Is Dover financially healthy?

On 30 September 2026 Dover held 1.69B USD in cash and short-term investments against total debt of 3.26B USD. Its current ratio is 1.95: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 1.19B USD of free cash flow.

Dover's revenue grew 3.9% a year over its last five fiscal years, from 6.68B USD in fiscal year 2020 to 8.09B USD in fiscal year 2025. Over the last twelve months it was up 8.2% on the twelve months before.

Where can I find Dover's annual report (10-K)?

Dover files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Dover
D
Quotes are delayed by 15 minutes

DOV

Arincen ScoreBeta80/100

80/100B

210.480

USD

1.02

(0.49%)

Market Open

Last updated: 13 Nov, 10:41 GMT-5 · Delayed 15 min

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 2.79Revenue estimate 2.23B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 2.79Revenue estimate 2.23B

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 2.79Revenue estimate 2.23B

Q4 FY2026 · Earnings report

Thursday 4 February

EPS estimate 2.79Revenue estimate 2.23B

Overview Financials Forecast Earnings Dividends Company

Dover financials

Yes. Dover earned 1.17B USD of net income over the last twelve months, 13.6% of its revenue. It made a profit in 40 of its 41 fiscal years since 1985. Its last loss was in fiscal year 2002.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 8.58B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 1.17B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 1.19B USD
Cash and short-term investments: 1.69B USD
Total debt: 3.26B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 7.64B USD

Cash, debt and equity as of 30 Sept 2026.

Dover earnings

Next earnings · Q4 FY2026

4 Feb 2027

EPS estimate

2.79 USD

Revenue estimate

2.23B USD

Last quarter · Q3 FY2026

EPS2.88Beat +1.8%Revenue2.23BBeat +0.9%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2027	—	3.16	—	—	+9.59%	2.36B	—	—	+5.85%
Q2 FY2027	—	3.05	—	—	+11.48%	2.33B	—	—	+6.53%
Q1 FY2027	—	2.58	—	—	+13.00%	2.17B	—	—	+5.75%
Q4 FY2026	4 Feb 2027	2.79	—	—	+11.16%	2.23B	—	—	+6.40%
Q3 FY2026	22 Oct 2026	2.83	2.88	+1.77%	+9.92%	2.22B	2.23B	+0.86%	+7.52%
Q2 FY2026	23 Jul 2026	2.72	2.74	+0.74%	+12.30%	2.21B	2.19B	-0.84%	+6.85%
Q1 FY2026	23 Apr 2026	2.27	2.28	+0.44%	+11.22%	2.00B	2.05B	+2.51%	+10.05%
Q4 FY2025	29 Jan 2026	2.49	2.51	+0.80%	+14.09%	2.09B	2.10B	+0.62%	+8.77%
Q3 FY2025	23 Oct 2025	2.51	2.62	+4.38%	+15.42%	2.11B	2.08B	-1.51%	+4.75%
Q2 FY2025	24 Jul 2025	2.39	2.44	+2.09%	+3.39%	2.04B	2.05B	+0.46%	-5.91%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	12.70	—	—	+7.10%	9.58B	—	—	+3.95%
FY2027	11.86	—	—	+10.99%	9.21B	—	—	+5.79%
FY2026	10.69	—	—	+11.08%	8.71B	—	—	+7.61%
FY2025	9.59	9.62	+0.35%	+9.57%	8.08B	8.09B	+0.18%	-1.14%
FY2024	8.16	8.78	+7.53%	-0.11%	7.77B	8.19B	+5.38%	-2.99%
FY2023	8.76	8.79	+0.33%	+3.90%	8.49B	8.44B	-0.65%	-0.82%
FY2022	8.45	8.46	+0.08%	+10.88%	8.49B	8.51B	+0.21%	+7.60%

