NYSE: DOV
Dover
Industrials · Construction, Mining & Materials Handling Machinery & Equip
52-week range
$176.40$237.54
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$24.9B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.7B |
| FY2017, ended Dec 31, 2017 | $15.6B |
| FY2018, ended Dec 31, 2018 | $10.3B |
| FY2019, ended Dec 31, 2019 | $16.6B |
| FY2020, ended Dec 31, 2020 | $18.1B |
| FY2021, ended Dec 31, 2021 | $26.2B |
| FY2022, ended Dec 31, 2022 | $18.9B |
| FY2023, ended Dec 31, 2023 | $21.5B |
| FY2024, ended Dec 31, 2024 | $25.7B |
| FY2025, ended Dec 31, 2025 | $26.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $24.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$8.58B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.79B |
| FY2017, ended Dec 31, 2017 | $7.83B |
| FY2018, ended Dec 31, 2018 | $6.99B |
| FY2019, ended Dec 31, 2019 | $7.14B |
| FY2020, ended Dec 31, 2020 | $6.68B |
| FY2021, ended Dec 31, 2021 | $7.91B |
| FY2022, ended Dec 31, 2022 | $7.84B |
| FY2023, ended Dec 31, 2023 | $7.68B |
| FY2024, ended Dec 31, 2024 | $7.75B |
| FY2025, ended Dec 31, 2025 | $8.09B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $8.58B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $509M | $595M |
| FY2017, ended Dec 31, 2017 | $812M | $569M |
| FY2018, ended Dec 31, 2018 | $570M | $618M |
| FY2019, ended Dec 31, 2019 | $678M | $759M |
| FY2020, ended Dec 31, 2020 | $683M | $939M |
| FY2021, ended Dec 31, 2021 | $1.12B | $944M |
| FY2022, ended Dec 31, 2022 | $1.07B | $595M |
| FY2023, ended Dec 31, 2023 | $1.06B | $1.15B |
| FY2024, ended Dec 31, 2024 | $2.70B | $920M |
| FY2025, ended Dec 31, 2025 | $1.09B | $1.12B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.17B | $1.19B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.69B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $349M |
| FY2017, ended Dec 31, 2017 | $754M |
| FY2018, ended Dec 31, 2018 | $396M |
| FY2019, ended Dec 31, 2019 | $397M |
| FY2020, ended Dec 31, 2020 | $513M |
| FY2021, ended Dec 31, 2021 | $386M |
| FY2022, ended Dec 31, 2022 | $381M |
| FY2023, ended Dec 31, 2023 | $399M |
| FY2024, ended Dec 31, 2024 | $1.84B |
| FY2025, ended Dec 31, 2025 | $1.68B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.69B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.95B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.21B |
| FY2017, ended Dec 31, 2017 | $3.69B |
| FY2018, ended Dec 31, 2018 | $2.94B |
| FY2019, ended Dec 31, 2019 | $2.99B |
| FY2020, ended Dec 31, 2020 | $3.11B |
| FY2021, ended Dec 31, 2021 | $3.02B |
| FY2022, ended Dec 31, 2022 | $3.68B |
| FY2023, ended Dec 31, 2023 | $3.46B |
| FY2024, ended Dec 31, 2024 | $3.33B |
| FY2025, ended Dec 31, 2025 | $4.03B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.95B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 14.5% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.133M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 156M |
| FY2017, ended Dec 31, 2017 | 154M |
| FY2018, ended Dec 31, 2018 | 145M |
| FY2019, ended Dec 31, 2019 | 144M |
| FY2020, ended Dec 31, 2020 | 144M |
| FY2021, ended Dec 31, 2021 | 144M |
| FY2022, ended Dec 31, 2022 | 140M |
| FY2023, ended Dec 31, 2023 | 140M |
| FY2024, ended Dec 31, 2024 | 137M |
| FY2025, ended Dec 31, 2025 | 135M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 133M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $846M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $18.6M |
| FY2017, ended Dec 31, 2017 | $105M | $24.1M |
| FY2018, ended Dec 31, 2018 | $895M | $23.7M |
| FY2019, ended Dec 31, 2019 | $143M | $29.7M |
| FY2020, ended Dec 31, 2020 | $106M | $25.0M |
| FY2021, ended Dec 31, 2021 | $21.6M | $31.1M |
| FY2022, ended Dec 31, 2022 | $585M | $30.1M |
| FY2023, ended Dec 31, 2023 | $0 | $30.8M |
| FY2024, ended Dec 31, 2024 | $500M | $40.4M |
| FY2025, ended Dec 31, 2025 | $541M | $44.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $886M | $39.8M |
Revenue (TTM)
$8.58B
+8.2% YoY
Net income (TTM)
$1.17B
−48.1% YoY
Cash
$1.69B
+9.0% YoY
Total debt
$3.95B
+13.7% YoY
Valuation
At current price- Market Cap
- $27.6B
- P/E
- 23.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.2×
- Price / Book
- 3.6×
- EV / EBITDA
- 16.1×
Growth
Trailing 12 months- Revenue (TTM)
- $8.58B
- Revenue Growth YoY
- 8.2%
- Revenue CAGR 3Y
- 1.0%
- Revenue CAGR 5Y
- 3.9%
- EPS Growth YoY
- −47.1%
- Net Income Growth YoY
- −48.1%
Profitability
