undamentalytics Newsletter
Sign in

Dover Corporation (DOV) stock

Add to watchlist

Add holding +

NYSE: DOV NYSE Industrial Machinery & Supplies & Components Next results ~January 28, 2027

B Fundamentals grade

Dover Corporation is a diversified industrial manufacturer that makes equipment, components, consumable supplies, aftermarket parts and software across five segments: Engineered Products (vehicle service, aerospace and defence, winches and hoists, soldering and dispensing), Clean Energy & Fueling (fuel storage, dispensing and vehicle wash systems), Imaging & Identification (marking, coding and digital textile printing), Pumps & Process Solutions (specialty pumps, connectors and process controls) and Climate & Sustainability Technologies (commercial refrigeration, heating and cooling, and can-making equipment).

Customers include vehicle repair shops, biopharmaceutical producers, food retailers, fuel retailers, defence contractors and packaged-goods manufacturers, among others. Dover earns money by selling equipment and components, together with related consumables, spare parts, software and services; recurring demand from parts, consumables, services and software makes up roughly 40% of total revenue.

Dover was incorporated in 1947 in Delaware and listed in 1955; it is headquartered in Downers Grove, Illinois, and employs approximately 24,000 people worldwide. Products are manufactured chiefly in North America, Europe and Asia, with some segments also producing in South America, and are sold globally, both directly and through distributor networks. In 2024 the company sold its Environmental Solutions Group and, in 2024, its De-Sta-Co business, both previously part of the Engineered Products segment.

Based on Dover Corporation's 10-K filed February 13, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$120–$230 across our lower- and higher-growth cases (1.1%–11.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 29% above our base value.

Price used: $215.91, November 2, 2026

Dover Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Dover files

10-Q filed October 22: Dover

Rating: Sell to Hold Model value +7.6%

Revenue for the twelve months to September 2026 reached $8.58bn, up 8.2% on a year earlier and faster than the 7.6% posted a quarter before. That pace ranks third of the fourteen industrial machinery and supplies and components companies we cover. Free cash flow margin improved to 13.9% from 12.8% a year earlier. The fundamentals grade moves from C to C+, and our model value rises from $155 to $166 a share. Against a share price of $195, we lift the rating from Sell to Hold. At that level, our model implies the market is pricing in roughly 8.5% annual cash flow growth over five years, well ahead of the 1.6% a year revenue growth delivered so far.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Dover stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.42bn, up 7.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 14.0% from 11.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $150 a share, against a share price of $197. At that price, our model says the market is pricing in about 9.7% a year of cash-flow growth for five years, faster than the 1.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Dover Corporation's trailing-twelve-month revenue grew 8.2% year on year, with a free-cash-flow margin of 13.9%. Where it stands out: stock pay as % of revenue of 0.5% ranks 7 of 70 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$120–$230 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 17.1% while net income fell 48.1%: a 65pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $215.91 is 22% above our value per share of $170.
  • Insiders selling. 4 insiders sold $20M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$2.88 against an average estimate of $2.85: beat by 1.2%
Revenue
$2.23bn, up 7.5% on a year earlier
Share reaction
-0.3% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
GAAP EPS $8.93 to $9.08 (2026); adjusted EPS $10.6 to $10.75 (2026)
Next report
October 22, 2026; average EPS estimate $2.80

Dover's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.9%
  • 1 week+6.6%
  • 1 month+13.8%
  • This year+11.4%
  • 1 year+20.2%
  • 5 years+35.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.6B
Operating margin
17.0%
Net margin
13.6%
EPS (TTM, diluted)
$8.59

Growth

Revenue growth
+8.2%
Change in growth rate
+0.7 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$1.2B
FCF margin
13.9%
Stock pay % of revenue
0.5%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Results
  4. Guidance
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dover Corporation valuation models and calculator

What the price is pricing in

The share price implies about 10.1% a year of cash-flow growth for five years.That is faster than the 1.6% a year revenue growth Dover has delivered.

