Download PDF

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on DOV

Dover Corporation's recent performance was driven by strong Q4 2025 earnings and revenue beat, with organic growth up 5% in Q4, the highest level of the year. Bookings rose 10% in Q4 and 6% for the full year, while the book-to-bill ratio was seasonally high at 1.02 for Q4. The company's revenue increased nearly 9% year-over-year, with margins expanding and bookings rising, capping a year of higher earnings and sales.

1.c. Company Highlights

2. Dover Corporation's Strong Q4 2025 Earnings: A Closer Look

Dover Corporation reported a robust fourth quarter in 2025, with adjusted EPS of $2.51, beating estimates of $2.48. The company's financial performance was driven by strong organic growth of 5%, the highest level of the year, across various segments. Revenue growth was broad-based, with notable improvements in secular growth-exposed markets, retail fueling, and refrigerated door cases and services. Adjusted EPS increased by 14% in the quarter and 16% for the full year, demonstrating the company's ability to drive sustainable value creation.

Publication Date: Feb -17

📋 Highlights
  • Organic Growth Peak: Q4 organic growth reached 5%, the highest annual level, driven by secular growth markets and improved retail fueling/refrigeration sectors.
  • Adjusted EPS Growth: Q4 adjusted EPS rose 14% to $9.61, with full-year growth hitting 16%, reflecting strong operational performance.
  • Share Buybacks: $500 million accelerated share repurchase initiated in November, aligning with capital deployment to enhance shareholder value.
  • 2026 EPS Guidance: Target of $10.45–$10.65/share implies double-digit growth at midpoint, supported by margin conversion and M&A synergies.

Segment-Wise Performance

The company's engineered products revenue was down in the quarter due to lower volumes of vehicle services, but was partially offset by double-digit growth within aerospace and defense components and software. The clean energy and fueling segment saw a 4% organic growth, driven by strong shipments and new orders in clean energy components and North American retail fueling software and equipment. Pumps and process solutions posted an 11% organic growth, driven by demand in single-use biopharma components and digital controls for natural gas and power generation infrastructure.

Guidance and Outlook

Dover is guiding for adjusted EPS of $10.45 to $10.65 a share in 2026, representing double-digit growth at the midpoint. The company expects strong operating leverage in its DCEF and DCS segments and is confident in its ability to manage raw material costs in line with historical trends. With a solid order book and no individual end market presenting a material headwind, Dover is well-positioned to drive long-term shareholder value.

Valuation and Metrics

With a P/E Ratio of 29.06, P/B Ratio of 4.29, and EV/EBITDA of 17.93, Dover's valuation metrics indicate a premium valuation. However, the company's strong financial performance and growth prospects may justify this premium. The company's ROE of 14.76% and ROIC of 9.45% demonstrate its ability to generate returns on equity and invested capital. As Dover continues to deploy capital behind opportunities to enhance long-term shareholder value, investors will be watching the company's progress closely.

Capital Allocation Strategy

Dover's capital allocation strategy is focused on organic investment, growth through acquisitions, and share repurchases. The company stepped up capital spending by over $50 million in 2025 and deployed $700 million across four strategic acquisitions in high-end growth markets. With the initiation of a $500 million accelerated share repurchase in November, Dover remains committed to self-funding its CapEx, M&A, and share repurchases.

3. NewsRoom

Card image cap

Dover to Present at the J.P. Morgan Industrials Conference

Mar -10

Source: prnewswire.com

Card image cap

Dover Corporation (NYSE:DOV) Given Consensus Recommendation of “Moderate Buy” by Analysts

Mar -09

Source: defenseworld.net

Card image cap

Focus Partners Advisor Solutions LLC Buys 3,346 Shares of Dover Corporation $DOV

Mar -06

Source: defenseworld.net

Card image cap

DOV Boosts CO2 Refrigeration Leadership With Next Generation Flex Mini

Mar -05

Source: zacks.com

Card image cap

Hillphoenix Expands CO2 Portfolio with Next Generation Flex Mini for Food Retail and Industrial Markets

Mar -04

Source: prnewswire.com

Card image cap

Dover's DFS Boosts Portfolio With ProGauge LR120 Radar Launch

Mar -03

Source: zacks.com

Card image cap

Bahl & Gaynor Inc. Sells 6,928 Shares of Dover Corporation $DOV

Mar -03

Source: defenseworld.net

Card image cap

Banco Santander S.A. Takes Position in Dover Corporation $DOV

Feb -28

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.37%)

6. Segments

Engineered Products

Expected Growth: 3.5%

Dover Corporation's Engineered Products segment growth of 3.5% is driven by increasing demand for pumps and valves in the oil and gas industry, expansion in the industrial pumps market, and growth in the aerospace and defense sector. Additionally, the segment benefits from Dover's strategic acquisitions and investments in digital technologies, enhancing operational efficiency and driving innovation.

