# Dover (DOV.US)

Canonical: https://gigainvestors.com/s/DOV

Analysis as of: 2026-10-16T07:28:05.287Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $194.09 per share; close as of 2026-10-15.

Estimated value: low $117.62 per share, central $132.21 per share, high $151.64 per share. Buy at or below the central value $132.21 per share. Valuation as of 2026-10-16T07:28:05.287Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.17×

- LTM to Jun 2026: 0.17×

### moat: pass

- ROIC, median of available years: 31.0%

- ROIC, second-lowest year: 19.6%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 37.0%

- Recent gross margin (lower of latest and 3-year median): 38.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 12.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 19.6%

- FY2018: 37.0%

- FY2019: 37.6%

- FY2020: 38.7%

- FY2021: 40.4%

- FY2022: 31.6%

- FY2023: 30.3%

- FY2024: 28.6%

- FY2025: 26.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.7B

- Net income, five-year total: $7.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 21.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.11×

- FY2022: 1.08×

- FY2023: 1.12×

- FY2024: 1.06×

- FY2025: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.6% vs 28.6%

- Per-share earnings: 4.41 to 7.94 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: $15B

- Cumulative retained earnings: $6.3B

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: $3.53

- Per-share value, starting three-year median: $4.41

- Per-share value, ending three-year median: $7.94

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 1.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: $10B

- ROIC, first three-year median: 19.6%

- ROIC, last three-year median: 28.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.25

- FY2017: $5.15

- FY2018: $3.75

- FY2019: $4.61

- FY2020: $4.70

- FY2021: $7.74

- FY2022: $7.42

- FY2023: $7.52

- FY2024: $19.45

- FY2025: $7.94

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.5%

- FY2017: -0.2%

- FY2018: -2.7%

- FY2019: -3.1%

- FY2020: -4.6%

- FY2021: 0.1%

- FY2022: 2.4%

- FY2023: -2.5%

- FY2024: 15.6%

- FY2025: -1.8%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 6.1% a year for ten years · "Dover Q2 Earnings Beat on Margin Gains, 2026 Guidance Raised" (finance.yahoo.com, Jul 2026) · sales +4.1%

Story as of 2026-10-16T09:58:39.110Z; price observation 2026-10-15.

Price needs cash profits to grow 6.1% a year for ten years

- 2025-05-28: Dover Gains From Solid Bookings Despite Low Aerospace Volumes ([finance.yahoo.com](https://finance.yahoo.com/news/dover-gains-solid-bookings-despite-154100167.html))

- 2025-10-23: Dover Surpasses Earnings Estimates in Q3, Raises '25 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/dover-surpasses-earnings-estimates-q3-173400549.html))

- 2026-01-30: DOV Q4 Deep Dive: Margin Expansion and Order Growth Shape Outlook Amid Cautious Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/dov-q4-deep-dive-margin-053301408.html))

- 2026-04-24: DOV Q1 Deep Dive: Robust Order Growth and Infrastructure Demand Support Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dov-q1-deep-dive-robust-142123347.html))

- 2026-07-23: Dover (NYSE:DOV) Reports Sales Below Analyst Estimates In Q2 CY2026 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dover-nyse-dov-reports-sales-122630710.html))

### Sales · FY2025–2026

sales +4.1%; source https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm; observed 2026-02-13.

- FY2017: $6.8B 

- FY2018: $7.0B 

- FY2019: $7.1B 

- FY2020: $6.7B 

- FY2021: $7.9B 

- FY2022: $7.8B 

- FY2023: $8.4B 

- FY2024: $7.7B 

- FY2025: $8.1B 

- FY2026: $8.4B 

### Gross margin · FY2025

gross margin 39.8%; source https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm; observed 2026-02-13.

- FY2016: 36.9% 

- FY2017: 37.1% 

- FY2018: 36.6% 

- FY2019: 36.7% 

- FY2020: 37.0% 

- FY2021: 37.6% 

- FY2022: 37.0% 

- FY2023: 36.6% 

- FY2024: 38.2% 

- FY2025: 39.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 8.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm (filed 2026-02-13); FY2025: revenue 8092571000; grossProfit 3218169000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOV.US: 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.

### Why customers stay

Margins ranged from 36.6% to 39.8% during 2023–25; it earns 31% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 38.2%.

- Source: https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.15266578793232172],[2017,0.19594633536130895],[2018,0.36958414226743724],[2019,0.375897519146304],[2020,0.3869328185780147],[2021,0.40362517805284104],[2022,0.31611573828657696],[2023,0.3032537844694795],[2024,0.28629800095578317],[2025,0.26898282332560275]]; median 0.30968476137802825. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

"Customer pricing favorably impacted revenue in 2025 by approximately 3.1%." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm (filed 2026-02-13); Customer pricing favorably impacted revenue in 2025 by approximately 3.1%.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 165205000; owner earnings 593359000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 170068000; owner earnings 924875000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 170994000; owner earnings 681853000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 186804000; owner earnings 763401000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2020: growth capex 0; upkeep 165692000; owner earnings 796810000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 171465000; owner earnings 1242476000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 220962000; owner earnings 1151952000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 192592000; owner earnings 1181699000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 167533000; owner earnings 2867435000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 220263000; owner earnings 1253270000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,268339000],[2017,283959000],[2018,283570000],[2019,282197000],[2020,284312000],[2021,286896000],[2022,287551000],[2023,284297000],[2024,283117000],[2025,283007000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOV.US SharesStats.PercentInsiders = 1.256 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.1% yearly over ten years; actual growth was 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.07437718008258076. Price 194.09; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.29125035467267 → FY2025 9.096365866581506. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $66.89 per share

