DOVER Corp
$209.95
+0.48 (+0.23%) · delayed · Nov 13, 2026
Five-year price
52w $177.87 to $237.54
- Market cap
- $27.9B
- Enterprise value
- $29.6B
- P/E
- 26.4×
- 18.0× on 3y avg EPS
- EV / EBIT
- 21.5×
- FCF yield
- 4.0%
- ROIC
- 12.1%
- Debt / equity
- 0.45
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 13.3%
- ●ROE > 15% (5y avg)5y avg ROE 25.2%
- ●Stable operating marginsMargin volatility 0.5% (σ, 5y)
- ○Earnings convert to cashFCF / net income 77% (5y avg)
- ●Growing revenueRevenue CAGR 5y 3.9%
- ●Shrinking share countDiluted shares -5.2% over 5y
Value
0
- ○P/E below 15P/E 26.4
- ○EV/EBIT below 12EV/EBIT 21.5
- ○FCF yield above 6%FCF yield 4.0%
- ○Price below Graham NumberGraham Number $99.73
- ○P/B below 3P/B 3.8
Safety
100
- ●Debt / equity below 0.5D/E 0.45
- ●Debt payable in < 4 yrs of earningsNet debt $1.7B
- ●Interest coverage > 8xCoverage 12.5x
- ●Current ratio > 1.5Current ratio 1.79
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $8.1B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.79
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 187%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 18.0
- ○P/E × P/B ≤ 22.5Product 68.0
Valuation lab
What do you have to believe?
At $209.95, the market is pricing in about 9.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.7B · 133M shares · 5y revenue CAGR 3.9%
Intrinsic value
$135.95
Price
$209.95
Premium paid
54%
What the price implies
The market is paying for 9.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
56% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,043 | 6,821 | 6,992 | 7,136 | 6,684 | 7,907 | 7,844 | 7,684 | 7,746 | 8,093 |
| Gross profit | 2,228 | 2,529 | 2,560 | 2,621 | 2,474 | 2,970 | 2,905 | 2,868 | 2,959 | 3,218 |
| Operating income | 709 | 807 | 843 | 975 | 933 | 1,282 | 1,280 | 1,219 | 1,206 | 1,373 |
| Operating margin | 11.7% | 11.8% | 12.1% | 13.7% | 14.0% | 16.2% | 16.3% | 15.9% | 15.6% | 17.0% |
| Pre-tax income | 685 | 876 | 725 | 843 | 842 | 1,401 | 1,190 | 1,123 | 1,757 | 1,374 |
| Income tax | 183 | 129 | 134 | 165 | 158 | 277 | 200 | 179 | 357 | 277 |
| Net income | 509 | 812 | 570 | 678 | 683 | 1,124 | 1,065 | 1,057 | 2,697 | 1,094 |
| EPS (diluted) | 3.25 | 5.15 | 3.75 | 4.61 | 4.70 | 7.74 | 7.42 | 7.52 | 19.45 | 7.94 |
| Diluted shares | 157 | 158 | 152 | 147 | 145 | 145 | 144 | 141 | 139 | 138 |
Who owns it