Dover (DOV) FY2023 results: revenue $7.7 billion, down 2.0% on the year

Dover Corp. (DOV) reported revenue of $7.7 billion for fiscal 2023, the year ended 31 December 2023, down 2.0% on the year before. Net income was $1.1 billion, down 0.8%, and diluted earnings per share $7.52. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue

$7.7 billion

-2.0% on the year

FY2016FY2023

Operating margin

15.9%

16.3% a year earlier

FY2016FY2023

Net income

$1.1 billion

-0.8% on the year

FY2016FY2023

Diluted EPS

$7.52

+1.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	7,684	7,844	7,907	-2.0%
Cost of revenue	4,817	4,939	4,937	-2.5%
Gross profit	2,868	2,905	2,970	-1.3%
Gross margin	37.3%	37.0%	37.6%
Research and development	139	151	158	-8.1%
Selling, general and administrative	1,648	1,625	1,688	+1.4%
Operating income	1,219	1,280	1,282	-4.7%
Operating margin	15.9%	16.3%	16.2%
Interest expense	131	116	106	+12.8%
Pre-tax income	1,123	1,190	1,401	-5.6%
Income tax	179	200	277	-10.6%
Effective tax rate	16.0%	16.8%	19.8%
Net income	1,057	1,065	1,124	-0.8%
Net margin	13.8%	13.6%	14.2%
Diluted EPS	$7.52	$7.42	$7.74	+1.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,336	806	1,116	+65.9%
Capital expenditure	183	211	171	-13.1%
Free cash flow	1,153	595	944	+93.9%
Free cash flow margin	15.0%	7.6%	11.9%
Cash from investing	-727	-541	-993
Cash from financing	-568	-260	-250
Depreciation and amortisation	305	296	290	+3.2%
Share-based compensation	30.8	30.1	31.1	+2.3%
Buybacks	0.0	585	21.6
Dividends paid	284	288	287	-1.1%
Dividend per share	$2.03	$2.01	$1.99	+1.0%
Diluted shares, weighted	141m	144m	145m	-2.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	5,107	4,286	4,190	+19.1%
Debt	3,460	3,678	3,124	-5.9%
Operating lease liabilities	171	166	134	+3.1%
Finance lease liabilities	5.9	6.2	6.8	-4.7%
Other liabilities	2,605	2,760	2,948	-5.6%
Total liabilities and equity	11,349	10,897	10,404	+4.1%
Fixed assets	978	1,005	957	-2.6%
Goodwill	4,638	4,425	4,559	+4.8%
Intangible assets	1,445	1,334	1,360	+8.4%
Cash and equivalents	399	381	386	+4.6%
Receivables	1,321	1,517	1,348	-12.9%
Inventory	1,144	1,367	1,191	-16.3%
Other assets	1,424	868	604	+64.0%
Total assets	11,349	10,897	10,404	+4.1%

10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.