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Dover Corporation

DOV
50
Industrial - Machinery · Industrials
Also trades as: 0ICP.L GBP 1.97 (+1.49%)
Price
$199.20
+3.71 (+1.90%)
Market Cap
$26.83B
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 25, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Mixed
6/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Weak
1/5

50 of 100 counted points = Winston Score 50.

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Share count falling — buybacks

−5.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 145.3M (2021) → 138.0M (2025)

§Winston Score History

The full picture

Dover Corporation makes specialized industrial equipment and components used in a wide range of industries. Its products include pumps, valves, refrigeration systems, fuel dispensing equipment, and precision parts. Customers include gas stations, grocery stores, food manufacturers, and industrial companies across many sectors.

Dover earns money by selling this equipment outright and, increasingly, through aftermarket parts and services that customers need to keep their machines running. The company operates globally, with a large portion of revenue coming from North America, and it generates roughly $8 billion in annual revenue. Dover's competitive edge comes from its highly engineered, hard-to-replace products that are deeply embedded in customers' operations, making switching costly. The main risk is that Dover's business is tied to industrial and construction activity, so an economic slowdown can quickly reduce customer spending on new equipment and slow growth.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.5% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+12.7% YoY

Quarterly reporting periods ended:

30 Sept 2025: $2.20

30 Sept 2026: $2.48

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Dover Corporation is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
40.4%
Healthy — 40.4% gross margin
Profit after running costs
Operating Margin
18.8%
Healthy — 18.8% operating margin
Return on the money invested
ROCE
13.4%
Good — 13.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+8.2%
Steady sales growth (+8.2% YoY)
Profit growth
EPS YoY
-47.3%
Earnings shrinking (-47.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
121%
Turns 121% of profit into real cash
Spare cash per sale
FCF Margin
13.8%
Converts sales into free cash efficiently (13.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.43
Conservative — low debt load (0.43)
Covers its interest
Interest Cover
12.65x
Comfortably covers interest (12.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.1x
Growth-priced — P/E 23.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.1 → 15.9)

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Dividends

Dividend
Dividend Yield
1.05%
Small dividend — 1.05% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+1.0%
Dividend flat
Payout Ratio
24%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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