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Dover Corporation (DOV) Stock

Dover Corporation Stock Details, Movements and Public Alerts

Dover Corporation (DOV): The $25 Billion Industrial Conglomerate Powering Clean Energy and Critical Infrastructure

Under CEO Richard J. Tobin's leadership since 2018, Dover Corporation has transformed from a sprawling conglomerate into a focused industrial powerhouse targeting high-growth markets. The company's five operating segments—Engineered Products (vehicle service equipment, waste handling), Clean Energy & Fueling (EV charging, hydrogen fueling, compressed gas solutions), Imaging & Identification (digital printing, marking/coding), Pumps & Process Solutions (precision pumps for biopharma, chemical processing), and Climate & Sustainability Technologies (industrial refrigeration, heat exchangers)—generate over 40% of revenue from environmental and energy transition applications. Dover's portfolio strategy balances mature cash-generating businesses (vehicle aftermarket equipment) with high-growth secular trends (EV infrastructure, renewable energy, semiconductor manufacturing). Recent acquisitions including Unified Brands (commercial foodservice) and strategic divestitures (bearings business) demonstrate disciplined capital allocation under Tobin's portfolio optimization approach. The company's 67-year dividend increase streak, 23x P/E valuation aligned with industrial peers, and exposure to infrastructure spending create balanced risk-reward for conservative growth investors seeking industrial diversification.

52-Week Range

$219.83 - $141.82

-8.40% from high · +41.98% from low

Avg Daily Volume

1,190,949

Latest volume

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

25.51

Above market average

Forward P/E

19.01

Earnings expected to grow

PEG Ratio

2.50

Potentially overvalued

Price to Book

3.60

EV/EBITDA

16.05

EPS (TTM)

$7.89

Price to Sales

3.48

Beta

1.31

Similar volatility to market

How is DOV valued relative to its earnings and growth?
Dover Corporation trades at a P/E ratio of 25.51, which is above the market average of approximately 20. This premium valuation suggests investors expect above-average growth or the company has competitive advantages justifying the higher multiple. Looking ahead, the forward P/E of 19.01 is lower than the current P/E, indicating analysts expect earnings to grow over the next year. The PEG ratio of 2.50 indicates a premium valuation even accounting for growth.
What is DOV's risk profile compared to the market?
With a beta of 1.31, Dover Corporation is roughly as volatile as the market, moving in line with broad market trends. This moderate beta suggests the stock offers market-level returns without excessive volatility. The price-to-book ratio of 3.60 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

28.40%

Operating Margin

18.70%

EBITDA

$1.77B

Return on Equity

15.90%

Return on Assets

6.90%

Revenue Growth (YoY)

4.80%

Earnings Growth (YoY)

-12.60%

How profitable and efficient is DOV's business model?
Dover Corporation achieves a profit margin of 28.40%, meaning it retains $28.40 from every $100 in revenue after all expenses. This is an impressive margin, indicating strong pricing power and efficient cost management that allows the company to generate substantial profits. The operating margin of 18.70% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 15.90% and ROA at 6.90%, the company generates strong returns on invested capital.
What are DOV's recent growth trends?
Dover Corporation's revenue grew by 4.80% year-over-year, showing steady progress in growing the business. This positive trajectory indicates the company maintains competitive positioning in its markets. Earnings decreased by 12.60% year-over-year, reflecting the bottom-line impact of business performance. These growth metrics should be evaluated against SPECIALTY INDUSTRIAL MACHINERY industry averages for proper context.

Dividend Information

Dividend Per Share

$2.06

Dividend Yield

1.05%

Ex-Dividend Date

Nov 28, 2025

Dividend Date

Dec 15, 2025

What dividend income can investors expect from DOV?
Dover Corporation offers a dividend yield of 1.05%, paying $2.06 per share annually. This modest yield below 2% suggests the company prioritizes growth investments over current income. While the dividend provides some return, investors are likely attracted more by capital appreciation potential than income generation. To receive the next dividend, shares must be purchased before the ex-dividend date of Nov 28, 2025.
How reliable is DOV's dividend for long-term investors?
The dividend sustainability can be assessed through the payout ratio - Dover Corporation pays $2.06 per share in dividends against earnings of $7.89 per share, resulting in a payout ratio of 26.11%. This conservative payout below 30% indicates excellent dividend safety with substantial room for future increases. The company retains most earnings for growth while still rewarding shareholders. The next dividend payment is scheduled for Dec 15, 2025.

