A Business at a Glance
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DOVER Corp
DOV
$27.9B
Mkt Cap
$202.20
+2.22%
DOVER Corp (DOV) has a current P/E ratio of 25.5, compared to its historical median P/E of 20.0. The stock is currently considered Expensive based on its historical valuation range.
DOVER Corp (DOV) has a 5-year average return on invested capital (ROIC) of 13.1%. This indicates solid capital allocation.
DOVER Corp (DOV) has a market capitalization of $27.5B. It is classified as a large-cap stock.
Yes, DOVER Corp (DOV) pays a dividend with a trailing twelve-month yield of 1.03%. The company also returns capital through share buybacks, with a buyback yield of 2.02%.
Based on historical P/E analysis, DOVER Corp (DOV) appears expensive. The current P/E of 25.5 is 27% above its historical median of 20.0. The estimated fair value CAGR (P/E method) is 19.1%.
DOVER Corp (DOV) operates in the Construction, Mining & Materials Handling Machinery & Equip industry, within the Industrials sector.
DOVER Corp (DOV) reported annual revenue of $8.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dover Corporation is a diversified global manufacturer operating five segments—Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies—that serve industrial and business-to-business end markets through equipment, components, consumables, software, and aftermarket services. The company operates two core business models: component businesses producing critical parts for larger systems (such as industrial pumps, biopharma connectors, and heat exchangers) where switching costs far exceed component cost, and equipment with aftermarket opportunity (marking and coding systems, polymer processing equipment, can-making equipment) generating approximately 40% of total revenue from recurring parts, consumables, services, and software. Dover's businesses are characterized by leading market positions in niche industrial segments, attractive financial profiles with predictable revenue and strong cash flow, and digital opportunities through connected products and industry-specific software. The company operates globally with approximately 24,000 employees and pursues organic growth above GDP growth rates complemented by strategic acquisitions, while prioritizing operational excellence, free cash flow generation, and capital redeployment through dividends and share repurchases.
【Strong demand momentum continuing】 Management expects solid broad-based demand across the portfolio supported by strong order books and book-to-bill ratios above one, with particular strength in clean energy components, CO2 refrigeration systems, liquid cooling for data centers, and aerospace and defense applications. The company anticipates margin expansion driven by volume leverage, acquisition integration benefits, and productivity initiatives, with approximately $40 million in carryover restructuring savings expected in 2026 and additional benefits extending into 2027. Capital expenditure remains disciplined at $190–210 million annually, with free cash flow expected to remain at 14–16% of revenue, while management remains committed to double-digit adjusted EPS growth and is positioned to pursue selective acquisitions given balance sheet strength and advantageous market conditions.
| Metric | Target | Period |
|---|---|---|
| Free cash flow | 14%-16% of revenue | FY2026 |
| Capital expenditure | $190 million-$210 million | FY2026 |
| Restructuring savings carryover | more than $40 million | FY2026 |
| Revenue from AI and power generation infrastructure applications | over $1 billion | FY2026 |
Free cash flow (FY2026): “Our guidance for 2026 free cash flow remains on track at 14%-16% of revenue.”
Capital expenditure (FY2026): “Our full-year capital expenditure estimate remains at $190 million-$210 million.”
Restructuring savings carryover (FY2026): “In aggregate, these actions are expected to generate more than $40 million of rightsizing savings in 2026, with an incremental carryover benefits into 2027.”
