# Dover Corporation (DOV)

> Source: Nexqual · https://nexqual.com/DOV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dover Corporation (DOV), nexqual.com/DOV" · informational, not investment advice.

**Price:** USD 195.49 (-2.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 199.84 · day 191.56–199.87 · 52w 170–237.54 · market cap $26.3B · NYQ

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $8.58B, net income $1.17B (13.6% margin), free cash flow $1.19B (SEC filings).
- Valuation: P/E 22.6x (avg 18.2x at the last 3 fiscal year-ends), EV/EBITDA 15.1x, net debt $1.57B.
- 2 of 80 tracked superinvestors hold DOV (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 238.47 (range 178–288).
- Total return with dividends: 1Y +9.0% vs S&P 500 +14.9%; 5Y +22.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 2.8, revenue estimate $2.23B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.91B | $7.84B | $7.68B | $7.75B | $8.09B | $8.58B |
| Gross profit | $2.97B | $2.90B | $2.87B | $2.96B | $3.22B | — |
| Operating income | $1.28B | $1.28B | $1.22B | $1.21B | $1.37B | $1.46B |
| Net income | $1.12B | $1.07B | $1.06B | $2.70B | $1.09B | $1.17B |
| EPS (diluted) | $7.74 | $7.42 | $7.52 | $19.45 | $7.94 | — |
| Free cash flow | $944M | $595M | $1.15B | $920M | $1.12B | $1.19B |
| Gross margin | 37.6% | 37.0% | 37.3% | 38.2% | 39.8% | — |
| Operating margin | 16.2% | 16.3% | 15.9% | 15.6% | 17.0% | 17.0% |
| Net margin | 14.2% | 13.6% | 13.8% | 34.8% | 13.5% | 13.6% |
| Revenue growth | +18.3% | -0.8% | -2.0% | +0.8% | +4.5% | — |
| Cash + short-term investments | $386M | $381M | $399M | $1.84B | $1.68B | — |
| Total debt | $3.12B | $3.68B | $2.99B | $2.93B | $3.33B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 22.6x · P/S 3.1x · EV/EBITDA 15.1x · EV/Sales 3.3x · P/FCF 22.1x · P/B 3.5x · FCF yield 4.52% · Earnings yield 4.43% · Dividend yield (paid, TTM) 1.07% · Buyback yield (TTM) 3.36% · Net debt $1.57B · EV $27.9B
P/E at fiscal year-ends: Dec 2025 24.6x, Dec 2024 9.6x, Dec 2023 20.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold DOV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Russo | Gardner Russo & Quinn | 0.05% | $4.2M | Reduced -1.4% |
| Bill Nygren | Oakmark Funds | <0.01% | $2.5M | Reduced -5.5% |

## Analysts
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 238.47 (low 178, high 288).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target lowered | Outperform | $270 → $245 |
| 2026-10-14 | RBC Capital | Target lowered | Sector Perform | $227 → $216 |
| 2026-09-25 | Wells Fargo | Initiated | Overweight | $229 |
| 2026-07-24 | RBC Capital | Target lowered | Sector Perform | $252 → $227 |
| 2026-07-24 | BMO Capital | Upgrade | Market Perform → Outperform | $255 → $240 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.0% | +22.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.0% | +4.2% |
| Volatility (annualized) | 24.7% | 23.8% |
| Max drawdown | -19.6% (Feb 2026→Sep 2026) | -35.6% (Jan 2022→Sep 2022) |

## Peers (Specialty Industrial Machinery)
OTIS (Otis Worldwide Corporation) USD 75.6 +4.49% · XYL (Xylem Inc.) USD 109.26 +2.74% · IR (Ingersoll Rand Inc.) USD 74.11 -6.26% · NDSN (Nordson Corporation) USD 318.71 -3.87% · IEX (IDEX Corporation) USD 226.88 -3.63% · ROK (Rockwell Automation, Inc.) USD 423.87 -3.34%

## More
Full page: https://nexqual.com/DOV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Clean Energy & Fueling | $606.0M | 27.1% | +11.9% |
| Pumps & Process Solutions | $568.5M | 25.5% | +3.2% |
| Climate & Sustainability Technologies | $481.5M | 21.6% | +17.9% |
| Imaging & Identification | $304.7M | 13.6% | +1.9% |
| Engineered Products | $274.9M | 12.3% | -1.7% |
| Total revenue | $2.23B | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $1.27B | 57.0% | +13.0% |
| Europe | $447.3M | 20.0% | -3.6% |
| Asia | $260.1M | 11.6% | +17.1% |
| Other Americas | $170.1M | 7.6% | -6.5% |
| Other | $83.8M | 3.8% | +0.4% |
| Total revenue | $2.23B | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Reconciliation* Range 2026 Guidance for Earnings per Share from Continuing Operations (GAAP) $8.93 $9.08 Purchase accounting expenses, net 1.16 Restructuring and other costs, net 0.51 2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $10.60 $10.75 * Per share data and totals may be impacted by rounding."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.80 | $2.79 | +0.2% | $2.23B | 16 |
| Next quarter (ends 2027-03-31) | $2.57 | $2.54 | +1.3% | $2.16B | 10 |
| Current fiscal year (ends 2026-12-31) | $10.72 | $10.65 | +0.6% | $8.70B | 18 |
| Next fiscal year (ends 2027-12-31) | $11.72 | $11.60 | +1.1% | $9.15B | 19 |