# Dover (DOV)

Sector: Diversified industrial machinery

| Field | Value |
|---|---|
| Price | $212.43 |
| Market cap | $28B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-12 |
| Next earnings | 2027-01-28 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

The market doubts that strong orders in power, energy and biopharma markets can keep lifting growth and margin, and steady shipments of its order backlog through 2027 can lift its value.

## Themes and gap

- Themes: AI supplier (ai-supplier), Tariffs and trade (trade-tariffs)
- Gap type: Can close (closable)
- Why: The Q4 2026 report in January 2027 and its 2027 outlook show whether strong orders turn into sales and margin.

## About

Dover Corporation (Dover) is a diversified manufacturer based in Downers Grove, Illinois. It has five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. It sells equipment, components, consumable supplies, aftermarket parts, software and services. Revenue was $2,234 million in Q3 2026 and $6,477 million for nine months. Dover has about 24,000 employees. Richard Tobin is President and Chief Executive Officer. The common stock trades on the NYSE in US dollars. Dover files 10-K and 10-Q reports.

## Thesis

The price of Dover depends on whether strong orders in a few fast growing markets can lift sales and margin for several quarters. Dover says that growth was led by artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing and space launch. Bookings were $2.3 billion in Q3 2026, 15.5% more than a year before, and they increased in all five segments and outpaced shipments. Food retail refrigeration is improving after Dover finished a footprint consolidation. For the price to hold or rise, four things must be true. Orders must keep exceeding shipments. Organic revenue growth must stay near the 5% to 6% in the guidance for 2026. The food retail plants must keep their better line rates. Bolt-on acquisitions and share repurchases must add to earnings per share. The Q4 2026 report in January 2027 and its 2027 outlook are the next tests. If orders slow, or if tariffs and costs rise faster than prices, the price can fall.

## Checkpoints

- Jan 28, 2027 (estimate): Q4 2026 results and 2027 outlook. Status: Pending. Watch: Adjusted earnings per share for 2026 are in the guided range of $10.60 to $10.75 and the 2027 outlook shows growth with organic revenue near the 2026 pace, and this passes; a miss or a weaker outlook fails.
- Apr 2027 (estimate): Q1 2027 results. Status: Pending. Watch: Bookings stay above shipments in most segments, and this passes; bookings below shipments in most segments fail.

## Balance sheet

- Cash: $1.7B
- Debt: $3.3B
- Net debt: $1.6B
- Debt due within 12 months: $683M

At September 30, 2026, Dover had cash and cash equivalents of $1,693 million, of which about $551 million was outside the United States. Total debt was $3,265 million, of which $2,581 million is long-term debt. Net debt was $1,571 million. Free cash flow was $703 million for nine months, which is 10.9% of revenue. Dover repurchased more than $330 million of its shares in Q3 2026. On November 2, 2026, Dover issued €800 million of notes due 2030, after the date of these figures.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/29905/000002990526000033/dov-20260930.htm
- https://www.sec.gov/Archives/edgar/data/29905/000119312526442782/d253912d8k.htm

## Dividends

- Dividend yield: 1.0% (last 12 months, at the current price)
- Paid per share, last 12 months: $2.085 (4 payments)
- Current annual rate: $2.10 ($0.525 x 4 a year)
- Payout ratio: 26% of the earnings of the last fiscal year (the year ended 2025-12-31)
- Latest ex-dividend date: 2026-08-31, $0.525 per share
- Growth from 2020 to 2025: 1.0% a year
- Growth from 2015 to 2025: 4.6% a year

Dividends per share by year: 2016: $1.3893, 2017: $1.4701, 2018: $1.8096, 2019: $1.94, 2020: $1.97, 2021: $1.99, 2022: $2.01, 2023: $2.03, 2024: $2.05, 2025: $2.07.

Source: company filings and market data, read on 2026-11-13.

## Recent events

- 2026-11-02: Dover completed an offering of €800 million of 4.350% notes due 2030, under its shelf registration statement. Dover reported this in a Form 8-K.
- 2026-10-22: Dover reported Q3 2026 results and filed its Form 10-Q. Revenue rose 8% to $2,234 million, and organic revenue rose 7%. Adjusted earnings per share rose 10% to $2.88. Dover repurchased more than $330 million of its shares in the quarter. It guided 2026 adjusted earnings per share to $10.60 to $10.75.
- 2026-08-18: Dover agreed to buy Leistung Engineering Pvt. Ltd., a maker of cryogenic and diaphragm valves and filtration systems, for preliminary consideration of $40 million.
- 2026-08-12: Dover bought 100% of Cloeren Incorporated, a maker of extrusion head systems for polymers and plastics, for $39.2 million, net of cash acquired.

## Latest news and filings

- Last earnings: 2026-10-22 (8-K: https://www.sec.gov/Archives/edgar/data/29905/000002990526000032/)
- Next earnings: 2027-01-28 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-11-02 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/29905/000119312526442782/d253912d8k.htm |
| 2026-10-22 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | dov-20260930 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000033/dov-20260930.htm |
| 2026-10-22 | 8-K | Earnings release and Investor disclosure |  | dov-20261022 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000032/ |
| 2026-07-23 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | dov-20260630 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000027/dov-20260630.htm |
| 2026-07-23 | 8-K | Earnings release and Investor disclosure |  | dov-20260723 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000026/ |
| 2026-05-12 | 8-K | Shareholder vote results |  |  | https://www.sec.gov/Archives/edgar/data/29905/000119312526219689/d150207d8k.htm |
| 2026-04-23 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | dov-20260331 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000015/dov-20260331.htm |
| 2026-04-23 | 8-K | Earnings release and Investor disclosure |  | dov-20260423 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000014/ |
| 2026-04-08 | 8-K | New material agreement and End of a material agreement |  |  | https://www.sec.gov/Archives/edgar/data/29905/000119312526147940/d111508d8k.htm |
| 2026-02-13 | 10-K | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | dov-20251231 | https://www.sec.gov/Archives/edgar/data/29905/000002990526000009/dov-20251231.htm |

Every filing on SEC EDGAR (CIK 29905): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000029905&type=&dateb=&owner=include&count=40

## Risks

- Medium: Demand can change. Dover lists changes in customer demand and capital spending among its risks, and the fast growth in power, energy and biopharma markets can slow.
- Medium: Trade policy can raise costs. Dover lists tariffs and trade policy among its risks, and it has supply chain and inflation risks in material and freight costs.
- Medium: Food retail is a weaker part of the group. Dover finished a footprint consolidation in food retail in 2026, and the benefit depends on line rates.
- Low: Acquisitions can fail to earn their cost. Dover has made small acquisitions in 2026 and a larger one in 2025, when it bought Sikora AG for $608 million net of cash acquired.

## Links

- Page: https://picks.utilarium.app/company/DOV/
- History of changes: https://picks.utilarium.app/company/DOV/history/
- JSON with full history: https://picks.utilarium.app/data/company/DOV.json

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