With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are electrical equipment and industrial machinery.

Fortune Sector Leaders: Industrials

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

In 2020, the industrial manufacturing conglomerate took in $6.6 billion in revenue, a 6% drop from the year prior, due to pandemic-related challenges to its business. But Dover outperformed its forecast during the first quarter of 2021, after demand rebounded for products including industrial pumps and food refrigeration equipment.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-433-Dover

The manufacturing conglomerate makes equipment and components that can be found in pipelines for oil, gas and chemicals; in fuel pumps; and in food-service systems, among many other places.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Dover is a diversified global manufacturer delivering innovative equipment, components, consumables, software, and support services across a wide range of industries. Its segments serve critical markets including vehicle aftermarket, aerospace and defense, clean energy, retail fueling, and industrial processing. Dover’s offerings span everything from precision pumps and fluid-handling solutions to refrigeration systems, digital printing, and product-traceability technologies. With a strong focus on engineering excellence and digital innovation, Dover helps customers operate more efficiently and sustainably.

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Dover (DOV): Company Profile, Stock Price, News, Rankings

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Dover

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Good morning, and welcome to Dover's First Quarter twenty twenty five Earnings Conference Call. Speaking today are Richard J. Tobin, President and Chief Executive Officer Chris Winker, Senior Vice President and Chief Financial Officer and Jack Dickens, Vice President, Investor Relations. After the speakers' remarks, there will be a question and answer period. As a reminder, ladies and gentlemen, this conference call is being recorded and your participation implies consent to our recording of this call.

If you do not agree with these terms, please disconnect at this time. Thank you. I'd now like to turn the conference over to Mr. Jack Dickens. Please go ahead.

Thank you, Margo. Good morning, and thank you for joining our call. An audio version of this call will be available on our website through May 15, and a replay link of the webcast will be archived for ninety days. Our comments today will include forward looking statements based on current expectations. Actual results and events could differ from those statements due to a number of risks and uncertainties, which are disclosed in our SEC filings.

We assume no obligation to update our forward looking statements. With that, I will turn this call over to Rich.

Thanks, Jack. Good morning, everybody. Let's go to slide three. Q1 was a good quarter. Adjusted EPS was up 19% over the prior year on excellent incremental margin conversion, driven by a healthy mix from our growth platforms, prior period structural cost actions, and positive price cost dynamics.

Adjusted EBITDA margin was up two forty basis points to 24%, a record result for Q1 with four or five segments posting over 100 basis points of comparative margin expansion. Importantly, organic bookings were up for the sixth consecutive quarter with book to bill north of one across all five segments, resulting in a sizable portion of Q2 revenue already in backlog. Overall, we were very encouraged by the start of the year. All of our efforts on portfolio construction, new product introductions and methodical cost and productivity actions are driving meaningful improvement in segment profitability and durable long term top line resilience. Let's go to slide five.

Engineered Products was down in the quarter on lower volumes in vehicle services and program timing in aerospace and defense. We intervened on the cost structure of vehicle service to support its margin performance going forward. Engineered Products and specifically Vehicle Services, the most exposed to tariffs of Chinese imported subcomponents, in our case, structural steel. We are out with pricing mitigation actions, but we'll keep a close eye on volume. The segment will be bolstered as the year progresses by calendarization of our aerospace and defense business.

With the divestitures of Dosteco Environmental Services Group in 2024, our Engineered Products segment now accounts from 15% of our total portfolio, down from 25% in the prior year. Clean Energy and Fueling was up 2% organically in the quarter, led by strong shipments in clean energy components, transport and below ground retail fueling equipment. Robust order activity in below ground retail fueling signals a recovery after two years of lower volumes, a welcome outcome. We are also encouraged by the increasing quoting activity in clean energy components, particularly in recent wins in space launch and LNG infrastructure in The U. S.

And Europe. Margin performance was robust in the quarter, up 180 basis points on a higher mix of below ground fueling equipment and tight cost controls. We expect this segment to be the leaders in margin accretion in 2025 on volume leverage, pricing and SKU management and positive product mix. Imaging and ID posted another solid quarter with organic growth 4% on strong wins in serialization software and broad based growth in core marking and coding across all geographies and product lines. Margin performance was robust as management actions on cost to serve and structural cost controls continue to drive incremental margins higher.

Pumps and Process Solutions was up 7% organically on double digit growth in single use biopharma components and triple digit growth in thermal connectors for liquid cooling of data centers. Precision components and industrial pumps also had solid results. As forecasted, the long cycle polymer processing equipment was down year over year in the quarter. Segment revenue mix and volume leverage drove margin improvement on excellent production performance and volume growth in biopharma and thermal. The outlook for the rest of the year is favorable in Pumps and Process Solutions, biopharma components and thermal connectors should continue their robust growth trajectories on secular themes and single use biological drug production and liquid cooling of data centers.

