FINANCIAL MODEL

Dover Corporation

DOV · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	6,043	6,821	6,992	7,136	6,684	7,907	8,508	8,438	7,746	8,093
Cost of Goods Sold	3,816	4,292	4,433	4,515	4,210	4,937	5,445	5,354	4,787	4,874
Gross Profit
SG&A	1,519	1,722	1,716	1,599	1,541	1,688	1,684	1,718	1,752	1,845
R&D
EBITDA
D&A	250	283	283	272	279	290	308	317	338	380
EBIT (Operating Income)	709	807	843	975	933	1,282	1,379	1,366	1,206	1,373
Interest Expense	136	145	131	126	112	106	116	131	131	110
Pre-Tax Income	685	876	725	843	842	1,401	1,288	1,270	1,757	1,374
Tax Expense	183	129	134	165	158	277	222	213	357	277
Net Income	502	747	591	678	683	1,124	1,065	1,057	1,400	1,097
Diluted EPS	3.21	4.73	3.89	4.61	4.70	7.74	7.42	7.52	10.09	7.97
Diluted Shares (M)	156.6	157.7	152.1	147.0	145.4	145.3	143.6	140.6	138.7	137.8
Balance Sheet
Total Cash & Equivalents	349	754	396	397	513	386	381	399	1,845	1,677
Short-term Debt		581	220	85	0	106	736	468	400	707
Long-term Debt		2,987	2,944	2,986	3,109	3,019	2,943	2,992	2,529	2,621
Total Debt
Net Debt
Total Current Assets		2,790	2,504	2,548	2,619	3,062	3,423	3,390	4,484	4,507
Total Current Liabilities		2,142	1,827	1,750	1,739	2,250	2,773	2,414	2,197	2,518
Total Assets	10,130	10,658	8,366	8,669	9,152	10,404	10,897	11,349	12,509	13,422
Total Liabilities	6,331	6,275	5,597	5,637	5,766	6,214	6,610	6,242	5,555	6,017
Shareholders' Equity	3,800	4,383	2,769	3,033	3,386	4,190	4,286	5,107	6,954	7,405
Minority Interest
Intangibles & Goodwill		3,686	3,677	3,783	4,073	4,559	4,669	4,882	4,906	5,430
PP&E		788	806	842	897	957	1,005	1,032	988	1,120
Receivables		1,184	1,232	1,217	1,137	1,348	1,517	1,432	1,354	1,371
Payables		882	970	983	854	1,074	1,068	959	848	876
Inventory		677	749	806	836	1,191	1,367	1,225	1,145	1,273
Retained Earnings	7,928	8,456	7,815	8,211	8,608	9,445	10,223	10,996	13,410	14,221
Cash Flow
Cash from Operations	735	739	789	945	1,105	1,116	806	1,336	1,088	1,338
Capital Expenditures	140	170	171	187	166	171	221	193	168	220
Free Cash Flow
Stock-Based Compensation	19	24	24	30	25	31	31	31	40	44
Dividends Paid	268	284	284	282	284	287	288	284	283	283
Share Repurchases		105	895	143	106	22	585		500	541