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Dover Corporation

DOV Industrials Specialty Industrial Machinery

Dover Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.1 billion, up 4.48% from fiscal 2024.

Revenue
+7.51%
EPS
+12.7%
Free cash flow
+3.58%
Total debt
+22.3%

Quarter to September 2026, against a year earlier

203.32 9.34 −4.39%
Market cap
$26.9B
P/E
23.5×
Fwd P/E
22.9×
Dividend yield
1.03%
F-score
6/9
Altman Z
5.27
Beneish M
−2.56
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Pumps & Process Solutions
  • Clean Energy & Fueling
  • Climate & Sustainability Technologies
  • Imaging & Identification
  • Engineered Products

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 38.27
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 3 — — — — — — — — 1
Insider Ownership 1.59%

Capital & Financial Ratios $m

Size
Market Cap 26,940.00
Revenue ttm 8,576.56
Net income ttm 1,166.09
Free cash flow ttm 1,189.88
Net debt Q 1,571.42
Valuation
P/E 23.53
Forward P/E 22.90
Price / sales 3.18
Forward P/S Powerpack
Price / FCF 22.93
Price / book 3.57
Financial health
Current ratio Q 1.95 (at or above 1.5: strong)
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 14.52
Growth
Revenue growth Q +7.51% (above 0%: growing)
Operating income growth Q +11.15% (above 0%: growing)
EPS, this year +11.19%
EPS, next year A +10.99%
Revenue, next year A +7.60%
EPS, past 5 yrs +11.06%
EPS, next 5 yrs A +9.74%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 2.8×; over the ten years it ranged from 1.4× in 2016 to 4.2× in 2024.
P/E against its own 10 years 73.67%
10-year low 10-year high
P/S against its own 10 years 78.69%
10-year low 10-year high
P/B against its own 10 years 32.09%
10-year low 10-year high
EV/Sales against its own 10 years 75.43%
10-year low 10-year high
EV/FCF against its own 10 years 46.06%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.03%
Annual rate
2.09
Payout ratio
24.3%
Growth, 2017–25
+4.37%/yr
  1. 1.47 ’17
  2. 1.81 ’18 +23
  3. 1.94 ’19 +7
  4. 1.97 ’20 +2
  5. 1.99 ’21 +1
  6. 2.01 ’22 +1
  7. 2.03 ’23 +1
  8. 2.05 ’24 +1
  9. 2.07 ’25 +1
  10. 2.12 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 399 1,845 1,677 1,693
Receivables 1,321 1,354 1,371 1,572
Inventory 1,144 1,145 1,273 1,469
Other 193 — — —
3,390 4,484 4,507 4,960
2023 2024 2025 Q'26
Payables 854 848 876 943
ST’ Debt — — — 683
Other 65 — — —
2,414 2,197 2,518 2,549

Compound Annual Growth %

10y 5y 3y
Sales 1.52% 3.90% 1.04%
Cash Flow 3.49% 3.90% 21.46%
Earnings 2.32% 9.86% 0.89%
Book Value 7.35% 16.94% 19.99%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.83 Actual 2.88

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.48 2.51 Beat by 0.03
Q1 FY26 2.27 2.28 Beat by 0.01
Q2 FY26 2.72 2.74 Beat by 0.02
Q3 FY26 2.83 2.88 Beat by 0.05
Q4 FY26 2.79 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.75 2.30 2.47 — —
’25 1.67 2.02 2.19 2.06 7.94
’24 4.52 2.04 2.51 10.38 19.45
’23 1.63 1.72 2.06 2.11 7.52
’22 1.56 2.00 2.00 1.87 7.42
’21 1.61 1.82 1.81 2.49 7.74
’20 1.21 0.86 1.38 1.25 4.70
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,054 2,190 2,234 — —
’25 1,866 2,050 2,078 2,099 8,093
’24 1,884 1,949 1,984 1,930 7,746
’23 2,079 2,100 1,958 1,547 7,684
’22 2,052 2,159 2,158 1,475 7,844
’21 1,868 2,032 2,018 1,989 7,907
’20 1,656 1,499 1,748 1,780 6,684
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 191 236 439 — —
’25 157 212 424 544 1,338
’24 146 149 353 439 1,088
’23 241 195 284 499 1,220
’22 24 179 265 280 747
’21 177 260 351 327 1,116
’20 76 272 339 418 1,105
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 131 188 383 — —
’25 113 154 370 487 1,124
’24 718 176 408 386 1,689
’23 193 155 247 441 1,036
’22 (24) 129 199 230 536
’21 152 218 304 277 951
’20 37 234 297 378 946
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.8% a year for ten years. It grew 8.0% a year over the last ten.

