Dover Corporation (DOV) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Dover Corporation

Updated on October 23, 2026 · accounts published on October 22, 2026

A steady industrial with record margins and strong cash conversion

Dover trades at a P/E of 24.3 over the last 12 months, 6 % below its sector median of 25.8 and in line with its ten-year median of 23.1.

• Is Dover expensive or cheap? Dover's P/E of 24.3 sits 6 % below its sector median of 25.8 and just 5 % above its own ten-year median.
• How is the business doing? Dover's operating margin reached 17 % in fiscal 2025, the highest in 12 years and above its 14 % average since 2014.
• How strong is the balance sheet? Net debt was just 1.1× EBITDA in fiscal 2025, and Dover has raised its dividend for 11 consecutive years.
• What to expect from the next earnings? Analysts expect EPS of $2.81 when Dover reports on February 4, 2027; it beat estimates in 7 of the last 8 quarters.
• Does Dover turn its margin into cash, and at what multiple of the cycle does it trade? Free cash flow equalled 102 % of net income in fiscal 2025, above the 85 % that counts as healthy for industrials.

Is Dover expensive or cheap?

Over the last 12 months Dover trades at a P/E of 24.3, close to its decade median of 23.1 and inside a ten-year range that ran from 9.6 to 38.6. It has traded at a lower P/E than today 61 % of the time over that decade, so the stock is neither stretched nor discounted against its own history. Against 297 sector peers with a median P/E of 25.8, it looks modestly cheaper. EV/EBITDA of 15.1× is slightly below its seven-year average of 15.3×, and the free cash flow yield is 3.9 %. The shares are 11 % below their 52-week high of $233.31, after rising 16 % over the last 12 months.

How is the business doing?

Revenue grew 4.5 % over the last 12 months, in line with the 4.9 % yearly growth in revenue per share from 2020 to 2025 and short of the 6 % considered healthy for an industrial. Profitability is the stronger side: a 17 % operating margin and a 14 % net margin over the last 12 months, against a 14 % average operating margin for 2014-2025. ROIC of 9.9 % beats the sector median of 8.9 % but misses the 15 % bar for the sector, and it topped 10 % in only 6 of the last 10 fiscal years. The 59 % fall in EPS over the last 12 months is the figure to watch.

How strong is the balance sheet?

Net debt came to $16.12 per share in fiscal 2025, equal to 8 % of the current share price and 1.1× EBITDA, far under the 3× limit considered healthy for industrials. Debt to equity of 0.43 and a current ratio of 1.95 over the last 12 months point to comfortable liquidity, and an Altman Z of 5.3 sits well inside the safe zone above 2.99. The dividend yields 1.0 % and took only 26 % of fiscal 2025 profit, a low payout that gives the streak of 11 consecutive annual increases plenty of room. A Piotroski score of 6 of 9 is sound, one point short of high quality.

What to expect from the next earnings?

On October 22, 2026 Dover reported EPS of $2.88 against $2.85 expected, a 1.1 % beat that extends its record of beating estimates in 7 of the last 8 quarters. For the next quarter the consensus is $2.81. Expectations for 2026 have barely moved: the EPS consensus went from $10.69 to $10.67 over the last 30 days across 11 analysts, and the revenue estimate is also steady. Of 28 analysts covering the stock, 19 rate it a buy, 9 a hold and none a sell. With estimates this stable, the February 4, 2027 report will be judged mainly on whether margins hold near record levels.

Does Dover turn its margin into cash, and at what multiple of the cycle does it trade?

Industrials are semi-cyclical, so a single year of earnings can mislead; what matters is operating margin, cash conversion and multiples measured across the cycle. Dover clears most of those tests: a 17 % operating margin in fiscal 2025 against a healthy threshold of 12 %, and free cash flow at 102 % of net income. Capex was only 2.7 % of revenue in fiscal 2025, below the 4 % to 8 % range typical for the sector, a low level that supports cash flow today but deserves watching. On the cycle, the P/E of 24.3 is within 10 % of its 10-year average of 22.6, and EV/EBITDA of 15.1× sits near its seven-year average of 15.3×.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.