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Dover
(NYSE:DOV)
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Rating:67Neutral
Price Target:
$215.00
â–²(6.33% Upside)
Action:Reiterated
Date:07/24/26
The score is driven primarily by solid underlying fundamentals and a strong, guidance-raising earnings call with improving bookings and margins. Offsetting these positives are weaker technical momentum (below major moving averages with negative MACD) and only middling valuation support given a ~23.7 P/E and ~1.05% yield.
Positive Factors
Broad-based organic growth
Sustained organic growth across all five segments indicates diversified end-market demand and reduces reliance on any single business. This breadth improves revenue visibility, supports aftermarket follow-on sales, and lowers cycle sensitivity, making topline growth more durable over the next several quarters.
Negative Factors
Cash conversion volatility
Weak and inconsistent cash conversion creates execution risk: when operating cash flow lags earnings, working-capital swings can strain liquidity and reduce free cash flow reliability. This undermines stable funding for capex, dividends, share buybacks, or M&A during weaker cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based organic growth
Sustained organic growth across all five segments indicates diversified end-market demand and reduces reliance on any single business. This breadth improves revenue visibility, supports aftermarket follow-on sales, and lowers cycle sensitivity, making topline growth more durable over the next several quarters.
Read all positive factors
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 (DOV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.56B
Dividend Yield1.02%
Average Volume (3M)1.20M
Price to Earnings (P/E)24.5
Beta (1Y)1.00
Revenue Growth7.56%
EPS Growth-49.98%
CountryUS
Employees24,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)8.35
Shares Outstanding134,680,220
10 Day Avg. Volume1,314,882
30 Day Avg. Volume1,203,585
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$250.00Price Target Upside23.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)10.69
Revenue Forecast (FY)$8.67B
Dover Business Overview & Revenue Model
Company Description
Dover Corporation operates as a global enterprise, supplying a wide array of industrial equipment, essential components, consumable products, replacement parts, software and digital platforms, and comprehensive support services. Its Engineered Pro...
How the Company Makes Money
Dover primarily makes money by selling industrial products and engineered systems across its operating segments, generating revenue when equipment and components are delivered to customers and services are performed. Key revenue streams generally ...
Dover Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call highlighted broad-based revenue and margin expansion, strong bookings (book-to-bill 1.06; TTM bookings +15%), improved incremental margins (38% vs. 25% in Q1), double-digit adjusted EPS growth (+12% Y/Y), and growing exposure to secular growth markets (now ~25% of portfolio). These positives were tempered by execution issues in refrigeration tied to a facility consolidation and labor ramp that cost ~1%–1.5% of organic growth and caused delivery delays, plus a lumpy polymer processing business. Management expects the operational issues to be resolved with H2 throughput and margin recovery, and they raised full‑year adjusted EPS guidance, maintained CapEx and FCF targets, and noted an improved M&A pipeline. On balance, highlights significantly outweigh the lowlights given the breadth of order momentum, margin gains, cash flow improvement, and strategic tailwinds.Positive Updates
Top-line Growth
Total revenue grew 7% year-over-year (5% organic), with all five segments posting positive organic growth, signaling broad-based demand across the portfolio.
Negative Updates
Refrigeration/Facility Consolidation Execution Issues
Refrigeration experienced production throughput shortfalls during a complex facility consolidation and labor ramp, causing margin pressure and supply constraints. Management estimates this execution issue reduced consolidated organic growth by ~1%–1.5% in the quarter and resulted in some late deliveries.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Growth
Total revenue grew 7% year-over-year (5% organic), with all five segments posting positive organic growth, signaling broad-based demand across the portfolio.