Implied
8.8%
10 years, reported
8.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,043 6,821 6,992 7,136 6,684 7,907 7,844 7,684 7,746 8,093 8,577 +3.3% 8,708 9,199 9,597 +5.8%
Gross margin, % 36.86 37.08 36.61 36.73 37.02 37.56 37.03 37.32 38.20 39.77 39.68 +2.9 pt
EBT 685 876 725 843 842 1,401 1,190 1,123 1,757 1,374 1,448 +8.0%
EBT margin, % 11.33 12.84 10.37 11.81 12.59 17.72 15.17 14.61 22.68 16.98 16.88 +5.7 pt
Net income 509 812 570 678 683 1,124 1,065 1,057 2,697 1,094 1,166 +8.9%
Per share, $
Per share, $ Revenue 38.93 43.81 46.65 49.15 46.40 54.94 54.98 54.95 56.24 59.10 63.91 +4.7%
Earnings 3.28 5.21 3.80 4.67 4.74 7.81 7.47 7.56 19.58 7.99 8.64 +10.4%
Cash flow 4.73 4.75 5.27 6.51 7.67 7.75 5.23 8.72 7.90 9.77 10.51 +8.4%
Capex (0.80) (1.02) (1.10) (1.26) (1.10) (1.14) (1.48) (1.31) 4.37 (1.56) (1.64) +7.7%
Free cash flow 3.93 3.73 4.16 5.25 6.57 6.61 3.75 7.41 12.26 8.21 8.87 +8.5%
Book value 24.48 28.15 18.47 20.89 23.50 29.11 30.04 36.52 50.49 54.08 56.90 +9.2%
Shares, m 155 156 150 145 144 144 143 140 138 137 135 (1.4%)
Valuation, ×
Valuation, × P/E 18.89 15.83 18.62 24.68 26.58 23.25 18.08 20.04 9.57 24.47 23.53 20.0
P/S 1.59 1.88 1.52 2.35 2.72 3.31 2.46 2.76 3.34 3.30 3.18 2.5
P/B 2.53 2.93 3.84 5.52 5.37 6.24 4.50 4.15 3.72 3.61 3.57 4.2
EV/Sales 2.06 2.21 1.89 2.73 3.12 3.66 2.88 3.12 3.45 3.51 3.36 2.9
EV/FCF 20.44 25.93 21.12 25.51 22.01 30.40 42.22 23.15 15.82 25.26 24.25 25.2
Cash, $m
Cash, $m Operating cash flow 735 739 789 945 1,105 1,116 747 1,220 1,088 1,338 1,410 +6.9%
Capex (124) (158) (165) (183) (158) (164) (211) (183) 601 (214) (220) +6.2%
Free cash flow 610 581 624 763 946 951 536 1,036 1,689 1,124 1,190 +7.0%
Balance, $m
Balance, $m Working capital 649 648 676 800 880 811 650 976 2,288 1,988 2,410 +13.3%
Net debt 2,857 2,233 2,547 2,588 2,596 2,633 2,562 2,593 684 944 1,571 (11.6%)
Shareholders’ equity 3,800 4,383 2,769 3,033 3,386 4,190 4,286 5,107 6,954 7,405 7,636 +7.7%
Returns, %
Returns, % ROA 5.44 7.81 6.00 7.96 7.67 11.49 10.00 9.50 22.61 8.44 8.61 +3.0 pt
ROIC 6.66 7.62 9.91 10.84 9.75 11.74 11.68 9.90 9.87 10.28 9.93 +3.6 pt
ROE 13.67 19.84 15.95 23.37 21.30 29.67 25.14 22.50 44.73 15.24 15.24 +1.6 pt
People
People Employees 29,000 29,000 24,000 24,000 23,000 25,000 25,000 25,000 24,000 24,000 — (2.1%)
Revenue/emp, $m 0.21 0.24 0.29 0.30 0.29 0.32 0.31 0.31 0.32 0.34 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Dover is a diversified manufacturer and solutions provider. It sells specialized equipment, components, consumables, replacement parts, software, digital tools and support services to industrial and commercial customers. Founded in 1955, it is headquartered in Downers Grove and employs 24,000 people worldwide. Richard J. Tobin is President and Chief Executive Officer.