Revenue from AI and power generation infrastructure applications (FY2026): “We expect to generate over $1 billion in revenue from applications tied to artificial intelligence and power generation infrastructure this year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.3B | 8.1B | 7.7B | 7.7B | 7.8B | 7.9B |
| Net Income | 1.1B | 1.1B | 2.7B | 1.1B | 1.1B | 1.1B |
| EPS | $7.05 | $7.94 | $19.45 | $7.52 | $7.42 | $7.74 |
| Free Cash Flow | 1.1B | 1.1B | 920M | 1.2B | 595M | 944M |
| ROIC | 11.2% | 11.9% | 11.4% | 12.8% | 13.9% | 15.7% |
| Gross Margin | 39.5% | 39.8% | 38.2% | 37.3% | 37.0% | 37.6% |
| Debt/Equity | 0.53 | 0.58 | 0.51 | 0.72 | 1.08 | 0.79 |
| Dividends/Share | $2.08 | $2.07 | $2.05 | $2.03 | $2.01 | $1.99 |
| Operating Income | 1.4B | 1.4B | 1.2B | 1.2B | 1.3B | 1.3B |
| Operating Margin | 16.7% | 17.0% | 15.6% | 15.9% | 16.3% | 16.2% |
| ROE | 14.7% | 15.2% | 44.7% | 22.5% | 25.1% | 29.7% |
| Shares Outstanding | 136M | 138M | 139M | 141M | 144M | 145M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.8B | 7.0B | 6.0B | 6.8B | 7.0B | 7.1B | 6.7B | 7.9B | 7.8B | 7.7B | 7.7B | 8.1B | 8.3B |
| Gross Margin | 38.4% | 36.9% | 36.9% | 37.1% | 36.6% | 36.7% | 37.0% | 37.6% | 37.0% | 37.3% | 38.2% | 39.8% | 39.5% |
| R&D | 118M | 115M | 116M | 131M | 143M | 141M | 142M | 158M | 151M | 139M | 150M | 165M | 165M |
| SG&A | 1.8B | 1.6B | 1.5B | 1.7B | 1.7B | 1.6B | 1.5B | 1.7B | 1.6B | 1.6B | 1.8B | 1.8B | 1.9B |
| EBIT | 1.2B | 921M | 709M | 807M | 843M | 975M | 933M | 1.3B | 1.3B | 1.2B | 1.2B | 1.4B | 1.4B |
| Op. Margin | 15.7% | 13.2% | 11.7% | 11.8% | 12.1% | 13.7% | 14.0% | 16.2% | 16.3% | 15.9% | 15.6% | 17.0% | 16.7% |
| Net Income | 775M | 870M | 509M | 812M | 570M | 678M | 683M | 1.1B | 1.1B | 1.1B | 2.7B | 1.1B | 1.1B |
| Net Margin | 10.0% | 12.5% | 8.4% | 11.9% | 8.2% | 9.5% | 10.2% | 14.2% | 13.6% | 13.8% | 34.8% | 13.5% | 13.3% |
| Non-Recurring | 45M | 55M | 122M | 255M | 59M | 27M | 50M | 233M | 30M | 50M | 668M | 61M | 79M |
| Returns on Capital | |||||||||||||
| ROIC | 20.8% | 19.7% | 8.2% | 9.8% | 12.8% | 17.1% | 13.0% | 15.7% | 13.9% | 12.8% | 11.4% | 11.9% | 11.2% |
| ROE | 39.2% | 78.3% | 13.7% | 19.8% | 21.6% | 34.4% | 21.3% | 29.7% | 25.1% | 22.5% | 44.7% | 15.2% | 14.7% |
| ROA | 7.8% | 9.9% | 5.4% | 7.8% | 6.0% | 8.0% | 7.7% | 11.5% | 10.0% | 9.5% | 22.6% | 8.4% | 8.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 950M | 949M | 735M | 739M | 789M | 945M | 1.1B | 1.1B | 806M | 1.3B | 1.1B | 1.3B | 1.4B |
| Free Cash Flow | 784M | 795M | 595M | 569M | 618M | 759M | 939M | 944M | 595M | 1.2B | 920M | 1.1B | 1.1B |
| Owner Earnings | 611M | 591M | 466M | 432M | 483M | 643M | 801M | 795M | 480M | 1.0B | 710M | 914M | 941M |
| CapEx | 166M | 154M | 140M | 170M | 171M | 187M | 166M | 171M | 211M | 183M | 168M | 220M | 232M |
| Maint. CapEx | 307M | 327M | 250M | 283M | 283M | 272M | 279M | 290M | 296M | 305M | 338M | 380M | 390M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 307M | 327M | 250M | 283M | 283M | 272M | 279M | 290M | 296M | 305M | 338M | 380M | 390M |