Clean Energy & Fueling

Expected Growth: 5.0%

Dover Corporation's Clean Energy & Fueling segment growth is driven by increasing adoption of alternative fuels, government regulations and incentives promoting sustainable energy, rising demand for electric vehicle charging infrastructure, and strategic acquisitions expanding product offerings and geographic reach.

Climate & Sustainability Technologies

Expected Growth: 6.0%

Dover Corporation's Climate & Sustainability Technologies segment growth is driven by increasing demand for energy-efficient solutions, stringent regulations on emissions, and rising adoption of renewable energy sources. Additionally, growing concerns over climate change and water scarcity are fueling investments in sustainable technologies, contributing to the 6.0% growth rate.

Pumps & Process Solutions

Expected Growth: 3.0%

Dover Corporation's Pumps & Process Solutions segment growth is driven by increasing demand for efficient fluid handling systems in oil and gas, chemical processing, and water treatment industries. Additionally, the segment benefits from Dover's strategic acquisitions, expanding product portfolios, and investments in digitalization and IoT technologies, enabling customers to optimize their operations and reduce costs.

Imaging & Identification

Expected Growth: 4.5%

Dover Corporation's Imaging & Identification segment growth of 4.5% is driven by increasing demand for digital printing and marking technologies, expansion in e-commerce and packaging industries, and growing adoption of product identification and tracking solutions. Additionally, strategic acquisitions and investments in emerging markets contribute to the segment's growth.

Intersegment Eliminations

Expected Growth: 2.0%

Dover Corporation's 2.0% Intersegment Eliminations growth is driven by increasing demand for industrial products, strategic acquisitions, and operational efficiencies. The company's diversified portfolio, including refrigeration, food equipment, and pumps, benefits from a rebound in industrial production and infrastructure investments. Additionally, Dover's focus on digitalization and cost savings initiatives contributes to the growth.

7. Detailed Products

Pumps and Compressors

Dover Corporation's Pumps and Compressors segment provides a range of pumps, compressors, and related equipment for various industries such as oil and gas, chemical, power generation, and water treatment.

Refrigeration and Food Equipment

This segment offers refrigeration systems, display cases, and food service equipment for supermarkets, convenience stores, and food service providers.

Fluid Solutions

Dover Corporation's Fluid Solutions segment provides a range of pumps, valves, and dispensing systems for various industries such as fueling, chemical, and industrial processes.

Engineered Systems

This segment provides a range of engineered systems, including automation and control systems, for various industries such as oil and gas, chemical, and power generation.

8. Dover Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Dover Corporation operates in a niche market with limited substitutes, but there are some alternatives available, making the threat of substitutes moderate.

Bargaining Power Of Customers

Dover Corporation's customers have limited bargaining power due to the company's diversified product portfolio and strong brand presence.

Bargaining Power Of Suppliers

Dover Corporation's suppliers have moderate bargaining power due to the company's dependence on a few key suppliers, but the company's large scale of operations helps to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in Dover Corporation's industries, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry in Dover Corporation's industries is high due to the presence of several established competitors, leading to a competitive market environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 41.89%
Debt Cost 4.29%
Equity Weight 58.11%
Equity Cost 10.21%
WACC 7.73%
Leverage 72.10%

11. Quality Control: Dover Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
AMETEK

A-Score: 5.3/10

Value: 1.8

Growth: 5.8

Quality: 7.7

Yield: 1.0

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
Emerson Electric

A-Score: 5.1/10

Value: 2.2

Growth: 4.1

Quality: 6.2

Yield: 4.0

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Dover

A-Score: 5.1/10

Value: 3.2

Growth: 4.9

Quality: 7.2

Yield: 2.0

Momentum: 4.5

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Otis

A-Score: 5.1/10

Value: 4.4

Growth: 4.4

Quality: 5.5

Yield: 3.0

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Roper Technologies

A-Score: 5.0/10

Value: 3.0

Growth: 5.6

Quality: 7.4

Yield: 1.0

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Ingersoll Rand

A-Score: 4.2/10

Value: 2.1

Growth: 7.4

Quality: 6.0

Yield: 0.0

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

210.07$

Current Price

210.07$

Potential

-0.00%

Expected Cash-Flows