olivLaw · US equity research
Dover Corporation DOV
Construction, Mining & Materials Handling Machinery & Equip · SIC 3530 · Vertical: Industrial machinery and computer equipment (SIC 353x)
Dover Corporation is a diversified global manufacturer delivering equipment, components, aftermarket parts and digital solutions through five segments. Revenue for fiscal 2025 was 8.1 billion dollars, up 4.5%, and third quarter 2026 revenue rose 7.5%. Full year 2026 guidance points to revenue growth of 7% to 8%.
At the close of 04 Nov 2026, Dover Corporation (DOV) stock was 212.66 USD (−0.43% on the day), with market capitalisation 28.3 bn USD, P/E 24.8 on diluted EPS of 8.58 USD over the last 12 months, dividend yield 0.98%, beta 1.04, 52-week range 178.03–233.31 USD. Latest reported quarter (Q3 2026): revenue of 2.2 bn USD (+7.5% YoY), net income of 333.3 m USD (+10.4% YoY), diluted EPS 2.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.1
- strong (55–70)
- Bollinger (20, 2)
- 183.66 – 217.17
- in the upper half of the band · %B 0.87 · band width 16.7%
- SMA 50 / 200
- 194.70 / 209.91
- mixed trend
- MACD (12, 26, 9)
- 5.44 / 3.77
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.2% | −1.1% | +12.3 pp | — |
| 3 months | +1.1% | −0.5% | +1.5 pp | — |
| 6 months | −6.4% | +4.4% | −10.8 pp | — |
| Year to date | +8.9% | +12.3% | −3.4 pp | — |
| 1 year | +19.3% | +13.5% | +5.8 pp | +15.0% |
| 3 years | +58.3% | +76.4% | −18.1 pp | +23.8% |
| 5 years | +24.2% | +63.7% | −39.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.2 bn |
| Cost of revenue | 1.2 bn | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn |
| Gross profit | 745.7 m | 745.5 m | 818.3 m | 833.6 m | 820.8 m | 798.1 m | 880.6 m | 903.4 m |
| SG&A | 450.7 m | 449.2 m | 463.7 m | 456.4 m | 475.5 m | 492.2 m | 488.8 m | 484.2 m |
| Operating income | 295.1 m | 296.3 m | 354.6 m | 377.2 m | 345.3 m | 305.9 m | 391.8 m | 419.2 m |
| Depreciation & amortisation | 86.7 m | 87.4 m | 94.4 m | 98.5 m | 99.3 m | 97.4 m | 96.8 m | 98.0 m |
| Interest expense | 28.3 m | 27.6 m | 26.8 m | 27.2 m | 28.1 m | 29.5 m | 29.1 m | 28.9 m |
| Pre-tax income | 303.7 m | — | — | — | — | — | — | — |
| Income tax | 65.3 m | 56.1 m | 72.0 m | 83.0 m | 65.8 m | 60.2 m | 75.2 m | 83.9 m |
| Net income | 1.4 bn | 230.8 m | 279.1 m | 302.0 m | 282.1 m | 238.4 m | 312.2 m | 333.3 m |
| Diluted EPS | 10.38 ≈ | 1.67 | 2.02 | 2.19 | 2.06 ≈ | 1.75 | 2.30 | 2.47 |
| Capex | 53.9 m | 48.2 m | 60.9 m ≈ | 54.2 m ≈ | 57.0 m | 59.8 m | 47.8 m ≈ | 55.4 m ≈ |
| Dividends paid | 70.8 m | 71.4 m | 70.6 m ≈ | 71.2 m ≈ | 69.8 m | 70.4 m | 70.0 m ≈ | 70.3 m ≈ |
| Share repurchases | 0 | 40.7 m | 0 ≈ | 0 ≈ | 500.0 m | 53.9 m | 0 ≈ | 331.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 84 percentile of its own 44-quarter history (min 9.1, median 18.9, max 27.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.0 bn | 7.1 bn | 6.7 bn | 7.9 bn | 7.8 bn | 7.7 bn | 7.7 bn | 8.1 bn |
| Revenue YoY | +2.5% | +2.1% | −6.3% | +18.3% | −0.8% | −2.0% | +0.8% | +4.5% |
| Net income | 570.3 m | 677.9 m | 683.5 m | 1.1 bn | 1.1 bn | 1.1 bn | 2.7 bn | 1.1 bn |
| Net income YoY | −29.7% | +18.9% | +0.8% | +64.4% | −5.2% | −0.8% | +155.2% | −59.4% |
| Diluted EPS | 3.75 | 4.61 | 4.70 | 7.74 | 7.42 | 7.52 | 19.45 | 7.94 |
| Diluted EPS YoY | −27.2% | +22.9% | +2.0% | +64.7% | −4.1% | +1.3% | +158.6% | −59.2% |
| net % | 8.2% | 9.5% | 10.2% | 14.2% | 13.6% | 13.8% | 34.8% | 13.5% |
| Free cash flow | unavailable | 758.5 m | 939.1 m | 944.4 m | 594.6 m | 1.2 bn | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 bn USD
- Financial debt
- 3.3 bn USD
- Net debt
- 1.7 bn USD
- Equity
- 7.4 bn USD
- Total assets
- 13.4 bn USD
- Debt / equity
- 0.45x
- Current ratio
- 1.79x
- ROE
- 15.2%
- ROA
- 8.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.7 bn | 7.9 bn | 7.8 bn | 7.7 bn | 7.7 bn | 8.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 4.2 bn | 4.9 bn | 4.9 bn | 4.8 bn | 4.8 bn | 4.9 bn | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 2.5 bn | 3.0 bn | 2.9 bn | 2.9 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 142.1 m | 157.8 m | 151.4 m | 139.1 m | 149.6 m | 165.3 m | SEC (XBRL)· 13 Feb 2026verified |
