Latest Ratios: P/E Ratio 23.9x · EV/EBITDA 15.7x · ROE 15.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.5B | $26.9B | $26.0B | $21.6B | $19.4B | $26.4B | $18.4B | $16.9B | $10.8B | $12.9B | $9.5B |
| Enterprise Value | $27.6B | $29.1B | $27.3B | $24.9B | $23.0B | $29.3B | $21.1B | $19.8B | $13.6B | $15.7B | $12.7B |
| P/E Ratio → | 23.87 | 24.65 | 9.65 | 20.45 | 18.25 | 23.46 | 26.86 | 25.00 | 18.92 | 15.83 | 18.61 |
| P/S Ratio | 3.15 | 3.33 | 3.36 | 2.81 | 2.48 | 3.34 | 2.75 | 2.37 | 1.54 | 1.89 | 1.57 |
| P/B Ratio | 3.52 | 3.64 | 3.74 | 4.23 | 4.54 | 6.30 | 5.42 | 5.59 | 3.90 | 2.93 | 2.49 |
| P/FCF | 22.78 | 24.11 | 44.80 | 18.91 | 33.25 | 27.93 | 19.55 | 22.34 | 17.46 | 19.32 | 13.60 |
| P/OCF | 19.03 | 20.14 | 34.77 | 16.18 | 24.13 | 23.64 | 16.61 | 17.92 | 13.68 | 15.39 | 10.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.53 | 3.24 | 2.93 | 3.71 | 3.16 | 2.77 | 1.94 | 2.30 | 2.11 |
| EV / EBITDA | 15.72 | 16.57 | 17.70 | 16.34 | 14.57 | 18.64 | 17.44 | 15.86 | 12.05 | 14.38 | 13.30 |
| EV / EBIT | 20.07 | 19.58 | 14.47 | 19.86 | 17.56 | 19.44 | 22.16 | 20.41 | 15.84 | 15.35 | 15.53 |
| EV / FCF | — | 25.99 | 47.05 | 21.78 | 39.25 | 31.02 | 22.50 | 26.08 | 21.94 | 23.55 | 18.29 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.8% | 39.8% | 38.2% | 37.3% | 37.0% | 37.6% | 37.0% | 36.7% | 36.6% | 37.1% | 36.9% |
| Operating Margin | 17.0% | 17.0% | 15.6% | 15.9% | 16.3% | 16.2% | 14.0% | 13.7% | 12.1% | 11.8% | 11.7% |
| Net Profit Margin | 13.5% | 13.5% | 34.8% | 13.8% | 13.6% | 14.2% | 10.2% | 9.5% | 8.2% | 11.9% | 8.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 44.7% | 22.5% | 25.1% | 29.7% | 21.3% | 23.4% | 15.9% | 19.8% | 13.7% |
| ROA | 8.4% | 8.4% | 22.6% | 9.5% | 10.0% | 11.5% | 7.7% | 8.0% | 6.0% | 7.8% | 5.4% |
| ROIC | 11.6% | 11.6% | 10.9% | 11.3% | 12.9% | 14.5% | 11.6% | 12.8% | 9.9% | 8.5% | 8.1% |
| ROCE | 12.9% | 12.9% | 12.5% | 14.3% | 15.7% | 16.7% | 13.2% | 14.5% | 11.3% | 9.8% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.45 | 0.72 | 0.91 | 0.79 | 0.97 | 1.07 | 1.14 | 0.81 | 0.95 |
| Debt / EBITDA | 2.16 | 2.16 | 2.04 | 2.41 | 2.47 | 2.10 | 2.72 | 2.59 | 2.81 | 3.27 | 3.78 |
| Net Debt / Equity | — | 0.28 | 0.19 | 0.64 | 0.82 | 0.70 | 0.82 | 0.94 | 1.00 | 0.64 | 0.86 |
| Net Debt / EBITDA | 1.20 | 1.20 | 0.85 | 2.15 | 2.23 | 1.86 | 2.29 | 2.27 | 2.46 | 2.58 | 3.41 |
| Debt / FCF | — | 1.88 | 2.25 | 2.87 | 6.00 | 3.09 | 2.96 | 3.74 | 4.48 | 4.23 | 4.70 |
| Interest Coverage | 13.52 | 13.52 | 14.39 | 9.55 | 11.22 | 14.18 | 8.52 | 7.70 | 6.54 | 7.04 | 6.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.79 | 1.79 | 2.04 | 1.40 | 1.23 | 1.36 | 1.37 | 1.46 | 1.37 | 1.21 | 1.33 |
| Quick Ratio | 1.28 | 1.28 | 1.52 | 0.90 | 0.74 | 0.83 | 0.93 | 1.00 | 0.96 | 0.92 | 0.89 |
| Cash Ratio | 0.67 | 0.67 | 0.84 | 0.17 | 0.14 | 0.17 | 0.27 | 0.23 | 0.22 | 0.33 | 0.18 |
| Asset Turnover | — | 0.60 | 0.62 | 0.68 | 0.72 | 0.76 | 0.73 | 0.82 | 0.84 | 0.64 | 0.60 |
| Inventory Turnover | 3.83 | 3.83 | 4.18 | 3.93 | 3.61 | 4.15 | 5.04 | 5.60 | 5.92 | 6.34 | 4.38 |
| Days Sales Outstanding | — | 61.85 | 63.81 | 68.02 | 71.10 | 62.73 | 62.10 | 62.25 | 64.31 | 63.33 | 76.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.1% | 1.1% | 1.3% | 1.5% | 1.1% | 1.5% | 1.7% | 2.6% | 2.2% | 2.8% |
| Payout Ratio | 25.9% | 25.9% | 10.5% | 26.9% | 27.0% | 25.5% | 41.6% | 41.6% | 49.7% | 35.0% | 52.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.1% | 10.4% | 4.9% | 5.5% | 4.3% | 3.7% | 4.0% | 5.3% | 6.3% | 5.4% |
| FCF Yield | 4.4% | 4.1% | 2.2% | 5.3% | 3.0% | 3.6% | 5.1% | 4.5% | 5.7% | 5.2% | 7.4% |
| Buyback Yield | 2.1% | 2.0% | 1.9% | 0.1% | 3.0% | 0.1% | 0.6% | 0.8% | 8.3% | 0.8% | 0.0% |
| Total Shareholder Yield | 3.2% | 3.1% | 3.0% | 1.4% | 4.5% | 1.2% | 2.1% | 2.5% | 10.9% | 3.0% | 2.8% |
| Shares Outstanding | — | $138M | $139M | $141M | $144M | $145M | $145M | $147M | $152M | $158M | $157M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DOV stock.
