# Dover (DOV) Forecast Calculator

Interactive five-year financial forecast and DCF for Dover. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/dover/forecast
- Industry: Industrials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 7136397000 | 758502000 | 1247181000 | 677918000 |
| 2022 | 6683760000 | 939118000 | 1212038000 | 683451000 |
| 2023 | 7907081000 | 944400000 | 1571631000 | 1123818000 |
| 2024 | 7844174000 |  -  | 1575301000 | 1065376000 |
| 2025 | 7684476000 |  -  | 1524386000 | 1056828000 |

## Frequently asked questions

### What is Dover Corporation's primary business model and how does it operate?

Dover Corporation is a diversified global manufacturer delivering innovative equipment, consumable supplies, aftermarket parts, and software solutions across five segments. The company employs an asset-light, decentralized business model with a strong focus on aftermarket recurring revenue and serial bolt-on acquisitions.

### What are the key revenue drivers for Dover's Clean Energy & Fueling segment?

Revenue in the Clean Energy & Fueling segment is primarily driven by retail fueling upgrades, cryogenic gas equipment volume, and vehicle wash installations. Growth is influenced by the transition to alternative fuels and liquid natural gas infrastructure, though the long-term decline in traditional petrol stations presents a headwind.

### What is Dover Corporation's typical capital expenditure as a percentage of revenue?

Dover's capital expenditure typically ranges from 2.0% to 2.5% of revenue, with maintenance capex accounting for approximately 70% of this spend. Major capex programs are currently focused on expanding capacity for thermal management connectors and biopharma components.

### What are some of the key financial assumptions used in the Dover Corporation financial model?

The financial model for Dover Corporation assumes a revenue growth rate of approximately 1.87% and a COGS as a percentage of revenue around 62.87%. Other key assumptions include SGA at about 21.80% of revenue and a tax rate of approximately 18.19%.

### How does Dover Corporation's balance sheet structure impact its financial profile?

Dover's balance sheet is characterized by significant Goodwill and Intangible Assets, representing 55% to 60% of total assets, reflecting its history as a serial acquirer. Its positive net working capital, typically 15% to 18% of revenue, indicates that the company consumes cash to fund organic growth.

### Can I download an Excel financial model for Dover Corporation, and what is its forecast horizon?

Yes, an Excel financial model for Dover Corporation is available for download, providing a sum-of-the-parts equity valuation and scenario analysis. This model offers a forecast horizon extending from FY2026 through FY2030.