Trailing 12 months- Gross Margin
- 39.7%
- Operating Margin
- 17.0%
- Net Margin
- 13.6%
- FCF Margin
- 13.9%
- Return on Equity
- 15.2%
Earnings
Trailing 12 months- Net Income
- $1.17B
- EPS (diluted)
- $8.59
- EBITDA
- $1.85B
- Operating Income
- $1.46B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.69B
- Total Debt
- $3.95B
- Net Debt
- $2.25B
- Total Assets
- $13.7B
- Total Liabilities
- $6.04B
- Shareholders' Equity
- $7.64B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.41B
- Capital Expenditure
- $220M
- Free Cash Flow
- $1.19B
Dividends and risk
Last 12 months- Dividend Yield
- 1.0%
- Dividend / Share
- $2.09
- Beta (5Y)
- 1.13
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.2% year over year, at $8.58B.
Note
Net margin of 13.6% over the last 12 months.
Note
Net debt of $2.25B is 1.2× EBITDA, a manageable load.
Note
Free cash flow of $1.19B, 13.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 22, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 13, 2026 · Read the filing on EDGAR
- Revenue rose 4.5% to $8.1 billion and operating earnings rose 13.8%, helped by pricing, acquisitions and a wider gross margin of 39.8%.
- Net earnings fell 59.4% to $1.1 billion, mainly because 2024 included large one-time gains from selling businesses.
- Dover spent $665 million on four acquisitions and $500 million on an accelerated buyback, raising net debt by $567 million.
- Bookings rose 6.0% to $8.1 billion, and management expects favorable demand in 2026, including data center cooling and aerospace.
Business momentum
Improving
“For the year ended December 31, 2025, consolidated revenue was $8.1 billion, an increase of $346.7 million or 4.5%, as compared to the prior year.”
Outlook
Positive
“We expect positive demand trends to continue in 2026 driven by a favorable outlook across major end markets.”
Financial stress
Low
“We generate substantial cash from the operations of our businesses and remain in a strong financial position, with sufficient liquidity available for upcoming debt maturities and for reinvestment in existing businesses and strategic acquisitions.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Wider profit margins from pricing and productivity
“Gross profit margin increased 160 basis points to 39.8% as compared to the prior year”
Orders grew in most segments
“The bookings increase was broad-based across the portfolio, with each segment except Engineered Products posting year-over-year growth.”
Strong cash generation
“For the year ended December 31, 2025, we generated free cash flow of $1.1 billion, representing 13.8% of revenue and 101.9% of earnings from continuing operations.”
Concerns
Net earnings dropped sharply as one-time sale gains ended
“Earnings from continuing operations decreased primarily due to the after-tax gain on dispositions of De-Sta-Co and a minority owned equity method investment totaling $462.4 million in the prior year”
Weak vehicle service demand hurt Engineered Products
“The organic revenue decline was primarily due to lower volumes in our vehicle service business”
Net debt rose after acquisitions, buyback and new notes
“Net debt increased $566.6 million during the period”
New risks since the previous report
Falling behind on artificial intelligence adoption
“our businesses may be adversely affected if we cannot successfully integrate these technologies into our business processes and product and service offerings in a timely and cost-effective manner”
Biggest risks named
- Recession or downturns in Dover's end markets
- Raw material costs, tariffs and supply chain disruption
- Cyberattacks on company systems, products and service providers
- International operations and currency swings
- Acquisition integration and capital allocation missteps
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −0.5 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 10 of 10 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 22, 2026 | Pro | |||
| 10-K | Feb 13, 2026 | 71 | Improving | None | |
| 10-K | Feb 14, 2025 | 65 | Stable | None | |
| 10-K | Feb 9, 2024 | 52 | Weakening | None | |
| 10-K | Feb 10, 2023 | 62 | Improving | None | |
| 10-K | Feb 11, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 58 | Mixed | None | |
| 10-K | Feb 14, 2020 | 65 | Improving | 1 minor | |
| 10-K | Feb 15, 2019 | 56 | Mixed | None | |
| 10-K | Feb 9, 2018 | 75 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 22, 2026. View filings on SEC EDGAR