  • Priced in10.1%
  • Last 12 months8.2%
  • 3 years a year4.1%
  • 5 years a year1.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($216.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$170
Price used
$216.00close November 3, 2026
Implied change
▼ 22%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Dover Corporation's free cash flow after stock-based pay with after-tax interest added back ($1.2B, FY2026 Q3 TTM), growing 5.9% and 6% in the next two years (forecasts, guidance and its record), then back to 6.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$230 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Dover Corporation's free cash flow after stock-based pay ( $1.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Dover Corporation as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$120–$230 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$180–$270 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$280 ~$200–$390 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$200 ~$180–$240 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$170–$280 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dover Corporation with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $111$156$217$296$400$534
8.5% $81$114$157$214$288$383
10% $63$88$122$165$221$294

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$41.42$51.93$71.49$63.55$105.37$117.52$171.26$129.58$149.30$184.15$193.80$215.91
Market value$6.6bn$8.1bn$11.3bn$9.7bn$15.5bn$17.1bn$24.9bn$18.6bn$21.0bn$25.5bn$26.7bn$29.3bn
+ Net debt (− = net cash)$2.4bn$3.3bn$2.9bn$2.8bn$2.7bn$2.6bn$2.7bn$3.3bn$3.1bn$1.5bn$2.4bn$2.3bn
Enterprise value$9.0bn$11.4bn$14.2bn$12.4bn$18.2bn$19.7bn$27.6bn$21.9bn$24.1bn$27.0bn$29.1bn$31.6bn
Multiples
Price / sales 0.9x1.3x1.7x1.4x2.2x2.6x3.1x2.4x2.7x3.3x3.3x3.4x
Price / earnings 7.6x16.0x13.9x17.0x22.8x25.0x22.1x17.5x19.9x9.5x24.4x25.1x
Price / free cash flow 8.3x13.7x19.8x15.6x20.4x18.2x26.3x31.3x18.2x27.8x23.9x24.6x
EV / EBITDA 7.2x11.9x13.0x11.0x14.6x16.2x17.6x13.9x15.8x17.5x16.6x17.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard Dover's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.6% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.3%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.7%; its worst year was 11.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.5% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.71 +11% $8.7bn +8%
Next $11.78 +10% $9.2bn +6%

Next year's EPS estimate has moved +1.5% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 2 analysts raised Dover Corporation's forecast and 3 cut it.

Consensus EPS forecast Dover Corporation, last 90 days
$10.50 $11.00 $11.50 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.66 Current fiscal year, 60 days ago: $10.67 Current fiscal year, 30 days ago: $10.67 Current fiscal year, 7 days ago: $10.65 Current fiscal year, Now: $10.71 $10.71 Next fiscal year, 90 days ago: $11.61 Next fiscal year, 60 days ago: $11.64 Next fiscal year, 30 days ago: $11.64 Next fiscal year, 7 days ago: $11.64 Next fiscal year, Now: $11.78 $11.78

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.66$11.61
60 days ago $10.67$11.64
30 days ago $10.67$11.64
7 days ago $10.65$11.64
Now $10.71$11.78

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.85 $2.88 +1.2%
Jun 2026 $2.72 $2.74 +0.8%
Mar 2026 $2.27 $2.28 +0.4%
Dec 2025 $2.49 $2.51 +1.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • full year revenue growth 2026 7% growth to 8% growth Raised vs 6 to 8
    “In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).” source
  • organic revenue growth 2026 5% growth to 6% growth Non-GAAP Raised vs 4 to 6
    “In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).” source
  • GAAP EPS 2026 $8.93 to $9.08 GAAP Lowered vs 8.94 to 9.14
    “In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).” source
  • adjusted EPS 2026 $10.60 to $10.75 Non-GAAP Raised vs 10.55 to 10.75
    “In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Dover Corporation's revenue by +5.9% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.9%, weight 56%) , management guidance (+5.8%, weight 19%) and the company's own record (+6.1%, weight 25%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy1474%
Hold421%
Sell15%

Monthly trend

  1. Oct 202614419
  2. Sep 202614419
  3. Aug 202613418
  4. Jul 202613418

Counts of recommendations published by analysts covering Dover Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
3.7
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
1.3%
of shares
Employees
24,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +20.2%

$179.62 on October 31, 2025 to $215.91

ThenNowEffect
Revenue (last 12 months) $7.8bn $8.4bn +7.6%
Net margin 29.3% 13.5% −54.0%
P/E multiple 10.8x 26.0x +140.1%
Share count 138m 137m +1.2%

Biggest factor: p/e multiple.

Last 3 years +66.2%

$129.94 on November 3, 2023 to $215.91

ThenNowEffect
Revenue (last 12 months) $7.8bn $8.4bn +7.8%
Net margin 13.1% 13.5% +3.2%
P/E multiple 18.0x 26.0x +44.3%
Share count 141m 137m +3.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DOV+46%−24%+15%+23%+5%+11%
Industry peers (median)+19%−13%+21%+2%+13%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DOV75%42%50%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DOV−12%−36%−19%−10%−27%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 45% from February 18, 2020 to March 23, 2020. Getting back needed a 83% gain, reached on November 9, 2020, 231 days after the low.

Price behaviour

52-week range
$176.23 – $231.59
From 52-week high
−6.8%
vs 50-day average
+11.2%
vs 200-day average
+3.3%
Volatility (1 year)
25%
Beta vs S&P 500
0.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.4%
After a week
9 up, 3 down
typical move ±4.2%
After a month
7 up, 4 down
typical move ±6.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −0.3% −1.7% +5.3% —
July 23, 2026 −5.7% −1.1% −4.9% −5.9%
April 23, 2026 +4.0% +0.4% +4.7% −2.9%
January 29, 2026 −2.2% −0.5% +5.6% +10.2%
October 23, 2025 +5.9% +1.4% +7.5% +9.5%
July 24, 2025 −2.3% +0.5% −5.1% −4.1%
April 24, 2025 +1.6% +2.8% +2.1% +6.9%
January 30, 2025 +3.2% 0.0% +3.7% −1.8%
October 24, 2024 −2.5% +0.2% −1.2% +6.8%
October 10, 2024 +2.5% +0.4% +4.7% +8.3%
July 25, 2024 +5.0% +0.6% +1.6% +4.7%
April 25, 2024 +5.1% +0.6% +3.6% +7.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Dover Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.46× the last 60 days’ realised volatility , richer than 89% of the 229 stocks we screen today.
  • Why: implied is 1.46x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DOV Dover Corporation Grade B $214.41

Own 100 shares, sell the $230 call expiring December 18, 2026 (46 days) for $2.25 a share — $225 per contract.

Previous session · Bid $2.25, ask $3.00, quoted Mon 2 Nov, 17:21 New York time with DOV at $214.41. Option prices move with the shares: check the live chain at your broker before trading.

  • If DOV ends below $230: you keep your shares and the $225 — 1.1% extra on the position, 8.3% a year at that pace.
  • If it ends above $230: your shares are sold at $230, a total return of 8.3% including the premium — at or above our value of ~$170.
$1.8k $0 −$4.2k Our value $170 Break-even $212.16 Price $214.41
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$225
Annualised
8.3%
Break-even
$212.16
Max gain
$1,784
Chance of selling
~25%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Dover Corporation in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dover Corporation
$7.5B $8B $8.5B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8B Revenue (TTM), FY24 Q1: $7.8B Revenue (TTM), FY24 Q2: $7.7B Revenue (TTM), FY24 Q3: $7.7B Revenue (TTM), FY24 Q4: $7.7B Revenue (TTM), FY25 Q1: $7.7B Revenue (TTM), FY25 Q2: $7.8B Revenue (TTM), FY25 Q3: $7.9B Revenue (TTM), FY25 Q4: $8.1B Revenue (TTM), FY26 Q1: $8.3B Revenue (TTM), FY26 Q2: $8.4B Revenue (TTM), FY26 Q3: $8.6B $8.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8B
FY24 Q1 $7.8B
FY24 Q2 $7.7B
FY24 Q3 $7.7B
FY24 Q4 $7.7B
FY25 Q1 $7.7B
FY25 Q2 $7.8B
FY25 Q3 $7.9B
FY25 Q4 $8.1B
FY26 Q1 $8.3B
FY26 Q2 $8.4B
FY26 Q3 $8.6B
Revenue growth, TTM YoY Dover Corporation
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.5% Revenue growth, TTM YoY, FY24 Q1: -0.3% Revenue growth, TTM YoY, FY24 Q2: -1.5% Revenue growth, TTM YoY, FY24 Q3: 1.4% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: -1.5% Revenue growth, TTM YoY, FY25 Q2: 1.7% Revenue growth, TTM YoY, FY25 Q3: 2.6% Revenue growth, TTM YoY, FY25 Q4: 4.5% Revenue growth, TTM YoY, FY26 Q1: 7.1% Revenue growth, TTM YoY, FY26 Q2: 7.6% Revenue growth, TTM YoY, FY26 Q3: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.5%
FY24 Q1 -0.3%
FY24 Q2 -1.5%
FY24 Q3 1.4%
FY24 Q4 -3.7%
FY25 Q1 -1.5%
FY25 Q2 1.7%
FY25 Q3 2.6%
FY25 Q4 4.5%
FY26 Q1 7.1%
FY26 Q2 7.6%
FY26 Q3 8.2%
Operating margin (TTM) Dover Corporation
15.5% 16% 16.5% 17% 17.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.9% Operating margin (TTM), FY24 Q1: 15.5% Operating margin (TTM), FY24 Q2: 15.8% Operating margin (TTM), FY24 Q3: 15.8% Operating margin (TTM), FY24 Q4: 15.6% Operating margin (TTM), FY25 Q1: 16.2% Operating margin (TTM), FY25 Q2: 16.3% Operating margin (TTM), FY25 Q3: 16.7% Operating margin (TTM), FY25 Q4: 17.0% Operating margin (TTM), FY26 Q1: 16.7% Operating margin (TTM), FY26 Q2: 16.9% Operating margin (TTM), FY26 Q3: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.9%
FY24 Q1 15.5%
FY24 Q2 15.8%
FY24 Q3 15.8%
FY24 Q4 15.6%
FY25 Q1 16.2%
FY25 Q2 16.3%
FY25 Q3 16.7%
FY25 Q4 17.0%
FY26 Q1 16.7%
FY26 Q2 16.9%
FY26 Q3 17.0%
FCF margin (TTM) Dover Corporation
11% 12% 13% 14% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.3% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 14.3% FCF margin (TTM), FY24 Q3: 12.9% FCF margin (TTM), FY24 Q4: 11.9% FCF margin (TTM), FY25 Q1: 11.7% FCF margin (TTM), FY25 Q2: 11.3% FCF margin (TTM), FY25 Q3: 12.8% FCF margin (TTM), FY25 Q4: 13.8% FCF margin (TTM), FY26 Q1: 13.8% FCF margin (TTM), FY26 Q2: 14.0% FCF margin (TTM), FY26 Q3: 13.9% 13.9%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.3%
FY24 Q1 13.8%
FY24 Q2 14.3%
FY24 Q3 12.9%
FY24 Q4 11.9%
FY25 Q1 11.7%
FY25 Q2 11.3%