| CapEx/OCF | 17.5% | 16.3% | 19.2% | 23.0% | 21.7% | 19.8% | 15.0% | 15.4% | 27.4% | 15.0% | 15.4% | 16.5% | 16.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 258M | 258M | 268M | 284M | 284M | 282M | 284M | 287M | 288M | 284M | 283M | 283M | 282M |
| Dividend Yield | 2.8% | 3.6% | 3.7% | 3.0% | 2.6% | 2.2% | 2.0% | 1.4% | 1.5% | 1.5% | 1.2% | 1.1% | 1.0% |
| Share Buybacks | 601M | 600M | 0 | 105M | 895M | 143M | 106M | 22M | 585M | 0 | 500M | 541M | 554M |
| Buyback Yield | 5.9% | 7.2% | N/A | 0.9% | 9.4% | 0.9% | 0.6% | 0.1% | 3.2% | N/A | 1.9% | 2.0% | 2.0% |
| Stock-Based Comp | 32M | 31M | 19M | 24M | 24M | 30M | 25M | 31M | 30M | 31M | 40M | 44M | 41M |
| Debt Repayment | 6.6M | 300M | 1.9M | 0 | 350M | 805M | 0 | 0 | 630M | 0 | 0 | 400M | 400M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.3B | 2.4B | 2.9B | 2.9B | 2.5B | 2.7B | 2.6B | 2.9B | 4.2B | 3.3B | 1.7B | 2.6B | 2.3B |
| Cash & Equiv. | 682M | 362M | 349M | 754M | 396M | 397M | 513M | 386M | 381M | 399M | 1.8B | 1.7B | 1.6B |
| Long-Term Debt | 2.3B | 2.6B | 3.2B | 3.0B | 2.9B | 3.0B | 3.1B | 3.0B | 2.9B | 3.0B | 2.5B | 2.6B | 2.6B |
| Debt/Equity | -2.13 | 0.76 | 0.85 | 0.84 | 3.25 | 1.01 | 0.92 | 0.79 | 1.08 | 0.72 | 0.51 | 0.58 | 0.53 |
| Interest Coverage | 9.2 | 7.0 | 5.2 | 5.6 | 6.4 | 7.7 | 8.3 | 12.1 | 11.0 | 9.3 | 9.2 | 12.5 | 12.5 |
| Equity | -1.4B | 3.6B | 3.8B | 4.4B | 907M | 3.0B | 3.4B | 4.2B | 4.3B | 5.1B | 7.0B | 7.4B | 7.5B |
| Total Assets | 9.0B | 8.6B | 10.1B | 10.7B | 8.4B | 8.7B | 9.2B | 10.4B | 10.9B | 11.3B | 12.5B | 13.4B | 13.5B |
| Total Liabilities | 5.3B | 5.0B | 6.3B | 6.3B | 5.6B | 5.6B | 5.8B | 6.2B | 6.6B | 6.2B | 5.6B | 6.0B | 19M |
| Intangibles | 1.4B | 1.4B | 1.8B | 1.3B | 1.1B | 1.1B | 1.1B | 1.4B | 1.3B | 1.4B | 1.6B | 1.8B | 1.7B |
| Retained Earnings | 7.1B | 7.7B | 7.9B | 8.5B | 7.8B | 8.2B | 8.6B | 9.4B | 10.2B | 11.0B | 13.4B | 14.2B | 14.2B |
| Working Capital | 795M | 1.1B | 649M | 648M | 676M | 800M | 880M | 811M | 650M | 976M | 2.3B | 2.0B | 2.2B |
| Current Assets | 2.8B | 2.4B | 2.6B | 2.8B | 2.5B | 2.5B | 2.6B | 3.1B | 3.4B | 3.4B | 4.5B | 4.5B | 4.7B |
| Current Liabilities | 2.0B | 1.4B | 1.9B | 2.1B | 1.8B | 1.7B | 1.7B | 2.3B | 2.8B | 2.4B | 2.2B | 2.5B | 2.5B |
| Per Share Data | |||||||||||||
| EPS | 4.59 | 5.46 | 3.25 | 5.15 | 3.75 | 4.61 | 4.70 | 7.74 | 7.42 | 7.52 | 19.45 | 7.94 | 7.05 |
| Owner EPS | 3.62 | 3.71 | 2.98 | 2.74 | 3.18 | 4.37 | 5.51 | 5.47 | 3.34 | 7.12 | 5.12 | 6.64 | 6.92 |
| Book Value | -8.43 | 22.88 | 24.27 | 27.81 | 5.96 | 20.62 | 23.28 | 28.85 | 29.85 | 36.34 | 50.15 | 53.75 | 55.12 |
| Cash Flow/Share | 5.63 | 5.96 | 4.69 | 4.69 | 5.19 | 6.43 | 7.60 | 7.69 | 5.61 | 9.51 | 7.84 | 9.71 | 10.97 |
| Dividends/Share | 1.55 | 1.64 | 1.72 | 1.82 | 1.90 | 1.94 | 1.97 | 1.99 | 2.01 | 2.03 | 2.05 | 2.07 | 2.08 |
| Shares Out. | 168.9M | 159.3M | 156.6M | 157.6M | 152.1M | 147.1M | 145.4M | 145.2M | 143.6M | 140.5M | 138.7M | 137.8M | 135.9M |
| Valuation | |||||||||||||
| P/E Ratio | 13.2 | 9.6 | 20.0 | 14.0 | 16.8 | 23.0 | 24.7 | 22.0 | 17.3 | 20.0 | 9.6 | 25.2 | 28.7 |
| P/FCF | 10.5 | 8.5 | 13.8 | 20.0 | 15.5 | 20.6 | 18.0 | 26.2 | 31.0 | 18.3 | 28.0 | 24.6 | 24.1 |
