Dover (DOV) AI Stock Analysis

• Market Cap: $28.25B
• Dividend Yield: 1.04%
• Average Volume (3M): 953.67K
• Price to Earnings (P/E): 25.9
• Beta (1Y): 1.12
• 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: 137,153,230
• 10 Day Avg. Volume: 1,122,231
• 30 Day Avg. Volume: 953,674
• PEG Ratio: 0.06
• Price to Book (P/B): 3.72
• Price to Sales (P/S): 3.34
• P/FCF Ratio: 44.49
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 3.70
• Enterprise Value/Gross Profit: 9.32
• Enterprise Value/Ebitda: 16.14
• 1Y Price Target: $224.70
• Price Target Upside: 10.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 81 Outperform
• Price Target: $238.00 ▲(17.51% Upside)

The score is driven primarily by strong financial performance (high margins, strong growth, and solid leverage/ROE) and supportive technicals (price above key moving averages with positive MACD). Valuation is reasonable on P/E but tempered by a modest dividend yield, while the earnings call adds support via upbeat 2026 EPS/FCF guidance and order momentum despite manageable cost and end-market risks.

Positive Factors

High margins and consistent revenue growth

Sustainably high gross and net margins alongside strong recent revenue growth indicate durable pricing power, efficient cost structure, and product mix advantages. This fundamental profitability supports reinvestment, M&A funding and shareholder returns over the next several quarters.

Order momentum and backlog strength

Elevated bookings and a book-to-bill above 1 provide durable demand visibility across segments, supporting forward revenue and capacity utilization. Strong backlog reduces short-term cyclicality risk and underpins the company’s multi-quarter organic growth outlook and operational planning.

Strong capital allocation and deal execution

Active, disciplined use of cash for strategic M&A and sizeable buybacks reflects both confidence in returns on deployed capital and the ability to execute transactions. Combined with stated balance sheet optionality, this supports long-term shareholder value if cash generation remains stable.

Negative Factors

Suboptimal cash conversion

Despite strong reported earnings, relatively low cash conversion indicates earnings are not fully translating into cash. This limits durable financial flexibility for capex, M&A, and buybacks and raises sensitivity to working-capital swings or cyclical end-market slowdowns.

Structural weakness in specific end markets

Multi-year declines in vehicle aftermarket and pockets of weakness in European vehicle services are structural headwinds for affected segments. Persistent softness requires strategic reallocation or product/service shifts to sustain consolidated growth over coming quarters.

Commodity cost and margin pressure risk

Exposure to rising input costs risks compressing margins if additional pricing or productivity measures fall short. Given some near-term fixed costs from footprint changes, sustained commodity inflation could erode incremental margins and require structural pricing or cost actions.

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

Strong profitability and growth (TTM gross margin 39.67%, net margin 28.37%, revenue up 20.4%) and a solid balance sheet (debt-to-equity 0.40, ROE 30.80%, equity ratio 57.10%). Cash generation is stable but less compelling (operating cash flow to net income 0.36; FCF to net income 0.72), and slight declines in EBIT/EBITDA margins point to some cost pressure.

Income Statement

Dover's income statement shows strong performance with a notable gross profit margin of 39.67% and a net profit margin of 28.37% for the TTM period. The company has demonstrated consistent revenue growth, with a significant increase of 20.4% in the latest TTM period. However, there is a slight decline in EBIT and EBITDA margins compared to previous years, indicating potential cost pressures.

Balance Sheet

The balance sheet reflects a solid financial position with a debt-to-equity ratio of 0.40, indicating manageable leverage. Return on equity is robust at 30.80%, showcasing effective use of shareholder funds. The equity ratio stands at 57.10%, highlighting a strong equity base relative to total assets. However, the decrease in total debt suggests a focus on debt reduction.

Cash Flow

Cash flow analysis reveals a healthy operating cash flow to net income ratio of 0.36, indicating efficient cash generation relative to profits. Free cash flow growth is positive at 2.06%, though the free cash flow to net income ratio of 0.72 suggests room for improvement in cash conversion. Overall, cash flow stability is evident, but further enhancement in free cash flow generation is desirable.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.92B	7.75B	7.68B	7.84B	7.91B	6.68B
Gross Profit	3.14B	2.96B	2.87B	2.90B	2.97B	2.47B
EBITDA	1.81B	2.23B	1.56B	1.60B	1.80B	1.23B
Net Income	2.25B	2.70B	1.06B	1.07B	1.12B	683.45M
Balance Sheet
Total Assets	13.42B	12.51B	11.35B	10.90B	10.40B	9.15B
Cash, Cash Equivalents and Short-Term Investments	1.55B	1.84B	398.56M	380.87M	385.50M	513.08M
Total Debt	3.07B	3.15B	3.68B	3.89B	3.30B	3.29B
Total Liabilities	5.76B	5.56B	6.24B	6.61B	6.21B	5.77B
Stockholders Equity	7.66B	6.95B	5.11B	4.29B	4.19B	3.39B
Cash Flow
Free Cash Flow	568.09M	580.85M	1.14B	584.76M	944.40M	939.12M
Operating Cash Flow	785.27M	748.38M	1.34B	805.72M	1.12B	1.10B
Investing Cash Flow	1.09B	1.96B	-726.63M	-540.92M	-992.75M	-481.38M
Financing Cash Flow	-733.58M	-1.27B	-568.06M	-260.26M	-249.88M	-506.29M

Dover Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 202.53
• 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 Neutral. The current price of 202.53 is below the 20-day moving average (MA) of 203.71, above the 50-day MA of 196.32, and above the 200-day MA of 181.03, indicating a neutral trend. The MACD of 2.79 indicates Positive momentum. The RSI at 50.78 is Neutral, neither overbought nor oversold. The STOCH value of 52.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DOV.

Dover Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GGG	81 Outperform	$14.40B	28.19	19.92%	1.32%	2.85%	3.09%
DOV	81 Outperform	$28.25B	25.94	15.29%	1.04%	-5.24%	45.69%
XYL	79 Outperform	$32.99B	34.86	8.70%	1.15%	5.56%	13.76%
PNR	75 Outperform	$17.21B	26.68	17.97%	0.96%	0.83%	-1.32%
IR	69 Neutral	$33.68B	63.24	5.35%	0.10%	4.20%	-34.47%
OTIS	64 Neutral	$34.53B	25.31	―	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.