Dover Corporation

Construction, Mining & Materials Handling Machinery & Equip

DOVMixed10 of 11 basics passed

$188.83

-0.07%

Market cap $25.4B

$188.83

-0.07%

Market cap $25.4B

Founded in 1955 by George Ohrstrom, Dover has become an industrial behemoth through the acquisition of dozens of esteemed brands.

It is a $25.4B industrial company. Revenue grew 14.0% over the last year, it keeps 13¢ of every dollar of sales as profit, and its net debt equals ~1.4 years of free cash flow. It trades at 22.4× earnings — in the most expensive third of its own history.

Website: dovercorporation.com
Location: Downers Grove, IL
Employees: 24 000
Sector: Industrials

Share price · 3 years

$141.03 → $188.83+33.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $8.42B
Profit: keeps 13¢ of every $1 sold; $1.13B
Free cash flow: cash left after running the business; $1.18B
Net debt: debt minus cash on hand; $1.65B
P/E: years of profit in the price; 22.4
EPS: earnings per share, TTM; $8.24
Dividend: pays out 25% of profit · 24% of FCF; 1.11%
Shares: down 12% since 2016 — buybacks; 137.8M
Volatility: beta vs the market — under 1 swings less; 1.12

Revenue, last 10 years

52-week range

Low $161.16$188.83High $233.31

Today's price is 38% of the way from the year's low to its high.

P/E vs its history5y

22.4×median 17.7×

Higher than 77% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

22.4×

22%

P/S

3.0×

48%

EV/EBITDA

18.3×

66%

P/B

3.3×

93%

FCF yield

4.6%

93%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Industrials

Size$25.4Btop 40%
Revenue growth-2%top 80%
Net margin13%top 28%
Return on equity15%top 65%
P/E22.4×top 33%
Dividend yield1.11%top 51%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality.

Valuation57

P/E vs own history77th pct · 5/25
FCF yield4.6% · 12/25
P/S3.0x · 20/25
EV/EBITDA14.9x · 20/25

Growth51

Revenue CAGR0.6% · 6/25
Net income CAGR-0.7% · 0/25
EPS CAGR ~5Y11.1% · 20/25
Fwd implied growth36.7% · 25/25

Profitability64

ROIC12.1% · 12/25
ROE15.0% · 12/25
Net margin13.5% · 20/25
Operating margin16.9% · 20/25

Health55

Altman Zn/a · 0/25
Current ratio1.98 · 18/25
Interest coverage38.4x · 25/25
Net cash / debtD/A 12% · 12/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-2.59 · 25/25
FCF conversion104% · 25/25
Margin stabilityσ 2.8% · 25/25

Moat69

ROIC >12% years6/10 yrs · 13/25
Median gross margin36.8% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 7.5% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$2.70B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$6.79B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2008Acquisition
From 2008 to 2012, Dover acquired almost twenty-five companies
2006Acquisition
Dover acquired Markem Corporation which specializes in identification
1998Acquisition
While Dover acquired more than seventy companies between 1998 and 2002, the company's acquisition rate slowed in the…
1994Acquisition
That same year, Dover acquired Phoenix Refrigeration Systems
1977Acquisition
A result of this effort included the acquisition of Dieterich Standard
1964Milestone
1964 marked a significant year, as OPW's former leader Thomas Sutton became president of Dover
1963Acquisition
Dover acquired Acme Elevator, Elevator Service, Reddy Elevator Company in 1964 and Hunter-Hayes Elevator…
1961Acquisition
With a focus on diversification in the 1960s, such as the acquisition of Ohio Pattern Works & Foundry Company in…
1955Acquisition
Between 1955 and 1979, Dover acquired 14 companies
1955Milestone
This elevator growth began in 1955, as Dover Elevator split from Rotary Lift and became an independent operating…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$11 309 today — price return only

$8.1B revenue in FY2025

Revenue up 14.0% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

24 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (40.1%)
Revenue growing 14.0% year over year
Interest covered 38.4× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+14.0% YoY
Profitable — makes more than it spends$1.13B TTM
Profit growing — earnings are higher than last year+2.3% YoY
Generates cash — cash left after running and investing$1.18B TTM
Debt under control — could handle its obligations~1.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$25.4B market cap
Not printing shares — share count not ballooning — you keep your slice-5.2% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersyield 1.11%
Valuation not extreme — price not wildly above earningsP/E 22.4

Peer comparisonDover Corporation vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
DOV this company	$25.4B	22.4	+14.0%	13.5%	Mixed
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: DOV vs LRCX · DOV vs CAT · DOV vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 11Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $8.42B · net income $1.13B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$8.42B

YoY 14.0%

Net income (TTM)

$1.13B

Margin 13.5%

Gross margin

40.1%

Operating margin

16.9%

P/E ratio

22.4

Dividend yield

1.11%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	6.7	7.9	8.5	8.4	7.7	8.1
Gross profit	2.5	3.0	3.1	3.1	3.0	3.2
Operating income (EBIT)	0.9	1.3	1.4	1.4	1.2	1.4
Net income	0.7	1.1	1.1	1.1	2.7	1.1
EPS (diluted)	4.70	7.74	7.42	7.52	19.45	7.94

Cash flowFree cash flow $1.18B · operating cash flow $1.40B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.18B

Margin 14.0%

Operating cash flow (TTM)

$1.40B

FCF margin

14.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.1	1.1	0.8	1.3	1.1	1.3
Capital expenditure	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
Free cash flow	0.9	0.9	0.6	1.1	0.9	1.1
FCF margin	14.1%	11.9%	6.9%	13.6%	11.9%	13.8%

Balance sheetAssets $13.4B · net debt $1.65B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.4B of assets is financed

45%

55%

Liabilities $6.02B — borrowed moneyEquity $7.41B — owners' stake

Cash vs debt

Total debt $3.33B − cash $1.68B = net debt $1.65B

Cash on hand covers 50% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

38.4x

EBIT ÷ interest expense

ROE

15.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.5	0.4	0.4	0.4	1.8	1.7
Total assets	9.2	10.4	10.9	11.3	12.5	13.4
Total liabilities	5.8	6.2	6.6	6.2	5.6	6.0
Total debt	3.1	3.1	3.7	3.5	2.9	3.3
Equity	3.4	4.2	4.3	5.1	7.0	7.4
Net debt	2.6	2.7	3.3	3.1	1.1	1.7

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of DOV on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $188.83 · market cap $25.4B.