Upside case
Bull case
$406+78.7%
DOV would need investors to value it at roughly 38x earnings — about 17x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Dover Corporation (DOV) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
28
analysts
18 bullish · 0 bearish · 28 covering DOV
Strong Buy
0
Buy
18
Hold
10
Sell
0
Strong Sell
0
Consensus Target
$237
+4.4% vs today
Scenario Range
$204 – $406
Model bear to bull value window
Coverage
28
Published analyst ratings
Valuation Context
21.3x
Forward P/E · Market cap $30.6B
DOV price targets
Three scenarios for where DOV stock could go
Current
~$227
Confidence
62 / 100
Updated
May 1, 2026
Where we are now
Current · $227
Bear
$204
Base
$325
Bull
$406
Market caseClosest to today
Base case
$325+43.2%
At 31x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$204-10.1%
If investor confidence fades or macro conditions deteriorate, a 2x multiple contraction could push DOV down roughly 10% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Dover Corporation
DOV · NYSEIndustrialsIndustrial - MachineryDecember year-end
Dover Corporation is a diversified industrial manufacturer that produces specialized equipment and components across multiple sectors including engineered products, clean energy, and imaging technologies. It generates revenue through equipment sales (roughly 60%), aftermarket parts and services (about 25%), and consumable supplies (approximately 15%) across its five operating segments. The company's competitive advantage lies in its diversified portfolio of niche industrial businesses—each with strong market positions—and its recurring revenue streams from consumables and aftermarket services.
Market Cap
$30.6B
Revenue TTM
$8.3B
Net Income TTM
$1.1B
Net Margin
13.3%
DOV Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+1.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$2.44/$2.39
Revenue
$2.0B/$2.0B
Q4 2025
EPS
$2.62/$2.51
Revenue
$2.1B/$2.1B
Q1 2026
EPS
$2.51/$2.49
Revenue
$2.1B/$2.1B
Q2 2026
EPS
$2.28/$2.27
Revenue
$2.1B/$2.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $2.44/$2.39 | +2.1% | $2.0B/$2.0B | +0.5% |
| Q4 2025 | $2.62/$2.51 | +4.4% | $2.1B/$2.1B | -1.5% |
| Q1 2026 | $2.51/$2.49 | +0.8% | $2.1B/$2.1B | +0.6% |
| Q2 2026 | $2.28/$2.27 | +0.4% | $2.1B/$2.0B | +2.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$8.6B
+3.9% YoY
FY2
$8.9B
+3.7% YoY
EPS Outlook
FY1
$10.18
+25.6% YoY
FY2
$11.34
+11.3% YoY
Trailing FCF (TTM)$1.1B
FCF Margin: 13.7%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
DOV beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
DOV Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $8.1B
Product Mix
Latest annual revenue by segment or product family
Pumps & Process Solutions Segment
26.5%
+13.4% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
54.4%
+4.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Pumps & Process Solutions Segment is the largest disclosed segment at 26.5% of FY 2025 revenue, up 13.4% YoY.
UNITED STATES is the largest reported region at 54.4%, up 4.7% YoY.
DOV Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $219 — implies -3.2% from today's price.
