# Dover Corporation (DOV) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DOV/thesis · /stocks/DOV/memo

## Financial Snapshot

---
ticker: DOV
step: 04
generated: 2026-05-12
source: quick-research
---

### Dover Corporation (DOV) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$7.86B | $7.68B | $7.75B | +1% |
| Gross Margin | ~37% | ~37% | ~37% | flat |
| Operating Margin (adj.) | ~20% | ~20% | ~20% | flat |
| Net Income (GAAP) | ~$1.1B | ~$1.1B | ~$2.1B* | |
| Adj. EPS | ~$7.42 | $7.52 | $8.29 | +10% |

*FY2024 GAAP net income elevated by ~$1B gain from $2B sale of Environmental Solutions Group (closed Oct 2024). GAAP EPS from continuing ops was $10.09; adjusted EPS (excluding gain) was $8.29.*

*FY2026 guidance: Adj. EPS $8.95–$9.15 on revenue growth of 5–7%. Annualized adj. EPS 3-year CAGR was ~5% (FY2022–FY2024); management targets mid-to-high single-digit growth.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.2B |
| Free Cash Flow | ~$1.0B |
| FCF Margin | ~13% |
| Cash & Equivalents | ~$1.5B (elevated post-ESG sale) |
| Total Debt | ~$3.5B |
| Net Debt | ~$2.0B (net debt, declining) |
| Completed Buyback | $1.04B in FY2024, retiring ~3.9% of shares |

#### Key Ratios (approximate, FY2024)
- P/E (adj.): ~18–22x | FCF Yield: ~5%
- EV/EBITDA: ~14–16x | Dividend Yield: ~1.5%
- Revenue Growth (FY2024): +1% | FCF Margin: ~13%
- ROIC: ~15–18% | 3-year adj. EPS CAGR: ~5%

#### Growth Profile
Dover is a serial acquirer and compounder — it acquires niche industrial businesses, improves margins through the Dover Management System (DMS), then grows organically. Revenue growth is typically 2–6% organic + bolt-on acquisitions. FY2023–2024 were below-trend years: post-pandemic inventory destocking hit the Clean Energy & Fueling and Climate & Sustainability segments hard. FY2024 adj. EPS growth of 10% was helped by ESG sale proceeds and buybacks. FY2025 is expected to be a recovery year as destocking cycles in biopharma single-use components and CO2 refrigeration normalize; FY2026 guidance of 5–7% revenue growth implies a more normalized growth rate.

#### Forward Estimates
- **FY2025**: Revenue recovery expected; adj. EPS ~$8.50–$8.80 (transitional year post-ESG)
- **FY2026**: Adj. EPS $8.95–$9.15 (management guidance); revenue growth 5–7%; margins recovering toward 21%+
- **Capital allocation**: Dividend growth (69+ years), bolt-on M&A (~$500–800M/year), buybacks when valuation attractive; $1.04B completed in FY2024
- **Dividend**: $2.16/share annualized (~1.5% yield); S&P 500 Dividend Aristocrat

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DOV/fundamental

## Navigation

- Overview: /stocks/DOV
- Financials (this page): /stocks/DOV/financials
- Thesis: /stocks/DOV/thesis
- Investment Memo: /stocks/DOV/memo
- Coverage universe: /stocks