Our Precision Components business has a healthy exposure to the gas and steam turbine markets, which are performing well. Revenue was down in the quarter in Climate and Sustainability Technologies and comparative declines of food retail door cases and engineering services, which more than offset the record quarterly volumes in CO2 systems. We are encouraged to see year over year growth in our heat exchanger business for the first time since the fall of twenty twenty three. Shipments of heat exchangers for installation in European heat pumps still faced poor comp in Q1, but were up sequentially from Q4. Despite the lower top line, the segment posted 120 basis points of margin improvement and year over year growth in absolute earnings on productivity actions and a higher mix of CO2 systems.

We expect improvement of segment performance over the balance of the year on the strength of CO2 refrigeration systems, robust growth at heat exchangers for liquid cooling of data centers and a continued recovery in heat exchangers for European heat pumps on improving end customer sentiment and normalized channel stocking levels. I'll pass it to Chris.

Thanks, Rich. Good morning, everyone. Let's go to our cash flow statement on Slide six. Our free cash flow in the quarter was 109,000,000 or 6% of revenue. This was a $3,000,000 increase when compared to the first quarter of last year.

Higher earnings and improved working capital performance were partially offset by the expected increase in capital spending on growth and productivity projects. The improved working capital performance was driven by strong collection activity positively impacting our accounts receivable balance, partially offset by investments in inventory ahead of seasonally stronger volume quarters in Q2 and Q3. The first quarter is traditionally our lowest cash flow quarter of the year. Our guidance for 2025 free cash flow remains on track at 14% to 16% of revenue on strong conversion of operating cash flow. With that, let me turn it back to Rich.

I'm on Slide seven. Here we provide a little more detail on the bookings in the first quarter. Q1 marked our sixth consecutive quarter of positive year over year organic bookings growth posting a book to bill above one. As shown in the segment detail on the right, the booking rates were broad based with strength in our secular growth exposed markets and encouraging trends as we move through the year. Let's go to Slide eight, which highlights several of the end markets that were driving our consolidated organic growth forecast.

Between end market data, our customer forecasts and our booking rates, we are encouraged by the outlook in the broader industrial gas complex within clean energy and precision components, single use biopharma components, CO2 refrigeration and inputs into liquid cooling applications of data centers, which include our connectors as well as heat exchangers. We have made significant organic and inorganic investments behind these end markets. Over 75% of the acquisition capital we've deployed over the last five years has been behind these markets and they remain some of our highest priority areas of investment moving forward. In aggregate, these markets now account for 20% of our portfolio and drive attractive margin accretion on expected double digit growth. Moving to nine, our organic investments remain our highest priority for capital deployment.

We will continue to invest behind our existing businesses regardless of the near term fluctuations in the macro sentiment. Here, we show some of the most meaningful and high ROI projects for 2025. You'll see a healthy balance between growth capacity expansions behind some of our highest priority platforms as well as productivity and automation investments, including some rooftop consolidations. As the rooftop consolidation projects are completed in the second half, we will provide the roll forward benefit of the reduction of fixed costs. Going to slide 10.

This slide delineates our current tariff exposure. Clearly, this is a bit of a moving target. And these are annualized costs based on twenty twenty four volumes. Nevertheless, it gives you the current situation and the prevailing tariff rates. Takeaway here is that we are a proximity manufacturer and the costs are embedded in our guidance.

I'll leave the rest to Q and A where I'm sure we'll beat this to death. Let's go to Slide 11. We have modestly trimmed our revenue and EPS guidance ranges for the full year to reflect uncertainty of the demand environment in the second half of the year because of the ongoing tariff negotiations. This is purely a top down mechanical adjustment at this point. Based on the trends in our order rates together with our backlog levels, we are in really good shape for Q2, but I think it's fair to say uncertainty in the tariff environment will have some impact on medium term demand.

As a note, we set our forecast using prevailing exchange rates at the beginning of the quarter and have not adjusted our forecast for any fluctuations in foreign exchange since then, in particular the euro dollar rate. Clearly, at current spot rates, the translation headwind is reversing to a tailwind with the euro rallying over 5% to the dollar in the past month. Due to the short term volatility in foreign exchange, we have chosen to wait until the end of the second quarter to see where it settles. A final note on the current environment tariffs, like any changes that occur in the macro environment, there's a tendency to focus on the negative implications. While we have spent countless hours over the past month on tariff costs and the supply chain implications by business and region and developing mitigation plans, one must not ignore evaluating competitive positioning.

