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Dover

DOV on NYSE. Dover sells equipment, components and parts to industrial and vehicle markets. Market value $25.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
4.6%fair

For every $100 of what the whole company costs, it produced $4.55 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
19.7×full

You pay 19.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
11.8%five-year median

Each dollar kept in the business earns 12 cents a year. Above 10 is good.

Quality score: 91 of 100. Price score: 68 of 100. Our list needs 70 on quality and 60 on price.

$191.88 a share, 21% above its 1-year low

Over the past year the price has ranged from $158.97 to $237.54.

Dividend: 1.1% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.9
0.6
1.2
0.9
1.1
1.2
2021202220232024202512 monthsto Jun '26
Revenue
$7.9bn$7.8bn$7.7bn$7.7bn$8.1bn
Operating margin
16.2%16.3%15.9%15.6%17.0%
Debt to equity
0.730.860.680.480.55
Shares outstanding
0.14bn0.14bn0.14bn0.14bn0.13bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.55× equity
  • Revenue growth, five yearsSlow, 3.9% a year
  • Buying back its own sharesYes, 4% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.2 billion last quarter, up 7% on a year ago.
  • Profit: $312 million, up 12% on a year ago.
  • It keeps 17 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
  • Spare cash over the past 12 months: $1.2 billion, up from $961 million.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $2.2 billion more than cash, about the same as a year ago.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.0bn
December 2024Not reported
March 2025$1.9bn
June 2025$2.0bn
September 2025$2.1bn
December 2025$2.1bn
March 2026$2.1bn
June 2026$2.2bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$347m
December 2024$1.4bn
March 2025$231m
June 2025$279m
September 2025$302m
December 2025$282m
March 2026$238m
June 2026$312m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
22 October 2026
Last annual report (10-K)
13 February 2026
Next quarterly (estimated, 10-Q)
22 October 2026

Who owns it

8 long-term investors we follow own it, down from 9 last quarter. 1,164 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $20m.

  • Tobin Richard J
    Chairman, President & CEO
    Sold
    Date
    19 February 2026
    Shares
    76,997
    Price
    $232.70
    Value
    $18m
  • Cabrera Ivonne M
    SVP, General Counsel & Secr.
    Sold
    Date
    17 February 2026
    Shares
    4,000
    Price
    $233.23
    Value
    $932,920
  • Juneja Girish
    Senior VP & CDO
    Sold
    Date
    11 February 2026
    Shares
    1,500
    Price
    $230.77
    Value
    $346,155
  • Cabrera Ivonne M
    SVP, General Counsel & Secr.
    Sold
    Date
    4 December 2025
    Shares
    2,630
    Price
    $190.80
    Value
    $501,804
  • Woenker Christopher B.
    Senior VP & CFO
    Sold
    Date
    28 November 2025
    Shares
    1,627
    Price
    $186.05
    Value
    $302,703

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • • Increasing product, service and price competition by international and domestic competitors, including new entrants, and our inability to introduce new and competitive products could cause our businesses to generate lower revenue, operating profits and cash flows.

    Could happen
    Our competitive environment is complex because of the wide diversity of the products that our businesses manufacture and the markets they serve. In general, most of our businesses compete with only a few companies. Our ability to compete effectively depends on how successfully we anticipate and respond to various competitive factors, including new products, digital solutions and support services that may be introduced by competitors, changes in customer preferences, evolving regulations, new business models and technologies and pricing pressures. Emerging and evolving technologies such as artificial intelligence, our use of which we expect to increase over time, are rapidly developing, and our businesses may be adversely affected if we cannot successfully integrate these technologies into our business processes and product and service offerings in a timely and cost-effective manner. Further, if our businesses are unable to anticipate their competitors' developments or identify customer needs and preferences on a timely basis, successfully introduce new products, digital solutions and support services in response to such competitive factors, or adopt to market changes relating to climate change related policies, they could lose customers to competitors. If our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.