Dover growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 8.58B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 1.17B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 39.68%
Operating margin: 17.05%
Net margin: 13.60%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	8.09B	+4.48%	1.09B	-59.44%	39.77%	16.97%	13.52%	1.86B	-16.28%
FY2024	7.75B	+0.80%	2.70B	+155.21%	38.20%	15.57%	34.82%	2.23B	+41.63%
FY2023	7.68B	-2.04%	1.06B	-0.80%	37.32%	15.87%	13.75%	1.57B	-2.63%
FY2022	7.84B	-0.80%	1.07B	-5.20%	37.03%	16.31%	13.58%	1.61B	-10.19%
FY2021	7.91B	+18.30%	1.12B	+64.43%	37.56%	16.21%	14.21%	1.80B	+45.80%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	2.23B	333.33M	40.44%	18.77%	14.92%
Q2 FY2026	2.19B	312.25M	40.21%	17.89%	14.26%
Q1 FY2026	2.05B	238.43M	38.86%	14.90%	11.61%
Q4 FY2025	2.10B	282.08M	39.10%	16.45%	13.44%
Q3 FY2025	2.08B	302.00M	40.12%	18.15%	14.53%

How Dover makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Pumps & Process Solutions2.15B 26.6%

Clean Energy & Fueling2.13B 26.3%

Climate & Sustainability Technologies1.56B 19.3%

Imaging & Identification1.17B 14.5%

Engineered Products1.09B 13.4%

Revenue8.09B 100.0%

Cost of revenue4.87B 60.2%

Gross profit3.22B 39.8%

Selling and administration1.84B 22.8%

Operating income1.37B 17.0%

Tax276.82M 3.4%

Other expense2.58M 0.0%

Net income1.09B 13.5%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Dover revenue breakdown

By product

FY2025

26.5%Pumps & Process Solutions26.3%Clean Energy & Fueling19.3%Climate & Sustainability Technologies14.5%Imaging & Identification13.4%Engineered Products

Segment	Revenue	Share of revenue	Change on the year
Pumps & Process Solutions	2.15B	26.5%	+13.4%
Clean Energy & Fueling	2.13B	26.3%	+10.0%
Climate & Sustainability Technologies	1.56B	19.3%	-1.3%
Imaging & Identification	1.17B	14.5%	+3.2%
Engineered Products	1.09B	13.4%	-9.7%

By region

FY2025

54.4%United States21.9%Europe11.1%Asia8.7%Americas3.9%Other Geographical Area

Region	Revenue	Share of revenue	Change on the year
United States	4.40B	54.4%	+4.7%
Europe	1.77B	21.9%	+5.5%
Asia	900.21M	11.1%	+8.1%
Americas	707.52M	8.7%	-3.0%
Other Geographical Area	315.53M	3.9%	+3.2%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	1.34B	1.12B
FY2024	748.38M	580.85M
FY2023	1.34B	1.14B
FY2022	805.72M	584.76M
FY2021	1.12B	944.40M
FY2020	1.10B	939.12M
FY2019	945.31M	758.50M
FY2018	798.64M	627.64M
FY2017	835.63M	665.57M
FY2016	861.98M	696.77M

Dover financial health

Full balance sheet

Cash and short-term investments: 1.69B USD
Total debt: 3.26B USD
Net cash: -1.57B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 1.19B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.95
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.43
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 8 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 5.54

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	1.68B	3.78B	1.12B
FY2024	1.84B	3.15B	580.85M
FY2023	398.56M	3.68B	1.14B
FY2022	380.87M	3.89B	584.76M
FY2021	385.50M	3.30B	944.40M

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	13.42B	6.02B	7.41B
FY2024	12.51B	5.56B	6.95B
FY2023	11.35B	6.24B	5.11B
FY2022	10.90B	6.61B	4.29B
FY2021	10.40B	6.21B	4.19B
FY2020	9.15B	5.77B	3.39B
FY2019	8.67B	5.64B	3.03B
FY2018	8.37B	5.60B	2.77B
FY2017	10.66B	6.28B	4.38B
FY2016	10.12B	6.32B	3.80B

Dover valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 24.39
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 19.70
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 3.26
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 3.67
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 15.32

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

28.00B USD

Total debt

3.26B USD

−

Cash and short-term investments

1.69B USD

Enterprise value

29.57B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	16.57	—	—	—	—
FY2027 (est.)	17.75	16.57	—	—	—
FY2026 (est.)	19.70	17.75	—	—	—
Now (TTM)	24.39	17.98	3.26	3.67	15.32
FY2025	24.50	18.26	3.31	3.62	15.51
FY2024	9.58	19.58	3.34	3.72	12.20
FY2023	20.35	18.82	2.80	4.21	15.77
FY2022	18.13	15.46	2.46	4.51	14.14
FY2021	23.25	21.49	3.31	6.24	16.17

Dover against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Otis Worldwide, Ingersoll Rand, Xylem, Symbotic, ITT, and Rockwell Automation, the US Industrial - Machinery companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median24.4
7.729.3
Gross marginHighest in 5 years39.8%
37.0%39.8%
Against its peers: 2 of 7Peers' median 36.9%
Operating marginHighest in 5 years17.0%
15.6%17.0%
Against its peers: 4 of 7Peers' median 16.1%
Net marginLowest in 5 years13.5%
13.5%34.8%
Against its peers: 2 of 7Peers' median 10.1%
Return on equityLowest in 5 years14.8%
14.8%38.8%
Against its peers: 2 of 6Peers' median 8.3%
Free cash flow marginAbove its median13.8%
7.5%14.9%
Against its peers: 5 of 7Peers' median 14.9%
Revenue growthAbove its median4.5%
-2.0%18.3%
Against its peers: 6 of 7Peers' median 6.8%
EPS growthLowest in 5 years-59.3%
-59.3%158.6%
Against its peers: 6 of 6Peers' median -3.0%
Debt to EBITDAAt its median2.03×
1.42×2.41×
Against its peers: 4 of 6Peers' median 1.67×
Current ratioAbove its median1.79
1.232.04
Against its peers: 3 of 7Peers' median 1.36

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	24.4	7.729.3	Above its median	—
Gross margin	39.8%	37.0%39.8%	Highest in 5 years	2 of 7
Operating margin	17.0%	15.6%17.0%	Highest in 5 years	4 of 7
Net margin	13.5%	13.5%34.8%	Lowest in 5 years	2 of 7
Return on equity	14.8%	14.8%38.8%	Lowest in 5 years	2 of 6
Free cash flow margin	13.8%	7.5%14.9%	Above its median	5 of 7
Revenue growth	4.5%	-2.0%18.3%	Above its median	6 of 7
EPS growth	-59.3%	-59.3%158.6%	Lowest in 5 years	6 of 6
Debt to EBITDA	2.03×	1.42×2.41×	At its median	4 of 6
Current ratio	1.79	1.232.04	Above its median	3 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Dover dividends

Annual dividend: 2.10 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 1.00%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 30.24%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 43
Frequency: Quarterly
Next payment: 0.53 USD
Next ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 30 Nov 2026
Next payment date: 15 Dec 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.07	2.05	2.03	2.01	1.99	1.97	1.94	1.81	1.47	1.39

Dover ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 91.84%
Institutional holders: 1,195 (+37)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.29%

Who owns the shares

Institutions 91.8% Others 8.2%

As of 30 Jun 2026

Shares free to trade

Free float 132.06M shares ·99.3% Closely held 947.02K shares ·0.7%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	4	302.87K	605.74K
Q3 2026	0	0.00	173.00
Q1 2026	3	396.24K	452.05K
Q4 2025	2	54.39K	80.04K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	137.24M	138.03M	-0.48%
FY2024	137.74M	138.70M	-1.35%
FY2023	139.85M	140.60M	-2.09%
FY2022	142.68M	143.60M	-1.16%
FY2021	143.92M	145.27M	-0.08%

Common questions about Dover's financials

Source: Financial Modeling PrepVerified against SEC filings

Dover
D
Quotes are delayed by 15 minutes

DOV

Dover financials

Dover earnings

Revenue

EPS

Dover growth and profitability

Revenue / Net income

How Dover makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Dover revenue breakdown

By product

By region

Operating and free cash flow

Dover financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Dover valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Dover against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Dover dividends

Dividends per share

Dover ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Dover's financials

Is Dover profitable?

Is Dover financially healthy?

Is Dover growing?

Where can I find Dover's annual report (10-K)?

Need help?

Dover DQuotes are delayed by 15 minutes

DOV

Dover financials

Dover earnings

Revenue

EPS

Dover growth and profitability

Revenue / Net income

How Dover makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Dover revenue breakdown

By product

By region

Operating and free cash flow

Dover financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Dover valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Dover against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Dover dividends

Dividends per share

Dover ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Dover's financials

Is Dover profitable?

Is Dover financially healthy?

Is Dover growing?

Where can I find Dover's annual report (10-K)?

Need help?

Dover
D
Quotes are delayed by 15 minutes