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Diversified industrial manufacturer making pumps, equipment for refrigeration/fueling and other specialized industrial products.
Diversified industrial manufacturer making pumps, equipment for refrigeration/fueling and other specialized industrial products.
Runs as a collection of niche businesses, each with its own management, and uses acquisitions to add units and sells slower ones. Parts, consumables and service tied to installed equipment, such as fuel dispensers and marking-and-coding printers, give repeat revenue alongside equipment sales.
Moat: narrow (scale, installed base, brand). Portfolio of niche market-leading industrial brands with entrenched customer relationships.
Headquarters: Downers Grove, Illinois, US · Founded: 1955 · Employees: 24,000
Size Dover (DOV) is a United States Industrials company (Industrial Machinery) with a market value of $27.1B, the 397th largest of 3,117 United States companies the cockpit tracks. Shares closed at $203.85 on 6 Nov 2026.
Performance Over six months the shares fell 7.0%, against -11.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +7.5%); the operating margin is 18.4% (peer median 18.3%).
Valuation It trades at 17.6× forward earnings against a peer median of 24.2× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points above its cost of capital (9.8% WACC).
Backlog Backlog (remaining performance obligations) was $348M at 30 Sep 2026, up 4% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Dover has 8 bonds outstanding ($3.78B), rated BBB+ by the agencies and trading like A- at a weighted spread of 98 bp.
Short interest Short interest is 3.2% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.58B | $8.09B | $7.75B | $7.68B | $8.51B |
| Revenue growth | — | +4% | +1% | -10% | — |
| Gross profit | $3.45B | $3.25B | $3.00B | $2.89B | $3.07B |
| EBITDA | $1.97B | $1.83B | $1.63B | $1.59B | $1.73B |
| Net income | $1.17B | $1.09B | $2.70B | $1.06B | $1.07B |
| Free cash flow | $1.19B | $1.11B | $581M | $1.15B | $585M |
| Capital expenditure | $220M | $220M | $168M | $183M | $221M |
| Total debt | $3.26B | $3.58B | $3.16B | $3.69B | $3.90B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dover DOV | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
| IDEX IEX | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% |
| Parker Hannifin PH | $116B | +4% | +8% | 22% | 24.4× | 19.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | -4.6% | 4th highest of 21 |
| 6-month return | -7.0% | -11.2% | 10th highest of 20 |
| Distance from 52-week high | -13.8% | -30.7% | 7th highest of 21 |
| Revenue growth (TTM) | +8.2% | +7.5% | 10th highest of 21 |
| Operating margin | 18.4% | 18.3% | 11th highest of 21 |
| Forward P/E | 17.6× | 24.2× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 12.2% | 16.6% | 7th least demanding of 19 |
| Growth delivered (Del g) | +3.9% | +9.2% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | +8.3 pp | +5.1 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +3.7 pp | +4.3 pp | 10th lowest of 20 |
| EV / EBITDA | 14.6× | 17.5× | 4th cheapest of 15 |
| Net debt / EBITDA | 0.8× | 0.9× | 8th least indebted of 17 |
| Bond spread | 98 bp | 76 bp | widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
Dover has 8 bonds outstanding with $3.78B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 4.73%, a spread of 98 bp over government bonds.
Dover reported $348M of remaining performance obligations at 30 Sep 2026, up 4% from a year earlier and up 5% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.