Dover Corporation
- Open
- 214.25
- Day high
- 215.75
- Day low
- 208.97
- Prev close
- 214.18
- Volume
- 757K
- Mkt cap
- $28.2B
- P/E (TTM)
- 26.0
- EPS (TTM)
- $8.06
- P/B
- 3.8
- P/S
- 3.4
- Yield
- 0.99%
- Per share
- $2.08
Dover Corporation (DOV) is a Industrials company listed on NYSE. The stock is up 12% over the past year.
Dover Corporation (DOV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DOV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $2.27 | $2.28 | +0.4% | $2.1B | +2.5% |
| Jan 29, 2026 | $2.48 | $2.51 | +1.2% | $2.1B | +3.7% |
| Oct 23, 2025 | $2.51 | $2.62 | +4.4% | $2.1B | -1.5% |
| Jul 24, 2025 | $2.39 | $2.44 | +2.1% | $2.0B | +0.5% |
| Apr 24, 2025 | $1.98 | $2.05 | +3.5% | $1.9B | -0.5% |
| Jan 30, 2025 | $2.20 | $2.20 | +0.0% | $1.9B | -1.1% |
| Oct 24, 2024 | $2.30 | $2.27 | -1.3% | $2.0B | -1.8% |
| Jul 25, 2024 | $2.21 | $2.36 | +6.8% | $2.2B | +1.4% |
| Apr 25, 2024 | $1.87 | $1.95 | +4.3% | $2.1B | +3.1% |
| Feb 1, 2024 | $2.42 | $2.45 | +1.2% | $2.1B | -2.7% |
| Jul 25, 2023 | $2.20 | $2.05 | -6.8% | $2.1B | -4.4% |
| Jan 31, 2023 | $2.15 | $2.16 | +0.5% | $2.1B | +0.9% |
DOV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 17, 2026 | Paulson Ryanofficer: VP & Controller | Tax | 32 | $204.28 |
| Mar 17, 2026 | Cabrera Ivonne Mofficer: SVP, General Counsel & Secr. | Tax | 175 | $204.28 |
| Mar 17, 2026 | Juneja Girishofficer: Senior VP & CDO | Tax | 92 | $204.28 |
| Mar 17, 2026 | Paulson Ryanofficer: VP & Controller | Tax | 37 | $204.28 |
| Mar 17, 2026 | Tobin Richard Jdirector, officer: Chairman, President & CEO | Tax | 1,734 | $204.28 |
| Mar 17, 2026 | Moran James Mofficer: VP & Treasurer | Tax | 20 | $204.28 |
| Mar 17, 2026 | Woenker Christopher B.officer: Senior VP & CFO | Tax | 43 | $204.28 |
| Mar 17, 2026 | Yehle Jeffreyofficer: Senior VP & CHRO | Tax | 63 | $204.28 |
| Mar 17, 2026 | Woenker Christopher B.officer: Senior VP & CFO | Tax | 97 | $204.28 |
| Mar 17, 2026 | Cabrera Ivonne Mofficer: SVP, General Counsel & Secr. | Tax | 183 | $204.28 |
| Mar 17, 2026 | Tobin Richard Jdirector, officer: Chairman, President & CEO | Tax | 1,555 | $204.28 |
| Mar 17, 2026 | Juneja Girishofficer: Senior VP & CDO | Tax | 83 | $204.28 |
| Mar 17, 2026 | Tobin Richard Jdirector, officer: Chairman, President & CEO | Tax | 1,835 | $204.28 |
| Mar 17, 2026 | Juneja Girishofficer: Senior VP & CDO | Tax | 97 | $204.28 |
| Mar 17, 2026 | Paulson Ryanofficer: VP & Controller | Tax | 30 | $204.28 |
Source: DOV SEC Form 4 filings, latest Mar 17, 2026. For informational purposes only — not investment advice.
See the full DOV insider & 13F page →Dover Corporation company profile
Overview
Dover Corporation (NYSE:DOV) is a diversified industrial conglomerate founded in 1947 and headquartered in Downers Grove, Illinois. The company has evolved through decades of acquisitions and divestitures to become a focused provider of specialized equipment, components, and services across multiple industrial end markets. Dover operates through five distinct business segments, serving customers in industries ranging from automotive aftermarket and waste handling to biopharma manufacturing and clean energy infrastructure. The company has undergone significant portfolio optimization in recent years, divesting lower-margin cyclical businesses while acquiring higher-growth, technology-enabled companies to improve its overall margin profile and reduce cyclicality.
Business
Dover Corporation operates as a diversified industrial manufacturer serving specialized niche markets through five distinct business segments: Engineered Products (approximately 15% of revenue) provides equipment and automation solutions for aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, and fluid dispensing applications. This segment manufactures manual and power clamps, rotary indexers, conveyor systems, robotic grippers, and industrial winches used in manufacturing and service operations. Clean Energy & Fueling offers components, equipment, and software solutions that enable the safe transport and dispensing of traditional fuels and emerging clean energy alternatives like hydrogen and compressed natural gas. This segment serves convenience retail, retail fueling stations, and vehicle wash establishments with pumps, dispensers, underground storage systems, and point-of-sale software. Imaging and Identification provides precision marking, coding, and digital printing equipment along with consumable supplies like inks and ribbons. These products enable product traceability, brand protection, and packaging intelligence for packaged goods, pharmaceuticals, and industrial manufacturing. The segment also includes digital textile printing equipment for fashion and apparel applications. Pumps and Process Solutions manufactures specialty pumps, connectors, flow meters, and processing equipment for demanding applications. Key products include single-use biopharma components for biotechnology manufacturing, thermal connectors for data center cooling systems, polymer processing equipment, and precision components for rotating machinery. Climate & Sustainability Technologies produces refrigeration systems, display cases, commercial glass doors, and heat exchangers for food retail, industrial heating/cooling, and residential climate control applications. This segment includes CO2-based refrigeration systems that use natural refrigerants with lower environmental impact than traditional systems.