We are a proximity manufacturer with our cost and revenue based aligned. We have manageable supply chains. We will implement solutions to offset the cost implications of tariffs and we will push hard for market share gains where we believe we are strategically advantaged, be that on a cost or geographic footprint basis. Dover proved during the pandemic that it can play defense and depend margins in a challenging demand environment. We entered this year with exceptionally good momentum from a product and portfolio perspective and an advantaged balance sheet position that allows us to opportunistically play offense in capital deployment.

We will weather this tariff tumult, and I would argue that our business leaders are positioned far more on offense than defense at present. Let's go to Q and A.

Thank you. And with that, we'll take our first question from Jeff Sprague with Vertical Research. Please go ahead.

Hey, thank you. Good morning, everyone. Yes, Rich, let me start the dead horse beating here. Just on the tariff side, I wonder I guess this question is there's going to be some fungibility, right, in what you do on cost. But I'm trying to get a sense of what you're doing new incremental to offset tariffs versus what you already had in flight.

I mean, sounds like the $60,000,000 reshoring thing you called out is one of them. But just thinking about sort of the cost versus pricing dynamics that you're doing here, and again, how much might have been sort of in the plan now and is going, towards tariffs as opposed to potentially upside that we could have had to 2025?

Yeah, I think when we were doing all the conferences in the quarter, it was all Mexico and Canada. Then we saw this Chinese issue with the rate. It was a little bit of a surprise to say the least. As I mentioned in the commentary where we have the exposure, we're out in the market with pricing presently. There's a little bit of a lag effect depending on where we are from an inventory position.

But yeah, we'll cover that largely with price. But back to what I said at the end in terms of competitive positioning, There are instances where we believe that we're advantaged, meaning that a smaller proportionality of our bill of materials is subject to tariffs. And in cases like that, we will take advantage of the cost position that we have vis a vis some of our competitors that have been importing built up units. If you take a look at the chart on 10, other than China, that's the big number. And of that big number, 60,000,000 is on one particular product line.

And that product line, you can see in our first quarter results, we've been a little bit careful. And that's why the volume's down, because we wanted to get the pricing out there. So, I know the question's going to come in the Q and A here. Well, why are taking revenue down if all the pricing is coming through? As I mentioned before, the risk here is not price cost.

I think that we've got tailwinds on mix. And I think that we're on the front foot in terms of getting the price out there. It's really it's volume, right? And it's volume in the second half. And I think that look, I did it.

It's not in our forecast and it's not built in a spreadsheet. I basically said, let's clip off about one percent because we're probably going to have project drift because of all the delay that we've seen around these tariffs.

And then just and understood. Thanks for clarifying that. And then just to kind of pick up then, as you mentioned kind of on the conference circuit, right? Through January and February, things seem to be progressing better. It sounded like March was okay or maybe better than okay given the book to bills.

But maybe just kind of talk about how you exited the quarter. And did you see any sort of behavior change anywhere from your customer base kind of post the April announcements?

Yeah. I mean, the incremental margin in the quarter was phenomenal. And I guess, I think I would argue we probably outperformed a little bit there, because the margin mix was so healthy. Yeah, the order rates, I think, like you talk to clients, like I said before, there's this view of, yeah, we want to do the projects, but where everybody's kind of getting nervous a little bit and there's a little bit of a drift there to say. But in terms of our order rates and our shipment rates, we actually accelerated through the quarter.

So, like I said, that's why I'm making it. It's a sentiment adjustment I'm making, not tangible data of customers saying, yeah, I was gonna probably want it in Q2, but now I want it in Q3, that type of thing. Our Q2, based on our backlog, should be right on what our forecasts were going through Q1.

Got it. Thanks. I'll leave it there. Appreciate

Our next question comes from Andrew Obin with Bank of America. Please go ahead.

Yeah. Thanks so much. So just a question about bookings. You've highlighted six consecutive quarters of year over year bookings growth. But second quarter comp is tougher and I do appreciate that on a two year stack, it's maybe not as tough.

But how should we think about just sustainability of bookings growth? And I do appreciate that there may be an air pocket on bookings related to tariffs, but maybe near term, how do you see that?

I would expect to be over one for Q2. That's my expectation right now. We get crazy about this. Bookings are a little bit lumpy sometimes. A lot of it is predicated on what happens in the last week of the quarter.

So I wouldn't flip out if somebody goes below one. But right now, on the momentum that we have on bookings going into the quarter and what we know we're quoting on and stacking up there, should be okay by the time we get to the end of Q2. But like I said, that's we're going to see if we can plow through negative sentiment over the next whatever days we have left here, sixty five or eight days left in the quarter.

