Dover (DOV) AI Stock Analysis

• Market Cap: $31.20B
• Dividend Yield: 1.04%
• Average Volume (3M): 1.37M
• Price to Earnings (P/E): 29.1
• Beta (1Y): 1.08
• Revenue Growth: -5.24%
• EPS Growth: 45.69%
• Country: US
• Employees: 24,000
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 2.51
• Shares Outstanding: 134,866,620
• 10 Day Avg. Volume: 1,242,953
• 30 Day Avg. Volume: 1,373,147
• PEG Ratio: -0.41
• Price to Book (P/B): 3.62
• Price to Sales (P/S): 3.31
• P/FCF Ratio: 23.97
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 4.10
• Enterprise Value/Gross Profit: 10.32
• Enterprise Value/Ebitda: 17.81
• 1Y Price Target: $232.09
• Price Target Upside: 2.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): 10.6
• Revenue Forecast (FY): $8.57B

• Rating: 75 Outperform
• Price Target: $248.00 ▲(9.38% Upside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is driven primarily by solid financial performance (strong margins and a strengthening balance sheet) and a positive earnings outlook (constructive 2026 EPS/FCF guidance with strong bookings and margin expansion). Technicals also support the score with a strong uptrend, though overbought signals temper it. Valuation is the key constraint due to a relatively high P/E and low yield.

Positive Factors

Diversified secular end-market exposure

Dover's diverse portfolio (Engineered Systems, Pumps & Process, Refrigeration & Food) and secular end-market demand produced 5% organic Q4 growth and strong bookings. This diversification reduces reliance on any single cyclical market and supports more stable medium-term revenue expansion.

Margin expansion from productivity and mix

Sustained productivity actions and favorable mix drove a 60bp EBITDA margin improvement, with several segments posting meaningful gains. Structural cost-management and carryover productivity provide a durable cushion for margins versus typical cyclical swings in industrials.

Strengthening balance sheet and cash generation

Debt has declined versus prior years and equity has grown to ~$7.4B, supporting financial flexibility. Free cash flow also rebounded materially in 2025 (~$1.12B and FCF guidance 14%–16% of revenue), underpinning capital allocation for M&A, buybacks, and investment.

Negative Factors

Earnings and cash-flow volatility

Reported earnings and operating cash flow have been uneven across years (weak operating cash flow in 2022 and 2024), and free cash flow runs below net income (~0.73–0.86x). This inconsistent cash conversion raises execution risk for reinvestment and debt coverage over the medium term.

Structural weakness in specific end markets

Multi-year weakness in vehicle aftermarket and certain European markets is structural for parts of the portfolio. Persistent demand erosion in these niches can constrain segment growth and limit upside from otherwise stronger businesses without targeted product or geographic fixes.

Input-cost and capacity/timing risk

Rising commodity costs (steel, copper) and only modest pricing assumed in guidance create margin pressure risk if costs exceed expectations. Additionally, capacity changes carry near-term fixed costs with back-end loaded benefits, which can delay margin realization and limit short-term operational agility.

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, and services that are used in aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market. This segment also offers manual and power clamp, rotary and linear mechanical indexer, conveyor, pick and place unit, glove port, and manipulator, as well as end-of-arm robotic gripper, slide, and end effector. Its Clean Energy & Fueling segment offers component, equipment, and software and service solution enabling safe transport of traditional and clean fuel, and other hazardous substance along with supply chain, as well as operation of convenience retail, retail fueling, and vehicle wash establishment. The Imaging and Identification segment provides precision marking and coding; packaging intelligence; product traceability equipment; brand protection; and digital textile printing equipment, as well as related consumable, software, and service to packaged and consumer good, pharmaceutical, industrial manufacturing, fashion and apparel, and other end-market. Its Pumps and Process Solutions segment manufactures specialty pump, connector, and flow meter, fluid connecting solution, plastics and polymer processing equipment, and engineered components for rotating and reciprocating machines. The Climate & Sustainability Technologies segment manufactures refrigeration system, refrigeration display case, commercial glass refrigerator and freezer door, and brazed plate heat exchanger for industrial heating and cooling, and residential climate control applications. It sells its products directly and through a network of distributors. The company was incorporated in 1947 and is headquartered in Downers Grove, Illinois.

How the Company Makes Money

Dover generates revenue through the sale of its diverse range of products and services across its operating segments. The Engineered Systems segment contributes significantly through its offerings, including automation equipment and components for industrial applications. The Pumps & Process Solutions segment primarily earns revenue from fluid handling and pumping solutions, which are essential in various industries like oil and gas, water treatment, and food processing. The Refrigeration & Food Equipment segment generates income from commercial refrigeration systems and foodservice equipment. Additionally, Dover benefits from long-term partnerships with leading companies across its sectors, which secure ongoing contracts and collaborative projects. The company's focus on innovation, efficiency, and customer service also plays a crucial role in driving sales and maintaining competitive advantage, further enhancing its revenue streams.

Dover Financial Statement Overview

Summary

Overall fundamentals are solid with an improving balance sheet (lower debt-to-equity and rising equity) and consistent profitability. The main detractors are volatility in reported earnings (notably an outlier 2024) and uneven operating cash flow/cash conversion despite a strong 2025 free-cash-flow rebound.