Revenue model
Dover generates revenue primarily through product sales of manufactured equipment, components, and systems, supplemented by aftermarket parts and consumables, service contracts, and software subscriptions. The company's customers include original equipment manufacturers (OEMs), distributors, end-users across industrial markets, and service providers. The business model benefits from several recurring revenue streams. Consumable products like marking inks, single-use biopharma components, and replacement parts provide steady cash flow with higher margins than initial equipment sales. Service contracts and software subscriptions create predictable revenue streams while deepening customer relationships. Key factors that influence Dover's margins include commodity input costs for raw materials like steel and plastics, labor availability and wages particularly in manufacturing regions, and pricing power which varies by market position and competitive dynamics. The company's margins benefit from its focus on specialized niche markets where it often holds leading positions, allowing for premium pricing. Product mix significantly impacts profitability, with consumables and aftermarket parts typically generating higher margins than initial equipment sales. Volume leverage provides margin expansion opportunities as fixed costs are spread across higher production levels. Conversely, supply chain disruptions and inventory management challenges can pressure margins when production schedules are disrupted or excess inventory must be liquidated. The company's ongoing portfolio optimization toward higher-margin, less cyclical businesses aims to improve overall profitability and reduce sensitivity to economic cycles.
Competitive moat
Dover's competitive moat varies significantly across its business segments, with some enjoying stronger defensive characteristics than others. The company's strongest moats exist in markets where it provides mission-critical components with high switching costs and limited alternatives. In Pumps and Process Solutions, Dover benefits from engineering expertise in specialized applications like biopharma single-use components, where regulatory approval processes and contamination risks create high switching costs for customers. Similarly, thermal connectors for data center cooling are designed into chip specifications, creating sticky customer relationships. The Imaging and Identification segment enjoys a razor-and-blade model where customers become locked into proprietary consumables like inks and ribbons after purchasing marking equipment. This creates predictable recurring revenue streams with limited competitive pressure. However, Dover faces meaningful competitive pressures in several areas. The Clean Energy & Fueling segment operates in mature markets with established competitors and faces potential disruption from electric vehicle adoption, which could reduce demand for traditional fuel dispensing equipment over time. The Climate & Sustainability Technologies segment competes in commoditized refrigeration markets where price competition is intense. Dover's overall moat is moderate, strengthened by its focus on niche markets and specialized applications, but weakened by exposure to cyclical end markets and competitive pressures in some segments. The company's ongoing portfolio optimization toward higher-value, technology-enabled businesses aims to strengthen its competitive positioning, but execution of this strategy remains critical to maintaining and expanding its moat over time.
Risks & safety
Dover demonstrates a strong financial position with solid liquidity and manageable leverage, though recent acquisition activity has increased debt levels. • Liquidity: $1.8 billion in cash and short-term investments as of Q1 2025, providing substantial financial flexibility • Debt levels: Debt-to-equity ratio of 0.42, up from historical lows due to recent acquisition financing but still conservative • Cash generation: Strong free cash flow generation of $581 million in 2024, though volatile quarterly patterns due to working capital timing • Solvency risk: Minimal near-term solvency concerns given strong balance sheet and cash position • Valuation metrics: Trading at 26x P/E and 15.4x EV/EBITDA based on Q1 2025 results, representing premium valuations that assume continued execution • Current ratio: 2.13 indicates strong short-term liquidity coverage • Return metrics: 3.2% quarterly ROE suggests modest profitability relative to shareholder equity • Other considerations: Recent portfolio optimization including $2 billion divestiture provides capital deployment flexibility; cyclical exposure in some segments could pressure cash flows during downturns; strong market positions in niche segments provide some defensive characteristics
Recent development
Dover has undergone significant strategic transformation over the past several years, focusing on portfolio optimization to improve growth and margin profiles. The company completed the divestiture of its Environmental Solutions Group for $2 billion in 2024, using proceeds to fund acquisitions in higher-growth markets and return capital to shareholders through a $500 million accelerated share repurchase program. The company has prioritized bolt-on acquisitions in secular growth markets, completing multiple deals to build platforms in clean energy components, biopharma manufacturing, and thermal management solutions. Management reports deploying 75% of recent acquisition capital in markets with double-digit growth potential, targeting businesses that can achieve 25% EBITDA margins over time. Operational improvements have focused on margin expansion through cost management, productivity initiatives, and manufacturing optimization. The company has implemented proximity manufacturing strategies to reduce supply chain risks and provide competitive advantages, particularly relevant given potential tariff impacts. Dover has identified several key growth platforms including single-use biopharma components benefiting from biotechnology manufacturing expansion, thermal connectors for data center cooling driven by AI and cloud computing demand, and CO2 refrigeration systems supported by environmental regulations favoring natural refrigerants. These platforms represent areas where Dover can leverage specialized engineering capabilities and benefit from favorable secular trends. The company has also emphasized technology integration and digital solutions, expanding software and service offerings to create recurring revenue streams and deepen customer relationships across its portfolio.
DOV company profile · for informational purposes only — not investment advice.
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