The company operates through five segments. Engineered Products supplies vehicle-service equipment, aerospace and defense communications products, winches, hoists, soldering and fluid-dispensing equipment. Clean Energy & Fueling supplies equipment and software for fuel storage, transport, dispensing, retail fueling, vehicle washes and hazardous-material handling. Imaging & Identification makes marking, coding, traceability, brand-protection and digital textile-printing systems.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Pumps & Process Solutions 2,149 26.55%
Clean Energy & Fueling 2,131 26.33%
Climate & Sustainability Technologies 1,560 19.27%
Imaging & Identification 1,173 14.50%
Engineered Products 1,086 13.42%
Gross margin 39.77%
Operating margin 16.97%
Pre-tax margin 16.98%

Revenue by segment since 2008

Dover Corporation vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ROK Rockwell Automation, Inc. $42.3B 35.6× 33.8× +7.88% (above 0%: growing) +40.38% (above 0%: growing) +33.74% (above 0%: growing) 49.46% 21.75% Compare
IR Ingersoll Rand Inc. $31.4B 22.9× 32.9× +5.62% (above 0%: growing) +180.65% (above 0%: growing) +91.49% (above 0%: growing) 44.76% 37.90% Compare
OTIS Otis Worldwide Corporation $30.3B 19.6× 18.9× +6.07% (above 0%: growing) +16.47% (above 0%: growing) −11.54% (below 0%: shrinking) 29.51% 15.84% Compare
DOV Dover Corporation $26.9B 23.5× 22.9× +7.51% (above 0%: growing) +12.73% (above 0%: growing) +3.58% (above 0%: growing) 40.44% 18.77%
XYL Xylem Inc. $22.9B 22.1× 21.3× −2.95% (below 0%: shrinking) +33.08% (above 0%: growing) −16.49% (below 0%: shrinking) 41.21% 17.49% Compare
SYM Symbotic Inc. $21.2B 354× 220× +21.74% (above 0%: growing) n/m +22.12% (above 0%: growing) 22.32% 4.56% Compare
ITT ITT Inc. $17.5B 40.5× 43.4× +44.19% (above 0%: growing) −15.34% (below 0%: shrinking) +93.91% (above 0%: growing) 0.00% 0.00% Compare
NDSN Nordson Corporation $17.3B 31.3× 31.5× +10.27% (above 0%: growing) +22.87% (above 0%: growing) +4.57% (above 0%: growing) 55.49% 27.28% Compare
IEX IDEX Corporation $16.4B 30.8× 31.3× +8.31% (above 0%: growing) +14.94% (above 0%: growing) +13.57% (above 0%: growing) 45.13% 21.86% Compare
Median of peers $22.1B 31.0× 32.2× +8.10% +22.87% +17.85% 42.99% 19.62%

All 79 Specialty Industrial Machinery stocks →

From the latest earnings call

Updated

  • CFO Christopher Woenker said Dover raised its full-year capital spending guidance to support organic investments in response to demand.
  • Woenker said operating cash conversion more than offset working capital investments and that he expected free cash flow to increase further in the fourth quarter.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.10%
Held by the ten largest 49.20%
Holder Shares Stake Change
Vanguard 16.70m 12.40% +73.81k
JPMorgan Chase 14.62m 10.85% +493.99k
BlackRock 10.47m 7.77% +441.50k
State Street 6.62m 4.91% +120.79k
Fidelity (FMR) 4.37m 3.24% −385.34k
Geode Capital Management 3.59m 2.66% +28.93k
Bank of America 2.79m 2.07% −13.16k
BNY 2.64m 1.96% −394.95k
Morgan Stanley 2.47m 1.84% +83.51k
Nuveen (TIAA) 2.02m 1.50% +30.70k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 18.76m 15.03m 165.00
2024 19.23m 30.23m 175.00
2023 16.80m 16.47m 142.00
2022 14.14m (13.75m) 123.00
2021 14.09m 56.16m 163.00

Ownership

Directors and executive officers, together 1.10%
THE VANGUARD GROUP 12.20%
JPMORGAN CHASE & CO. 7.40%
BLACKROCK, INC. 7.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Dover Corporation (DOV) Latest News

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · PR Newswire

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27 Oct

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26 Oct

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22 Oct

Impact 4 · · Moby earnings
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Impact 4 · · The Motley Fool transcript
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Impact 3 · · Zacks
Impact 3 · · StockStory
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21 Oct

Impact 3 · · PR Newswire
Impact 3 · · StockStory

20 Oct

Impact 3 · · PR Newswire
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15 Oct

Impact 3 · · Zacks

14 Oct

Impact 4 · · PR Newswire

12 Oct

Impact 3 · · StockStory

7 Oct

Impact 3 · · PR Newswire

5 Oct

Impact 3 · · Barchart

30 Sep

Impact 3 · · PR Newswire

23 Sep

Impact 4 · · PR Newswire

22 Sep

Impact 3 · · Simply Wall St.

18 Sep

Impact 3 ·

DOV metrics, ten years each

stockrow.com/DOV · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com