Dover (DOV) FY2022 results: revenue $7.8 billion, down 0.8% on the year

Dover Corp. (DOV) reported revenue of $7.8 billion for fiscal 2022, the year ended 31 December 2022, down 0.8% on the year before. Net income was $1.1 billion, down 5.2%, and diluted earnings per share $7.42. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$7.8 billion

-0.8% on the year

FY2015FY2022

Operating margin

16.3%

16.2% a year earlier

FY2015FY2022

Net income

$1.1 billion

-5.2% on the year

FY2015FY2022

Diluted EPS

$7.42

-4.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	7,844	7,907	6,684	-0.8%
Cost of revenue	4,939	4,937	4,210	+0.0%
Gross profit	2,905	2,970	2,474	-2.2%
Gross margin	37.0%	37.6%	37.0%
Research and development	151	158	142	-4.1%
Selling, general and administrative	1,625	1,688	1,541	-3.7%
Operating income	1,280	1,282	933	-0.1%
Operating margin	16.3%	16.2%	14.0%
Interest expense	116	106	112	+9.5%
Pre-tax income	1,190	1,401	842	-15.0%
Income tax	200	277	158	-27.7%
Effective tax rate	16.8%	19.8%	18.8%
Net income	1,065	1,124	683	-5.2%
Net margin	13.6%	14.2%	10.2%
Diluted EPS	$7.42	$7.74	$4.70	-4.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	806	1,116	1,105	-27.8%
Capital expenditure	211	171	166	+23.1%
Free cash flow	595	944	939	-37.0%
Free cash flow margin	7.6%	11.9%	14.1%
Cash from investing	-541	-993	-481
Cash from financing	-260	-250	-506
Depreciation and amortisation	296	290	279	+1.9%
Share-based compensation	30.1	31.1	25.0	-3.3%
Buybacks	585	21.6	106	+2,603.7%
Dividends paid	288	287	284	+0.2%
Dividend per share	$2.01	$1.99	$1.97	+1.0%
Diluted shares, weighted	144m	145m	145m	-1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,286	4,190	3,386	+2.3%
Debt	3,678	3,124	3,109	+17.7%
Operating lease liabilities	166	134	134	+23.3%
Finance lease liabilities	6.2	6.8	8.7	-8.5%
Other liabilities	2,760	2,948	2,515	-6.4%
Total liabilities and equity	10,897	10,404	9,152	+4.7%
Fixed assets	1,005	957	897	+5.0%
Goodwill	4,425	4,559	4,073	-2.9%
Intangible assets	1,334	1,360	1,084	-1.9%
Cash and equivalents	381	386	513	-1.2%
Receivables	1,517	1,348	1,137	+12.6%
Inventory	1,367	1,191	836	+14.7%
Other assets	868	604	612	+43.8%
Total assets	10,897	10,404	9,152	+4.7%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.