Gotcha. And as we think about just sort of your just pure math on removing percentage point of volume, but then also EPS impact, if you put it together with the beef, we sort of get decrementals on revenue sort of around 40%. Obviously, then there's this FX cushion. So should we just think it as a sort of margin of safety that you've built into forecast, or are there sort of signs to this 40% decremental number?

There's not. More precise signs. There's not. It was mechanical in nature, and it was basically $100,000,000 revenue at 38% margin or something like that.

Our next question comes from Scott Davis with Melius Research. Please go ahead.

Hey, good morning, guys, and welcome, Chris, to the call. Thanks. Rich, the other kind of second derivative of all this chaos is potentially M and A valuations getting a bit lower. Is that something you're kind of I mean, it's probably a little too early to say you're seeing signs of it, but is it something you're anticipating?

Well, we've only had one meaningful transaction in multi world, and the valuation was pretty robust at the end of the day. I can tell you anecdotally that I'm aware of a few processes that have been pulled because of uncertainty. So maybe we're going to have to wait until we get a little clarity on the tariff tumult and then we'll see when assets come back and the like. I will tell you for ourselves, we're working on a bunch of stuff. A lot of it is proprietary, so it's not in the public domain of of whisper stuff out there.

Will valuations come down? I guess so. But not from what we've seen. But we've just got such a limited amount of data so far that it's hard to tell.

Yeah, that doesn't surprise me. Hey, not to climb in a minutiae here, but, would you be willing to share the actual growth rate in the thermal connectors, that you had in the quarter?

I think that we said it was up 50%, I think, something like that.

What's that? Excuse me. It was over 100%.

Comparative growth, not sequential. That would comparative.

That's a big number. All right. I'll pass it on.

Thank you. Next, we'll go to Steve Tusa with JPMorgan. Please go ahead.

Do you can you opine on like what your second quarter internal plan roughly looks like?

No. It's embedded and it's embedded in our full year guidance.

Okay. Does it look like it's around consensus?

And then just on your kind of tariff mitigation, I mean, everybody's kind of giving a little bit of color on the split of what they're planning to do. I mean, should we think about it as, first of all, how much of a hit will it be in the near term? And then I assume you're going to kind of work through it in the third and the fourth quarter. And then how much of that is price and how much is kind of these mitigation activities?

Okay. Well, look, clearly, if we put all the regions into the manageable category with the exception of Chinese imports, just if you look at the quantum on the slide, that we can make up a variety of different ways, whether it's productivity or price, or hopefully both. On the China One, we will make up largely in price. But I will tell you that we are aggressively negotiating with our suppliers in China about what the split is. So a couple of things.

I get that the percentage tariff rate right now is extremely high. I don't believe that that is going to last for the balance of the year. So this is just math, number one. And number two, like I said, whether we take the full brunt of the tariffs or not, that's up to our negotiations between what little bit of supply base that we have in China left and our vendors, and ourselves. I can tell you that anecdotally, at worst, we'll share it.

Okay. And then just one last one. You said it was kind of like a top down approach. I mean, zero one zero is kind of rounding error in the end. How did you what is your macro assumption to a degree?

I mean, like, why not zero two zero dollars why not zero three zero dollars Like,

your what I'm just trying to get a gauge of how well you can manage in the context of a downside economic scenario. Like what are you actually thinking from a top down? Or was it just like, hey, you know what, dollars $0.01 0, let's just strip it out?

Yeah, it was mechanical at the end of the day. And like I said in the commentary, what I could have done, I could have given you a bridge and then rerun FX and said, damn, the torpedoes were holding guidance for the year. I don't know what the derivative of the demand environment is gonna be in the second half. So, I basically, so it wasn't like we ran Q3 and Q4 casts into these types of scenarios. I just basically clipped it right off the top.

Now, do I have a variety of different measures baked in there? Sure. Is all the pricing that we've assumed, the incremental pricing, is that assumed in our forecast right now? No. So, to the extent that it sticks and volume remains where we think it's going be, that's upside.

I don't want beat the FX thing to death. I would tell you that Q1 corporate costs were high. We don't expect that to repeat over the balance of the year. So, there's a variety of different items that we have. What I can say is I think what we've proven in the past is in a downside scenario, we can flex our cost base relatively quickly.

Got it. I don't want to ask about the torpedo reference, but thanks a Our

next question comes from Julian Mitchell with Barclays. Please go ahead.

