Dole

DOLE · NYSE · Consumer Staples · Financials, fiscal 2019 to 2025

DOLE · Last close · October 26, 2026

$13.30

Dole's revenue rose 8.2% to $9.2 billion in fiscal 2025. Its operating margin was 2.4%, down from 3.3% a year earlier. Free cash flow was $2 million, down 99.0%. It paid out $32 million in dividends and buybacks, 1847% of free cash flow. The diluted share count rose 0.5%.

Dole plc Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001857475-26-000028 Updated October 23, 2026

Revenue

$9.2B

8.2%

Operating margin

2.4%

0.9 pts

Net income

$51M

59.1%

Free cash flow

$2M

99.0%

Return on capital

6.3%

2.8 pts

Market cap

$1.3B

Oct 26 close

P/E

25.1x

On $0.53 EPS, FY25

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Dole does

Dole plc grows, buys, ships and sells fresh fruit and vegetables. It handles more than 300 products, sources them from over 100 countries and distributes them in more than 85 countries. Its customers include grocery stores, wholesalers, mass merchandisers, foodservice operators, club stores and convenience stores, and it says no one customer accounted for a major share of 2025 sales. Its best-known brand is DOLE.

It reports three segments. Fresh Fruit covers bananas, pineapples and plantains, mostly grown in Latin America on company-owned and leased farms and by independent growers. Approximately one-third of the bananas it markets and 75% of its pineapples come from its own production. It also runs refrigerated ships and sells spare cargo space to other shippers. Diversified Fresh Produce, Europe, the Middle East and Africa sells imported and local produce across Europe. Diversified Fresh Produce, Americas and the Rest of the World markets items such as avocados, kiwis, apples, berries and cherries.

On August 5, 2025, Dole sold its Fresh Vegetables division for approximately $140.0 million, and it reports that division as discontinued operations. It owns approximately 112,000 acres of farms and other land.

Its biggest risks, as it describes them

Bad weather, natural disasters, crop disease and pests, including a banana disease called Tropical Race 4.
Product contamination and product liability claims.
Swings in market prices and demand for its produce, and changes in the cost of the fruit it buys.
Strong competition, and reliance on a few key customers and key suppliers.
Debt, underfunded pension plans and trade or tariff policy changes that could hurt its results.

From Dole's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2025, earnings per share fell 9.9% a year and net income 1.2% a year, as new shares raised the share count by 72% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Dole yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Dole's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Dole's fiscal 2025 free cash flow of $2M, net cash of −$600M at December 31, 2025 and 96 million diluted shares, from its filings. The scenarios are fitted to Dole: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Agricultural Products & Services), plus 1 point as a smaller company, worth $1.3B, plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Dole's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Dole's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 7% then 5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.30
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Dole's earnings per share of $0.53 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of Dole's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ingredion, Darling Ingredients, Bunge Global, Archer Daniels Midland.

Earnings growth in the years ahead (% a year) Starts at Dole's revenue growth over the last 3 years, 4.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $13.30
Value at this multiple, against the last close: —
Dole's P/E at the last close: 25.1×

Company	Last close	Earnings per share	P/E today
DoleDOLE	$13.30	$0.53	25.1×
Bunge GlobalBG	$102.22	$4.29	23.8×
Archer Daniels MidlandADM	$79.01	$3.65	21.6×
Darling IngredientsDAR	$57.16	$3.71	15.4×
IngredionINGR	$95.43	$9.17	10.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	257	234	282	336	274
Debt incl. finance leases	1,400	1,251	1,094	967	874
Net debt (negative means net cash)	1,143	1,017	812	631	600
Net debt to EBITDA	20.1x	3.6x	2.2x	1.7x	1.8x
Debt to equity	1.3x	1.1x	0.9x	0.8x	0.6x
Interest coverage	−0.3x	3.1x	3.4x	3.9x	3.4x
Current ratio	1.2x	1.1x	1.1x	1.2x	1.2x
Quick ratio	0.9x	0.8x	0.9x	0.9x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $8.6 million of Dole shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	Pale Fire Capital SE10% owner	Bought	163,780	$13.39	$2.2 million	Form 4
Oct 21, 2026	Pale Fire Capital SE10% owner	Bought	438,900	$13.12	$5.8 million	Form 4
Oct 20, 2026	Pale Fire Capital SE10% owner	Bought	45,676	$13.24	$604,586	Form 4
Oct 12, 2026	Pale Fire Capital SE10% owner	Bought	5,700	$13.28	$75,721	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	8 of 9	6 of 9
Accruals ratio	−3.8%	−3.0%	−1.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Dole side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Dole	FY25	8.2%	2.4%	0.0%	6.3%	1.8x	6
Ingredion	FY25	−2.8%	14.1%	7.1%	16.0%	0.6x	8	Compare
Darling Ingredients	FY25	7.4%	4.5%	11.1%	3.2%	5.0x	7	Compare
Bunge Global	FY25	32.4%	—	−1.2%	6.1%	5.0x	4	Compare
Archer Daniels Midland	FY25	−6.2%	—	5.2%	5.2%	2.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,167	4,346	5,944	8,024	8,245	8,475	9,173
Revenue growth	—	4.3%	36.8%	35.0%	2.8%	2.8%	8.2%
Gross profit	302	334	344	600	694	718	714
Research and development	0	0	4	9	9	9	9
Operating income	48	67	−9	175	272	281	223
Net income	55	52	−7	86	124	126	51
Diluted EPS (US$)	0.99	0.94	−0.10	0.91	1.30	1.32	0.53
Diluted shares (millions)	56	56	72	95	95	96	96
Cash flow
Cash from operations	75	145	16	239	299	263	123
Capital expenditure	27	23	59	86	78	82	122
Free cash flow	48	121	−42	153	221	180	2
Dividends paid	15	12	17	30	30	31	32
Share buybacks	0	0	0	0	0	0	0
Acquisitions	5	0	104	5	1	1	2
Stock-based compensation	0	0	1	4	6	8	7
Balance sheet at fiscal year end
Cash and short-term investments	130	160	257	234	282	336	274
Debt incl. finance leases	—	356	1,400	1,251	1,094	967	874
Total assets	—	1,886	4,668	4,592	4,561	4,446	4,396
Total liabilities	—	1,198	3,423	3,273	3,140	3,011	2,894
Shareholders' equity	614	535	1,081	1,161	1,250	1,293	1,364
Margins and ratios
Gross margin	7.3%	7.7%	5.8%	7.5%	8.4%	8.5%	7.8%
Operating margin	1.1%	1.5%	−0.1%	2.2%	3.3%	3.3%	2.4%
Net margin	1.3%	1.2%	−0.1%	1.1%	1.5%	1.5%	0.6%
Free cash flow margin	1.2%	2.8%	−0.7%	1.9%	2.7%	2.1%	0.0%
Return on capital	—	—	−0.4%	7.5%	9.5%	9.1%	6.3%
Return on equity	—	—	−0.9%	7.7%	10.3%	9.9%	3.9%
Return on assets	—	—	−0.2%	1.9%	2.7%	2.8%	1.2%
Net debt to EBITDA	—	1.9x	20.1x	3.6x	2.2x	1.7x	1.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Dole's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Dole.