FY25 Q3 12.8%
FY25 Q4 13.8%
FY26 Q1 13.8%
FY26 Q2 14.0%
FY26 Q3 13.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5,344 6,110 7,369 6,627 7,155 7,753 6,956 6,043 6,821 6,992 7,136 6,684 7,907 7,844 7,684 7,746 8,093 8,577
Gross profit 2,013 2,423 2,845 2,580 2,779 2,974 2,568 2,228 2,529 2,560 2,621 2,474 2,970 2,905 2,868 2,959 3,218 3,403
EBITDA 822 1,152 1,414 1,289 1,440 1,523 1,248 959 1,090 1,126 1,247 1,212 1,572 1,575 1,524 1,544 1,753 1,854
Operating income 591 923 1,124 1,059 1,162 1,215 921 709 807 843 975 933 1,282 1,280 1,219 1,206 1,373 1,462
Net income 356 700 895 811 1,003 775 870 509 812 570 678 683 1,124 1,065 1,057 2,697 1,094 1,166
Diluted EPS $1.91 $3.07 $4.74 $4.41 $5.78 $4.59 $5.46 $3.25 $5.15 $3.75 $4.61 $4.70 $7.74 $7.42 $7.52 $19.45 $7.94 $8.59
Growth (year on year)
Revenue −29.4% +14.3% +20.6% −10.1% +8.0% +8.4% −10.3% −13.1% +12.9% +2.5% +2.1% −6.3% +18.3% −0.8% −2.0% +0.8% +4.5% +8.2%
EBITDA −36.3% +40.1% +22.7% −8.9% +11.7% +5.8% −18.0% −23.2% +13.7% +3.3% +10.8% −2.8% +29.7% +0.2% −3.2% +1.3% +13.5% +9.7%
Operating income −42.6% +56.2% +21.8% −5.8% +9.7% +4.6% −24.2% −23.0% +13.8% +4.5% +15.6% −4.3% +37.4% −0.1% −4.7% −1.1% +13.8% +10.5%
Net income −39.7% +96.4% +27.9% −9.4% +23.7% −22.7% +12.2% −41.5% +59.5% −29.7% +18.9% +0.8% +64.4% −5.2% −0.8% +155.2% −59.4% −48.1%
Diluted EPS −38.8% +60.8% +54.4% −7.0% +31.1% −20.6% +19.0% −40.5% +58.5% −27.2% +22.9% +2.0% +64.7% −4.1% +1.3% +158.6% −59.2% −47.2%
Margins
Gross margin 37.7% 39.7% 38.6% 38.9% 38.8% 38.4% 36.9% 36.9% 37.1% 36.6% 36.7% 37.0% 37.6% 37.0% 37.3% 38.2% 39.8% 39.7%
EBITDA margin 15.4% 18.9% 19.2% 19.5% 20.1% 19.6% 17.9% 15.9% 16.0% 16.1% 17.5% 18.1% 19.9% 20.1% 19.8% 19.9% 21.7% 21.6%
Operating margin 11.1% 15.1% 15.3% 16.0% 16.2% 15.7% 13.2% 11.7% 11.8% 12.1% 13.7% 14.0% 16.2% 16.3% 15.9% 15.6% 17.0% 17.0%
Net margin 6.7% 11.5% 12.1% 12.2% 14.0% 10.0% 12.5% 8.4% 11.9% 8.2% 9.5% 10.2% 14.2% 13.6% 13.8% 34.8% 13.5% 13.6%
Free-cash-flow margin 11.8% 10.8% 9.3% 12.4% 11.7% 10.1% 11.4% 9.8% 8.3% 8.8% 10.6% 14.1% 11.9% 7.6% 15.0% 11.9% 13.8% 13.9%
Cash flow
Cash from operations 743 830 949 968 980 950 949 735 739 789 945 1,105 1,116 806 1,336 1,088 1,338 1,410
Capital spending 113 169 263 147 142 166 154 140 170 171 187 166 171 211 183 168 220 220
Free cash flow 630 661 686 822 838 784 795 595 569 618 759 939 944 595 1,153 920 1,118 1,190
Stock-based pay 17 20 25 31 30 32 31 19 24 24 30 25 31 30 31 40 44 40
Free cash flow after stock pay 613 641 661 791 807 753 764 576 545 595 729 914 913 565 1,122 880 1,074 1,150
Balance sheet
Cash 718 1,187 1,207 800 804 682 362 349 754 396 397 513 386 381 399 1,845 1,677 1,693
Total debt 1,861 1,822 2,187 2,800 2,828 3,031 2,768 3,621 3,687 3,164 3,070 3,109 3,124 3,678 3,460 3,329 4,035 3,948
Net debt (negative = net cash) 1,143 635 980 2,000 2,025 2,349 2,406 3,272 2,933 2,768 2,673 2,596 2,739 3,297 3,061 1,484 2,358 2,255
Diluted shares 187m 189m 189m 184m 174m 169m 159m 157m 158m 152m 147m 145m 145m 144m 141m 139m 138m 136m
Returned to shareholders
Dividends 190 200 219 241 248 258 258 268 284 284 282 284 287 288 284 283 283 281
Buybacks 0 124 242 749 458 601 600 0 105 895 143 106 22 585 0 500 541 886
Total returned 190 324 462 990 706 860 858 268 389 1,179 425 391 309 873 284 783 824 1,166

