Dover (DOV)
NYSE:DOV
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Dover
(NYSE:DOV)
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Rating:73Outperform
Price Target:
$241.00
▲(10.01% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by solid underlying financial performance (strong margins and free cash flow) and a constructive, guidance-supportive earnings call featuring sharp bookings growth and reaffirmed outlook. Technicals are neutral-to-positive but not strongly bullish near-term, while valuation is the main constraint given the ~24.5 P/E and sub-1% yield.
Positive Factors
Free cash flow generation
Sustained free cash flow near $1.1B provides durable internal funding for high‑return capacity investments, opportunistic buybacks, and strategic M&A without requiring material leverage increases. Guidance for 14–16% FCF of revenue anchors capital allocation and supports shareholder returns over the medium term.
Negative Factors
Modest revenue growth trend
Revenue has grown only modestly on a trailing basis, indicating limited top‑line momentum outside targeted secular pockets. Persistently low organic growth constrains operating leverage and requires sustained margin gains or M&A to materially lift overall earnings growth over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained free cash flow near $1.1B provides durable internal funding for high‑return capacity investments, opportunistic buybacks, and strategic M&A without requiring material leverage increases. Guidance for 14–16% FCF of revenue anchors capital allocation and supports shareholder returns over the medium term.
Read all positive factors
Dover (DOV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.41B
Dividend Yield1.04%
Average Volume (3M)1.02M
Price to Earnings (P/E)29.5
Beta (1Y)1.04
Revenue Growth4.05%
EPS Growth-51.73%
CountryUS
Employees24,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)8.06
Shares Outstanding134,661,400
10 Day Avg. Volume1,025,395
30 Day Avg. Volume1,020,969
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)3.62
Price to Sales (P/S)3.31
P/FCF Ratio23.97
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue3.79
Enterprise Value/Gross Profit9.60
Enterprise Value/Ebitda17.62
Forecast
1Y Price Target
$251.60Price Target Upside14.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)10.66
Revenue Forecast (FY)$8.66B
Dover Business Overview & Revenue Model
Company Description
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides various equipment, component, software, solution,...
How the Company Makes Money
Dover makes money primarily by selling industrial products and systems through its operating segments, generating revenue from (1) original equipment sales and (2) recurring aftermarket demand tied to its installed base. A significant portion of r...
Dover Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue each business unit generates, highlighting which segments are driving growth and which may need strategic adjustments.
Shows how much revenue each business unit generates, highlighting which segments are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyDover Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call was broadly positive: management reported strong, broad‑based bookings (+24% YoY), double‑digit revenue growth in Q1, and an 11% increase in adjusted EPS, with notable outperformance in Climate & Sustainability (15% organic) and Clean Energy (11% organic). The company reaffirmed guidance, has solid cash generation and a plan for >$40M in right‑sizing savings. Key risks highlighted were capacity constraints and longer lead times that may delay revenue conversion, short‑term margin dilution due to consolidation timing, FX and tariff uncertainty, and a challenging M&A multiple environment. Management expects margins to inflect positively in the second half as capacity and consolidation are completed.Positive Updates
Record Bookings and Improved Backlog Visibility
First-quarter bookings totaled $2.5 billion, up 24% year‑over‑year, with trailing 12‑month bookings up 12%. Book‑to‑bill was healthy at ~1.2 (each of the five segments >1), providing improved visibility and confidence in the forecast.
Negative Updates
Capacity Constraints and Longer Lead Times
Strong demand has driven materially longer lead times in several growth markets (brazed plate heat exchangers, CO2 systems, aerospace and turbine components). Customers are booking further out, which could delay conversion of orders to near‑term revenue and compress short‑term operating flexibility.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Bookings and Improved Backlog Visibility
First-quarter bookings totaled $2.5 billion, up 24% year‑over‑year, with trailing 12‑month bookings up 12%. Book‑to‑bill was healthy at ~1.2 (each of the five segments >1), providing improved visibility and confidence in the forecast.