Dover Corporation's current P/E ratio is 23.9x. The historical average is 14.7x. This places it at the 90th percentile of its historical range.
Dover Corporation's current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Dover Corporation's return on equity (ROE) is 15.2%. The historical average is 19.7%.
Based on historical data, Dover Corporation is trading at a P/E of 23.9x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dover Corporation's current dividend yield is 1.08% with a payout ratio of 25.9%.
Dover Corporation has 39.8% gross margin and 17.0% operating margin. Operating margin between 10-20% is typical for established companies.
Dover Corporation's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical industrial demand exposure
Metrics are mathematically derived from official filings.
Margin Expansion at Cycle High
Gross margin reached 40.2% in 2026Q2, the highest in the observed period, up 30 bps year-over-year, reflecting favorable mix and pricing power in high-margin segments like Imaging and Pumps, as per recent financial statements.
Operating margin expanded to 17.9% in 2026Q2 from 17.3% a year earlier, demonstrating positive operating leverage as SG&A grew slower than revenue. Net margin of 14.3% is near the upper end of the trailing range, though 2024Q4's 74.4% was distorted by a one-time gain. The sustainability of these margins hinges on the mix shift toward recurring consumables and software, which appears to be progressing.
ROIC Recovery Masked by Quarterly Noise
ROIC improved to 3.2% in 2026Q2 from 2.3% in 2024Q1, but remains below the 29.0% ROIC of peer ITW, as reported in quarterly data, suggesting structural differences in capital intensity and acquisition strategy.
Quarterly ROIC figures are distorted by the timing of acquisitions and seasonal working capital swings; the trailing trend shows gradual improvement from the cyclical trough. ROE of 4.1% in 2026Q2 is depressed by the one-time gain in 2024Q4 that inflated equity, but the underlying earnings power appears to be recovering. Investors should focus on the multi-year trajectory rather than single-quarter readings, as the company's bolt-on M&A model inherently depresses reported ROIC in the near term.
Working Capital Drag Persists
Cash conversion cycle held at 92 days in 2026Q2, with DSO at 62 days and DIO at 97 days, indicating persistent working capital intensity, as per quarterly financial data, which may limit cash flow growth.
The CCC has remained stubbornly in the low-90s over the past ten quarters, with DIO consistently near 95 days, suggesting inventory management is a key area for potential improvement. DPO of 67 days provides some offset, but the company appears to be funding its working capital needs internally. This efficiency metric is a drag on free cash flow conversion, which at 8.6% in 2026Q2 remains below the peer average of 13.9%.
Leverage Declines to Multi-Year Low
Debt-to-equity fell to 0.42 in 2026Q2 from 0.77 in 2024Q1, while interest coverage improved to 13.48, indicating reduced leverage and enhanced financial flexibility, as per balance sheet data.
Total debt decreased from $3.9B to $3.3B over the period, and the D/EBITDA ratio of 8.32 in 2026Q2 is elevated but reflects the trailing twelve-month EBITDA calculation; the trend is downward from 11.73 in 2024Q1. The low leverage provides ample headroom for bolt-on acquisitions, but investors should monitor whether management deploys this capacity prudently, especially in the Clean Energy space where overpayment risk exists.
Liquidity Buffer Strengthens to Multi-Year High
Current ratio improved to 1.98 in 2026Q2 from 1.31 in 2024Q1, with cash rising to $1.8B, providing a robust buffer against operational shocks, as reported in Dover's quarterly balance sheet data.
The quick ratio of 1.41 indicates that even without inventory, the company can cover short-term obligations, a significant improvement from 0.89 in 2024Q1. This liquidity cushion appears to be a deliberate choice, possibly to fund future M&A or to weather cyclical downturns. The strong liquidity position suggests that near-term solvency risk is minimal, though it may also indicate an under-levered balance sheet that could be optimized for shareholder returns.
Misapplied ROIC in M&A-Driven Model
ROIC is the most commonly misapplied ratio for Dover, as its bolt-on acquisition strategy and goodwill amortization distort the metric, obscuring the true returns on organic capital, according to financial statement analysis.
Reported ROIC of 3.2% in 2026Q2 understates the economic returns of Dover's high-margin consumables and software businesses, which generate significant recurring revenue with minimal incremental capital. The frequent acquisitions inflate the invested capital base without immediately contributing to earnings, depressing ROIC in the near term. Investors should instead evaluate ROIC on a segment basis, focusing on the Imaging & Identification and Pumps & Process Solutions segments, which likely generate returns well above the corporate average, and adjust for acquisition-related amortization to assess organic capital efficiency.