Warn Industries
10-K - Feb 27, 2004
1-Oct................ Stock Warn Industries Oregon, United States Resources Stand-Alone Manufactures high performance winches for use on light trucks, recreational vehicles and all terrain vehicles...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
DOVER Corp
DOVActiveCIK 29905 · Diversified Industrial Compounders
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, DOV filings, SEC EDGAR
$29,603
Market cap ($MM)
$31,251
Enterprise value ($MM)
$8,280
Revenue · LTM ($MM)
$1,782
EBITDA · LTM ($MM)
22%
EBITDA margin
3.8x
EV / revenue
17.5x
EV / EBITDA
1.3x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01DOV is a scaled public consolidator in Industrial Compounders, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is ROP, DHR, HEI, EMR, TDG, AME.
Balance sheet & capacity
Indicative capacity read: 1.3x net debt / EBITDA with EBITDA of $1.8B.
$1,642
Cash & equiv. ($MM)
$3,983
Total debt ($MM)
$2,341
Net debt ($MM)
1.3x
Net debt / EBITDA
Valuation
Where it trades against its peer set
DOV versus the scaled public Diversified Industrial Compounders comparables.
Indexed share-price performance
DOV versus available Diversified Industrial Compounders peers and SPY.
+43%
DOV
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| DOVER Corp | DOV | $8,280 | $1,782 | 22% | $29,603 | $31,251 | 3.8x | 17.5x | 1.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
DOV's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
169
Active years
20
Named deals
1
Avg / active year
8.4
Acq. cash outflow ($MM)
N/A
Banker read
- 01DOV reads as a programmatic acquirer: 169 disclosed acquisitions across 20 active years, or 8.4 per active year. The chart shows activity in 12 of the last 12 visible years.
- 02In the last three years, the file shows 14 acquisitions versus 18 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $11B of disclosed spend is concentrated in lumpy years, with FY16 the largest year at $1.6B. Recent spend is broadly steady.
Annual acquisitions + disclosed spend
count spend named deal
DOV count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
14 / 18
Last three years is down 22% vs prior three.
Peak count year
FY21
9 disclosed acquisitions in the peak visible year.
Recent spend
$1.8B
is broadly steady vs prior three; peak FY16 at $1.6B.
Named evidence
1 rows
0.6% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Oct 1, 2003 | Warn Industries, Inc. | Diversified industrial compounders | $326 | 1-Oct................ Stock Warn Industries Oregon, United States Resources Stand-Alone Manufactures high performance winches for use on light trucks, recreational vehicles and... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 2 SEC-backed facts across 1 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
1
Recent SEC filings
0
Evidence clips
1
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 13, 2026 | Annual M&A 10-K | accepted | 4 | $663MM | $665MM | SEC filing |
| FY2024 | Feb 14, 2025 | Annual M&A 10-K | accepted | 8 | $635MM | $674MM | SEC filing |
| FY2023 | Feb 9, 2024 | Annual M&A 10-K | accepted | 2 | $534MM | $535MM | SEC filing |
| FY2022 | Feb 10, 2023 | Annual M&A 10-K | warning (1 warn) | 3 | $313MM | $313MM | SEC filing |
| FY2021 | Feb 11, 2022 | Annual M&A 10-K | quarantined (1 issue) | 9 | $1.1B | $1.1B | SEC filing |
| FY2020 | Feb 12, 2021 | Annual M&A 10-K | accepted | 6 | $336MM | $336MM | SEC filing |
| FY2019 | Feb 14, 2020 | Annual M&A 10-K | accepted | 3 | $216MM | $216MM | SEC filing |
| FY2018 | Feb 15, 2019 | Annual M&A 10-K | accepted | 2 | $68.6MM | $68.6MM | SEC filing |
| FY2017 | Feb 9, 2018 | Annual M&A 10-K | accepted | 3 | $36.0MM | $43.1MM | SEC filing |
| FY2016 | Feb 10, 2017 | Annual M&A 10-K | accepted | 6 | $1.6B | $1.6B | SEC filing |
| FY2015 | Feb 12, 2016 | Annual M&A 10-K | accepted | 4 | $568MM | $568MM | SEC filing |
| FY2014 | Feb 13, 2015 | Annual M&A 10-K | accepted | 7 | $802MM | $802MM | SEC filing |
| FY2013 | Feb 14, 2014 | Annual M&A 10-K | accepted | 10 | $323MM | $323MM | SEC filing |
| FY2012 | Feb 15, 2013 | Annual M&A 10-K | accepted | 7 | $1.0B | $1.2B | SEC filing |
| FY2011 | Feb 10, 2012 | Annual M&A 10-K | accepted | 9 | $1.4B | $1.3B | SEC filing |
| FY2010 | Feb 11, 2011 | Annual M&A 10-K | accepted | 6 | $104MM | $104MM | SEC filing |
| FY2009 | Feb 19, 2010 | Annual M&A 10-K | accepted | 6 | $222MM | $228MM | SEC filing |
| FY2008 | Feb 20, 2009 | Annual M&A 10-K | accepted | 4 | $104MM | $114MM | SEC filing |
| FY2007 | Feb 28, 2008 | Annual M&A 10-K | accepted | 7 | $274MM | $274MM | SEC filing |
| FY2006 | Feb 28, 2007 | Annual M&A 10-K | accepted | 7 | $1.1B | $1.1B | SEC filing |
| FY2005 | Mar 7, 2006 | Annual M&A 10-K | warning (1 warn) | N/A | $1.1B | N/A | SEC filing |
| FY2004 | Mar 14, 2005 | Annual M&A 10-K | accepted | 9 | $518MM | $518MM | SEC filing |
| FY2003 | Feb 27, 2004 | Annual M&A 10-K | accepted | 6 | N/A | $368MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.1 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 27, 2004 | 10-K | Warn Industries, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.1 rows+-
Medium
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.