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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
15.7%
Sector: 8.9%
Dividend Analysis audit
GROWTH
1.24%
Trailing Yield
$1.24
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
31%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, DOVER Corp (DOV) receives a "Hold" rating with a composite score of 51.6/100, ranked #992 out of 4446 stocks. Key factor scores: Quality 50/100, Value 58/100, Momentum 56/100. This is quantitative analysis only — not investment advice.
DOVER Corp (DOV) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does DOVER Corp Do?
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. DOVER Corp (DOV) is classified as a large-cap stock in the Industrials sector, specifically within the Machinery industry. The company is led by CEO Richard J. Tobin and employs approximately 25,000 people, headquartered in Downers Grove, Illinois. With a market capitalization of $27.9B, DOV is one of the prominent companies in the Industrials sector.
DOVER Corp (DOV) Stock Rating — Hold (April 2026)
As of April 2026, DOVER Corp receives a Hold rating with a composite score of 51.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.DOV ranks #992 out of 4,446 stocks in our coverage universe. Within the Industrials sector, DOVER Corp ranks #170 of 752 stocks, placing it in the top quartile of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
DOV Stock Price and 52-Week Range
DOVER Corp (DOV) currently trades at $217.12. The stock lost $1.20 (0.5%) in the most recent trading session. The 52-week high for DOV is $237.54, which means the stock is currently trading -8.6% from its annual peak. The 52-week low is $143.04, putting the stock 51.8% above its annual trough. Recent trading volume was 721K shares, suggesting relatively thin trading activity.
Is DOV Overvalued or Undervalued? — Valuation Analysis
DOVER Corp (DOV) carries a value factor score of 58/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 25.20x, compared to the Industrials sector average of 28.33x — a discount of 11%. The price-to-book ratio stands at 3.94x, versus the sector average of 2.23x. The price-to-sales ratio is 3.66x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, DOV trades at 22.00x EV/EBITDA, versus 5.70x for the sector.
Overall, DOV's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
DOVER Corp Profitability — ROE, Margins, and Quality Score
DOVER Corp (DOV) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 15.7%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 8.6% versus the sector average of 3.3%.
On a margin basis, DOVER Corp reports gross margins of 39.6%, compared to 35.8% for the sector. The operating margin is 17.0% (sector: 6.2%). Net profit margin stands at 14.5%, versus 3.9% for the average Industrials stock. Revenue growth is running at -4.6% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
DOV Debt, Balance Sheet, and Financial Health
DOVER Corp has a debt-to-equity ratio of 45.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.79x, suggesting adequate working capital coverage. Total debt on the balance sheet is $3.33B. Cash and equivalents stand at $1.55B.
DOV has a beta of 1.04, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for DOVER Corp is 78/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
DOVER Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, DOVER Corp reported revenue of $7.98B and earnings per share (EPS) of $7.99. Net income for the quarter was $1.16B. Gross margin was 39.6%. Operating income came in at $1.36B.
In FY 2025, DOVER Corp reported revenue of $8.09B and earnings per share (EPS) of $7.99. Net income for the quarter was $1.09B. Gross margin was 39.8%. Revenue grew 4.5% year-over-year compared to FY 2024. Operating income came in at $1.37B.
In Q3 2025, DOVER Corp reported revenue of $2.08B and earnings per share (EPS) of $2.20. Net income for the quarter was $302M. Gross margin was 40.1%. Revenue grew 4.8% year-over-year compared to Q3 2024. Operating income came in at $377M.
In Q2 2025, DOVER Corp reported revenue of $2.05B and earnings per share (EPS) of $2.03. Net income for the quarter was $279M. Gross margin was 39.9%. Revenue grew -5.9% year-over-year compared to Q2 2024. Operating income came in at $355M.
Over the past 8 quarters, DOVER Corp has demonstrated a growth trajectory, with revenue expanding from $2.18B to $7.98B. Investors analyzing DOV stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
DOV Dividend Yield and Income Analysis
DOVER Corp (DOV) currently pays a dividend yield of 1.2%. At this yield, a $10,000 investment in DOV stock would generate approximately $$124.00 in annual dividend income. The net margin of 14.5% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
DOV Momentum and Technical Analysis Profile
DOVER Corp (DOV) has a momentum factor score of 56/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 35/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 27/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
DOV vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing DOV against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full DOV vs S&P 500 (SPY) comparison to assess how DOVER Corp stacks up against the broader market across all factor dimensions.
DOV Next Earnings Date
No upcoming earnings date has been announced for DOVER Corp (DOV) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy DOV? — Investment Thesis Summary
DOVER Corp presents a balanced picture with arguments on both sides. Low volatility (stability score 78/100) reduces downside risk.
In summary, DOVER Corp (DOV) earns a Hold rating with a composite score of 51.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on DOV stock.
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Institutional Research Dossier
DOVER Corp (DOV) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Dover Corporation. While the company exhibits strong profitability metrics relative to its sector and demonstrates a diversified business model across several industrial segments, concerns regarding recent revenue declines and negative free cash flow generation temper our enthusiasm. The current valuation appears fair, reflecting both the company's strengths and its challenges in the current macroeconomic environment.
