Industrials · Industrial Machinery & Supplies & Components · US stock · price as of 16 Oct 2026
Key indicators
Price
$195.80
52-week range
$161.67 – $235.79
Market cap
$26.5B
P/E (trailing)
23.6×
EV / EBITDA
15.9×
Free-cash-flow yield
–
Dividend yield
1.1%
Revenue (last 12 months)
$8.4B
Revenue growth (3y a year)
1.0%
Operating margin
16.9%
Return on invested capital
11.3%
Net debt / EBITDA
1.2×
Fair value
Blended fair value$204.09 range $196 – $212
Versus priceFair+4% to fair value
Peer multiples
$222.86
Fundamentals-adjusted multiple
$223.82
10-year DCF (market-scaled)
$165.59
Earnings power value (floor, not blended)
$75.27
Model uncertainty
Medium
X-Ray Score
49/ 100 · Medium confidence · ahead of 42% of sector peers
Valuation60
Growth37
Profitability51
Financial health47
Dividends40
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Dover is a diversified industrial manufacturer that makes equipment, components and software for a range of end markets. Its businesses include fuel dispensers and fueling systems, pumps and process equipment, refrigeration and heat exchange products, and marking and coding equipment for packaging, along with engineered products such as vehicle service equipment. It runs through operating segments each holding several businesses, and its customers include fuel retailers, food and beverage producers, industrial firms and supermarkets.
Revenue comes from the equipment it manufactures and from parts, aftermarket support and consumables. Sales were $8.4 billion over the last twelve months, up 1.0% a year over the last three years. The operating margin is 16.9%, and the business earns a profit of 11% on the capital invested in it. Net debt is 1.2 times EBITDA. A dividend is paid, with a yield of 1.1%.
StocksXray gives DOVER Corp an X-Ray Score of 49 out of 100 (medium confidence), ahead of 42% of the S&P 500 stocks in its sector. Its strongest lens is valuation (60) and its weakest is growth (37).
Our fair value blend is $204.09 (range $196.30 to $211.84). At $195.80 the stock trades 4% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
DOVER Corp (DOV)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$171.26
$129.58
$149.30
$184.15
$193.80
$195.80
Market cap
$24.9B
$18.6B
$21.0B
$25.5B
$26.7B
$26.5B
P/E
22.1×
17.5×
19.9×
9.5×
24.4×
23.6×
EV / revenue
3.5×
3.0×
3.1×
3.5×
3.6×
3.4×
EV / EBITDA
17.6×
14.8×
15.8×
17.5×
16.6×
15.9×
Price / free cash flow
26.3×
31.3×
18.2×
–
–
–
Free-cash-flow yield
3.8%
3.2%
5.5%
–
–
–
Price / book
5.9×
4.3×
4.1×
3.7×
3.6×
3.4×
Dividend yield
1.16%
1.55%
1.36%
1.11%
1.07%
1.06%
Fundamentals checklist ● 2 Good · ● 8 Average · ● 3 Bad · each check graded against the sector
Risk models
Altman Z score6.7×Good
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)2.3%Average
Revenue growth (3y)1.0%Bad
Growth consistency70%Average
Balance sheet
Current ratio2.0×Good
Net debt / EBITDA1.2×Average
Interest cover12.5×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.9%Average
Profitability
Return on invested capital11.3%Bad
Operating margin16.9%Average
Gross profitability24.3%Average
XStocksXray
DOVER Corp (DOV)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,907
7,844
7,684
7,746
8,093
8,421
Gross profit
2,970
2,905
2,868
2,959
3,218
3,333
Operating income
1,282
1,280
1,219
1,206
1,373
1,420
Net income
1,124
1,065
1,057
2,697
1,094
1,135
Diluted EPS ($)
7.74
7.42
7.52
19.45
7.94
8.29
Free cash flow
944
595
1,153
–
–
–
Gross margin
37.6%
37.0%
37.3%
38.2%
39.8%
39.6%
Operating margin
16.2%
16.3%
15.9%
15.6%
17.0%
16.9%
Net margin
14.2%
13.6%
13.8%
34.8%
13.5%
13.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
10,404
10,897
11,349
12,509
13,422
13,694
Cash
386
381
399
1,845
1,677
1,756
Total debt
3,230
5,149
3,460
3,329
4,035
3,942
Equity
4,190
4,286
5,107
6,954
7,405
7,704
Dividend per share ($)
1.99
2.01
2.03
2.05
2.07
2.08
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
1,866
2,050
2,078
2,099
2,054
2,190
Growth vs a year earlier
−0.9%
+5.2%
+4.8%
+8.8%
+10.1%
+6.9%
Net income ($M)
231
279
302
282
238
312
Diluted EPS ($)
1.67
2.02
2.19
–
1.75
2.30
XStocksXray
DOVER Corp (DOV)
Peers in Industrial Machinery & Supplies & Components
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.