DOVER CorpDOV

DOVER Corp Financial Overview 2021–2025

Updated Aug 8, 2026

Dover Corporation’s deliberate portfolio optimization unlocked a massive $2.0 billion windfall from the divestiture of its Environmental Solutions Group in FY2024, fundamentally transforming its balance sheet. The industrial conglomerate is successfully pivoting from raw top-line growth to margin and cash-flow maximization, utilizing its capital to fund targeted acquisitions while steadily returning cash to shareholders.

Consolidated revenue shifted from $7.9 billion in FY2021 to $8.1 billion in FY2025, a modest trajectory that reflects strategic divestitures rather than operational stagnation. By shedding non-core businesses and executing strict pricing strategies, Dover expanded its gross profit margin from 37.6% in FY2021 to 39.8% by FY2025. The leaner company operates as a highly efficient cash engine, generating $1.1 billion in free cash flow—representing 13.8% of total revenue—during FY2025.

Proceeds from massive asset sales slashed Dover's net debt to net capitalization ratio from 37.3% in FY2023 to just 13.5% in FY2024. The company immediately deployed this unlocked liquidity into strategic bolt-on acquisitions and a $500 million accelerated share repurchase program late in FY2025. Rewarding this structural profitability and de-risked balance sheet, the market valued the enterprise at 24.6x earnings, with the stock closing at $195.24 per share at the end of FY2025.

Recent Developments (Q1 and Q2 2026)

Dover maintained revenue growth in the first half of 2026, highlighted by a 6.9% increase to $2.19 billion in Q2 2026. First-half revenue reached $4.24 billion. Favorable pricing drove a 30 basis point expansion in the Q2 2026 gross margin to 40.2%. This yielded $312.5 million in earnings from continuing operations. Dover also secured a new $1.5 billion five-year revolving credit facility in April 2026 to bolster liquidity.

The bull case focuses on a 16.1% bookings increase in Q2 2026 following a 23.8% rise in Q1 2026, indicating sustained order volume. The bear case centers on rising restructuring costs, which hit $36.8 million in Q1 2026 alongside margin pressures from unfavorable product mix combinations early in the year. Investors price the stock at 24.9x earnings as of July 23, 2026.

What to watch: impact of restructuring costs on operating margins; utilization of the $1.5 billion credit facility for strategic acquisitions.

Rev

$8.09B

+4.5% YoY

FY2025

NI

$1.09B

-59.4% YoY

FY2025

EPS

$7.99

-59.2% YoY

FY2025

OCF

$1.34B

+23.0% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All DOV Financial Metrics(61)

Recent SEC Filings

DOVER Corp 8-K Report, Financial Results (Jul 23, 2026)

Dover Corporation (DOV) has filed an 8-K on July 23, 2026, to report its financial results for the quarter ended June 30, 2026. The core of this filing is the press release detailing these results, which is being furnished under Item 2.02. Investors should note that this information is not being incorporated into future SEC filings, maintaining its standalone reporting status. The company has also announced an investor conference call and webcast scheduled for the same day, July 23, 2026, at 8:30 a.m. Central time. This call will provide a platform for management to discuss the second-quarter operational and financial performance in more detail, offering an opportunity for analysts and investors to gain further insights and ask questions.

DOVER Corp 8-K Report, Shareholder Vote Results (May 12, 2026)

Dover Corporation (DOV) filed an 8-K on May 12, 2026, detailing the results of its Annual Meeting of Shareholders held on May 8, 2026. The meeting saw the election of nine directors, each receiving substantial 'For' votes, indicating shareholder confidence in the current board composition. Additionally, shareholders overwhelmingly ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2026. The advisory vote on executive compensation, often referred to as 'Say-on-Pay,' also received a majority of 'For' votes, suggesting general approval of the compensation packages for named executive officers.

DOVER Corp 8-K Report, Financial Results (Apr 23, 2026)

Dover Corporation (DOV) has filed a Form 8-K on April 23, 2026, to announce its financial results for the quarter ended March 31, 2026. The report primarily consists of a press release detailing these results, which is furnished as Exhibit 99.1. Investors should refer to this press release for specific financial figures and operational performance metrics. The company has also scheduled an investor conference call and webcast for the same day, April 23, 2026, at 8:30 a.m. Central time (9:30 a.m. Eastern time). This call will provide a platform for management to discuss the first-quarter 2026 financial performance and outlook in more detail, offering an opportunity for investors to gain further insights and ask questions.

DOVER Corp 8-K Report, Material Agreement (Apr 8, 2026)

Dover Corporation (DOV) has announced the establishment of a new $1.5 billion, five-year unsecured revolving credit facility, effective April 2, 2026. This facility replaces a previous $1 billion credit line that was set to mature. The new facility, also managed by JPMorgan Chase Bank, N.A. as Administrative Agent, provides enhanced liquidity for the Company's commercial paper program and general corporate purposes. The increased capacity and extended maturity signal a proactive approach to managing the company's financial flexibility and ensuring access to capital markets. The credit agreement includes a sub-limit of $250 million for letters of credit and offers flexibility in borrowing currencies, including USD, EUR, GBP, CAD, and SEK. Interest rates are benchmark-based with specified applicable margins that vary with Dover's credit rating, alongside a facility fee. The agreement also contains customary covenants and events of default, similar to its predecessor, including a minimum interest coverage ratio of 3.00:1.00, ensuring financial discipline.

DOVER Corp 8-K Report, Financial Results (Jan 29, 2026)

Dover Corporation (DOV) has filed an 8-K Current Report on January 29, 2026, to announce its financial results for the quarter ended December 31, 2025. The primary information is contained within the press release (Exhibit 99.1), which details the company's performance. Investors should note that the information furnished in this report is not intended to be incorporated by reference into future SEC filings, maintaining a clear distinction for this specific reporting period. The company also announced its intention to hold an investor conference call and webcast on the same day, January 29, 2026, at 11:00 a.m. Central time. This call will provide a platform for management to discuss the fourth-quarter results in detail and address investor inquiries, offering further insights beyond the initial press release.

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