Premium to Fair Value
3.2%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DOV
28.7x
vs
S&P 500
25.2x
+14% premium
vs Industrials Trailing P/E
DOV
28.7x
vs
Industrials
25.9x
+11% premium
vs DOV 5Y Avg P/E
Today
28.7x
vs
5Y Average
19.3x
+49% premium
Forward PE
21.3x
S&P 500
19.1x
+12%
Industrials
20.8x
+2%
5Y Avg
—
—
Trailing PE
28.7x
S&P 500
25.2x
+14%
Industrials
25.9x
+11%
5Y Avg
19.3x
+49%
PEG Ratio
2.61x
S&P 500
1.75x
+49%
Industrials
1.59x
+64%
5Y Avg
—
—
EV/EBITDA
18.7x
S&P 500
15.3x
+22%
Industrials
13.9x
+34%
5Y Avg
16.8x
+11%
Price/FCF
27.4x
S&P 500
21.3x
+28%
Industrials
20.6x
+33%
5Y Avg
29.8x
-8%
Price/Sales
3.8x
S&P 500
3.1x
+21%
Industrials
1.6x
+138%
5Y Avg
3.1x
+24%
Dividend Yield
0.90%
S&P 500
1.88%
-52%
Industrials
1.24%
-27%
5Y Avg
1.20%
-25%
| Metric | DOV | S&P 500 | Industrials | 5Y Avg DOV |
|---|---|---|---|---|
| Forward PE | 21.3x | 19.1x+12% | 20.8x | — |
| Trailing PE | 28.7x | 25.2x+14% | 25.9x+11% | 19.3x+49% |
| PEG Ratio | 2.61x | 1.75x+49% | 1.59x+64% | — |
| EV/EBITDA | 18.7x | 15.3x+22% | 13.9x+34% | 16.8x+11% |
| Price/FCF | 27.4x | 21.3x+28% | 20.6x+33% | 29.8x |
| Price/Sales | 3.8x | 3.1x+21% | 1.6x+138% | 3.1x+24% |
| Dividend Yield | 0.90% | 1.88% | 1.24% | 1.20% |
DOV trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDOV Financial Health
Verdict
Strong
DOV generates $1.1B in free cash flow at a 13.7% margin — 11.6% ROIC signals a durable competitive advantage · returns 2.7% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$8.3B
Revenue Growth
TTM vs prior year
+7.1%
Gross Margin
Gross profit as a share of revenue
39.5%
Operating Margin
Operating income divided by revenue
16.7%
Net Margin
Net income divided by revenue
13.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$8.11
Free Cash Flow (TTM)
Cash generation after capex
$1.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
13.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.6%
ROA
Return on assets, trailing twelve months
8.2%
Cash & Equivalents
Liquid assets on the balance sheet
$1.7B
Net Debt
Total debt minus cash
$2.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
1.8× FCF
~1.8 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
14.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.7%
Dividend
0.9%
Buyback
1.8%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$541M
Dividend / Share
Annualized trailing dividend per share
$2.05
Payout Ratio
Share of earnings distributed as dividends
25.9%
Shares Outstanding
Current diluted share count
135M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDOV Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Production & Manufacturing Risks
Unforeseen events such as litigation and product recalls could lead to substantial unexpected expenditures, erode operating profit, and damage brand value. The company may face significant cash outflows and management distraction defending lawsuits related to product use, hazardous substances, patent infringement, employment matters, and commercial disputes.
High Risk
Financial & Corporate Risks
Dover’s valuation metrics suggest it may be overvalued, with stock price growth outpacing financial growth. Declining Return on Invested Capital and below‑average dividend growth raise concerns about the sustainability of its valuation, while execution risk from managing a diversified business model adds further uncertainty.
High Risk
Cyclical Industrial Demand
Dover operates across multiple industrial sectors, so weakness in one segment can offset strength in another. The cyclical nature of industrial demand can cause revenue and profitability fluctuations, exposing the company to significant revenue volatility.
Medium
Macroeconomic & Political Factors
Tariffs can directly pressure margins through increased input costs and indirectly through customer caution and delayed orders. Global industrial demand challenges also pose a risk to Dover’s revenue streams.
Medium
Technological & Innovation Risks
While Dover benefits from technological advancements in data center cooling, growth in AI‑infrastructure‑related thermal connectors and liquid cooling products may normalize after a strong run, potentially reducing future revenue growth.
Medium
Sales Execution Challenges
Dover’s strong brand recognition and high‑quality products could be offset by challenges in sales execution or market acceptance, which may limit revenue growth and market share.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DOV Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
High‑Growth, High‑Margin Segments
Dover is expanding in automation, clean energy, and biopharma—sectors with strong demand. Clean Energy & Fueling and Pumps & Process Solutions have delivered robust growth and margin expansion, with Q4 revenue up 8.8% and a slight EPS beat.
Strategic Acquisitions & Operational Efficiency
The company is pursuing targeted acquisitions and divestitures while driving cost efficiency and productivity gains. These initiatives have already contributed to segment margin expansion and improved profit predictability.
Robust Market Capitalization & Growth Capacity
With a market cap of approximately $28.85 billion, Dover has the financial stability to fund new growth opportunities and support its expansion strategy.
