One-glance verdict
Overvalued
$151.56 our estimate vs market $211.10
Wall Street consensus: $250.94 (65.6% higher than our fair-value estimate)
39% above our estimate, beyond the bull case
Fundamentals snapshot
Dover Corporation
DOV · NYQ · Industrials · Specialty Industrial Machinery
Current price
$211.10
52-week range
$158.97 - $237.54
Market cap
$28.43B
Balance sheet
Healthy
12.51x Strong cushion
Net debt $1.65B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 2.3% last year.
- Reward Returns 15.0% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 44.5% above its 5-year average P/E.
What this company does
Dover Corporation
Dover is a large industrial company that makes a wide variety of specialized equipment for many different businesses. They build everything from the pumps at gas stations and commercial refrigerators in grocery stores to the machines that print expiration dates on food packaging. Because Dover sells to so many unrelated industries, its business is not overly dependent on the health of just one part of the economy.
How the company got here
Dover Corporation started in 1955 when a stockbroker named George Ohrstrom decided to bring four manufacturing companies he owned under one management structure. The company grew by buying other successful, independently-run businesses and letting them continue to operate with a lot of freedom, a strategy that is still central to Dover today. Over the years, it has bought and sold many different types of businesses, including at one time being a major player in the elevator industry. This approach of acquiring and managing a diverse portfolio of companies has shaped it into the broad industrial manufacturer it is today.
What it actually does
Dover is a large company that doesn't make one single product you'd recognize by its own name, but instead owns many different companies that make specialized equipment and parts for other businesses. Think of them as a collection of expert manufacturers for various industries. Their products are essential for many everyday activities, from the pumps at the gas station that dispense fuel to the refrigeration systems in supermarkets that keep your food cold. They also make equipment used in car washes, machines that print codes on packaging, and components for industrial machinery.
Engineered Products
This part of Dover creates a wide variety of specialized equipment and software for several different industries. For example, they make lifts and diagnostic tools that auto mechanics use to repair cars and trucks. They also produce winches and hoists for industrial and energy markets, as well as highly specialized electronic components used in aerospace and defense communications. This segment serves business customers who need reliable and precise tools to get their jobs done.
Clean Energy & Fueling
This segment focuses on the equipment needed to handle and dispense fuels and other liquids safely and efficiently. This includes the gas pumps, payment systems, and underground tanks you see at a typical gas station. They also provide the machinery for car washes and are involved in systems for cleaner energy sources like natural gas, hydrogen, and EV charging. Their customers are businesses like convenience stores, fueling stations, and companies involved in transporting and storing fuels and cryogenic gases.
Imaging & Identification
This business is all about printing and marking things. They build the machines, software, and consumables (like ink and labels) that print dates, barcodes, and other information on products and packages you see every day. This is crucial for product traceability (knowing where a product came from) and is used by companies in the food, beverage, and pharmaceutical industries. They also make equipment for digital textile printing, which is used to print patterns on fabrics.
Pumps & Process Solutions
This segment manufactures highly specialized pumps, connectors, and other components for managing the flow of fluids. These aren't pumps for your backyard pool, but rather heavy-duty, precision equipment used in industries like chemical manufacturing, oil and gas, and biopharmaceuticals, where handling liquids safely and without contamination is critical. For example, their products are used to move everything from sensitive chemicals in a factory to the ingredients for life-saving medicines.
Climate & Sustainability Technologies
This part of Dover focuses on refrigeration and heating and cooling systems. They manufacture the large glass-door refrigerators and freezer cases you see in supermarkets and convenience stores. They also produce environmentally-friendly refrigeration systems that use natural refrigerants like CO2. Additionally, this segment makes equipment used in the production of beverage cans and highly efficient heat exchangers for industrial heating and cooling applications.
