Dover (DOV)
Market Price (6/30/2026): $224.04 | Market Cap: $30.2 BilInvestor Relations Sector: Industrials | Industry: Industrial Machinery & Supplies & Components
Dover (DOV)
Market Price (6/30/2026): $224.04Market Cap: $30.2 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Automation & Robotics. Themes include Waste Management Solutions, Show more. | Trading close to highsDist 52W High is -3.5%, Dist 3Y High is -3.5% Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -7.3% | Key risksDOV key risks include [1] supply chain disruptions and labor shortages impacting production and [2] geopolitical and currency instability affecting its diversified global manufacturing operations. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Water Infrastructure, and Automation & Robotics. Themes include Waste Management Solutions, Show more. |
| Trading close to highsDist 52W High is -3.5%, Dist 3Y High is -3.5% |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -7.3% |
| Key risksDOV key risks include [1] supply chain disruptions and labor shortages impacting production and [2] geopolitical and currency instability affecting its diversified global manufacturing operations. |
Qualitative Assessment
AI Analysis | Feedback
Dover (DOV) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Performance and Guidance Reaffirmation. Dover reported adjusted diluted earnings per share (EPS) of $2.28 for fiscal Q1 2026, which ended March 31, 2026, slightly surpassing analyst consensus estimates. However, revenue of $2.1 billion, despite increasing 10% year-over-year (5% organically), was below some analyst expectations. This mixed financial result likely led to a balanced investor reaction, contributing to the stock's stability. Concurrently, management reaffirmed its full-year 2026 adjusted EPS guidance of $10.45 to $10.65, projecting revenue growth of 5% to 7% (3% to 5% organic), which provided a baseline of confidence for investors.
2. Strong Bookings Offset by Ongoing Macroeconomic Headwinds. Dover demonstrated robust demand in fiscal Q1 2026 with record bookings totaling $2.5 billion, a 24% increase year-over-year, and a healthy book-to-bill ratio of 1.2x across all five segments. This strong order momentum indicated solid underlying business performance and future revenue visibility. However, these positive company-specific developments were tempered by broader macroeconomic pressures, including heightened geopolitical tensions stemming from a US-Israeli military campaign against Iran, which began in late February 2026 and caused volatility in energy markets. Persistent inflationary pressures also led to expectations of delayed Federal Reserve interest rate cuts into 2027, potentially restraining overall business investment, particularly in sectors unrelated to AI.
Show more
Dover (DOV) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Performance and Guidance Reaffirmation. Dover reported adjusted diluted earnings per share (EPS) of $2.28 for fiscal Q1 2026, which ended March 31, 2026, slightly surpassing analyst consensus estimates. However, revenue of $2.1 billion, despite increasing 10% year-over-year (5% organically), was below some analyst expectations. This mixed financial result likely led to a balanced investor reaction, contributing to the stock's stability. Concurrently, management reaffirmed its full-year 2026 adjusted EPS guidance of $10.45 to $10.65, projecting revenue growth of 5% to 7% (3% to 5% organic), which provided a baseline of confidence for investors.
2. Strong Bookings Offset by Ongoing Macroeconomic Headwinds. Dover demonstrated robust demand in fiscal Q1 2026 with record bookings totaling $2.5 billion, a 24% increase year-over-year, and a healthy book-to-bill ratio of 1.2x across all five segments. This strong order momentum indicated solid underlying business performance and future revenue visibility. However, these positive company-specific developments were tempered by broader macroeconomic pressures, including heightened geopolitical tensions stemming from a US-Israeli military campaign against Iran, which began in late February 2026 and caused volatility in energy markets. Persistent inflationary pressures also led to expectations of delayed Federal Reserve interest rate cuts into 2027, potentially restraining overall business investment, particularly in sectors unrelated to AI.
3. Significant Insider Selling Activity. In the period immediately preceding the specified analysis window, Dover's CEO, Richard J. Tobin, executed a substantial insider sale of 76,997 shares for approximately $17.9 million on February 19, 2026. This transaction, part of $20 million in total insider sales over the preceding year with no reported insider purchases, indicated a potential shift in sentiment among senior leadership. Such significant insider selling can signal caution to the market and exert downward pressure, counteracting positive operational news.
4. Stable Analyst Sentiment with Limited Immediate Upside. Analyst ratings for Dover remained largely positive, with a consensus of "Moderate Buy" to "Buy" from various Wall Street firms. Price targets ranged from approximately $231 to $250, implying a moderate upside from the stock's price during the analyzed period. While this positive outlook provided support, the implied upside was not significant enough to provoke a strong re-rating of the stock, contributing to its tendency to remain largely at its existing price levels as investors weighed the various positive and negative factors.
