Dover CorporationDOV
NYSE•Industrials•Specialty Industrial Machinery
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market. This segment offers software solutions and services used in light and heavy-duty vehicle lifts, wheel service equipment, vehicle diagnostics, and vehicle collision repair solutions; winches, hoists, bearings, drives, and electric monitoring system; and radio frequency and microwave filters and switches, and signal intelligence solutions, as well as soldering and fluid dispensing solutions. Its Clean Energy & Fueling segment offers component, equipment, and software and service solution enabling safe storage and transport of fuel, cryogenic gases, and hazardous fluids, as well as operation of retail fueling and vehicle wash establishment. The company's Imaging & Identification segment provides precision marking and coding, product traceability equipment, brand protection, and digital textile printing equipment and solution, as well as consumable, software, and service to packaged and consumer goods, pharmaceutical, industrial manufacturing, textile, and other end-market. Its Pumps & Process Solutions segment manufactures specialty pump, connector, flow meter, fluid connecting solution, plastics and polymer processing equipment, and engineered components for rotating and reciprocating machines. The company's 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. Dover Corporation was incorporated in 1947 and is headquartered in Downers Grove, Illinois.
Dover Corporation (DOV) reported trailing twelve months revenue of $8.28B as of March 2026, a 10.1% increase year-over-year. Quarterly revenue reached $2.05B, reflecting continued top-line momentum.
Dover Corporation generated $1.10B in TTM net income, with quarterly EBITDA of $403.33M. The operating margin contracted from 15.9% to 14.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (14.9%) and net margin (11.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 12.4% a year ago, reflecting increased costs or interest expense.
DOV trades at a P/E of 26.6x (in line with broad market averages) and a P/S of 3.5x. The price-to-book ratio of 3.9x reflects a moderate premium to book value.
The company generated $131.19M in free cash flow over the trailing twelve months, a 20.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $13.51B in total assets with $2.60B in long-term debt against $7.49B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~16.3%, suggesting durable pricing power and cost discipline.
ROE averages 27.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~16.7% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.8x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation