Quality Investor

Dover Corporation

Rank #290Capital ReturnWatchlistCompare with other stocks

DOV · NYSE · Industrials

Dover Corporation (DOV) — Rank #290 by gross profitability (GP/assets 0.24) · ROE 14.3% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0000029905 · all metrics point-in-time as of the filing date.

About

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide.

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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.

Industry
Specialty Industrial Machinery
Sector
Industrials
State
NY
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

24,000

Industry

Specialty Industrial Machinery

Exchange

NYSE

11/12

Flags passed

DOV passes 11/12 quality flags

1 caution to review

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · RPO outpacing revenue · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.24
Return on equity
14.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.79
Current ratio
1.95×
Net cash
-$2.25B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.5%

Growth

2/2 pass
Revenue growth
4.5%
Piotroski F-Score
6 / 9
Share dilution
-0.7%

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 36th percentile of 26 SIC 35 peers

Gross profitability (GP / assets)

0.24

Primary signal (Novy-Marx).

36th pctl of 26 SIC 35 peers

Return on equity

14.3%

Gross margin

39.8%

36th pctl of 26 SIC 35 peers

Revenue growth (YoY)

4.5%

RPO growth (YoY)

68.8%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

1.0%

Revenue CAGR (5Y)

3.9%

Earnings CAGR (3Y)

0.9%

FCF CAGR (3Y)

24.1%

Cash Flow Health

Is the cash real?

No warning flags · FCF 2% above net income

Free cash flow

$1.12B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

2.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.5%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $2.25B, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.79

56th pctl of 26 SIC 35 peers (best = lowest)

Current ratio

1.95×

48th pctl of 26 SIC 35 peers

Quick ratio

1.28×

Net cash

-$2.25B

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

3.0 / 5

Good
Payout ratio
25.9%5/5 Strong
FCF coverage
3.95×5/5 Strong
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.79 · IC N/A2/5 Fair

Capital allocation quality

Composite score

1.3 / 5

Weak
Share count trend(net buybacks)
-0.7%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr0/5 Weak
Net debt trajectory
-6.5%1/5 Weak

Lifecycle Phase History

20202025
Value
Capital Return

Price History

DOV+16.8% · +3.1% CAGRSPY+82.9% · +12.8% CAGR