# Dover Corporation (DOV) — Stock CV

Dover Corporation 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.

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

## Identity

- **Ticker**: DOV
- **Sector**: Industrials
- **Industry**: Construction, Mining & Materials Handling Machinery & Equip
- **Headquarters**: DOWNERS GROVE, IL
- **Employees**: 24 000
- **Website**: https://www.dovercorporation.com
- **Market cap**: $25.4B
- **Last price**: $188.83
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $8.42B
- **Net income**: $1.13B
- **Free cash flow**: $1.18B
- **Net debt**: $1.65B
- **P/E**: 22.4
- **Revenue growth (YoY)**: 14.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 51 |
| Profitability | 64 |
| Health | 55 |
| Quality | 90 |
| Moat | 69 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +14.0% YoY
- [x] Profitable — $1.13B TTM
- [x] Profit growing — +2.3% YoY
- [x] Generates cash — $1.18B TTM
- [x] Debt under control — ~1.4y of cash flow to repay
- [x] Established company — $25.4B market cap
- [x] Not printing shares — -5.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 43/100
- [x] Pays a dividend — yield 1.11%
- [x] Valuation not extreme — P/E 22.4

## Experience (career milestones)

- **FY2024** — Best year on record: $2.70B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $6.79B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2008** — From 2008 to 2012, Dover acquired almost twenty-five companies
- **2006** — Dover acquired Markem Corporation which specializes in identification
- **1998** — While Dover acquired more than seventy companies between 1998 and 2002, the company's acquisition rate slowed in the…
- **1994** — That same year, Dover acquired Phoenix Refrigeration Systems
- **1977** — A result of this effort included the acquisition of Dieterich Standard
- **1964** — 1964 marked a significant year, as OPW's former leader Thomas Sutton became president of Dover
- **1963** — Dover acquired Acme Elevator, Elevator Service, Reddy Elevator Company in 1964 and Hunter-Hayes Elevator…
- **1961** — With a focus on diversification in the 1960s, such as the acquisition of Ohio Pattern Works & Foundry Company in…
- **1955** — Between 1955 and 1979, Dover acquired 14 companies
- **1955** — This elevator growth began in 1955, as Dover Elevator split from Rotary Lift and became an independent operating…

## Strengths

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

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.91B | $1.12B | $944M |
| FY2022 | $8.51B | $1.07B | $585M |
| FY2023 | $8.44B | $1.06B | $1.14B |
| FY2024 | $7.75B | $2.70B | $920M |
| FY2025 | $8.09B | $1.09B | $1.12B |

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Source: https://stockcv.com/DOV — derived from company filings; may be delayed or incomplete. Information, not investment advice.