Show less
Stock Movement Drivers
Fundamental Drivers
The -0.4% change in DOV stock from 2/28/2026 to 6/29/2026 was primarily driven by a -1.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 224.95 | 224.00 | -0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,093 | 8,280 | 2.3% |
| Net Income Margin (%) | 13.5% | 13.3% | -1.6% |
| P/E Multiple | 28.0 | 27.4 | -1.8% |
| Shares Outstanding (Mil) | 136 | 135 | 0.7% |
| Cumulative Contribution | -0.4% |
Market Drivers
2/28/2026 to 6/29/2026| Return | Correlation | |
|---|---|---|
| DOV | -0.4% | |
| Market (SPY) | 8.3% | 51.3% |
| Sector (XLI) | 3.5% | 83.2% |
Fundamental Drivers
The 21.5% change in DOV stock from 11/30/2025 to 6/29/2026 was primarily driven by a 143.8% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 184.40 | 224.00 | 21.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,923 | 8,280 | 4.5% |
| Net Income Margin (%) | 28.4% | 13.3% | -53.1% |
| P/E Multiple | 11.3 | 27.4 | 143.8% |
| Shares Outstanding (Mil) | 137 | 135 | 1.7% |
| Cumulative Contribution | 21.5% |
Market Drivers
11/30/2025 to 6/29/2026| Return | Correlation | |
|---|---|---|
| DOV | 21.5% | |
| Market (SPY) | 9.0% | 48.9% |
| Sector (XLI) | 19.7% | 79.4% |
Fundamental Drivers
The 27.3% change in DOV stock from 5/31/2025 to 6/29/2026 was primarily driven by a 161.0% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 175.91 | 224.00 | 27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,728 | 8,280 | 7.1% |
| Net Income Margin (%) | 29.7% | 13.3% | -55.2% |
| P/E Multiple | 10.5 | 27.4 | 161.0% |
| Shares Outstanding (Mil) | 137 | 135 | 1.7% |
| Cumulative Contribution | 27.3% |
Market Drivers
5/31/2025 to 6/29/2026| Return | Correlation | |
|---|---|---|
| DOV | 27.3% | |
| Market (SPY) | 27.2% | 46.6% |
| Sector (XLI) | 29.7% | 73.5% |
Fundamental Drivers
The 73.9% change in DOV stock from 5/31/2023 to 6/29/2026 was primarily driven by a 62.8% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6292026 | Change |
|---|---|---|---|
| Stock Price ($) | 128.84 | 224.00 | 73.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,871 | 8,280 | 5.2% |
| Net Income Margin (%) | 13.6% | 13.3% | -1.9% |
| P/E Multiple | 16.9 | 27.4 | 62.8% |
| Shares Outstanding (Mil) | 140 | 135 | 3.5% |
| Cumulative Contribution | 73.9% |
Market Drivers
5/31/2023 to 6/29/2026| Return | Correlation | |
|---|---|---|
| DOV | 73.9% | |
| Market (SPY) | 84.3% | 62.7% |
| Sector (XLI) | 97.3% | 78.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOV Return | 46% | -24% | 15% | 23% | 5% | 16% | 92% |
| Peers Return | 16% | -6% | 33% | 19% | 7% | 11% | 106% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| DOV Win Rate | 75% | 42% | 50% | 67% | 50% | 67% | |
| Peers Win Rate | 62% | 35% | 58% | 57% | 57% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DOV Max Drawdown | -12% | -36% | -19% | -10% | -27% | -13% | |
| Peers Max Drawdown | -17% | -30% | -17% | -15% | -29% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ITW, PH, IR, IEX, FLS. See DOV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/29/2026 (YTD)
How Low Can It Go
| Event | DOV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.2% | 23.1% |
| Time to Breakeven | 273 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.0% | -9.5% |
| % Gain to Breakeven | 13.7% | 10.5% |
| Time to Breakeven | 46 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.8% | -6.7% |
| % Gain to Breakeven | 16.0% | 7.1% |
| Time to Breakeven | 197 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.9% | -24.5% |
| % Gain to Breakeven | 51.3% | 32.4% |
| Time to Breakeven | 529 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.0% | -33.7% |
| % Gain to Breakeven | 78.6% | 50.9% |
| Time to Breakeven | 214 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.1% | -19.2% |
| % Gain to Breakeven | 31.7% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
In The Past
Dover's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | DOV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.2% | 23.1% |
| Time to Breakeven | 273 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.9% | -24.5% |
| % Gain to Breakeven | 51.3% | 32.4% |
| Time to Breakeven | 529 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.0% | -33.7% |
| % Gain to Breakeven | 78.6% | 50.9% |
| Time to Breakeven | 214 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.1% | -19.2% |
| % Gain to Breakeven | 31.7% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.3% | -6.8% |
| % Gain to Breakeven | 62.1% | 7.3% |
| Time to Breakeven | 485 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -32.8% | -17.9% |
| % Gain to Breakeven | 48.9% | 21.8% |
| Time to Breakeven | 133 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.9% | -15.4% |
| % Gain to Breakeven | 29.6% | 18.2% |
| Time to Breakeven | 95 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.1% | -53.4% |
| % Gain to Breakeven | 104.4% | 114.4% |
| Time to Breakeven | 305 days | 1085 days |
In The Past
Dover's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Dover (DOV)
Dover Corporation (DOV) is a highly diversified global manufacturer that provides a wide array of specialized equipment, components, consumable supplies, aftermarket parts, software, and digital solutions. Essentially, Dover designs and produces critical industrial products and services that underpin various sectors worldwide, focusing on engineered solutions across its different segments.
