—
Other Investing Activities
(18,855)
1,992,610
(9,601)
(16,986)
Cash from Investing Activities
(896,390)
1,958,660
(726,630)
(540,923)
Issuance of Long-Term Debt
631,186
—
—
—
Repayments of Long-Term Debt
(400,000)
—
—
—
Net Issuance / (Repayments) of Long-Term Debt
231,186
—
—
—
Repurchases of Common Shares
(540,700)
(500,000)
—
(585,000)
Net Issuance / (Repurchases) of Common Shares
(540,700)
(500,000)
—
(585,000)
Common Share Dividends Paid
(283,007)
(283,117)
(284,297)
(287,551)
Other Financing Activities
(32,349)
(488,556)
(283,759)
612,286
Cash from Financing Activities
(624,870)
(1,271,670)
(568,056)
(260,265)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
19,616
(6,348)
(6,666)
(9,173)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash