Logo

DOV

Dover Corporation

DOV

Dover Corporation • NYSE
$185.28 ▼ -0.21% (-0.39)
Market Cap $25.41 B
52w High $222.31
52w Low $143.04
Dividend Yield 2.07%
P/E 24.09
Volume 422.47K
Outstanding Shares 137.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.078B ▲ $456.441M ▼ $301.996M ▲ 14.534% ▲ $2.2 ▲ $511.943M ▲
Q2-2025 $2.05B ▲ $463.665M ▲ $279.064M ▲ 13.616% ▲ $2.03 ▲ $473.271M ▲
Q1-2025 $1.866B ▼ $449.191M ▼ $230.821M ▼ 12.369% ▼ $1.68 ▼ $410.407M ▼
Q4-2024 $1.93B ▼ $450.66M ▲ $1.436B ▲ 74.408% ▲ $10.47 ▲ $418.617M ▼
Q3-2024 $1.984B $429.57M $347.1M 17.499% $2.53 $507.126M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.553B ▲ $13.421B ▲ $5.758B ▲ $7.663B ▲
Q2-2025 $1.265B ▼ $13.161B ▲ $5.72B ▲ $7.441B ▲
Q1-2025 $1.805B ▼ $12.649B ▲ $5.511B ▼ $7.138B ▲
Q4-2024 $1.845B ▲ $12.509B ▲ $5.555B ▼ $6.954B ▲
Q3-2024 $386.766M $11.913B $6.215B $5.698B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $301.996M ▲ $424.245M ▲ $-58.857M ▲ $-73.878M ▲ $287.911M ▲ $370.095M ▲
Q2-2025 $279.064M ▲ $213.202M ▲ $-691.38M ▼ $-84.235M ▲ $-540.427M ▼ $152.27M ▲
Q1-2025 $230.821M ▼ $156.612M ▲ $-74.186M ▼ $-122.234M ▲ $-39.557M ▼ $108.42M ▲
Q4-2024 $1.436B ▲ $-8.786M ▼ $1.91B ▲ $-453.228M ▼ $1.448B ▲ $-62.693M ▼
Q3-2024 $347.1M $386.91M $-409.256M $92.994M $68.014M $358.631M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Clean Energy Fueling Segment
Clean Energy Fueling Segment
 $530.00M ▲$490.00M ▼$550.00M ▲$540.00M ▼
Climate Sustainability Technologies Segment
Climate Sustainability Technologies Segment
 $350.00M ▲$350.00M ▲$420.00M ▲$410.00M ▼
Engineered Products Segment
Engineered Products Segment
 $-150.00M ▲$250.00M ▲$280.00M ▲$280.00M ▲
Imaging Identification Segment
Imaging Identification Segment
 $290.00M ▲$280.00M ▼$290.00M ▲$300.00M ▲
Pumps Process Solutions Segment
Pumps Process Solutions Segment
 $480.00M ▲$490.00M ▲$520.00M ▲$550.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly steady over the past several years, with only modest ups and downs, which suggests a mature but resilient business rather than a fast‑growing one. Profitability at the gross and operating level has been fairly consistent as well, indicating decent pricing power and cost control in a cyclical industrial space. The latest year shows a very sharp jump in reported net income and earnings per share, far out of line with the prior trend. That kind of step‑change is unlikely to come purely from the underlying business and probably reflects one‑off items, such as gains on asset sales, tax adjustments, or accounting changes. In other words, the core earnings power looks solid but not dramatically different from recent years, so that spike should be treated with caution rather than as a new baseline. Overall, the income statement paints a picture of a stable, diversified industrial company with good margins, but not one experiencing explosive organic growth.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened. Total assets have grown at a measured pace, suggesting ongoing investment and acquisitions rather than aggressive expansion. Shareholders’ equity has increased meaningfully over time, which generally points to retained profits and a thicker capital cushion. Debt levels, while significant, have been edging down from their recent peak, which eases financial risk and improves leverage. The most recent year also shows a large increase in cash on hand, a notable improvement in liquidity compared with earlier periods. That extra cash provides flexibility for downturns, acquisitions, or shareholder returns. In short, Dover’s financial position looks solid: a growing asset base, rising equity, moderating debt, and a much more comfortable cash buffer than in prior years.

Cash Flow

Cash Flow Dover consistently generates positive cash from operations, which is a key strength for any industrial group. Free cash flow has also been positive every year, even after funding ongoing capital spending. That indicates the business is self‑funding and not dependent on capital markets to maintain its asset base. One point to note is that operating cash flow in the latest year is weaker than in the prior year despite the big jump in reported earnings. This gap suggests that part of the earnings increase is non‑cash or tied up in working capital rather than immediately flowing into cash. It’s not necessarily a red flag, but it does highlight that the headline profit surge overstates the improvement in underlying cash generation. Capital spending has been relatively modest and stable, leaving room for healthy free cash flow, which can support dividends, buybacks, or acquisitions if management chooses, without stretching the balance sheet.

Competitive Edge

Competitive Edge Dover has built a wide moat by operating a portfolio of specialized industrial businesses rather than relying on a single product or end market. Many of its brands hold leading positions in narrow niches where technical know‑how, reliability, and long customer relationships matter more than lowest price. The company benefits from a large installed base of equipment in the field, which drives recurring revenue from parts, consumables, software, and service. This aftermarket stream typically carries higher margins and tends to be more resilient in downturns. Strong brand recognition and application expertise make it harder for new entrants to displace Dover in these niches. Dover’s global scale gives it purchasing power and financial strength, while its decentralized structure allows operating units to stay close to customers and react quickly. Combined, these attributes create a durable, if not unassailable, competitive position in many of its markets.

Innovation and R&D

Innovation and R&D Innovation is a central part of Dover’s strategy, and it is spread across several high‑value areas rather than concentrated in one product. The company uses its Digital Labs to push software, data, and AI into traditional hardware businesses, turning equipment into connected, data‑rich systems that can be monitored, optimized, and serviced more intelligently. R&D is targeted at long‑term growth themes: cleaner energy and fueling infrastructure, advanced pumps and connectors for biopharma and data centers, product identification and traceability for regulated industries, and climate solutions like efficient refrigeration and CO₂‑based systems. These align Dover with structural shifts such as energy transition, stricter regulation, and the growth of high‑performance computing. The company also uses acquisitions to accelerate innovation, buying specialized technology businesses and integrating them into its existing platforms. Overall, the R&D and innovation agenda looks focused on higher‑growth, higher‑margin niches that can gradually shift the portfolio toward more attractive markets over time.

Summary

Dover comes across as a mature, diversified industrial group with stable revenues, consistent core profitability, and a steadily strengthening balance sheet. The recent explosion in reported earnings looks more like the result of exceptional items than a permanent transformation in the underlying business, especially given the more modest movement in cash flows. Financially, the company combines solid free‑cash‑flow generation with improving leverage and a much stronger cash position, giving it room to invest, acquire, and return capital without excessive strain. Competitively, Dover’s strength lies in its collection of leading niche businesses, deep customer relationships, and recurring aftermarket revenue streams, all supported by global scale. On the strategic side, the company is clearly leaning into digitalization and sustainability, focusing R&D and acquisitions on areas like clean energy, data‑center cooling, advanced fluid handling, and traceability. This positions it to participate in structural growth trends while maintaining the resilience that comes from a broad, diversified industrial portfolio. The main watchpoints are the quality and sustainability of earnings versus one‑off gains, and the company’s execution in turning its innovation and acquisitions into durable, higher‑growth platforms over time.

NEWS

November 25, 2025 · 4:15 PM UTC

Dover to Present at the UBS Global Industrials and Transportation Conference 2025

Read more

November 19, 2025 · 4:15 PM UTC

Vehicle Service Group Introduces 2-Post Lift with AV Arms for the EMEA Market

Read more

November 12, 2025 · 4:15 PM UTC

Markem-Imaje Launches Enhanced 9712 Bi-Jet Inkjet Printer Model with New Printhead Configuration for High-Speed Applications

Read more

November 6, 2025 · 4:07 PM UTC

Dover Declares Regular Quarterly Cash Dividend

Read more

November 4, 2025 · 4:15 PM UTC

Dover to Present at the Baird 2025 Global Industrial Conference

Read more