The company operates through five main segments, serving a broad spectrum of industrial and commercial customers. For example, its Engineered Products segment supplies solutions for vehicle service, industrial automation, and aerospace & defense. The Clean Energy & Fueling segment provides equipment and software for the safe transport of fuels and the operation of retail fueling stations and car washes. Its Imaging and Identification segment offers precision marking, coding, and digital printing equipment for consumer goods, pharmaceuticals, and fashion. Furthermore, Dover's Pumps and Process Solutions segment manufactures specialty pumps and fluid handling equipment, while the Climate & Sustainability Technologies segment delivers refrigeration systems and heat exchangers for commercial and industrial cooling and heating applications.
Dover's main products and services are foundational to numerous industries, ranging from manufacturing and retail to energy and climate control. Its customers span global markets including transportation, logistics, packaging, healthcare, and residential applications, relying on Dover for essential infrastructure, operational efficiency, and specialized processing needs. The company serves these diverse markets both directly and through an extensive distributor network, emphasizing its role as a critical technology and equipment provider across the industrial landscape.
AI Analysis | Feedback
Here are 1-3 brief analogies for Dover (DOV):
- An Illinois Tool Works (ITW) for a wider range of specialized industrial equipment and solutions.
- A compact Honeywell, providing diverse industrial equipment, components, and software solutions.
- The 3M of specialized industrial equipment, components, and services.
AI Analysis | Feedback
- Industrial Automation Equipment: Provides various equipment and components for industrial automation, vehicle service, solid waste handling, and fluid dispensing.
- Fueling and Clean Energy Solutions: Offers components, equipment, software, and services for safe fuel transport, retail fueling, and vehicle wash operations.
- Industrial Marking and Digital Printing Equipment: Supplies precision marking, coding, packaging intelligence, product traceability, brand protection, and digital textile printing equipment.
- Specialty Pumps and Process Solutions: Manufactures specialty pumps, connectors, flow meters, fluid connecting solutions, and plastics/polymer processing equipment.
- Commercial Refrigeration and Climate Control Components: Produces refrigeration systems, display cases, commercial glass refrigerator/freezer doors, and brazed plate heat exchangers.
AI Analysis | Feedback
Based on the provided company description, Dover (DOV) primarily sells its equipment, components, software, and services to other businesses (B2B) across a wide range of industries globally. While specific customer names are not disclosed in the background information, its major customers are businesses operating in the following sectors:
- Industrial and Manufacturing Businesses: Companies involved in industrial automation, aerospace and defense, manufacturing of packaged and consumer goods, pharmaceuticals, fashion and apparel, and other industrial processes requiring specialized components, marking and coding, product traceability, and polymer processing equipment.
- Fueling and Convenience Retail Operations: Businesses involved in the safe transport and distribution of traditional and clean fuels, operators of convenience retail establishments, retail fueling stations, and vehicle wash facilities.
- Environmental and Vehicle Service Sectors: Companies specializing in solid waste handling, aftermarket vehicle service, and other applications requiring industrial winches, hoists, and fluid dispensing solutions.
- Climate Control and Refrigeration Industries: Enterprises that utilize commercial refrigeration systems, display cases, heat exchangers for industrial heating and cooling, and residential climate control applications.
AI Analysis | Feedback
AI Analysis | Feedback
Richard J. Tobin, Chairman, President and Chief Executive Officer
Richard J. Tobin joined Dover's board as an independent director in 2016 and was appointed President and CEO in May 2018, assuming the additional role of Chairman in February 2024. Before joining Dover, he served as CEO of CNH Industrial N.V. from January 2012. Prior to the merger of Fiat Industrial S.p.A. and CNH Global, he was CEO of CNH Global and group Chief Operating Officer of Fiat Industrial S.p.A., roles he took on after two years as CFO for CNH Global. He also served as Chief Financial Officer and Head of Information Technology for SGS SA of Geneva, Switzerland, before his tenure at CNH Global. Mr. Tobin has held various management positions at GTE Corporation, AluSuisse-Lonza SA, and Alcan Aluminum. He also served as an Officer in the United States Army from 1985 to 1989. He holds a Bachelor of Arts degree from Norwich University and a Master of Business Administration from Drexel University.