| SG&A | 1.5 bn | 1.7 bn | 1.6 bn | 1.6 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | 933.0 m | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 279.1 m | 290.1 m | 295.7 m | 305.0 m | 337.8 m | 379.6 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | 1.2 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.5 bn ≈ | 1.5 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 111.9 m | 106.3 m | 116.5 m | 131.3 m | 131.2 m | 109.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | 841.7 m | 1.4 bn | 1.2 bn | 1.1 bn | 1.8 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 158.3 m | 277.0 m | 200.3 m | 179.1 m | 357.0 m | 276.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 683.5 m | 1.1 bn | 1.1 bn | 1.1 bn | 2.7 bn | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 4.70 | 7.74 | 7.42 | 7.52 | 19.45 | 7.94 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 145.4 m | 145.3 m | 143.6 m | 140.6 m | 138.7 m | 137.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividend per share | 1.97 | 1.99 | 2.01 | 2.03 | 2.05 | 2.07 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 513.1 m | 385.5 m | 380.9 m | 398.6 m | 1.8 bn | 1.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 1.1 bn | 1.3 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 835.8 m | 1.2 bn | 1.4 bn | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 2.6 bn | 3.1 bn | 3.4 bn | 3.4 bn | 4.5 bn | 4.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 897.3 m | 957.3 m | 1.0 bn | 978.5 m | 987.9 m | 1.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Goodwill | 4.1 bn | 4.6 bn | 4.4 bn | 4.6 bn | 4.9 bn | 5.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.1 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.6 bn | 1.8 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 9.2 bn | 10.4 bn | 10.9 bn | 11.3 bn | 12.5 bn | 13.4 bn | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 853.9 m | 1.1 bn | 1.1 bn | 854.5 m | 848.0 m | 875.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 0 | 105.7 m | 735.8 m | 468.3 m | 400.1 m | 706.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | 3.1 bn | 3.0 bn | 2.9 bn | 3.0 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 1.7 bn | 2.3 bn | 2.8 bn | 2.4 bn | 2.2 bn | 2.5 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 3.4 bn | 4.2 bn | 4.3 bn | 5.1 bn † | 7.0 bn † | 7.4 bn † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.1 bn | 805.7 m | 1.3 bn | — | — | SEC (XBRL)· 09 Feb 2024verified |
| Capex | 165.7 m | 171.5 m | 211.1 m | 183.4 m | 167.5 m | 220.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | 939.1 m ≈ | 944.4 m ≈ | 594.6 m ≈ | 1.2 bn ≈ | — | — | SEC (XBRL)· 09 Feb 2024derived |
| Investing cash flow | -481.4 m | -992.8 m | -540.9 m | -726.6 m | — | — | SEC (XBRL)· 09 Feb 2024verified |
| Financing cash flow | -506.3 m | -249.9 m | -260.3 m | -568.1 m | -1.3 bn | -624.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Dividends paid | 284.3 m | 286.9 m | 287.6 m | 284.3 m | 283.1 m | 283.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Share repurchases | 106.3 m | 21.6 m | 585.0 m | 0 | 500.0 m | 540.7 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 28.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation32
- Balance sheet71
- Quality82
- Growth12
- Returns59
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 107.49 – 379.03 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA107.49 – 144.92 (Mid 122.53)11 companies used · median multiple 9.6x · quartiles 8.6x – 11.2xAEBI, ASTE, FET, FTI, INVX, MTW, NOV, PLOW, TEX, WFRD, WHD
- Peers: P/E157.21 – 379.03 (Mid 248.20)18 companies used · median multiple 28.9x · quartiles 18.3x – 44.2xAEBI, ASTE, BKR, CAT, CNH, FET, FLOC, FTI, INVX, LSE, MTW, NOV, OMSE, PLOW, STAK, TEX, WFRD, WHD
- Dividend discount (DDM)outside the aggregate27.20 – 36.58 (Mid 31.20)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.6% | 75 (vs peers) | 13% |
| Net margin · Quality | 13.6% | 93 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.0% | 9 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 2.3% | 15 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.8x | 43 (vs peers) | 13% |
| Interest coverage · Balance sheet | 12.7x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 24.8x | 56 (vs peers) | 13% |
| EV/EBITDA · Valuation | 16.1x | 8 (vs peers) | 13% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.1% | 59 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 3/3 factors with a value
- Growth12/100 · 2/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partial59/100 · 1/2 factors with a value
- Valuation32/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DOVER Corp (DOV). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 8.1 bn USD in 2025; YoY growth 4.5%; net margin 13.6%; ROE 15.2%; net debt/EBITDA 0.8x.