Hi, good morning. Maybe I just wanted to push you a little bit, Rich, on the organic sales assumption. Because I understand you've taken a more cautious view, but you're not seeing anything yet that's concerning from customers. But in the first quarter, your organic sales were up overall around one point and the full year is guided at the midpoint So I understand you've sort of lowered the original assumption for organic sales growth for the year, but it's still an acceleration versus the first quarter.

So maybe sort of help us understand which businesses you're most confident in will see that step up in growth, please?

Well, yeah, Julian, as you know, if you go back and look at the seasonality of our portfolio, we tend to be relatively low growth and build inventory in Q1 and then step it up in Q2 and Q3. And then Q4 is always a little bit depending on what our view is about the following year, whether we run production performance. You've heard that speech before. So seasonality says that we should jump in Q2. Like I said, Q2 from a backlog perspective, we can see it.

So, unless we start getting cancellations around here, I think that we're confident in terms of what the step up is in Q2. We'll watch order rates going through Q2, which will give us clarity on the top line for Q3, but it's a little bit early to tell. I don't even think we have even anecdotal data yet in as we get as we're in Q2 right now, but I'm not hearing anybody squealing that their order rates are falling off a cliff. So, we feel really good about Q2 because of the backlog. So that would support what our assumptions were for Q2.

So basically, what I did was trim off the back end of the year just because of we need to see get some visibility.

That's helpful. Thank you. And then just a second question on the operating margins and the tariffs. So just to understand, is the main assumption that the net dollar tariff effect for the full year is around zero? And just if that's a firm wide number, is there any aspect whereby you may be negative in a given quarter?

And any color on which segment you think might have the biggest tariff risk?

How do I want to respond to that? Okay. I understand what you're saying, right? If we were net neutral for pricing and tariff costs, it's dilutive margins. But that has an underlying assumption of, first of all, if you look at those numbers and you back out that the Chinese number is a full year number, we've already got a quarter under our belt that didn't exist, and we don't expect it to last for the balance of the year.

What are we talking about here at the end of the day in terms of if that was the scenario? To me, that gets eaten up in mix in every segment, maybe with the exception of market mimes, which it's relatively easy to calculate at the end of the day. So I'm not if any kind of movement in margin is going to be on intra segment mix far more on price cost because of tariff.

Next, we're going to take our question from Michael Halloran with Baird. Please go ahead.

So could you just give any thought process on if you're seeing any difference between your OpEx steady state consumable type businesses versus more your CapEx longer cycle type pieces in terms of orders or commentary from customers at this point?

Yes. I mean, the CapEx ones are the ones we're keeping a close eye on, right? So the volume churn, maybe that's not the right word on kind of the flow businesses, we just watch that on a daily basis and then we just take a look at it. The ones that we really got to keep a look on is our customers' CapEx projects that we are a precursor or a component supplier into it. And that's where the concern is.

Is everybody just going to keep going along? Are we going to run into a situation of, I'm worried about the macro and I want to see some clarity and do things get delayed a little bit? So that's the part that we're working on the most. And that's really the reason that we gave a little bit of haircut to the total volume for the year. Because if you get another month or so of drift, you're not going to be able to make it up in the balance of the year.

So clearly, right now, the flow portion of the business is going well, but we'll keep an eye on it. It's the one that we really got to pay attention to is customer CapEx, where we're a supplier into it.

And is the implication there, Rich, have you seen a little bit of drift in the CapEx piece? Or are you just worried that the drift will come?

I'm worried, right? Can't see it in the order rates, right? So we just have anecdotal conversations with all of our business leaders that are talking to these customers of and all the customers are saying, no, not everything's on path, everything's on path. But experience says, when you get into a situation like this, could you get some drift? Sure, right?

Is it going to be meaningful over the long term? It's irrelevant at the end of the day, but we're just trying to be prudent.

Yep. Nope. Makes sense. And then just on the inventory side of things, how would you characterize your inventory and then your content in the channel? How would you characterize that inventory level?

I think we did a great job at inventory. We actually have more inventory than we would like. But I think we were on the front foot of bringing in a bunch of inventory, either because of issues around tariffs or buying forward, because metal pricing was quite good for us in Q4. So, we basically had our businesses postured going into this year of let's stack up on some inventory because if demand is good and we get the top line of 5%, let's make sure that we're able to work the supply chains and everything else because we know we can bleed it off in the back half of the year anyway. So right now, with exception on the structural steel around Vehicle Services Group, which we will take our time because it may be prudent to wait to see if we get a tariff settlement, and then just catch up on the volume in the back end of the year.

That's the only one I can think of where we're we're being careful around tariffs as it relates to inventory.

Dover (DOV) Q1 2025 Earnings Call Transcript

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