Christopher B. Woenker, Senior Vice President & Chief Financial Officer
Christopher B. Woenker was appointed Senior Vice President and Chief Financial Officer, effective January 31, 2025. He joined Dover in March 2013, initially serving as a manager and then director in the Financial Planning and Analysis function. He was promoted to business unit CFO in September 2016 and to segment CFO in June 2017. Mr. Woenker has served as CFO for several of Dover's segments, including Engineered Products and Climate & Sustainability Technologies. He previously held the position of Chief Financial Officer of Dover's Engineered Systems segment prior to the company's re-segmentation in 2019.
Ivonne M. Cabrera, Senior Vice President, General Counsel & Secretary
Ivonne M. Cabrera has served as Senior Vice President, General Counsel & Secretary of Dover since January 2013. She began her career with Dover in February 2004 as Deputy General Counsel. From February 2011 through September 2012, she served as Vice President Business Affairs and General Counsel at Knowles Electronics, a then-wholly-owned subsidiary of Dover. Prior to joining Dover, Ms. Cabrera was Senior Counsel at Bristol-Myers Squibb Company. She holds a Juris Doctor degree from Columbia Law School and a Bachelor of Science degree in Mathematics from the University of Miami.
Girish Juneja, Senior Vice President & Chief Digital Officer
Girish Juneja joined Dover Corporation in May 2017 and serves as Senior Vice President and Chief Digital Officer. Before his time at Dover, he was Chief Technology Officer at Altisource Portfolio Solutions and General Manager of Big Data Products and Chief Technology Officer of Data Center Software at Intel Corporation. Earlier in his career, Mr. Juneja held senior technology and management roles at Thomson Financial Services, Verizon, and MCI Telecommunications. He was also a co-founder and Engineering Manager at Sarvega and Thomson Financial. He holds an MBA from the University of Chicago Booth School of Business, an M.S. in Computer Science from the University of Maryland, and a B.E. and M.S. in Electrical & Electronics Engineering and Economics from the Birla Institute of Technology and Science, Pilani.
Jeffrey Yehle, Senior Vice President & Chief Human Resources Officer
Jeffrey Yehle has served as Senior Vice President and Chief Human Resources Officer at Dover Corporation since July 2024. Prior to joining Dover, Mr. Yehle held various leadership positions, including Area Executive Vice President and Chicago Office Leader at Gallagher, Regional Vice President at Sharecare, and Senior Director of Client Management at Willis Towers Watson. His experience also includes roles as Senior Partner and Global Client Executive at Aon Hewitt and National Senior Sales Director at Manpower. He began his career as Global Vice President of Administration and Human Resources at Monster.com. Mr. Yehle holds a Bachelor's degree from Arizona State University and participated in the Kellogg School of Management's graduate program.
AI Analysis | Feedback
The key risks to Dover's business include its sensitivity to macroeconomic conditions, challenges with organic growth, and vulnerability to global supply chain disruptions and geopolitical tensions.
- Sensitivity to Macroeconomic Conditions and Market Volatility: Dover's sales, earnings, and cash flow are highly correlated to the health of the US and global economy, partly because only about 30% of its sales come from recurring sources. Global economic fluctuations and market volatility can impact Dover's various business segments differently, potentially affecting its overall financial performance.
- Slow Organic Growth and Reliance on Acquisitions: Dover has experienced slow organic revenue growth, with some analyses indicating a heavy reliance on acquisitions for expansion over recent years. This strategy may pose a risk if the company cannot sustain organic growth initiatives or if the pipeline for value-adding acquisitions becomes constrained, potentially impacting long-term stability and shareholder value. Furthermore, its return on invested capital (ROIC) has shown a declining trend, suggesting that new investments may not be yielding sufficient returns.
- Global Supply Chain Disruptions and Geopolitical Tensions: With extensive global operations, Dover is exposed to supply chain pressures and disruptions, which can affect its operational efficiency and cost structure. Macroeconomic risks such as tariffs and the company's significant exposure to China further complicate its international operations and can lead to increased costs or reduced market access. Additionally, currency exchange rate fluctuations present a short-term risk, given that over 40% of Dover's sales originate from overseas markets.
AI Analysis | Feedback
AI Analysis | Feedback
Dover Corporation (DOV) operates in diverse markets, and the addressable market sizes for its main products and services are substantial on a global scale.
Engineered Products
- The global fluid dispensing equipment market was estimated at approximately USD 8.55 billion in 2024 and is projected to grow to about USD 13.74 billion by 2033. Other estimates place the global fluid dispensing equipment market size at USD 10.19 billion in 2024, expected to reach USD 16.62 billion by 2032. The broader global fluid dispensing systems market was valued at approximately USD 42.32 billion in 2024 and is projected to reach USD 73.46 billion by 2034.
- The global industrial automation and control systems market was estimated at USD 226.76 billion in 2025 and is projected to reach USD 504.38 billion by 2033. Another report estimates the industrial automation market size at USD 256.02 billion in 2025, with a projection to reach USD 613.25 billion by 2035. Similarly, the industrial control & factory automation industry is projected to grow from USD 274.99 billion in 2025 to USD 435.24 billion by 2030.
Clean Energy & Fueling
- The global car wash equipment market was valued at USD 6.07 billion in 2024 and is expected to reach USD 10.2 billion by 2035. Another estimate for the car wash machine market indicates a value of USD 3.12 billion in 2024, increasing to USD 4.50 billion by 2031.
Imaging and Identification
- The global coding and marking equipment market was valued at USD 18.87 billion in 2025 and is projected to grow to USD 32.06 billion by 2034. Other estimations include a global market size of USD 17.53 billion in 2024, projected to reach USD 24.93 billion by 2030.
- The global digital textile printing market was valued at USD 3.40 billion in 2024 and is projected to reach USD 12.73 billion by 2034. Another source reported the global market size at USD 5.80 billion in 2024, with a projection to reach USD 11.60 billion by 2030.
Pumps and Process Solutions
- The global industrial pumps market was estimated at USD 46.4 billion in 2024 and is expected to grow to USD 77.1 billion by 2034. Another report indicates a market size of USD 68.09 billion in 2024, projected to reach USD 96.95 billion by 2034.
- The global flow meters market size was valued at USD 11.95 billion in 2025 and is projected to reach USD 24.80 billion by 2034. Other analyses show the global flow meter market was estimated at USD 10.64 billion in 2024 and is projected to reach USD 15.17 billion by 2030.
- The global plastic processing machinery market was estimated at USD 25.97 billion in 2025 and is projected to reach USD 37.89 billion by 2033. Another report indicates a global market size of USD 24.92 billion in 2025, predicted to increase to USD 37.17 billion by 2034.
Climate & Sustainability Technologies
- The global commercial refrigeration market was valued at USD 29.6 billion in 2023 and is projected to reach USD 56.2 billion by 2035. Other sources suggest the global commercial refrigeration equipment market size was valued at USD 85.6 billion in 2024 and is expected to reach USD 161 billion by 2034.
- The global heat exchanger market size was valued at USD 19.14 billion in 2023 and is expected to reach USD 31.52 billion by 2032. Another estimate places the global heat exchanger market size at USD 20.01 billion in 2025, projected to grow to USD 33.60 billion by 2034.
AI Analysis | Feedback
Dover Corporation (DOV) is poised for future revenue growth over the next 2-3 years, driven by its strategic focus on high-growth secular markets, sustained strong order momentum leading to increased unit volumes, and a disciplined approach to strategic acquisitions and portfolio optimization.
Here are the key drivers of future revenue growth for Dover:
-
Expansion in High-Growth Secular End Markets: Dover is strategically positioned to capitalize on robust demand in several secular growth markets. Significant growth is anticipated from its Clean Energy & Fueling segment, propelled by a projected three-year upcycle in Fueling Solutions due to refurbishment demand, profitable gasoline margins, and continued expansion in clean energy components, gas infrastructure, and cryogenic components. The Climate & Sustainability Technologies segment is expected to see strong growth from CO2 refrigeration systems, heat exchangers (particularly for data center cooling), and heating electrification solutions. Furthermore, the company foresees growth in aerospace and defense components and software, as well as a cautiously optimistic outlook for year-on-year growth in the biopharma market.
-
Strong Order Momentum and Unit Volume Growth: Dover anticipates that unit volume, rather than price increases, will be the primary driver of revenue growth in 2026. The company has reported strong bookings rates across its diverse portfolio, which is expected to support underlying momentum and provide confidence in the durability of demand. Recent quarters have shown positive bookings growth, with strong and broad-based order momentum, especially in shorter-cycle end markets, bolstering the outlook for sustained volume and profit improvement throughout the year.
-
Strategic Acquisitions and Portfolio Optimization: Dover actively manages its portfolio through strategic acquisitions and divestitures to focus on higher-margin, secularly growing niches. The company has deployed approximately $1.9 billion on fourteen acquisitions between 2023 and 2025, demonstrating a commitment to enhancing its growth platforms, particularly within the Clean Energy & Fueling segment. This disciplined capital allocation and portfolio reshaping are central to Dover's strategy to drive organic growth and overall revenue expansion.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years) for Dover (DOV)
Share Repurchases
- Dover's Board of Directors authorized a share repurchase program in August 2023, allowing for the repurchase of up to 20 million shares.
- In November 2025, the company initiated a $500 million accelerated share repurchase (ASR) program as part of the August 2023 authorization, with final settlement anticipated by the second quarter of 2026.
- Dover repurchased $500 million of its shares during 2024.
Share Issuance
- Dover has experienced a consistent decline in shares outstanding, indicating net share repurchases over issuances. For instance, shares outstanding decreased by 0.66% in 2025 from 2024, by 1.35% in 2024 from 2023, and by 2.09% in 2023 from 2022.
Outbound Investments
- Dover has actively pursued strategic acquisitions, including Site IQ (cloud-based fuel dispenser monitoring) in August 2025, Sikora for $621 million in May 2025, Marshall Excelsior Company (MEC) for $395 million in July 2024, and FW Murphy Production Controls for $530 million in October 2023, focusing on high-priority growth platforms.
- The company completed the sale of its DESTACO business to Stabilus SE for an enterprise value of $680 million in April 2024, aiming to concentrate on core growth areas.
- Dover entered into a definitive agreement in July 2024 to sell its Environmental Solutions Group (ESG) business to Terex Corporation for $2 billion in cash, with the transaction expected to close by year-end 2024.
Capital Expenditures
- Dover's capital expenditures were $168 million in 2024, $183 million in 2023, and $211 million in 2022.
- The company's capital expenditures margin is forecasted to be 2.5% for the next fiscal year and is expected to average 2.3% over the next five fiscal years.
- Capital expenditure trends in North American retail fueling have seen a reversal, driven by strong project returns.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 224.98 |
| Mkt Cap | 31.0 |
| Rev LTM | 8,031 |
| Op Inc LTM | 1,441 |
| FCF LTM | 1,148 |
| FCF 3Y Avg | 1,090 |
| CFO LTM | 1,333 |
| CFO 3Y Avg | 1,254 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.4% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 8.1% |
| Op Inc Chg 3Y Avg | 9.8% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 19.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.0% |
| CFO/Rev 3Y Avg | 18.5% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 16.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.0 |
| P/S | 4.4 |
| P/Op Inc | 21.5 |
| P/EBIT | 21.7 |
| P/E | 30.3 |
| P/CFO | 24.3 |
| Total Yield | 4.3% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.3% |
| 3M Rtn | 8.5% |
| 6M Rtn | 7.7% |
| 12M Rtn | 26.8% |
| 3Y Rtn | 40.6% |
| 1M Excs Rtn | 8.7% |
| 3M Excs Rtn | -11.2% |
| 6M Excs Rtn | 0.6% |
| 12M Excs Rtn | 5.7% |
| 3Y Excs Rtn | -24.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pumps & Process Solutions | 2,149 | 1,895 | 1,756 | 1,728 | 1,709 |
| Clean Energy & Fueling | 2,131 | 1,937 | 1,788 | 1,879 | 1,648 |
| Climate & Sustainability Technologies | 1,560 | 1,580 | 1,779 | 1,738 | 1,608 |
| Imaging & Identification | 1,173 | 1,137 | 1,117 | 1,124 | 1,163 |
| Engineered Products | 1,086 | 1,202 | 1,251 | 2,044 | 1,781 |
