Reading the tape
NYSE: DOV
Dover Corporation
Industrials · Industrial - Machinery
Market Cap
$29.60B
52w High
$237.54
52w Low
$158.97
P/E
26.94
Volume
554.36K
Outstanding Shares
134.66M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inHigh confidence
1Y Price: 25.85%Revenue (TTM): 7.14%FCF (TTM): 100.59%P/FCF: 78th pct
What changed
The stock rose 25.85% over the last year. Revenue grew 7.14% over the trailing twelve months. Operating margin moved from 16.15% to 16.7%. Free cash flow grew 100.59% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (78th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 16.7% — continued expansion would be needed to justify the premium. Revenue growth of 7.14% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide.
CEORichard Joseph Tobin
SectorIndustrials
IndustryIndustrial - Machinery
Employees24,000
IPO dateMar 17, 1980
Valuation
Forward P/E—
EV/EBITDA15.51
Enterprise value$28.9B
Stock splits
May 9, 2018↑ Forward
Every 500 shares became 619
Mar 3, 2014↑ Forward
Every 200 shares became 241
Dec 16, 1997↑ Forward
Every 1 shares became 2
Sep 18, 1995↑ Forward
Every 1 shares became 2
Sep 26, 1988↑ Forward
Every 1 shares became 2
Sep 28, 1981↑ Forward
Every 1 shares became 2
Oct 29, 1979↑ Forward
Every 1 shares became 2
Sep 23, 1976↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth10.05%
Gross margin39.5%▲4.11%vs FY2024
Operating margin16.7%▲8.97%vs FY2024
ROE14.77%▼61.91%vs FY2024
Analyst consensus
RatingBuy
Target price$237.08▲7.85%
18
Buy
10
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 23, 2026
Q3 FY26 · EPS est $2.72 · Revenue est $2.21B
View
Dividends
$2.08/shareQuarterlyDividend Aristocrat · 42yrSafeDOV pays a dividend with a 0.94% dividend yield, 42 consecutive years of growth, growing at 0.99% annually, covered 3.9× by free cash flow.
Dividend Yield
0.94%
Annual Div / Share
$2.08
5yr CAGR
+0.99%
Doubles every ~70.2yr
Payout Ratio
25.6%
Safe
Dividend Growth Rate
3yr CAGR
+0.98%
5yr CAGR
+0.99%
10yr CAGR
+4.46%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$2.08+1.0%
2024$2.06+1.0%
2023$2.04+1.0%
2022$2.02+1.0%
2021$2.00+1.0%
2020$1.98+1.3%
2019$1.95+2.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$9/yr
$1/mo
In 5 yrs
$10/yr+5%
$1/mo
In 10 yrs
$10/yr+10%
$1/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$9/yr $1/mo | $10/yr+5% $1/mo | $10/yr+10% $1/mo |
Yield-on-cost grows from 0.94% → 1.04% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
DOV has raised its dividend for 42 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 3.9× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
No strong risk signal stands out from the latest period pair.