Read all positive updates
Company Guidance
Dover reaffirmed full‑year guidance and reiterated a commitment to deliver double‑digit adjusted EPS growth in 2026 (Q1 adjusted EPS was $2.28, +11% YoY), noting they are “driving to the top end of the range” given strong order trends: Q1 bookings were $2.5B (+24% YoY) with book‑to‑bill ~1.2 and trailing‑12‑month bookings +12%. Q1 free cash flow was $131M (6% of revenue) and full‑year FCF remains guided at 14–16% of revenue; capex is forecast at $190–210M. Management expects >$1B revenue from AI and power‑infrastructure applications, >$40M of rightsizing savings in 2026, segment organic outlooks range from low‑single‑digit to double‑digit (climate).Dover Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.28B | 8.09B | 7.75B | 7.68B | 7.84B | 7.91B |
| Gross Profit | 3.27B | 3.22B | 2.96B | 2.87B | 2.90B | 2.97B |
| EBITDA | 1.78B | 1.86B | 2.23B | 1.56B | 1.60B | 1.80B |
| Net Income | 1.10B | 1.09B | 2.70B | 1.06B | 1.07B | 1.12B |
Balance Sheet | ||||||
| Total Assets | 13.51B | 13.42B | 12.51B | 11.35B | 10.90B | 10.40B |
| Cash, Cash Equivalents and Short-Term Investments | 1.64B | 1.68B | 1.84B | 398.56M | 380.87M | 385.50M |
| Total Debt | 3.29B | 3.78B | 3.15B | 3.68B | 3.89B | 3.30B |
| Total Liabilities | 6.02B | 6.02B | 5.56B | 6.24B | 6.61B | 6.21B |
| Stockholders Equity | 7.49B | 7.41B | 6.95B | 5.11B | 4.29B | 4.19B |
Cash Flow | ||||||
| Free Cash Flow | 1.14B | 1.12B | 580.85M | 1.14B | 584.76M | 944.40M |
| Operating Cash Flow | 1.37B | 1.34B | 748.38M | 1.34B | 805.72M | 1.12B |
| Investing Cash Flow | -883.86M | -886.59M | 1.96B | -726.63M | -540.92M | -992.75M |
| Financing Cash Flow | -664.09M | -624.87M | -1.27B | -568.06M | -260.26M | -249.88M |
Dover Technical Analysis
Positive
219.07
Price Trends
217.57
Positive
207.97
Positive
192.09
Positive
Market Momentum
1.04
Negative
57.31
Neutral
73.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOV, the sentiment is Positive. The current price of 219.07 is above the 20-day moving average (MA) of 212.29, above the 50-day MA of 217.57, and above the 200-day MA of 192.09, indicating a bullish trend. The MACD of 1.04 indicates Negative momentum. The RSI at 57.31 is Neutral, neither overbought nor oversold. The STOCH value of 73.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DOV.
Dover Risk Analysis
Dover disclosed 16 risk factors in its most recent earnings report. Dover reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dover Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $30.41B | 29.50 | 14.69% | 1.04% | 4.05% | -51.73% | |
73 Outperform | $13.14B | 29.23 | 19.65% | 1.32% | 4.61% | 7.87% | |
67 Neutral | $12.78B | 20.53 | 17.74% | 0.96% | 3.10% | 4.96% | |
67 Neutral | $30.52B | 40.88 | 5.80% | 0.10% | 6.86% | -26.67% | |
65 Neutral | $27.42B | 39.20 | 8.70% | 1.15% | 5.64% | 8.05% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $29.58B | 22.00 | -27.10% | 1.88% | 3.34% | -1.24% |
* Industrials Sector Average
DOV
Dover
225.79
54.63
31.92%
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Dover Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Dover Posts Strong Q1 2026 Results, Reaffirms Outlook
Positive
Apr 23, 2026
On April 23, 2026, Dover reported first-quarter 2026 results showing revenue of $2.1 billion, up 10% year on year, including 5% organic growth. GAAP earnings from continuing operations held at $239 million, while GAAP diluted EPS from continuing o...
Business Operations and StrategyPrivate Placements and Financing
Dover Expands Liquidity With New Five-Year Credit Facility
Positive
Apr 8, 2026
On April 2, 2026, Dover Corporation entered into a new $1.5 billion five-year unsecured revolving credit facility with a syndicate of 12 banks, replacing a prior $1 billion five-year facility established in April 2023 and coinciding with the matur...
Business Operations and StrategyFinancial Disclosures
Dover Posts Strong Q4 2025 Results and Outlook
Positive
Jan 29, 2026
On January 29, 2026, Dover reported that fourth-quarter 2025 revenue rose 9% year over year to $2.1 billion, with 5% organic growth, while GAAP earnings from continuing operations increased 15% to $275 million and diluted EPS climbed 17% to $2.01;...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.