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Dover

NYSE:DOV
Snowflake Description

Established dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DOV
NYSE
$14B
Market Cap
  1. Home
  2. US
  3. Capital Goods
Company description

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The last earnings update was 1 day ago. More info.


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DOV Share Price and Events
7 Day Returns
-1.9%
NYSE:DOV
-0.1%
US Machinery
-0.3%
US Market
1 Year Returns
22.3%
NYSE:DOV
2.8%
US Machinery
3.9%
US Market
DOV Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dover (DOV) -1.9% 1.2% 0.3% 22.3% 37.7% 10.8%
US Machinery -0.1% 0.9% -3.8% 2.8% 44.9% 27.9%
US Market -0.3% 2.3% 2.3% 3.9% 36.7% 41.8%
1 Year Return vs Industry and Market
  • DOV outperformed the Machinery industry which returned 2.8% over the past year.
  • DOV outperformed the Market in United States of America which returned 3.9% over the past year.
Price Volatility
DOV
Industry
5yr Volatility vs Market

Value

 Is Dover undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dover to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dover.

NYSE:DOV Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DOV
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.08
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.081 (1 + (1- 21%) (24.34%))
1.194
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.19
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.194 * 5.96%)
9.84%

Discounted Cash Flow Calculation for NYSE:DOV using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Dover is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:DOV DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.84%)
2020 875.60 Analyst x5 797.13
2021 885.00 Analyst x2 733.48
2022 881.00 Analyst x1 664.73
2023 911.00 Analyst x1 625.76
2024 925.80 Est @ 1.63% 578.94
2025 943.92 Est @ 1.96% 537.36
2026 964.58 Est @ 2.19% 499.91
2027 987.25 Est @ 2.35% 465.81
2028 1,011.59 Est @ 2.46% 434.51
2029 1,037.32 Est @ 2.54% 405.64
Present value of next 10 years cash flows $5,743.27
NYSE:DOV DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $1,037.32 × (1 + 2.73%) ÷ (9.84% – 2.73%)
$14,978.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $14,978.84 ÷ (1 + 9.84%)10
$5,857.37
NYSE:DOV Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,743.27 + $5,857.37
$11,600.63
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $11,600.63 / 145.44
$79.76
NYSE:DOV Discount to Share Price
Calculation Result
Value per share (USD) From above. $79.76
Current discount Discount to share price of $98.12
= -1 x ($98.12 - $79.76) / $79.76
-23%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Dover is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dover's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dover's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DOV PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $4.24
NYSE:DOV Share Price ** NYSE (2019-07-19) in USD $98.12
United States of America Machinery Industry PE Ratio Median Figure of 98 Publicly-Listed Machinery Companies 20.94x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.92x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dover.

NYSE:DOV PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DOV Share Price ÷ EPS (both in USD)

= 98.12 ÷ 4.24

23.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dover is overvalued based on earnings compared to the US Machinery industry average.
  • Dover is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Dover's expected growth come at a high price?
Raw Data
NYSE:DOV PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
6.5%per year
United States of America Machinery Industry PEG Ratio Median Figure of 79 Publicly-Listed Machinery Companies 1.53x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:DOV PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.13x ÷ 6.5%

3.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dover is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Dover's assets?
Raw Data
NYSE:DOV PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $20.32
NYSE:DOV Share Price * NYSE (2019-07-19) in USD $98.12
United States of America Machinery Industry PB Ratio Median Figure of 126 Publicly-Listed Machinery Companies 2.25x
United States of America Market PB Ratio Median Figure of 5,248 Publicly-Listed Companies 1.8x
NYSE:DOV PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DOV Share Price ÷ Book Value per Share (both in USD)

= 98.12 ÷ 20.32

4.83x

* Primary Listing of Dover.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dover is overvalued based on assets compared to the US Machinery industry average.
X
Value checks
We assess Dover's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Dover has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dover expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dover expected to grow at an attractive rate?
  • Dover's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Dover's earnings growth is positive but not above the United States of America market average.
  • Dover's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DOV Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DOV Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 6.5%
NYSE:DOV Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 2.8%
United States of America Machinery Industry Earnings Growth Rate Market Cap Weighted Average 10.5%
United States of America Machinery Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DOV Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DOV Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,090 1,105 868 1
2022-12-31 7,854 1,070 820 1
2021-12-31 7,600 1,071 797 4
2020-12-31 7,473 1,069 779 14
2019-12-31 7,219 945 687 14
NYSE:DOV Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 7,092 838 619
2019-03-31 7,079 788 587
2018-12-31 6,992 799 591
2018-09-30 6,936 758 723
2018-06-30 6,936 791 725
2018-03-31 6,875 792 701
2017-12-31 6,821 836 747
2017-09-30 6,846 801 618
2017-06-30 6,806 759 589
2017-03-31 6,755 807 565
2016-12-31 6,043 863 502
2016-09-30 6,711 867 484

