Dover Corporation (DOV)
Industrials · $28.1B market cap · SEC CIK 0000029905
ahead of 35% of the S&P 500 · #52 of 79 in Industrials
Next reports on Jan 27, 2027, after the close, with analysts expecting $2.83 in earnings per share.
52-week range $176.91 to $237.54. 11% below its 52-week high and 20% above its low.
The case for DOV
- Revenue growing 8.2% year over year.
- Return on equity of 15%.
- Pays a modest 1.5% dividend.
The case against
- Earnings per share down 47.2%.
- Priced at 24.1× earnings while earnings per share are shrinking (−47.2%).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 49 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 27 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 52 |
| Momentumhow the price has behaved lately | 60 |
| Stabilityhow violently it moves, what it owes and what it pays you | 78 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +8.2% |
|---|---|
| Over 5 years | +3.9% a year |
| FY2025 revenue | $8.1B (+4%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $1.1B |
|---|---|
| Of revenue | 14% |
| Of profit | 102% |
Profit margins
Is profitability improving? No, slipping
| Gross margin | 40% |
|---|---|
| Operating margin | 17% |
| Net margin, FY24 → FY25 → now | 34.8% → 13.5% → 13.6% |
Debt vs. cash
Is the balance sheet healthy? Yes, the debt is manageable
| Cash | $1.7B |
|---|---|
| Long-term debt | $2.6B |
| Net debt | $944M |
| Years to repay | 2.0 yrs |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 24.1× |
|---|---|
| Fair P/E for its growth | 22× |
| P/FCF | 25.2× |
| Forward P/E | 17.9× |
| EV / EBITDA | 16.0× |
At 24.1× earnings it trades close to the 22× that 8% a year of growth plus a 1.5% dividend would justify. At 25.2× free cash flow it trades close to that same mark.
The financials, five years deep
Pulled from Dover Corporation's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $8.1B | $7.7B | $7.7B | $7.8B | $7.9B |
| Change on the year | +4% | +1% | −2% | −1% | — |
| Free cash flow | |||||
| Free cash flow | $1.1B | $920M | $1.2B | $595M | $944M |
| Of revenue | 14% | 12% | 15% | 8% | 12% |
| Profit margins | |||||
| Gross margin | 39.8% | 38.2% | 37.3% | 37.0% | 37.6% |
| Operating margin | 17.0% | 15.6% | 15.9% | 16.3% | 16.2% |
| Net margin | 13.5% | 34.8% | 13.8% | 13.6% | 14.2% |
| Debt vs. cash | |||||
| Cash | $1.7B | $1.8B | $399M | $381M | $386M |
| Long-term debt | $2.6B | $2.5B | $3.0B | $2.9B | $3.0B |
| Net cash (debt) | −$944M | −$684M | −$2.6B | −$2.6B | −$2.6B |
What Dover Corporation says it does
Overview Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Unless the context indicates otherwise, references herein to "Dover," "the Company," and words such as "we," "us," or "our" include Dover Corporation and its consolidated subsidiaries. Dover was incorporated in 1947 in the State of Delaware and became a publicly traded company in 1955. Dover is headquartered in Downers Grove, Illinois and currently employs approximately 24,000 people worldwide. Dover's five segments are structured around businesses with similar business models, go-to-market strategies, product categories, and manufacturing…
Risk factors DOV lists in its 10-K
- Recessions, adverse market conditions or downturns in the markets we serve could adversely affect our operations
- Increases in labor costs, potential labor disputes and work stoppages or an inability to hire skilled personnel could adversely affect our business
- Our reputation, ability to do business and results of operations may be impaired by improper conduct by any of our employees, agents, or business partners
- We are subject to risks relating to our existing international operations and expansion into new geographical markets
- Our businesses or operations may be adversely affected by natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises
- Our operations, businesses, products and business strategy are subject to cybersecurity risks
- Unforeseen developments in contingencies such as litigation and product recalls could adversely affect our consolidated results of operations, financial condition and cash flows
- Our revenue, operating profits and cash flows could be adversely affected if our businesses are unable to protect or obtain patent and other intellectual property rights
- We could be negatively impacted by environmental, social and governance (ESG) and sustainability matters
- Our operating results depend in part on the timely development and commercialization, and customer acceptance, of new and enhanced products, digital solutions and support services based on technological innovation
- Our exposure to exchange rate fluctuations on cross-border transactions and the translation of local currency results into U.S. dollars could negatively impact our results of operations
- Our growth and results of operations may be adversely affected if we are unsuccessful in our capital allocation and acquisition program
- The indemnification provisions of acquisition and disposition agreements by which we have acquired or sold or disposed of companies may not fully protect us and may result in unexpected liabilities