- 2016-11: $72.61 per share

- 2016-12: $74.93 per share

- 2017-01: $77.75 per share

- 2017-02: $80.10 per share

- 2017-03: $80.35 per share

- 2017-04: $78.88 per share

- 2017-05: $82.55 per share

- 2017-06: $80.22 per share

- 2017-07: $84.00 per share

- 2017-08: $84.88 per share

- 2017-09: $91.39 per share

- 2017-10: $95.49 per share

- 2017-11: $97.71 per share

- 2017-12: $100.99 per share

- 2018-01: $106.21 per share

- 2018-02: $100.10 per share

- 2018-03: $98.22 per share

- 2018-04: $92.70 per share

- 2018-05: $77.21 per share

- 2018-06: $73.20 per share

- 2018-07: $82.98 per share

- 2018-08: $85.87 per share

- 2018-09: $88.53 per share

- 2018-10: $82.84 per share

- 2018-11: $84.89 per share

- 2018-12: $70.95 per share

- 2019-01: $87.83 per share

- 2019-02: $90.53 per share

- 2019-03: $93.80 per share

- 2019-04: $98.04 per share

- 2019-05: $89.41 per share

- 2019-06: $100.20 per share

- 2019-07: $96.85 per share

- 2019-08: $93.74 per share

- 2019-09: $99.56 per share

- 2019-10: $103.89 per share

- 2019-11: $111.48 per share

- 2019-12: $115.26 per share

- 2020-01: $113.85 per share

- 2020-02: $102.74 per share

- 2020-03: $83.94 per share

- 2020-04: $93.65 per share

- 2020-05: $97.25 per share

- 2020-06: $96.56 per share

- 2020-07: $102.93 per share

- 2020-08: $109.84 per share

- 2020-09: $108.34 per share

- 2020-10: $110.71 per share

- 2020-11: $122.03 per share

- 2020-12: $126.25 per share

- 2021-01: $116.49 per share

- 2021-02: $123.26 per share

- 2021-03: $137.13 per share

- 2021-04: $149.19 per share

- 2021-05: $150.50 per share

- 2021-06: $150.60 per share

- 2021-07: $167.12 per share

- 2021-08: $174.36 per share

- 2021-09: $155.50 per share

- 2021-10: $169.08 per share

- 2021-11: $163.85 per share

- 2021-12: $181.60 per share

- 2022-01: $169.91 per share

- 2022-02: $156.86 per share

- 2022-03: $156.90 per share

- 2022-04: $133.30 per share

- 2022-05: $133.91 per share

- 2022-06: $121.32 per share

- 2022-07: $133.68 per share

- 2022-08: $124.96 per share

- 2022-09: $116.58 per share

- 2022-10: $130.69 per share

- 2022-11: $141.95 per share

- 2022-12: $135.41 per share

- 2023-01: $151.83 per share

- 2023-02: $149.90 per share

- 2023-03: $151.94 per share

- 2023-04: $146.16 per share

- 2023-05: $133.33 per share

- 2023-06: $147.65 per share

- 2023-07: $145.97 per share

- 2023-08: $148.30 per share

- 2023-09: $139.51 per share

- 2023-10: $129.95 per share

- 2023-11: $141.16 per share

- 2023-12: $153.81 per share

- 2024-01: $149.78 per share

- 2024-02: $165.38 per share

- 2024-03: $177.19 per share

- 2024-04: $179.30 per share

- 2024-05: $183.82 per share

- 2024-06: $180.45 per share

- 2024-07: $184.26 per share

- 2024-08: $186.03 per share

- 2024-09: $191.74 per share

- 2024-10: $189.33 per share

- 2024-11: $205.90 per share

- 2024-12: $187.60 per share

- 2025-01: $203.68 per share

- 2025-02: $198.77 per share

- 2025-03: $175.68 per share

- 2025-04: $170.65 per share

- 2025-05: $177.75 per share

- 2025-06: $183.23 per share

- 2025-07: $181.14 per share

- 2025-08: $178.86 per share

- 2025-09: $166.83 per share

- 2025-10: $181.46 per share

- 2025-11: $185.28 per share

- 2025-12: $195.24 per share

- 2026-01: $201.49 per share

- 2026-02: $225.50 per share

- 2026-03: $208.45 per share

- 2026-04: $226.41 per share

- 2026-05: $211.36 per share

- 2026-06: $224.28 per share

- 2026-07: $204.62 per share

- 2026-08: $194.23 per share

- 2026-09: $187.05 per share

- 2026-10: $194.09 per share

## Annual estimated value (USD per share)

- FY2016: low $56.93 per share, central $64.57 per share, high $74.76 per share

- FY2017: low $68.00 per share, central $76.84 per share, high $88.60 per share

- FY2018: low $61.07 per share, central $69.25 per share, high $80.15 per share

- FY2019: low $58.50 per share, central $66.32 per share, high $76.74 per share

- FY2020: low $56.36 per share, central $63.77 per share, high $73.64 per share

- FY2021: low $72.49 per share, central $82.27 per share, high $95.29 per share

- FY2022: low $72.74 per share, central $82.56 per share, high $95.62 per share

- FY2023: low $93.50 per share, central $106.17 per share, high $123.03 per share

- FY2024: low $101.83 per share, central $114.19 per share, high $130.64 per share

- FY2025: low $110.42 per share, central $124.13 per share, high $142.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:46.595Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.