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $13.7bn
Short-term assets $5.0bnLonger-term assets $8.7bn
What it owes, and who funded it · $10.2bn
Short-term liabilities $2.5bnShareholders' equity $7.6bn
  • Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.7bn of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 69% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $116m of interest.

From Dover Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$886M
Dividends (TTM)
$281M
Returned to shareholders
98%
of free cash flow
Buybacks, last 3 fiscal years
$1B
Diluted share count
−1.7%
year over year
Total shareholder yield
4.0%
dividends 1.0% + buybacks 3.0% of market value
Dividend payout ratio
24%
of net income paid out
Sales & admin spending
22.6%
of revenue
Days sales outstanding
67 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated DOV XYL IR HUBB SNA MLI Median
Revenue, last 12 months $8.6bn $9.1bn $8.1bn $6.6bn $5.3bn $5.0bn $1.4bn
Revenue growth, last 12 months 8.2% 1.9% 8.0% 16.0% 2.9% 20.8% 8.3%
Revenue growth, 3-year average 4.1% 10.3% 6.4% 7.9% 1.3% 11.9% 4.0%
Revenue growth, latest quarter 7.5% −3.0% 5.6% 24.6% −0.7% 31.6% 9.1%
Gross margin 39.7% 39.8% 43.1% 35.4% 46.7% 27.7% 35.2%
Operating margin 17.0% 15.1% 22.9% 20.2% 24.9% 21.5% 13.1%
Operating margin, 3-year average 16.5% 13.1% 18.5% 19.8% 25.7% 21.7% 13.7%
Net margin 13.6% 11.9% 17.2% 13.8% 19.2% 17.3% 8.9%
Cash from operations / revenue 16.4% 14.0% 20.4% 16.8% 22.0% 15.4% 11.9%
Free-cash-flow margin 13.9% 10.2% 18.8% 14.1% 20.4% 13.8% 8.8%
Free-cash-flow margin, 3-year average 13.2% 10.1% 18.0% 14.0% 20.9% 15.8% 9.8%
Stock pay / revenue 0.5% 0.6% 0.7% 0.5% 0.6% 0.6% 0.8%
Change in share count −1.7% −1.9% −2.5% −0.8% −1.0% −1.5% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 8.2% 8.3% 40 of 75
Change in growth rate Growth +0.7pp +1.2pp 43 of 75
Gross margin Profitability 39.7% 35.4% 25 of 70
Operating margin Profitability 17.0% 13.0% 21 of 75
Net margin Profitability 13.6% 8.9% 20 of 76
Free-cash-flow margin Cash generation 13.9% 9.1% 22 of 76
Stock pay as % of revenue Cash generation 0.5% 0.8% 7 of 70
Long-term debt as % of assets Balance sheet 18.9% 23.4% 18 of 59
Change in share count Balance sheet -1.7% -0.0% 20 of 73
Days sales outstanding Balance sheet 67 days 63 days 40 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $4.4B 54.4% ▲ 4.7%
Europe $1.8B 21.9% ▲ 5.5%
Asia $900M 11.1% ▲ 8.1%
Americas $708M 8.7% ▼ 3.0%
Other Geographical Area $316M 3.9% ▲ 3.2%