What management is betting on now
Dover's strategy continues to center on acquiring strong, specialized manufacturing businesses that are leaders in their specific markets. They are also focused on innovation, particularly in developing products that help their customers meet their own sustainability (the practice of using resources in a way that doesn't deplete them for the future) goals. Another key area of investment is in digital technology, aiming to make their products smarter and more connected to improve efficiency for their customers. This includes developing software and using data to enhance how their equipment operates.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$162.79M
FY2024 Q3
$324.96M
FY2024 Q4
$385.05M
FY2025 Q1
$109.28M
FY2025 Q2
$151.41M
FY2025 Q3
$370.10M
FY2025 Q4
$486.96M
FY2026 Q1
$131.19M
Revenue
$2.05B
Net income
$238.43M
Diluted EPS
1.75
Operating cash flow
$191.00M
Free cash flow
$131.19M
Fetching…
Sources
Revenue
$2.10B
Net income
$282.07M
Diluted EPS
2.06
Operating cash flow
$543.95M
Free cash flow
$486.96M
Fetching…
Sources
Revenue
$2.08B
Net income
$302.00M
Diluted EPS
2.19
Operating cash flow
$424.25M
Free cash flow
$370.10M
Fetching…
Sources
Revenue
$2.05B
Net income
$279.06M
Diluted EPS
2.02
Operating cash flow
$212.34M
Free cash flow
$151.41M
Fetching…
Sources
Revenue
$1.87B
Net income
$230.82M
Diluted EPS
1.67
Operating cash flow
$157.47M
Free cash flow
$109.28M
Fetching…
Sources
Revenue
$1.49B
Net income
$1.44B
Diluted EPS
10.38
Operating cash flow
$438.95M
Free cash flow
$385.05M
Fetching…
Sources
Revenue
$1.98B
Net income
$347.10M
Diluted EPS
2.51
Operating cash flow
$353.24M
Free cash flow
$324.96M
Fetching…
Sources
Revenue
$2.18B
Net income
$281.82M
Diluted EPS
2.04
Operating cash flow
$203.66M
Free cash flow
$162.79M
Fetching…
Sources
Is it cheap or expensive?
Fair value $151.56 vs current price $211.10
Wall Street consensus is the average analyst price target: $250.94 (65.6% higher than our fair-value estimate).
Our most-likely fair value is $151.56 a share — about 28.2% below today's price of $211.10, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net debt $1.6B. Interest coverage 12.5x.
Net debt
$1.65B
Interest coverage
12.51x
Dover Corporation's profit covers its interest bill about 12.5 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
DOV
BASELINE
Dover Corporation
Total debt $3.29B Interest coverage 12.51x This is the baseline the peer rows are being compared against.
Total debt $4.95B Interest coverage 5.95x -52% vs DOV Carries about 2.1x less debt cushion than DOV.
Total debt $9.15B Interest coverage 14.44x +15% vs DOV Carries about 1.2x more debt cushion than DOV.
Total debt $10.46B Interest coverage 6.88x -45% vs DOV Carries about 1.8x less debt cushion than DOV.
Total debt $1.90B Interest coverage 11.18x -11% vs DOV Has roughly the same debt cushion as DOV.
Total debt $3.58B Interest coverage 5.98x -52% vs DOV Carries about 2.1x less debt cushion than DOV.
What you should know
The case for and against DOV
3 Rewards
1 Risk
Rewards
-
Revenue grew 2.3% last year.
-
Returns 15.0% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Stock trades 44.5% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
26.35x
Forward P/E
18.23x
P/B
3.80x
P/S
3.43x
EV/EBITDA
16.34x
PEG ratio
1.79x
Profitability
How much profit each dollar creates
Gross margin
40.0%
Operating margin
16.4%
Net margin
13.3%
ROE
15.0%
ROA
7.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.44x
Current ratio
1.86x
Quick ratio
1.25x
Total debt
$3.29B
Total cash
$1.64B
Growth
How the business has been compounding
Revenue TTM
$8.28B
Revenue 5Y CAGR
0.6%
EPS TTM
8.01
EPS 5Y CAGR
2.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.37B
Free CF TTM
$1.12B
FCF margin
13.5%
Dividend
Shareholder payout
Yield
1.0%
Payout ratio
25.9%
Last ex-div date
2026-05-29