Dover's exposure to cyclical industries and its recent struggles with revenue growth warrant caution. While the company's strategic focus on acquisitions and innovation offers potential upside, the near-term outlook remains uncertain. Investors should closely monitor Dover's ability to improve free cash flow and navigate the current economic headwinds before considering a more bullish stance.
Business Strategy & Overview
Dover Corporation operates as a diversified industrial manufacturer, providing equipment, components, and solutions across five key segments: Engineered Products, Clean Energy & Fueling, Imaging and Identification, Pumps and Process Solutions, and Climate & Sustainability Technologies. This diversification mitigates risk by reducing reliance on any single industry or product line. The company's strategy centers on organic growth, strategic acquisitions, and operational efficiency improvements.
Dover's acquisition strategy is a critical component of its growth plan. The company targets businesses that complement its existing portfolio, expand its geographic reach, or provide access to new technologies. These acquisitions are typically smaller, bolt-on deals that are integrated into Dover's existing operations to drive synergies and cost savings. This disciplined approach to M&A has historically contributed to Dover's long-term growth and profitability.
The company's focus on innovation and new product development is also essential for maintaining its competitive edge. Dover invests in research and development to create differentiated products and solutions that meet the evolving needs of its customers. This includes developing more sustainable and energy-efficient technologies, as well as digital solutions that enhance the performance and reliability of its equipment.
Dover's business model relies on a combination of direct sales and distribution networks. The company sells its products directly to end-users, as well as through a network of distributors and partners. This multi-channel approach allows Dover to reach a wider customer base and provide localized support and service. The company also emphasizes aftermarket parts and services, which generate recurring revenue and contribute to higher margins.
The industrial machinery sector is highly competitive, with numerous global and regional players. Dover competes with companies such as Illinois Tool Works, 3M, and Roper Technologies, among others. The company differentiates itself through its diversified product portfolio, strong brand reputation, and focus on innovation and customer service. However, Dover faces challenges from increasing competition, rising raw material costs, and fluctuating demand in its end markets.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-4.6%
Sector: 6.4%
-172% VS SCTR
Economic Moat Analysis
Dover possesses a narrow economic moat, primarily derived from intangible assets and switching costs. The company's established brands and reputation for quality in several niche markets create a degree of pricing power and customer loyalty. For example, in the Clean Energy & Fueling segment, Dover's brands are well-recognized and trusted by retailers and fuel distributors, providing a competitive advantage.
Switching costs also contribute to Dover's moat. In certain applications, Dover's equipment and solutions are deeply integrated into customers' operations, making it costly and disruptive to switch to a competitor's product. This is particularly true in the Pumps and Process Solutions segment, where Dover's specialty pumps and connectors are often critical components in complex industrial processes.
However, Dover's moat is not as wide as some of its peers in the industrial sector. The company's reliance on cyclical industries and its exposure to commodity price fluctuations limit its ability to consistently generate above-average returns. Additionally, the competitive landscape is becoming increasingly intense, with new entrants and disruptive technologies challenging Dover's market position.
The company's ability to maintain and expand its moat will depend on its continued investment in innovation, its ability to differentiate its products and services, and its success in building stronger relationships with its customers. Dover must also adapt to the changing needs of its end markets, such as the increasing demand for sustainable and energy-efficient solutions.
While Dover's diversified business model provides some protection against economic downturns, it also limits the company's ability to focus on high-growth, high-margin opportunities. This can make it more difficult for Dover to generate the kind of sustained, above-average returns that are typically associated with a wide-moat company.
Ultimately, Dover's narrow moat provides a modest competitive advantage, but it is not insurmountable. The company must continue to execute its strategy effectively to maintain its market position and generate long-term value for its shareholders.
Financial Health & Profitability
Dover's financial health presents a mixed picture. While the company boasts strong profitability metrics compared to its sector, recent revenue declines and negative free cash flow raise concerns. The company's gross margin of 39.6% and operating margin of 17.0% significantly exceed the sector averages of 35.8% and 6.2%, respectively, indicating efficient operations and pricing power.
However, the company's revenue growth has been negative, with a -4.6% decline compared to the sector's 6.6% growth. This suggests that Dover is facing challenges in its end markets or is losing market share to competitors. The quarterly financial history reveals fluctuating revenue and net income, indicating volatility in the company's performance. The most recent quarter, Q3 FY2025, shows a revenue of $2.08B and a net income of $302.00M, with a gross margin of 40.1% and an operating margin of 18.2%.
A significant concern is the company's negative free cash flow of $-551.31M. This indicates that Dover is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. This could be due to a variety of factors, such as increased working capital requirements, lower profitability, or higher capital spending. The company's free cash flow generation needs to be closely monitored to ensure its long-term financial stability. In contrast, FY2024 showed a FCF of $742.40M, highlighting the recent deterioration.