From Dover Corporation's 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$27.6B
Institutions reporting
1,161
Shares held vs prior quarter
0.0%
Positions opened / closed
112 / 77

Top buyers and sellers, Q2 2026: 483 institutions bought and 480 sold ; the biggest buyer was Adage Capital Partners Gp, L.L.C (+503K shares) and the biggest seller First Trust Advisors LP (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jpmorgan Chase & Co $3.3B 14.6M 11.9% ▲ 3.5%
Blackrock, Inc. $2.3B 10.5M 8.5% ▲ 4.4%
Vanguard Capital Management LLC $2B 8.8M 7.2% ▲ 0.4%
State Street Corp $1.5B 6.6M 5.4% ▲ 1.9%
Vanguard Portfolio Management LLC $1.5B 6.5M 5.3% ▲ 0.5%
FMR LLC $979M 4.4M 3.5% ▼ 8.1%
Geode Capital Management, LLC $801M 3.6M 2.9% ▲ 0.8%
Bank Of America Corp $625M 2.8M 2.3% ▼ 0.5%
Bank Of New York Mellon Corp $591M 2.6M 2.1% ▼ 13.0%
Morgan Stanley $555M 2.5M 2.0% ▲ 3.5%
Nuveen, LLC $451M 2.0M 1.6% ▲ 1.5%
Wells Fargo & Company $443M 2.0M 1.6% ▲ 0.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dover Corporation's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20M 5 trades by 4 insiders · 0% under pre-set plans
Net ▼ $20M net selling
Insider Date Trade Shares Price Value
Tobin Richard J Chairman, President & CEO February 19, 2026 Sell 76,997 $232.70 $17.9M
Cabrera Ivonne M SVP, General Counsel & Secr. February 17, 2026 Sell 4,000 $233.23 $932,912
Juneja Girish Senior VP & CDO February 11, 2026 Sell 1,500 $230.77 $346,155
Cabrera Ivonne M SVP, General Counsel & Secr. December 4, 2025 Sell 2,630 $190.80 $501,816
Woenker Christopher B. Senior VP & CFO November 28, 2025 Sell 1,627 $186.04 $302,695

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 34 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Dover Corporation shares.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded November 13, 2025, filed December 11, 2025
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded August 14, 2025, filed September 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Dover Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dover Corporation in brief

What does Dover Corporation do?
Dover Corporation is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Dover Corporation's stock ticker?
Dover Corporation trades under the ticker DOV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dover Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dover Corporation reported revenue of $8.6B, 8.2% higher than a year earlier, according to its SEC filings.
What is Dover Corporation's free cash flow?
Dover Corporation's free-cash-flow margin is 13.9% of revenue over the trailing twelve months, ranking 22 of the 76 industrial machinery & supplies & components companies we cover.
What is Dover Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Dover Corporation's free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$120–$230 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Dover Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jpmorgan Chase & Co, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Dover Corporation buying back stock, and does it pay a dividend?
Dover Corporation spent $886M on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Dover Corporation's market cap?
On November 2, 2026, Dover Corporation's market capitalisation was about $29.3B, with a price-to-earnings ratio of 25.1 and net debt of $2.3B. Market figures come from third-party market data and may be delayed.
Does Dover Corporation pay a dividend?
Yes: Dover Corporation paid $281M in dividends over the trailing twelve months, a dividend yield of 0.96% and a payout ratio of 24.1%.
How much debt does Dover Corporation have?
Dover Corporation's debt-to-equity ratio is 42.8%, from its latest balance sheet (68.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Dover Corporation's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Dover Corporation are Xylem Inc., Ingersoll Rand, Hubbell Incorporated, Snap-on and Mueller Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Dover Corporation's.
Are insiders buying or selling Dover Corporation stock?
Over the last 12 months, Dover Corporation's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Dover Corporation's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dover Corporation announces its own schedule.