The estimated value range is 132.35–261.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 185.36 USD, the price of 212.66 USD leaves a potential of -12.8% (value / price − 1) and a margin of safety of -14.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.6%
- Net margin: 13.6%
- Interest coverage: 12.7x
- Current ratio: 1.9x
What contradicts it
- Revenue CAGR 3Y: 1.0%
- EPS CAGR 3Y: 2.3%
- EV/EBITDA: 16.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, FCF yield, Payout ratio (FCF).
Versus the vertical median
Industrial machinery and computer equipment (SIC 353x) · same industry group (3-digit SIC) · compared with 27 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CATCaterpillar Inc | 270.6 bn | 23.2 | 56.1% | 15.2% | +4.3% | +3% / +136% |
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| DOVDOVER Corp | 28.3 bn | 24.8 | 15.2% | 13.6% | +4.5% | +19% / +58% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| CNHCnh Industrial N.V. | 14.5 bn | 47.0 | 4.0% | 1.7% | −8.8% | +24% / +9% |
| TEXTerex Corporation | 6.5 bn | 29.0 | 5.7% | 2.6% | +5.7% | +25% / +16% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| ASTEAstec Industries, Inc. | 904.9 m | 46.4 | 2.9% | 1.3% | +8.1% | −11% / +26% |
| AEBIAebi Schmidt Holding AG | 902.5 m | 41.0 | 3.6% | 1.1% | +40.6% | −2% / unavailable |
| PLOWDouglas Dynamics, Inc | 879.7 m | 13.8 | 22.2% | 8.7% | +15.4% | +18% / +40% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| MTWThe Manitowoc Company, Inc. | 837.7 m | 32.6 | 3.8% | 1.1% | +2.9% | +106% / +62% |
| CMCOColumbus McKinnon Corporation | 537.7 m | — | -30.8% | -19.6% | +23.9% | +13% / −47% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| HYHyster-Yale, Inc. | — | — | -25.0% | -3.3% | −12.5% | +3% / −37% |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
1- and 3-year price returns: for DOV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 123.96 Total return -41% · Per year -41% | 219.52 Total return 4% · Per year 4% | 331.18 Total return 57% · Per year 57% |
| 3 years | 112.09 Total return -45% · Per year -18% | 224.13 Total return 8% · Per year 3% | 372.43 Total return 79% · Per year 21% |
| 5 years | 101.36 Total return -49% · Per year -13% | 228.84 Total return 13% · Per year 2% | 418.81 Total return 104% · Per year 15% |
- Exit P/E± 56.03
- Net margin± 39.22
- Annual revenue growth± 33.30
- Annual dilution± 3.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dover Corporation is a diversified global manufacturer delivering equipment, components, aftermarket parts and digital solutions through five segments. Revenue for fiscal 2025 was 8.1 billion dollars, up 4.5% 1, and third quarter 2026 revenue rose 7.5% 2. Full year 2026 guidance points to revenue growth of 7% to 8% 3.
SWOT
Strengths
- A diversified portfolio with leading positions in niche industrial markets and significant recurring revenue from parts and services 1.
- Bookings grew across all five segments in the third quarter of 2026 2.
- A strong balance sheet and liquidity give flexibility for acquisitions and share repurchases 3.
Weaknesses
Opportunities
Risks
- Cyclical demandhigh
Recessions or downturns in served markets could hurt sales and lead to impairments 1.
- International exposurehigh
Overseas operations carry political, currency and regulatory risks that could affect results 1.
- Cybersecuritymedium
Security incidents could interrupt production and compromise sensitive data 1.
- Litigation and product recallsmedium
Lawsuits or product recalls could create unexpected costs 1.