Product Innovation & New Certifications
Dover Fueling Solutions launched the ProGauge DMP MagRF wireless fuel probe, and the OPW unit earned CARB certification for a new fuel valve. The Advansor division introduced the SteelXL Heat Pump, a large‑capacity CO2 heat pump for industrial and commercial use.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DOV Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$227.18
52W Range Position
87%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$158.97
+42.9% from the low
52-Week High
$237.54
-4.4% from the high
1 Month
+9.49%
3 Month
+1.57%
YTD
+16.1%
1 Year
+33.1%
3Y CAGR
+16.4%
5Y CAGR
+8.3%
10Y CAGR
+16.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DOV vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
21.3x
vs 29.1x median
-27% below peer median
Revenue Growth
+3.9%
vs +2.5% median
+52% above peer median
Net Margin
13.3%
vs 16.6% median
-20% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DOV DOV Dover Corporation | $30.6B | 21.3x | +3.9% | 13.3% | Buy | +4.4% |
ITW ITW Illinois Tool Works Inc. | $75.1B | 23.1x | +1.8% | 19.3% | Hold | +5.0% |
EMR EMR Emerson Electric Co. | $83.2B | 22.8x | +3.8% | 13.3% | Buy | +9.5% |
PH PH Parker-Hannifin Corporation | $113.9B | 29.1x | +2.5% | 16.6% | Buy | +15.4% |
ROK ROK Rockwell Automation, Inc. | $51.6B | 37.8x | +1.5% | 12.4% | Hold | -5.0% |
AME AME AMETEK, Inc. | $55.3B | 29.9x | +6.6% | 20.1% | Buy | +1.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
DOV Dividend and Capital Return
DOV returns capital mainly through $541M/year in buybacks (1.8% buyback yield), with a modest 0.90% dividend — combining for 2.7% total shareholder yield. The dividend has grown for 41 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
2.7%
Dividend + buyback return per year
Buyback Yield
1.8%
Dividend Yield
0.90%
Payout Ratio
25.9%
How DOV Splits Its Return
Div 0.90%
Buyback 1.8%
Dividend 0.90%Buybacks 1.8%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.05
Growth Streak
Consecutive years of dividend increases
41Y
3Y Div CAGR
1.0%
5Y Div CAGR
1.0%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$541M
Estimated Shares Retired
2M
Approx. Share Reduction
1.8%
Shares Outstanding
Current diluted share count from the screening snapshot
135M
At 1.8%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.52 | — | — | — |
| 2025 | $2.07 | +1.0% | 2.0% | 3.1% |
| 2024 | $2.05 | +1.0% | 1.9% | 3.0% |
| 2023 | $2.03 | +1.0% | 0.1% | 1.4% |
| 2022 | $2.01 | +1.0% | 3.0% | 4.5% |
FAQ
7 questionsDOV Investor Questions
Common questions answered from live analyst data and company financials.
01Is Dover Corporation (DOV) stock a buy or sell in 2026?
Dover Corporation (DOV) is rated Buy by Wall Street analysts as of 2026. Of 28 analysts covering the stock, 18 rate it Buy or Strong Buy, 10 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $237, implying +4.4% from the current price of $227. The bear case scenario is $204 and the bull case is $406.
02What is the DOV stock price target for 2026?
The Wall Street consensus price target for DOV is $237 based on 28 analyst estimates. The high-end target is $279 (+22.8% from today), and the low-end target is $195 (-14.2%). The base case model target is $325.
03Is Dover Corporation (DOV) stock overvalued in 2026?
DOV trades at 21.3x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Dover Corporation (DOV) stock in 2026?
The primary risks for DOV in 2026 are: (1) Production & Manufacturing Risks — Unforeseen events such as litigation and product recalls could lead to substantial unexpected expenditures, erode operating profit, and damage brand value. (2) Financial & Corporate Risks — Dover’s valuation metrics suggest it may be overvalued, with stock price growth outpacing financial growth. (3) Cyclical Industrial Demand — Dover operates across multiple industrial sectors, so weakness in one segment can offset strength in another. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Dover Corporation's revenue and earnings forecast?
Analyst consensus estimates DOV will report consensus revenue of $8.6B (+3.9% year-over-year) and EPS of $10.18 (+25.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $8.9B in revenue.
06When does Dover Corporation (DOV) report its next earnings?
A confirmed upcoming earnings date for DOV is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Dover Corporation generate?
Dover Corporation (DOV) generated $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 13.7%. DOV returns capital to shareholders through dividends (0.9% yield) and share repurchases ($541M TTM).