| EV/EBIT | 10.4 | 11.4 | 18.9 | 17.4 | 14.4 | 18.4 | 20.9 | 21.5 | 16.3 | 19.8 | 22.6 | 21.8 | 21.6 |
| Price/Book | 2.8 | 2.3 | 2.7 | 2.6 | 3.5 | 5.1 | 5.0 | 5.9 | 4.3 | 4.1 | 3.7 | 3.7 | 3.7 |
| Price/Sales | 1.5 | 1.3 | 1.3 | 1.4 | 1.6 | 1.8 | 2.1 | 2.6 | 2.3 | 2.5 | 3.2 | 3.1 | 3.3 |
| FCF Yield | 7.7% | 9.5% | 5.9% | 5.0% | 6.5% | 4.9% | 5.6% | 3.8% | 3.2% | 5.5% | 3.6% | 4.1% | 4.1% |
| Market Cap | 10.2B | 8.3B | 10.2B | 11.4B | 9.6B | 15.6B | 16.9B | 24.7B | 18.4B | 21.1B | 25.8B | 27.5B | 27.5B |
| Avg. Price | 53.80 | 45.32 | 46.37 | 59.99 | 71.77 | 87.42 | 98.22 | 143.27 | 133.99 | 138.82 | 176.13 | 180.20 | 202.20 |
| Year-End Price | 48.93 | 42.31 | 52.46 | 72.18 | 62.84 | 106.10 | 116.27 | 170.44 | 128.19 | 150.40 | 185.81 | 199.69 | 202.20 |
DOVER Corp passes 6 of 9 quality checks, suggesting mixed fundamentals.
DOVER Corp trades at 25.5x trailing earnings, compared to its 15-year median P/E of 20.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 24.4x vs a median of 20.3x. The company's 5-year average ROIC is 13.1% with a gross margin of 38.0%. Total shareholder yield (dividends + buybacks) is 3.0%. At current prices, the estimated annualized return to fair value is +6.5%.
DOVER Corp (DOV) has a net profit margin of 13.5%. This is a healthy margin.
DOVER Corp (DOV) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DOVER Corp (DOV) has a debt-to-equity ratio of 0.58. This indicates moderate leverage.
DOVER Corp (DOV) reported earnings per share (EPS) of $7.94 in its most recent fiscal year.
DOVER Corp (DOV) has a return on equity (ROE) of 15.2%. This indicates the company generates strong returns for shareholders.
DOVER Corp (DOV) has a 5-year average gross margin of 38.0%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for DOVER Corp (DOV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DOVER Corp (DOV) has a book value per share of $53.75, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects solid broad-based demand across the portfolio supported by strong order books and book-to-bill ratios above one, with particular strength in clean energy components, CO2 refrigeration systems, liquid cooling for data centers, and aerospace and defense applications. The company anticipates margin expansion driven by volume leverage, acquisition integration benefits, and productivity initiatives, with approximately $40 million in carryover restructuring savings expected in 2026 and additional benefits extending into 2027. Capital expenditure remains disciplined at $190–210 million annually, with free cash flow expected to remain at 14–16% of revenue, while management remains committed to double-digit adjusted EPS growth and is positioned to pursue selective acquisitions given balance sheet strength and advantageous market conditions.
Based on recent SEC filings and earnings calls, DOVER Corp (DOV) has provided the following forward guidance: Free cash flow: 14%-16% of revenue (FY2026); Capital expenditure: $190 million-$210 million (FY2026); Restructuring savings carryover: more than $40 million (FY2026); Revenue from AI and power generation infrastructure applications: over $1 billion (FY2026).
No recent press releases.