Read all positive updates
Company Guidance
The company raised its full‑year outlook, citing stronger visibility from a 1.06 book‑to‑bill and trailing‑12 month bookings up 15%, and said it now expects positive organic growth across all five segments and double‑digit adjusted EPS growth; Q2 metrics included revenue up 7% all‑in (5% organic), adjusted EPS $2.74 (+12% YoY), adjusted EBITDA margin 25.9% (+80 bps), and incremental margins of 38% (up from 25% in Q1). Year‑to‑date free cash flow was $320M (8% of revenue, +23% YoY), full‑year free cash‑flow guidance remains 14–16% of revenue with CapEx $190–210M, secular growth markets now ~25% of the portfolio (versus ~20% at Q1), and ~$50M in expected 2026 revenue tied to space; management noted a ~1–1.5% organic growth headwind from refrigeration consolidation but expects cash flow and margins to accelerate in H2 as capacity expansions (including a plan to ~2x liquid‑cooling heat‑exchanger capacity) come online.Dover Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.42B | 8.09B | 7.75B | 7.68B | 7.84B | 7.91B |
| Gross Profit | 3.33B | 3.22B | 2.96B | 2.87B | 2.90B | 2.97B |
| EBITDA | 1.80B | 1.86B | 2.23B | 1.56B | 1.60B | 1.80B |
| Net Income | 1.13B | 1.09B | 2.70B | 1.06B | 1.07B | 1.12B |
Balance Sheet | ||||||
| Total Assets | 13.69B | 13.42B | 12.51B | 11.35B | 10.90B | 10.40B |
| Cash, Cash Equivalents and Short-Term Investments | 1.76B | 1.68B | 1.84B | 398.56M | 380.87M | 385.50M |
| Total Debt | 3.26B | 3.78B | 3.15B | 3.68B | 3.89B | 3.30B |
| Total Liabilities | 5.99B | 6.02B | 5.56B | 6.24B | 6.61B | 6.21B |
| Stockholders Equity | 7.70B | 7.41B | 6.95B | 5.11B | 4.29B | 4.19B |
Cash Flow | ||||||
| Free Cash Flow | 1.17B | 1.12B | 580.85M | 1.14B | 584.76M | 944.40M |
| Operating Cash Flow | 1.39B | 1.34B | 748.38M | 1.34B | 805.72M | 1.12B |
| Investing Cash Flow | -236.66M | -886.59M | 1.96B | -726.63M | -540.92M | -992.75M |
| Financing Cash Flow | -653.44M | -624.87M | -1.27B | -568.06M | -260.26M | -249.88M |
Dover Technical Analysis
Positive
202.20
Price Trends
214.31
Negative
214.50
Negative
206.52
Positive
Market Momentum
-3.16
Negative
49.87
Neutral
67.24
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 202.2 is below the 20-day moving average (MA) of 208.88, below the 50-day MA of 214.31, and below the 200-day MA of 206.52, indicating a neutral trend. The MACD of -3.16 indicates Negative momentum. The RSI at 49.87 is Neutral, neither overbought nor oversold. The STOCH value of 67.24 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 17 risk factors in its most recent earnings report. Dover reported the most risks in the "Legal & Regulatory" 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $12.86B | 24.58 | 20.27% | 1.46% | 4.58% | 12.51% | |
76 Outperform | $32.63B | 34.03 | 9.46% | 0.09% | 7.85% | 88.74% | |
68 Neutral | $27.31B | 27.85 | 9.17% | 1.39% | 4.41% | 9.23% | |
67 Neutral | $27.56B | 24.51 | 15.00% | 1.03% | 7.56% | -49.98% | |
64 Neutral | $10.45B | 16.32 | 17.13% | 1.69% | -2.15% | 8.39% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $27.39B | 18.40 | -27.26% | 2.36% | 5.24% | 2.75% |
* Industrials Sector Average
DOV
Dover
209.93
34.59
19.72%
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Dover Corporate Events
Business Operations and StrategyFinancial Disclosures
Dover Lifts 2026 Outlook After Strong Q2 Results
Positive
Jul 23, 2026
On July 23, 2026, Dover reported that second-quarter 2026 revenue rose 7% year on year to $2.2 billion, with organic growth of 5%, while GAAP earnings from continuing operations increased 12% to $313 million and diluted EPS climbed 14% to $2.31. A...
Executive/Board ChangesShareholder Meetings
Dover Shareholders Back Board, Governance Structure at Meeting
Positive
May 12, 2026
On May 8, 2026, Dover Corporation shareholders held their annual meeting and elected nine directors to the board, maintaining continuity in the company’s governance structure. Shareholders also ratified the appointment of PricewaterhouseCoop...
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.