| Intersegment eliminations | -6 | -5 | -6 | -4 | -2 |
| Total | 8,093 | 7,746 | 7,684 | 8,508 | 7,907 |
| $ Mil | 2015 | 2013 | 2012 | 2004 | 2003 |
|---|---|---|---|---|---|
| Engineered Systems | 377 | 576 | 502 | ||
| Fluids | 262 | ||||
| Refrigeration & Food Equipment | 221 | ||||
| Energy | 173 | 553 | 539 | ||
| Corporate | -113 | -161 | -136 | ||
| Communication Technologies | 238 | 219 | |||
| Printing and Identification | 153 | 135 | |||
| Dover Diversified | 150 | 132 | |||
| Dover Industries | 138 | 121 | |||
| Dover Resources | 216 | 137 | |||
| Dover Technologies | 162 | 85 | |||
| Total | 921 | 1,358 | 1,259 | 667 | 475 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Clean Energy & Fueling | 3,608 | 3,602 | 3,021 | 3,068 | 3,202 |
| Pumps & Process Solutions | 3,479 | 2,613 | 2,654 | 2,161 | 1,710 |
| Corporate | 1,990 | 2,189 | 598 | 548 | 585 |
| Imaging & Identification | 1,827 | 1,749 | 1,813 | 1,822 | 1,871 |
| Climate & Sustainability Technologies | 1,426 | 1,293 | 1,466 | 1,525 | 1,358 |
| Engineered Products | 1,092 | 1,063 | 1,261 | 1,772 | 1,678 |
| Assets from discontinued operations | 536 | ||||
| Total | 13,422 | 12,509 | 11,349 | 10,897 | 10,404 |
Price Behavior
| Market Price | $224.00 | |
| Market Cap ($ Bil) | 30.2 | |
| First Trading Date | 07/01/1985 | |
| Distance from 52W High | -3.5% | |
| 50 Days | 200 Days | |
| DMA Price | $218.43 | $201.01 |
| DMA Trend | up | up |
| Distance from DMA | 2.5% | 11.4% |
| 3M | 1YR | |
| Volatility | 27.4% | 24.8% |
| Downside Capture | 59.93 | 85.23 |
| Upside Capture | 61.94 | 90.47 |
| Correlation (SPY) | 44.1% | 45.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.67 | 1.12 | 1.15 | 1.06 | 0.98 | 1.01 |
| Up Beta | 1.90 | 1.63 | 1.28 | 1.12 | 1.09 | 1.07 |
| Down Beta | 0.71 | 0.80 | 1.25 | 1.21 | 0.89 | 1.05 |
| Up Capture | 50% | 42% | 69% | 104% | 89% | 81% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 17 | 27 | 63 | 122 | 371 |
| Down Capture | 368% | 151% | 145% | 96% | 101% | 99% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 24 | 36 | 61 | 128 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOV | |
|---|---|---|---|---|
| DOV | 23.8% | 24.7% | 0.81 | - |
| Sector ETF (XLI) | 27.2% | 16.5% | 1.28 | 73.3% |
| Equity (SPY) | 22.2% | 12.5% | 1.32 | 44.9% |
| Gold (GLD) | 20.2% | 27.8% | 0.65 | 15.7% |
| Commodities (DBC) | 21.3% | 18.6% | 0.90 | -13.7% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 40.3% |
| Bitcoin (BTCUSD) | -44.0% | 42.6% | -1.25 | 21.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOV | |
|---|---|---|---|---|
| DOV | 10.3% | 24.9% | 0.37 | - |
| Sector ETF (XLI) | 14.2% | 17.6% | 0.64 | 80.6% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 68.8% |
| Gold (GLD) | 17.2% | 18.3% | 0.76 | 9.9% |
| Commodities (DBC) | 7.1% | 19.5% | 0.26 | 14.2% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.05 | 58.8% |
| Bitcoin (BTCUSD) | 13.6% | 53.8% | 0.44 | 24.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOV | |
|---|---|---|---|---|
| DOV | 16.7% | 26.8% | 0.61 | - |
| Sector ETF (XLI) | 14.5% | 20.1% | 0.64 | 82.9% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 72.5% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 5.2% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 27.2% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 61.3% |
| Bitcoin (BTCUSD) | 55.0% | 66.4% | 0.95 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 5.5% | 2.8% | -3.9% |
| 1/29/2026 | -1.7% | 6.8% | 9.7% |
| 10/23/2025 | 8.1% | 7.9% | 6.2% |
| 7/24/2025 | -2.2% | -4.5% | -7.1% |
| 4/24/2025 | 2.0% | 2.6% | 8.1% |
| 1/30/2025 | 4.1% | 3.7% | 1.0% |
| 10/24/2024 | -3.6% | 0.7% | 5.6% |
| 7/25/2024 | 5.7% | 4.5% | 3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 19 | 18 |
| # Negative | 10 | 5 | 6 |
