Dover (DOV)
NYSE:DOV
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Dover
(NYSE:DOV)
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Rating:70Outperform
Price Target:
$238.00
â–²(9.62% Upside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by solid financial health (improving leverage, consistently strong margins) and a strong earnings outlook with healthy bookings and margin/FCF guidance. Offsetting this are mixed technical momentum signals and a somewhat rich valuation with a low dividend yield, plus historical earnings-to-cash volatility.
Positive Factors
Free Cash Flow Generation
A durable, sizeable free cash flow base (2025 rebound to ~$1.12B) underpins capital allocation flexibility. Sustained FCF supports M&A, buybacks, and reinvestment, improving resilience through cycles and enabling structural investments in growth and margin initiatives.
Negative Factors
Earnings and Cash Volatility
Historic volatility in reported earnings and operating cash flow undermines predictability of future cash conversion. FCF runs below net income and OCF coverage of debt is variable, making sustainable funding of returns and investments more uncertain across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
A durable, sizeable free cash flow base (2025 rebound to ~$1.12B) underpins capital allocation flexibility. Sustained FCF supports M&A, buybacks, and reinvestment, improving resilience through cycles and enabling structural investments in growth and margin initiatives.
Read all positive factors
Dover (DOV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.28B
Dividend Yield1.04%
Average Volume (3M)1.06M
Price to Earnings (P/E)24.5
Beta (1Y)1.08
Revenue Growth-5.24%
EPS Growth45.69%
CountryUS
Employees24,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)2.51
Shares Outstanding134,866,620
10 Day Avg. Volume791,967
30 Day Avg. Volume1,064,152
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 Cap1.07
Enterprise Value/Revenue3.88
Enterprise Value/Gross Profit9.75
Enterprise Value/Ebitda16.84
Forecast
1Y Price Target
$230.40Price Target Upside6.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)10.6
Revenue Forecast (FY)$8.57B
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:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call conveyed broad-based operational strength: order momentum, margin expansion, improved free cash flow, successful M&A, and a constructive 2026 EPS guide. Notable pockets of weakness (engineered products/vehicle aftermarket, European exposures), commodity cost uncertainty, and near-term seasonality/biopharma comps create manageable risks, but highlights materially outweigh the lowlights.Positive Updates
Strong Q4 Organic Revenue Growth
Organic revenue grew 5% in Q4 — the highest level for 2025 — driven by secular growth markets and improving retail fueling and refrigerated door cases and services.
Negative Updates
Declines in Engineered Products and Vehicle Aftermarket
Engineered Products revenue declined in the quarter due to lower vehicle services volumes; vehicle aftermarket declined by double digits organically in 2025, creating a headwind for that segment.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Organic Revenue Growth
Organic revenue grew 5% in Q4 — the highest level for 2025 — driven by secular growth markets and improving retail fueling and refrigerated door cases and services.
Read all positive updates
Company Guidance
Dover guided 2026 adjusted EPS of $10.45–$10.65 (double‑digit growth at the midpoint), with ~1.5–2.0% price embedded and expected incremental margins near ~35%, supported by ~$40M of carryover productivity and M&A accretion; free cash flow is guided to 14–16% of revenue (vs. 2025 FCF 14% of revenue and Q4 FCF $487M or 23% of revenue). Management noted strong order momentum (bookings +10% in Q4, +6% for FY25) with Q4 book‑to‑bill 1.02 (climate & sustainability 1.21), Q4 organic growth 5%, segment Q4 organics: Clean Energy & Fueling +4%, Imaging & ID +1%, Pumps & Process +11%, Climate & Sustainability +9%, Q4 consolidated segment EBITDA margin +60 bps to 24.8% (climate +250 bps; imaging EBITDA 28%), stepped‑up CapEx of ~$50M in 2025, $700M deployed to acquisitions, a $500M accelerated share repurchase plus >$500M total buybacks announced, and seasonality expected to mirror prior years with Q1 ramping into peaks in Q2–Q3.Dover Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
80
Positive
Cash Flow
67
Positive
| 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
Positive
217.12
Price Trends
216.66
Positive
206.06
Positive
191.20
Positive
Market Momentum
-0.33
Negative
56.44
Neutral
91.84
Negative
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 217.12 is above the 20-day moving average (MA) of 210.41, above the 50-day MA of 216.66, and above the 200-day MA of 191.20, indicating a bullish trend. The MACD of -0.33 indicates Negative momentum. The RSI at 56.44 is Neutral, neither overbought nor oversold. The STOCH value of 91.84 is Negative, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $14.52B | 26.59 | 20.38% | 1.32% | 2.85% | 3.09% | |
70 Outperform | $29.28B | 24.49 | 14.76% | 1.04% | -5.24% | 45.69% | |
70 Outperform | $33.44B | 54.24 | 5.70% | 0.10% | 4.20% | -34.47% | |
68 Neutral | $14.58B | 25.61 | 17.48% | 0.96% | 0.83% | -1.32% | |
68 Neutral | $31.30B | 34.64 | 8.59% | 1.15% | 5.56% | 13.76% | |
64 Neutral | $31.08B | 24.85 | -25.98% | 1.88% | 0.73% | -15.57% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
DOV
Dover
217.12
55.22
34.11%
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Dover Corporate Events
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.