DOVER Corp（DOV）の決算・業績分析
DOVER Corpの2025年有価証券報告書をAI分析。売上高$8.1B(+4.5%)。営業利益$1.4B。Industrials。
目次
DOVER Corpの2025年度 業績サマリー
DOVER Corp（証券コード: DOV）の2025年度決算・業績分析。売上高は$8.1B（前年比+4.5%）。営業利益は$1.4B（前年比+13.8%）。純利益は$1.1B（前年比-59.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
DOVER Corpの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue declined slightly to $7.8B (-0.8% YoY), with net income falling 5.2% YoY to $1.1B, driven by restructuring costs and gains from business sales.
- Operating cash flow remained strong at $747M, with $536M in free cash flow (FCF) after $211M in CapEx.
- Shareholder returns totaled $873M via dividends ($288M) and share repurchases ($585M), despite a 5.2% YoY drop in net income.
- Gross margin held steady at 37.0%, while operating margin declined marginally to 16.3% (-0.1% YoY).
DOVER Corpの売上高変化の要因
- •Total revenue for FY2024 was $7.8B (-0.8% YoY), driven by acquisition-related growth (3.0%) and solid demand, partially offset by disposition-related declines (2.0%) and foreign currency translation (0.2%). Organic revenue was flat, with growth in Engineered Products, Clean Energy & Fueling, Imaging & Identification, and Pumps & Process Solutions, while Climate & Sustainability Technologies declined. Segment-specific revenue figures are not disclosed in the provided data.
DOVER Corpの営業利益変化の要因
- •Gross profit was $2.9B with a gross margin of 37.0% (XBRL). Operating income declined slightly to $1.3B (-0.1% YoY), impacted by the Climate & Sustainability Technologies segment's performance. Net income fell 5.2% YoY to $1.1B, influenced by restructuring costs ($85M) and gains from business sales ($1.6B and $530M). Gross margin remained stable, while operating and net margins declined marginally.
DOVER Corpの事業リスクと対応
Economic downturns could reduce sales, operating results, and cash flows (10-K).
Labor disputes or shortages may increase costs and disrupt operations (10-K).
Improper conduct by employees could lead to legal penalties and reputational damage (10-K).
International operations face risks like tariffs, political instability, and compliance costs (10-K).
Reputational harm from legal violations may impact financial performance (10-K).
46% of 2024 revenue was derived outside the U.S., exposing the company to geopolitical and regulatory risks (10-K).
DOVER Corpの今後の見通し・業績予想
DOVER Corpの事業内容
Dover Corp (DOV) is a diversified global manufacturer and solutions provider, generating revenue through the sale of equipment, components, consumables, software, and services across five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Key customers span automotive, aerospace, energy, pharmaceuticals, and consumer goods industries, with no significant customer concentration. Competitive advantages include innovation, engineering expertise, and a segmented operating structure enabling strategic acquisitions and operational synergies.
DOVER CorpのAI業績分析レポート（2024年度）
Dover Corp (DOV) FY2024 Annual Report Analysis
Highlights
Business Overview
Dover Corp is a diversified global manufacturer with five operating segments, generating revenue through equipment, components, consumables, software, and services. Key customers include automotive, aerospace, energy, and consumer goods industries, with no significant customer concentration. Competitive advantages include innovation, engineering expertise, and strategic acquisitions.
Revenue Analysis
Total revenue was $7.8B (-0.8% YoY), driven by acquisition-related growth (3.0%) and solid demand, partially offset by disposition-related declines (2.0%) and foreign currency translation (0.2%). Organic revenue was flat, with growth in Engineered Products, Clean Energy & Fueling, Imaging & Identification, and Pumps & Process Solutions, while Climate & Sustainability Technologies declined. Segment-specific revenue figures are not disclosed.
Profitability Analysis
Gross profit was $2.9B with a gross margin of 37.0% (XBRL). Operating income declined slightly to $1.3B (-0.1% YoY), impacted by the Climate & Sustainability Technologies segment's performance. Net income fell 5.2% YoY to $1.1B, influenced by restructuring costs ($85M) and gains from business sales ($1.6B and $530M). Gross margin remained stable, while operating and net margins declined marginally.
Balance Sheet Analysis
Equity ratio was 36.9% (XBRL), with long-term debt at $3.0B (XBRL). Current ratio was 1.40x (XBRL). Liquidity details (cash, credit facilities) are not disclosed. ROE was 25.4% (XBRL), and ROA was 9.4% (XBRL).
Cash Flow Analysis
Operating cash flow was $747M (XBRL), with free cash flow (FCF) of $536M (XBRL) after $211M in CapEx (XBRL). Investing activities included $674M in acquisitions and sales of businesses (10-K). Financing activities included $288M in dividends paid (XBRL) and $585M in share repurchases (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 83 days (XBRL), with receivables days at 62 days, inventory days at 84 days, and payables days at 63 days (XBRL).
Risks
Outlook
Management highlighted acquisition activity, divestitures (e.g., De-Sta-Co, ESG), restructuring costs, and segment performance variations as key trends impacting future results (10-K). Forward-looking guidance is not explicitly detailed in the provided 10-K text.
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