Here are 1-3 brief analogies to describe Dover (DOV):

• Like Illinois Tool Works (ITW), but with a strong focus on specialized industrial equipment for sectors like retail fueling, commercial refrigeration, and fluid handling.
• Similar to 3M (MMM), but exclusively manufacturing specialized industrial equipment and components for businesses rather than consumer products or broader materials.
• A diversified industrial equipment manufacturer akin to Emerson Electric (EMR), with expertise in areas like retail fueling systems, commercial refrigeration, and digital printing technologies.

• Fueling & Clean Energy Systems: Provides equipment and solutions for vehicle fueling, including fuel dispensers, vapor recovery systems, and components for alternative fuels like EV charging and hydrogen.
• Pumps & Process Solutions: Manufactures a wide range of pumps, valves, and fluid transfer equipment for industrial, hygienic, chemical, and pharmaceutical applications.
• Digital Printing & Identification Solutions: Offers digital textile printers, product marking and coding equipment, and related consumables for industrial and commercial identification.
• Precision Components: Produces specialized components for industrial automation, including robotic grippers, end-effectors, and material handling solutions.
• Vehicle Wash Equipment: Supplies automated car wash systems and related accessories for various types of vehicles.

Dover (symbol: DOV) is a diversified global manufacturer and solutions provider. The company primarily sells its products and solutions to other businesses (B2B) rather than directly to individual consumers.

As a highly diversified industrial company, Dover serves a broad base of customers across various sectors globally. Its public filings typically state that no single customer accounts for 10% or more of its consolidated net revenue, meaning there are no individually named "major customers" that are legally required to be disclosed. Instead, Dover's customer base consists of a wide range of companies across multiple industries. Below are the key categories of companies that utilize Dover's products and services:

• Retail Fueling, Clean Energy & Commercial Vehicle Wash Operators: This category includes companies that operate gasoline stations, convenience stores, car wash facilities, and those involved in developing infrastructure for alternative fuels and clean energy solutions. Customers include major oil companies, independent fuel retailers, and commercial car wash enterprises.
• Industrial Manufacturing & Process Industries: A broad range of manufacturers and processors across sectors such as food and beverage, pharmaceuticals, chemicals, petrochemicals, oil and gas, water and wastewater treatment, and other general industrial applications. These customers utilize Dover's pumps, fluid handling equipment, product marking and coding solutions, and specialized components for their production processes.
• Retail Food, HVAC & Refrigeration Solutions Providers: This category encompasses supermarket chains, convenience stores, food service establishments (e.g., restaurants, institutional catering), data centers, and original equipment manufacturers (OEMs) of heating, ventilation, air conditioning (HVAC) and refrigeration systems that incorporate Dover's components and technologies.

null

Richard J. Tobin, Chairman, President and Chief Executive Officer

Richard J. Tobin joined Dover as a Director in August 2016, became President and CEO in May 2018, and was appointed Chairman on February 10, 2024. Prior to joining Dover, he served as the Chief Executive Officer of CNH Industrial N.V., a global manufacturer of agricultural and construction equipment, from 2013 to 2018. Before that, he was Group Chief Operating Officer of Fiat Industrial S.p.A. and President and Chief Executive Officer of CNH Global N.V. from 2012 to 2013, and Chief Financial Officer of CNH Global N.V. from 2010 to 2012. Mr. Tobin also served as Chief Financial Officer & Head of Information Technology for SGS SA of Geneva, Switzerland, from 2004 to 2010. He held roles in international marketing and management with GTE Corporation, AluSuisse-Lonza SA, and Alcan Aluminum. Mr. Tobin served as an officer in the United States Army from 1985 to 1989. He holds a Bachelor of Arts degree from Norwich University and an MBA from Drexel University.

Christopher B. Woenker, Senior Vice President & Chief Financial Officer

Christopher B. Woenker has been the Senior Vice President and Chief Financial Officer of Dover since 2025, having previously served as the Chief Financial Officer from June 2017 to January 2025.

Ivonne M. Cabrera, Senior Vice President, General Counsel & Secretary

Ivonne M. Cabrera serves as the Senior Vice President, General Counsel & Secretary for Dover.

Girish Juneja, Senior Vice President & Chief Digital Officer

Girish Juneja has been the Senior Vice President and Chief Digital Officer of Dover since 2017. Before joining Dover, he was the Senior Vice President, Chief Technology Officer, and General Manager of the Marketplace Solutions Business of Altisource from 2014 to 2017. He also held the positions of General Manager of Big Data Software Products and Chief Technology Officer of Datacenter Software at Intel Corp from 2012 to 2014.

Jeffrey Yehle, Senior Vice President & Chief Human Resources Officer

Jeffrey Yehle holds the title of Senior Vice President & Chief Human Resources Officer at Dover.

The rise of advanced **additive manufacturing (3D printing)** technologies for industrial-grade parts poses an emerging threat. As these technologies mature and become more accessible, they enable customers across various sectors to produce specialized components, spare parts, and even some functional products in-house or through local, agile manufacturing hubs. This shift could reduce demand for some of Dover's traditionally manufactured engineered products, components, and fluid handling solutions, particularly those that are custom, low-volume, or critical for rapid replacement, bypassing traditional supply chains and manufacturing models.

Dover Corporation (DOV) operates across five main business segments, each addressing distinct global markets. Below are the addressable market sizes for their main products and services within these segments, with regional clarifications where available.

Dover Corporation (DOV) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and favorable market dynamics. These key drivers include:

1. Expansion in Secular Growth Markets: Dover is actively investing in and benefiting from several secular growth platforms. These include robust demand for CO2 systems, data center cooling solutions, heating electrification, and cryogenic components. Additionally, strong performance is anticipated in single-use biopharma components, thermal connectors, and precision components. The Clean Energy & Fueling segment is also a significant contributor, driven by demand for clean energy components, fluid transportation, and North American retail fueling software and equipment.

2. Strategic Acquisitions and Capital Deployment: A core part of Dover's growth strategy involves value-creating capital deployment, with a focus on strategic bolt-on acquisitions in high-growth, high-margin areas. The company has highlighted successful recent acquisitions, such as Sikora and SiteIQ, which are exceeding synergy expectations and contributing to growth, particularly in areas like electrification and data center trends. Acquisitions, especially within the Pumps & Process Solutions segment, are expected to continue enhancing market position and contributing to overall revenue expansion.

3. Pricing Power and Operational Efficiencies: Dover's management has consistently emphasized its ability to achieve margin improvement through positive mix benefits, disciplined cost management, and ongoing productivity actions. The company's pricing strategy also plays a role, with a focus on protecting prices. These operational efficiencies and pricing power are expected to contribute to accretive top-line growth and overall revenue expansion.

4. Healthy End-Market Demand and Strong Order Momentum: Despite some macroeconomic uncertainties, Dover has reported healthy underlying end-market demand across much of its portfolio. This is supported by sustained order rates and positive book-to-bill ratios across all five segments. This strong order momentum provides a constructive outlook for future revenue, with a significant portion of upcoming quarter revenue already in the backlog.

Capital Allocation Decisions (2020-2025)

Share Repurchases

• Dover repurchased $500 million of its shares in 2024.
• The company undertakes opportunistic share repurchases as part of its capital allocation strategy.
• No share repurchases were made in the year ended December 31, 2023.

Outbound Investments

• Dover deployed $674 million in inorganic investments in 2024, focusing on high-priority growth platforms. Notable acquisitions in 2024 included Marshall Excelsior Company for $395 million, Transchem Group, and Criteria Labs, Inc.
• In 2023, the company deployed $534 million towards acquiring new businesses, including FW Murphy Production Controls for $530 million.
• Significant recent acquisitions in 2025 include Site IQ (remote monitoring for fueling sites), ipp Pump Products GmbH (sanitary pump technologies), SIKORA AG for $621 million (measuring and control technologies), and Cryogenic Machinery Corp. (cryogenic components).
• Dover also divested several cyclical capital goods businesses in 2024, receiving $2.2 billion in after-tax proceeds, including the sale of the De-Sta-Co business for $680 million and the ESG Group for $2 billion.

Capital Expenditures

• Capital expenditures were $168 million in 2024 and $193 million in 2023.
• Expected capital expenditures for 2024 were anticipated to be lower after several years of elevated investments into capacity, productivity, and automation projects.
• The primary focus of capital expenditures includes high-ROI organic investments, capacity expansions, productivity improvements, facility capacity expansions, and footprint consolidations.