Dover's balance sheet appears to be in reasonable shape, with total cash of $1.55B and total debt of $3.33B. The company's current ratio of 1.79 indicates that it has sufficient liquid assets to cover its short-term liabilities. The debt-to-equity ratio of 45.00 is lower than the sector average of 70.00, suggesting that Dover is less leveraged than its peers. However, the company's debt levels should be monitored closely, especially in light of its negative free cash flow.
The company's return on equity (ROE) of 15.7% is significantly higher than the sector average of 9.2%, indicating that Dover is effectively utilizing its equity to generate profits. This is a positive sign, but it is important to consider the company's leverage and asset turnover when evaluating its ROE.
Overall, Dover's financial health is a mixed bag. While the company boasts strong profitability and a healthy balance sheet, its recent revenue declines and negative free cash flow are cause for concern. Investors should closely monitor Dover's ability to improve its financial performance and generate sustainable free cash flow.
Valuation Assessment
Dover's valuation appears to be fair based on its current financial metrics and sector comparisons. The company's P/E ratio of 26.2x is slightly below the sector average of 27.7x, suggesting that the stock is not significantly overvalued. Similarly, the company's EV/EBITDA ratio of 5.8x is in line with the sector average of 5.7x, further supporting the view that the stock is fairly priced.
However, it is important to consider the company's negative free cash flow when evaluating its valuation. A negative FCF yield suggests that the company is not generating enough cash to justify its current market capitalization. This could be a temporary issue, but it warrants close attention.
The company's historical valuation multiples provide some context for its current valuation. Dover's P/E ratio has fluctuated over time, reflecting changes in its earnings and investor sentiment. It is important to consider the company's growth prospects and risk profile when comparing its current P/E ratio to its historical average.
Compared to its peers in the industrial sector, Dover's valuation appears to be in the middle of the pack. Some of its peers may trade at higher multiples due to their faster growth rates or stronger competitive advantages. Others may trade at lower multiples due to their lower profitability or higher risk profiles.
A discounted cash flow (DCF) analysis would provide a more comprehensive assessment of Dover's intrinsic value. However, without detailed projections of the company's future cash flows, it is difficult to determine whether the stock is truly undervalued or overvalued. The negative FCF complicates this analysis.
Overall, Dover's valuation appears to be fair based on its current financial metrics and sector comparisons. However, investors should closely monitor the company's free cash flow generation and growth prospects before making an investment decision. The Hold rating reflects this balanced view.
Risk & Uncertainty
Dover faces several risks and uncertainties that could impact its financial performance and stock price. One of the most significant risks is its exposure to cyclical industries. Demand for Dover's products and services is highly correlated with economic growth, and a slowdown in the global economy could lead to lower revenue and earnings. The industrial sector is particularly sensitive to economic cycles, and Dover's diversified business model does not fully insulate it from these fluctuations.
Another risk is increasing competition in the industrial machinery sector. Dover faces competition from both established players and new entrants, and the competitive landscape is becoming increasingly intense. This could lead to lower prices, reduced market share, and lower profitability. The company must continue to innovate and differentiate its products and services to maintain its competitive edge.
Raw material price fluctuations also pose a risk to Dover's profitability. The company uses a variety of raw materials in its manufacturing processes, and rising raw material costs could squeeze its margins. Dover attempts to mitigate this risk through hedging and cost-reduction initiatives, but it is not always successful.
Acquisition integration risk is another concern. Dover's acquisition strategy is a key driver of its growth, but integrating acquired businesses can be challenging. If Dover is unable to successfully integrate its acquisitions, it could fail to realize the expected synergies and cost savings. This could lead to lower profitability and a negative impact on its stock price.
Finally, regulatory risks could also impact Dover's business. The company is subject to a variety of environmental, health, and safety regulations, and changes in these regulations could increase its costs or limit its ability to operate in certain markets. The increasing focus on sustainability and environmental responsibility could also create new challenges and opportunities for Dover.
Bulls Say / Bears Say
The Bull Case
BULL VIEWDover's diversified business model provides resilience against economic downturns, allowing it to weather industry-specific challenges better than its less diversified peers.
BULL VIEWThe company's strong profitability metrics, particularly its high gross and operating margins, demonstrate its operational efficiency and pricing power, suggesting potential for future earnings growth.
BULL VIEWDover's strategic acquisitions and focus on innovation will drive long-term growth and create shareholder value, positioning it as a leader in the industrial sector.
The Bear Case
BEAR VIEWDover's recent revenue decline and negative free cash flow generation are concerning indicators of potential operational inefficiencies or weakening demand, suggesting a need for significant restructuring.
BEAR VIEWThe company's exposure to cyclical industries makes it vulnerable to economic downturns, potentially leading to further revenue declines and earnings pressure.
BEAR VIEWDespite its diversification, Dover's narrow economic moat leaves it susceptible to increasing competition and pricing pressure, limiting its ability to generate sustained, above-average returns.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score DOV and 4,400+ other equities.
DOVER Corp exhibits a 246% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
8.6%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
39.6%
Sector: 35.8%
Operating Margin
Core business profitability
17.0%
Sector: 6.2%
Net Margin
Bottom-line profitability
14.5%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $124 annually in dividends at the current trailing rate.