Income Statement

Revenue has been fairly steady with modest growth in 2025 (+2.1%) after a flat 2024 and slight declines in 2022–2023. Profitability is generally solid for an industrial name (2025 gross margin ~39.8%, operating margin ~18.3%), but margins and earnings show notable volatility: 2024 net margin (~34.8%) and net income appear unusually high versus surrounding years, while 2025 reverted to a more typical ~13.5% net margin. Overall, the business looks consistently profitable, but earnings quality/consistency is a key watch item.

Balance Sheet

Leverage is moderate and improving versus earlier years: debt-to-equity is ~0.45 in 2024–2025 compared with ~0.72–0.97 in 2020–2023. Equity has grown meaningfully (to ~$7.4B in 2025), supporting a stronger capital base, while total debt is stable around ~$3.3B. Returns on equity are healthy in most years, though 2024 is an outlier-high, reinforcing that profitability has been uneven even as the balance sheet has strengthened.

Cash Flow

Free cash flow is positive across all years and rebounded strongly in 2025 (~$1.12B; +96.8% year over year), which is a clear strength. However, cash generation has been choppy (notably weak operating cash flow in 2022 and 2024), and operating cash flow covers only a modest portion of debt (roughly ~29%–58% across the period). Free cash flow runs below net income (about ~0.73–0.86x), suggesting earnings have not fully translated into cash at a consistently high rate.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.09B	7.75B	7.68B	7.84B	7.91B
Gross Profit	3.22B	2.96B	2.87B	2.90B	2.97B
EBITDA	1.86B	2.23B	1.56B	1.60B	1.80B
Net Income	1.09B	2.70B	1.06B	1.07B	1.12B
Balance Sheet
Total Assets	13.42B	12.51B	11.35B	10.90B	10.40B
Cash, Cash Equivalents and Short-Term Investments	1.68B	1.84B	398.56M	380.87M	385.50M
Total Debt	3.78B	3.15B	3.68B	3.89B	3.30B
Total Liabilities	6.02B	5.56B	6.24B	6.61B	6.21B
Stockholders Equity	7.41B	6.95B	5.11B	4.29B	4.19B
Cash Flow
Free Cash Flow	1.12B	580.85M	1.14B	584.76M	944.40M
Operating Cash Flow	1.34B	748.38M	1.34B	805.72M	1.12B
Investing Cash Flow	-886.59M	1.96B	-726.63M	-540.92M	-992.75M
Financing Cash Flow	-624.87M	-1.27B	-568.06M	-260.26M	-249.88M

Dover Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 226.73
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 226.73 is above the 20-day moving average (MA) of 223.00, above the 50-day MA of 210.14, and above the 200-day MA of 186.31, indicating a bullish trend. The MACD of 6.87 indicates Positive momentum. The RSI at 59.18 is Neutral, neither overbought nor oversold. The STOCH value of 38.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DOV.

Dover Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GGG	81 Outperform	$15.46B	30.31	19.92%	1.32%	2.85%	3.09%
DOV	75 Outperform	$31.20B	29.14	15.29%	1.04%	-5.24%	45.69%
IR	70 Outperform	$37.06B	65.27	5.35%	0.10%	4.20%	-34.47%
PNR	68 Neutral	$16.84B	26.06	17.48%	0.96%	0.83%	-1.32%
XYL	68 Neutral	$31.20B	32.69	8.65%	1.15%	5.56%	13.76%
OTIS	64 Neutral	$34.95B	25.65	―	1.88%	0.73%	-15.57%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Dover Corporate Events

Dover Posts Strong Q4 2025 Results and Outlook

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; adjusted earnings grew 13% to $343 million and adjusted diluted EPS rose 14% to $2.51, reflecting broad-based strength, improving conditions in retail fueling and refrigeration, and margin gains from volume leverage and productivity initiatives. For full-year 2025, revenue grew 4% to $8.1 billion, but GAAP earnings from continuing operations fell 22% and GAAP EPS declined 21%, primarily due to a large prior-year gain on the sale of De-Sta-Co, while adjusted earnings increased 15% and adjusted EPS 16%, supported by restructuring benefits, acquisitions performing above expectations, and an accelerated share repurchase; management highlighted solid demand, strong bookings, and balance sheet flexibility as positioning Dover for continued growth and profitability in 2026, underpinned by its capital allocation strategy and ongoing cost optimization.

The most recent analyst rating on (DOV) stock is a Buy with a $232.00 price target. To see the full list of analyst forecasts on Dover stock, see the DOV Stock Forecast page.

Dover Completes €550 Million Euro Notes Offering

On November 12, 2025, Dover Corporation successfully completed a €550 million offering of 3.500% Euro Notes due in 2033. This issuance, part of the company’s senior unsecured debt obligations, is intended to enhance Dover’s financial flexibility and strengthen its market position by securing long-term funding.

The most recent analyst rating on (DOV) stock is a Hold with a $190.00 price target. To see the full list of analyst forecasts on Dover stock, see the DOV Stock Forecast page.

Dover Launches $500M Share Buyback Program

On November 10, 2025, Dover Corporation initiated an accelerated share repurchase program with JPMorgan Chase Bank to buy back $500 million of its common stock. This move is part of a larger repurchase authorization approved in August 2023, aiming to retire a significant number of shares. The company plans to fund this repurchase with existing cash and expects the final settlement by the second quarter of 2026, potentially impacting its financial positioning and shareholder value.

The most recent analyst rating on (DOV) stock is a Hold with a $190.00 price target. To see the full list of analyst forecasts on Dover stock, see the DOV Stock Forecast page.