Dover (DOV) FY2021 results: revenue $7.9 billion, up 18.3% on the year

Dover Corp. (DOV) reported revenue of $7.9 billion for fiscal 2021, the year ended 31 December 2021, up 18.3% on the year before. Net income was $1.1 billion, up 64.4%, and diluted earnings per share $7.74. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$7.9 billion

+18.3% on the year

FY2014FY2021

Operating margin

16.2%

14.0% a year earlier

FY2014FY2021

Net income

$1.1 billion

+64.4% on the year

FY2014FY2021

Diluted EPS

$7.74

+64.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	7,907	6,684	7,136	+18.3%
Cost of revenue	4,937	4,210	4,515	+17.3%
Gross profit	2,970	2,474	2,621	+20.0%
Gross margin	37.6%	37.0%	36.7%
Research and development	158	142	141	+11.1%
Selling, general and administrative	1,688	1,541	1,599	+9.6%
Operating income	1,282	933	975	+37.4%
Operating margin	16.2%	14.0%	13.7%
Interest expense	106	112	126	-5.0%
Pre-tax income	1,401	842	843	+66.4%
Income tax	277	158	165	+75.0%
Effective tax rate	19.8%	18.8%	19.6%
Net income	1,124	683	678	+64.4%
Net margin	14.2%	10.2%	9.5%
Diluted EPS	$7.74	$4.70	$4.61	+64.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,116	1,105	945	+1.0%
Capital expenditure	171	166	187	+3.5%
Free cash flow	944	939	759	+0.6%
Free cash flow margin	11.9%	14.1%	10.6%
Cash from investing	-993	-481	-384
Cash from financing	-250	-506	-558
Depreciation and amortisation	290	279	272	+4.0%
Share-based compensation	31.1	25.0	29.7	+24.3%
Buybacks	21.6	106	143	-79.6%
Dividends paid	287	284	282	+0.9%
Dividend per share	$1.99	$1.97	$1.94	+1.0%
Diluted shares, weighted	145m	145m	147m	-0.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	4,190	3,386	3,033	+23.7%
Debt	3,124	3,109	3,070	+0.5%
Operating lease liabilities	134	134	121	+0.3%
Finance lease liabilities	6.8	8.7	8.1	-22.3%
Other liabilities	2,948	2,515	2,437	+17.2%
Total liabilities and equity	10,404	9,152	8,669	+13.7%
Fixed assets	957	897	842	+6.7%
Goodwill	4,559	4,073	3,783	+11.9%
Intangible assets	1,360	1,084	1,055	+25.4%
Cash and equivalents	386	513	397	-24.9%
Receivables	1,348	1,137	1,217	+18.5%
Inventory	1,191	836	806	+42.5%
Other assets	604	612	568	-1.4%
Total assets	10,404	9,152	8,669	+13.7%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.