Company Size & Market

Market Cap

$27.6B

Revenue (TTM)

$7.92B

Revenue/Share (TTM)

$57.73

Shares Outstanding

137.15M

Book Value/Share

$55.87

Asset Type

Common Stock

What is DOV's market capitalization and position?
Dover Corporation has a market capitalization of $27.6B, classifying it as a large-cap stock ($10B-$200B). Large-caps are typically industry leaders with established business models, offering a balance of stability and growth potential. They often provide dividend income and are core holdings in institutional portfolios. With 137.15M shares outstanding, the company's ownership is relatively concentrated. As a participant in the SPECIALTY INDUSTRIAL MACHINERY industry, it competes with other firms in this sector.
How does DOV's price compare to its book value?
Dover Corporation's book value per share is $55.87, while the current stock price is $201.36, resulting in a price-to-book (P/B) ratio of 3.60. This high P/B ratio indicates significant intangible assets, strong brand value, or high growth expectations. Technology and consumer brand companies often trade at elevated P/B ratios due to intellectual property and competitive advantages not reflected on the balance sheet. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$214.00

6.28% upside potential

Analyst Recommendations

Strong Buy

1

Buy

10

Hold

7

Sell

0

Strong Sell

0

How reliable are analyst predictions for DOV?
18 analysts cover DOV with 61% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The mixed views reflect uncertainty about the outlook. The consensus target of $214.00 implies 6.3% upside, but targets are often adjusted to follow price moves rather than predict them.
What is the Wall Street consensus on DOV?
Current analyst recommendations:1 Strong Buy, 10 Buy, 7 Hold, 00The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Dec 13, 2025, 08:23 AM

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Dover Corporation (DOV) Stock Analysis 2025: Complete Investment Guide

When Richard J. Tobin replaced retiring CEO Robert Livingston in 2018, he inherited a classic conglomerate challenge: a sprawling portfolio spanning everything from garbage truck compactors to digital textile printers. Rather than pursuing dramatic restructuring, Tobin implemented methodical portfolio optimization—divesting low-margin commoditized businesses while doubling down on technology-enabled niches where Dover commands market leadership. The company's recent $1 billion acquisition of DE-STA-CO (automation components) and $375 million sale of De-Sta-Co's bearing business illustrate this strategy: exit commodity segments, acquire high-value automation and precision manufacturing exposure. For investors seeking defensive industrial characteristics (recession-resistant aftermarket revenues, essential infrastructure exposure) combined with growth optionality (clean energy transition, semiconductor capex), Dover's diversified platform offers compelling entry point at current valuation.

Business Model & Competitive Moat

Dover operates a decentralized holding company model, granting significant autonomy to individual business units while providing shared services in capital allocation, M&A, and operational improvement. Revenue generation varies by segment: Engineered Products (vehicle service lifts, waste compactors) generates stable aftermarket parts revenue; Clean Energy & Fueling provides mission-critical refueling infrastructure (Wayne Fueling Systems for gas stations, Tokheim EV chargers); Imaging & Identification sells consumables (inks, labels) creating recurring revenue streams; Pumps & Process Solutions serves demanding applications in biopharma and semiconductors where failure costs far exceed equipment prices. Dover's competitive moats include installed base economics (aftermarket parts for existing equipment), technical expertise in precision engineering (pharmaceutical-grade pumps requiring extreme reliability), distribution networks (vehicle service equipment sold through established dealer channels), and regulatory certifications (fueling systems meeting safety standards). The decentralized structure enables rapid local decision-making while portfolio diversity provides resilience across economic cycles.

Financial Performance

  • •Revenue: $8.7 billion in 2024, growing 6-8% organically with M&A contributions
  • •Profitability: Adjusted operating margin of 19.5%, expanding through mix shift toward higher-margin segments
  • •Cash Generation: Free cash flow of $1.2 billion (14% FCF margin) supporting dividends and acquisitions
  • •Dividend History: 67 consecutive years of dividend increases, current yield 1.14% with 30% payout ratio
  • •Valuation: 23.5x P/E ratio vs. 16x forward P/E, reflecting market confidence in earnings growth acceleration