- Skilled laborlow
A shortage of skilled staff or labor disputes could raise costs and slow production 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Order pace and backlog heading into 2027Q4 2026
- Delivery of full year 2026 revenue and EPS guidance2026
- Margin effect of recent acquisitionsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dover is headquartered in Downers Grove, Illinois, was incorporated in 1947 and operates through five segments with similar business models: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies 1. The company has about 24000 employees, and recurring demand from parts, consumables, services and software represents about 40% of revenue 1.
Dover's strategy rests on organic growth above GDP, improving return on invested capital and redeploying free cash flow through organic investment, acquisitions and shareholder returns 1. Nine-month revenue to September 30, 2026 rose 8.1% 2.
Segments
Market context
Trends
- Energy infrastructure investmenttailwind
Demand for energy, grid and data center infrastructure could continue to support the pumps and components businesses 3.
- Energy transitiontailwind
Growth in LNG, hydrogen and electric vehicle charging supports Clean Energy & Fueling 1.
- Vehicle service softnessheadwind
Lower volumes in the vehicle service business weighed on Engineered Products in 2025 1.
- Trade policy and tariffsmixed
Tariffs and trade restrictions could raise costs and affect international shipments 1.
Competitive position
Dover competes in niche industrial markets against specialized suppliers in pumps, marking and coding, fueling equipment and commercial refrigeration. The sources do not provide a full ranking of competitors, so the comparison is limited to segment descriptions 1.
The company's position rests on long-standing leadership, loyal customers and products selected for proven performance 1. Pricing pressure and new product execution remain relevant factors 3.
- Specialized pump and fluid handling suppliers
Competitors in the Pumps & Process Solutions segment, named generically in the sources reviewed.
- Marking and coding equipment makers
Competitors in the Imaging & Identification segment, named generically in the sources reviewed.
- Fueling and LNG equipment suppliers
Competitors in the Clean Energy & Fueling segment, named generically in the sources reviewed.
- Commercial refrigeration manufacturers
Competitors in the Climate & Sustainability Technologies segment, named generically in the sources reviewed.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Dagne Dover Discount Code: 15% Off | September 2026 | Condé Nast TravelerConde Nast Traveler · 29 Sept 2026 · EN
- Is Dover Stock Underperforming the Dow?Yahoo Finance — News · 15 Sept 2026 · EN
- Dover unrest exposes serious flaws in Britain’s handling of far-right extremismThe Guardian World · 13 Sept 2026 · EN
- Reform UK beset by internal row over response to Dover and Portsmouth protestsThe Guardian World · 11 Sept 2026 · EN
- Police were told night before Dover unrest that far-right agitators had converged on villageThe Guardian World · 08 Sept 2026 · EN
- Black-clad Dover protesters condemned for ‘dressing up in costumes’ by ministerThe Guardian World · 06 Sept 2026 · EN
- Masked men block traffic to UK's port of Dover, site of past anti-immigrant protestsCNA (Channel NewsAsia) · 05 Sept 2026 · EN
- Bărbați mascați cu cagule și îmbrăcați în negru blochează portul Dover din Marea Britanie, în semn de protest față de imigranțiLibertatea.ro · 05 Sept 2026 · RO
- UK gov’t condemns masked anti-immigrant protesters blocking Dover portAl Jazeera — World · 05 Sept 2026 · EN
- ‘Stop the boats’ masked protesters block England’s Port of DoverAl Jazeera — World · 05 Sept 2026 · EN
- Masked men block traffic at UK’s Dover port amid anti-immigrant tensionsThe Hindu — International · 05 Sept 2026 · EN
- Anglia. Sute de bărbați mascați au blocat rutele de intrare și ieșire din orașul Dover (sud-est), dar și din portul acestuia. Nu este clar motivul pentru care protestează, dar mai mulți aleși locali spun că ar putea avea legătură cu migranții care vin pe ambarcațiuni mici.Biziday.ro · 05 Sept 2026 · RO
- Black-clad protesters in balaclavas block road at port of Dover in KentThe Guardian World · 05 Sept 2026 · EN
- EU border chaos feared at Dover crossing as busiest summer weekend loomsThe Guardian World · 17 Jul 2026 · RO
- Port of Dover faces ‘utter chaos’ under struggling EU entry system, MPs warnThe Guardian World · 08 Jul 2026 · RO
- France scales down border checks at Dover port amid chaotic delaysPolitico EU · 23 May 2026 · RO
- Extra EU border checks suspended at Dover as travellers face delays in heatThe Guardian World · 23 May 2026 · RO
The latest news item in our archive is from 29 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Other events · Financial statements and exhibits
- Quarterly report22 Oct 2026
- Current report22 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report23 Apr 2026
- Current report23 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Apr 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Proxy statement24 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dover Corporation · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Dover Corporation · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Dover Corporation · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.