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Dover Corporation — Intrinsic Value & Fair Price

DOV
NYSEIndustrialsIndustrial - MachineryCIK 0000029905dovercorporation.comAbout DOV
Last close · Oct 16, 2026195.80+1.71 (+0.88%)
Market cap$26.4B
Model value · DCF · Perpetuity growth · 5y
133.19
Dover closed at $195.80 — overvalued by 47% vs model.
86.65the model's range276.88

DCF · Perpetuity growth · 5y leads for mature & stable — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
32.25 – 298.08
Wall St. target
240.00 18% below
Above model, 1y
13 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
1.06%
Past 2 years
low 0.89%high 1.36%
Dividends per share, a year at a time
$1.99Aug ’21$2.01Aug ’22$2.03Aug ’23$2.05Aug ’24$2.07Aug ’25$2.09TTM
Dividends / free cash flow, FY2025
25.3%
Raised
43+ years in a row
Growth, 5 yrs
1.0% a year
Last change
+1.0% · Aug 2026
Every payment, with ex-dates · latest $0.525, paid Sep 15, 2026

Research on DOV

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How it is valued

Valued asMature & Stable
Revenue declining (~-2% recent)Moderate margins (14% net margin)Pays dividendsHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
24.7×
EV / EBITDA
15.4×
FCF yield
4.2%
Dividend yield, TTM
1.06%
Beta
1.13
Cost of capital (WACC)
8.85%
Full financials

Analyst actions

third-party, quoted
10-15Mizuho Securities · target245.00
09-24Wells Fargo · target229.00
07-24BMO Capital · “Outperform” from “Market Perform”upgrade
07-24RBC Capital · target227.00
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just DOV. No account.

About Dover

Dover Corporation operates as a global enterprise, supplying a wide array of industrial equipment, essential components, consumable products, replacement parts, software and digital platforms, and comprehensive support services. Its Engineered Products division delivers diverse machinery, parts, software, and solutions tailored for various industries, including automotive aftermarket service, waste management, industrial automation, aerospace and defense, heavy-duty winching and hoisting, and fluid dispensing. This segment also manufactures specific items such as manual and power clamps, rotary and linear mechanical indexers, conveyors, robotic pick-and-place units, glove ports, manipulators, and end-of-arm tooling like grippers, slides, and end effectors. The Clean Energy & Fueling segment focuses on providing components, equipment, software, and services crucial for the secure transportation of both traditional and sustainable fuels, along with other hazardous materials, throughout the supply chain. It further supports the operations of convenience retail outlets, fuel stations, and vehicle wash establishments. Through its Imaging and Identification segment, Dover offers solutions for precision marking and coding, intelligent packaging, product traceability, brand protection, and digital textile printing equipment. These offerings, along with associated consumables, software, and services, cater to markets like packaged and consumer goods, pharmaceuticals, industrial manufacturing, and fashion and apparel. The Pumps and Process Solutions segment is responsible for producing specialized pumps, connectors, flow meters, fluid connection systems, plastics and polymer processing machinery, and custom-engineered components for rotating and reciprocating equipment. Finally, the Climate & Sustainability Technologies segment manufactures advanced refrigeration systems, commercial refrigeration display cases, glass doors for refrigerators and freezers, and brazed plate heat exchangers, serving applications in industrial heating and cooling as well as residential climate control. Dover distributes its extensive product portfolio through both direct sales channels and a broad network of distributors. The company was founded in 1947 and maintains its headquarters in Downers Grove, Illinois.

CEO
Richard Joseph Tobin
Headquarters
Downers Grove, IL
Employees
24,000
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.