Growth Catalysts

  • •EV Infrastructure Boom: Clean Energy & Fueling segment capturing electric vehicle charging station buildout (Tokheim, Wayne brands)
  • •Semiconductor Capex: Pumps & Process Solutions selling precision fluid handling for chip manufacturing facilities
  • •Biopharma Expansion: Single-use pumps for vaccine/therapeutic production benefiting from pharmaceutical manufacturing growth
  • •Automation Adoption: DE-STA-CO acquisition adding industrial automation components to factory modernization trend
  • •Aftermarket Resilience: Vehicle service equipment generates stable replacement part revenue regardless of new equipment cycles

Risks & Challenges

  • •Industrial Cycle Exposure: Manufacturing slowdowns reduce capex spending on new equipment across multiple segments
  • •Commodity Business Competition: Some segments (waste handling, standard pumps) face pricing pressure from low-cost competitors
  • •M&A Integration Risk: Acquiring $1B+ businesses annually creates execution challenges and potential overpayment
  • •Energy Transition Uncertainty: Timing of gasoline-to-EV transition affects fueling equipment demand trajectory
  • •Portfolio Complexity: Managing diverse businesses across 60+ countries creates operational complexity and limits synergies

Competitive Landscape

Dover competes across multiple industrial verticals without single dominant rival—Graco (fluid handling), Fortive (precision technologies), Illinois Tool Works (diversified manufacturing), and Roper Technologies (application software, engineered products) represent comparable portfolio strategies. Within individual segments, Dover faces specialists: ChargePoint and EVgo in EV charging, Gilbarco Veeder-Root (Vontier) in traditional fueling, Videojet (Veralto) in marking/coding. Dover's competitive advantage lies not in outright dominance of any single market but in portfolio diversification reducing cyclical volatility, aftermarket economics creating predictable cash flows, and technical niches where performance requirements justify premium pricing. The company's scale ($8.7B revenue) provides capital allocation flexibility smaller pure-plays lack, while decentralized operations preserve entrepreneurial culture avoiding bureaucratic conglomerate disadvantages.

Who Is This Stock Suitable For?

Perfect For

  • ✓Dividend growth investors seeking 67-year increase streak with room for continued raises
  • ✓Conservative industrials exposure wanting diversification across sectors and geographies
  • ✓Long-term holders (5+ years) betting on clean energy transition infrastructure buildout
  • ✓Core portfolio holdings providing stability with participation in secular technology trends

Less Suitable For

  • ✗High-yield income seekers (1.14% dividend yield below broader market)
  • ✗Growth investors seeking 15%+ revenue CAGR (mid-single-digit organic growth likely)
  • ✗Concentrated positions requiring single-industry expertise (too diversified for deep specialization)
  • ✗Short-term traders (industrial cycles and portfolio reshaping are multi-year processes)

Investment Thesis

Dover Corporation merits a BUY rating for conservative growth investors seeking diversified industrial exposure with dividend reliability. The company's 67-year dividend increase record demonstrates management discipline and cash generation consistency, while the 30% payout ratio provides ample room for continued raises. Richard Tobin's portfolio optimization—acquiring automation/technology assets while divesting commodity businesses—positions Dover for margin expansion and multiple re-rating. The valuation appears reasonable at 23x P/E considering forward P/E of 16x, implying market expects 10-15% earnings growth as segment mix improves. Clean Energy & Fueling segment provides asymmetric upside if EV charging infrastructure spending accelerates, while Pumps & Process Solutions benefits from structural semiconductor and biopharma trends. Near-term industrial cycle softness presents entry opportunity, though Dover's aftermarket revenue (35% of total) provides downside cushion. This is a core holding for portfolios seeking steady compounding with optionality on energy transition and manufacturing automation themes.

Conclusion

Position Dover as 3-5% allocation in core industrial or dividend growth portfolios. The stock typically trades at 18-22x P/E, making current 23x valuation fair but not compelling. Consider accumulating below $165 when industrial sentiment deteriorates, maintaining through portfolio transformation (2-3 year process), and trimming above $200 if valuation exceeds 25x P/E without corresponding margin improvement. The combination of dividend safety, aftermarket revenue stability, and exposure to EV infrastructure/semiconductor capex creates favorable long-term risk-reward despite near-term cyclical headwinds. Dividend growth (8-10% annually) plus yield provides attractive total return foundation for patient capital.
Bull Case
$210 (22% upside)
Base Case
$185 (8% upside)
Bear Case
$150 (13% downside)

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