| Median Positive | 4.3% | 3.7% | 6.6% |
| Median Negative | -2.0% | -4.1% | -6.9% |
| Max Positive | 8.1% | 9.2% | 14.5% |
| Max Negative | -7.3% | -11.3% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 5.5% | 2.8% | -3.9% |
| 1/29/2026 | -1.7% | 6.8% | 9.7% |
| 10/23/2025 | 8.1% | 7.9% | 6.2% |
| 7/24/2025 | -2.2% | -4.5% | -7.1% |
| 4/24/2025 | 2.0% | 2.6% | 8.1% |
| 1/30/2025 | 4.1% | 3.7% | 1.0% |
| 10/24/2024 | -3.6% | 0.7% | 5.6% |
| 7/25/2024 | 5.7% | 4.5% | 3.0% |
| 4/25/2024 | 4.5% | 3.7% | 7.5% |
| 2/1/2024 | 4.5% | 7.1% | 12.0% |
| 10/24/2023 | -1.1% | -4.1% | 3.5% |
| 7/25/2023 | -3.7% | -4.0% | -8.0% |
| 4/26/2023 | -3.2% | -0.5% | -6.8% |
| 1/31/2023 | 5.9% | 9.2% | 5.1% |
| 10/20/2022 | -1.9% | 5.1% | 14.5% |
| 7/21/2022 | 1.4% | 3.5% | 11.7% |
| 4/21/2022 | -7.3% | -11.3% | -16.7% |
| 1/27/2022 | -0.7% | 0.2% | -6.1% |
| 10/19/2021 | 0.7% | 1.1% | 5.9% |
| 7/20/2021 | 6.7% | 7.2% | 13.9% |
| 4/20/2021 | 3.2% | 4.2% | 5.2% |
| 1/28/2021 | -0.8% | 1.6% | 4.0% |
| 10/20/2020 | 1.3% | 0.9% | 11.2% |
| 7/22/2020 | 1.6% | 1.2% | 7.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 19 | 18 |
| # Negative | 10 | 5 | 6 |
| Median Positive | 4.3% | 3.7% | 6.6% |
| Median Negative | -2.0% | -4.1% | -6.9% |
| Max Positive | 8.1% | 9.2% | 14.5% |
| Max Negative | -7.3% | -11.3% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/19/2021 | 10-Q |
| 06/30/2021 | 07/20/2021 | 10-Q |
| 03/31/2021 | 04/20/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/20/2020 | 10-Q |
| 06/30/2020 | 07/22/2020 | 10-Q |
| 03/31/2020 | 04/21/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/17/2019 | 10-Q |
| 06/30/2019 | 07/18/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP EPS | 8.92 | 9.02 | 9.12 | -0.3% | Lowered | Guidance: 9.05 for 2026 | |
| 2026 Adjusted EPS | 10.4 | 10.6 | 10.7 | 0 | Affirmed | Guidance: 10.6 for 2026 | |
| 2026 Revenue Growth | 5.0% | 6.0% | 7.0% | 0 | Affirmed | Guidance: 6.0% for 2026 | |
| 2026 Organic Revenue Growth | 3.0% | 4.0% | 5.0% | 0 | Affirmed | Guidance: 4.0% for 2026 | |
Prior: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP EPS | 8.95 | 9.05 | 9.15 | 11.6% | Higher New | Actual: 8.11 for 2025 | |
| 2026 Adjusted EPS | 10.4 | 10.6 | 10.7 | 10.5% | Higher New | Actual: 9.55 for 2025 | |
| 2026 Revenue Growth | 5.0% | 6.0% | 7.0% | 20.0% | 1.0% | Higher New | Actual: 5.0% for 2025 |
| 2026 Organic Revenue Growth | 3.0% | 4.0% | 5.0% | ||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tobin, Richard J | Chairman, President & CEO | Direct | Sell | 2202026 | 232.70 | 76,997 | 17,917,202 | 50,723,713 | Form |
| 2 | Cabrera, Ivonne M | SVP, General Counsel & Secr. | Direct | Sell | 2182026 | 233.23 | 4,000 | 932,912 | 16,836,256 | Form |
| 3 | Juneja, Girish | Senior VP & CDO | Direct | Sell | 2122026 | 230.77 | 1,500 | 346,155 | 1,943,545 | Form |
| 4 | Cabrera, Ivonne M | SVP, General Counsel & Secr. | Direct | Sell | 12052025 | 190.80 | 2,630 | 501,816 | 13,922,615 | Form |
| 5 | Woenker, Christopher B | Senior VP & CFO | Direct | Sell | 12012025 | 186.04 | 1,627 | 302,695 | 474,973 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tobin, Richard J | Chairman, President & CEO | Direct | Sell | 2202026 | 232.70 | 76,997 | 17,917,202 | 50,723,713 | Form |
| 2 | Cabrera, Ivonne M | SVP, General Counsel & Secr. | Direct | Sell | 2182026 | 233.23 | 4,000 | 932,912 | 16,836,256 | Form |
| 3 | Juneja, Girish | Senior VP & CDO | Direct | Sell | 2122026 | 230.77 | 1,500 | 346,155 | 1,943,545 | Form |
| 4 | Cabrera, Ivonne M | SVP, General Counsel & Secr. | Direct | Sell | 12052025 | 190.80 | 2,630 | 501,816 | 13,922,615 | Form |
| 5 | Woenker, Christopher B | Senior VP & CFO | Direct | Sell | 12012025 | 186.04 | 1,627 | 302,695 | 474,973 | Form |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.