Dole

DOLE

Agricultural Farm Products · Consumer Defensive

Price

$14.42

-0.08 (-0.55%)

Market Cap

$1.37B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+32.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 72.2M (2021) → 95.9M (2025)

Dole plc grows, packages, and sells fresh fruits and vegetables to grocery stores, retailers, and food service companies around the world. Its most well-known products include bananas, pineapples, grapes, berries, and packaged salads sold under the Dole brand, one of the most recognized names in fresh produce globally. The company operates across the full supply chain, from farms and shipping to distribution and retail shelves.

Dole earns money by selling fresh and packaged produce at wholesale and retail prices, with revenue heavily tied to volume rather than high margins — its gross margin sits below 8%, which is typical for commodity agriculture. The company operates across North America, Europe, and Latin America, generating roughly $9 billion in annual revenue, making it one of the largest fresh produce companies in the world. Its main risks are thin margins that leave little room for error when input costs like fuel, labor, or shipping rise, and its produce is highly perishable, adding operational pressure throughout the supply chain.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-19.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$9M/ year

→ Flat (+3% vs prior year)

0.1% of revenue

Below sector average (2%)

Steady R&D investment year-over-year

Insider Activity

30.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~20 months

$273M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Dole is growing revenue at 12% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

7.9%

Thin — 7.9% gross margin

Operating Margin

2.6%

Thin — 2.6% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.4%

Steady sales growth (11.4% YoY)

EPS YoY

-38.8%

Earnings shrinking (-38.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

390%

Turns 390% of profit into real cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Interest Cover

2.97x

Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

23.6x

Growth-priced — P/E 23.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+14.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.6 → 9.5)

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Dividends

Dividend Yield

2.43%

Moderate income — 2.43% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+4.6%

Dividend growing modestly (4.6% YoY)

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