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dover's earnings are expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
  • Dover's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DOV Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Dover Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DOV Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 5.43 5.80 5.16 7.00
2019-12-31 4.69 4.74 4.60 6.00
NYSE:DOV Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 4.24
2019-03-31 3.98
2018-12-31 3.94
2018-09-30 4.75
2018-06-30 4.69
2018-03-31 4.51
2017-12-31 4.80
2017-09-30 3.97
2017-06-30 3.79
2017-03-31 3.63
2016-12-31 3.23
2016-09-30 3.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Dover is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Dover's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dover has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dover performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dover's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dover's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Dover's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Dover's 1-year earnings growth is negative, it can't be compared to the US Machinery industry average.
Earnings and Revenue History
Dover's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dover Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DOV Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 7,091.82 619.07 1,606.71
2019-03-31 7,079.20 587.44 1,642.63
2018-12-31 6,992.12 591.15 1,669.06
2018-09-30 6,935.70 722.82 1,689.17
2018-06-30 6,936.07 724.97 1,690.70
2018-03-31 6,875.35 700.99 1,687.32
2017-12-31 6,820.89 746.66 1,677.96
2017-09-30 6,846.32 618.18 1,699.32
2017-06-30 6,806.31 588.81 1,708.02
2017-03-31 6,755.28 564.62 1,720.98
2016-12-31 6,043.22 502.13 1,501.31
2016-09-30 6,710.98 484.30 1,688.74
2016-06-30 6,790.80 540.70 1,660.79
2016-03-31 6,863.08 578.05 1,630.30
2015-12-31 6,956.31 595.88 1,613.37
2015-09-30 7,239.66 631.14 1,645.64
2015-06-30 7,461.65 670.34 1,682.34
2015-03-31 7,665.66 725.29 1,717.35
2014-12-31 7,752.73 778.14 1,733.65
2014-09-30 7,293.28 752.33 1,650.14
2014-06-30 7,223.91 752.88 1,634.23
2014-03-31 7,193.69 800.36 1,632.00
2013-12-31 7,155.10 797.53 1,617.53
2013-09-30 7,650.43 859.73 1,724.87
2013-06-30 7,807.82 866.83 1,765.34
2013-03-31 7,913.70 813.92 1,789.33
2012-12-31 6,626.65 650.08 1,510.69
2012-09-30 7,514.01 760.65 1,704.55

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Dover has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Dover used its assets more efficiently than the US Machinery industry average last year based on Return on Assets.
  • Dover has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dover's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dover has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dover's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dover's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dover is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Dover's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Dover's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dover Company Filings, last reported 2 weeks ago.

NYSE:DOV Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 2,955.27 3,304.19 321.33
2019-03-31 2,837.45 3,287.22 243.01
2018-12-31 2,768.67 3,163.98 396.22
2018-09-30 2,747.93 3,280.58 209.28
2018-06-30 2,840.59 3,259.57 242.81
2018-03-31 4,445.62 3,458.25 367.22
2017-12-31 4,383.18 3,567.80 753.96
2017-09-30 4,275.69 3,469.14 322.04
2017-06-30 4,072.43 3,532.44 301.59
2017-03-31 3,953.42 3,636.39 415.53
2016-12-31 3,799.75 3,621.19 349.15
2016-09-30 3,788.90 3,127.74 514.76
2016-06-30 3,713.74 2,951.22 255.14
2016-03-31 3,698.13 3,016.50 243.72
2015-12-31 3,644.58 2,754.78 362.19
2015-09-30 3,566.30 2,686.25 662.67
2015-06-30 3,592.48 2,607.01 595.17
2015-03-31 3,579.11 2,843.38 538.49
2014-12-31 3,700.73 3,031.00 681.58
2014-09-30 3,921.94 2,723.32 706.23
2014-06-30 3,896.63 2,647.09 547.39
2014-03-31 3,748.08 2,679.43 486.04
2013-12-31 5,377.40 2,828.48 803.88
2013-09-30 5,284.43 2,862.29 739.82
2013-06-30 4,980.87 2,855.59 605.95
2013-03-31 4,761.78 2,892.12 571.36
2012-12-31 4,919.23 2,800.12 800.08
2012-09-30 5,212.67 2,195.30 794.10
  • Dover's level of debt (112.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (67.9% vs 112.1% today).
  • Debt is well covered by operating cash flow (25.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.3x coverage).
X
Financial health checks
We assess Dover's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dover has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dover's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.96%
Current annual income from Dover dividends. Estimated to be 2.13% next year.
If you bought $2,000 of Dover shares you are expected to receive $39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dover's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Dover's dividend is below the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DOV Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Machinery Industry Average Dividend Yield Market Cap Weighted Average of 75 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DOV Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.20 1.00
2022-12-31 2.14 1.00
2021-12-31 2.25 4.00
2020-12-31 2.10 8.00
2019-12-31 1.98 8.00
NYSE:DOV Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-03 1.920 1.990
2019-02-15 1.920 2.048
2018-11-01 1.920 2.384
2018-08-02 1.920 2.262
2018-05-04 1.880 2.426
2018-02-09 1.880 1.930
2018-01-30 1.880 1.854
2017-08-04 1.880 2.001
2017-05-05 1.760 2.141
2017-02-10 1.760 2.215
2016-11-04 1.760 2.339
2016-08-05 1.760 2.494
2016-05-05 1.680 2.441
2016-02-11 1.680 2.641
2015-11-05 1.680 2.783
2015-08-06 1.680 2.751
2015-05-07 1.600 2.270
2015-02-12 1.600 2.214
2014-11-06 1.600 2.171
2014-08-07 1.600 1.944
2014-05-01 1.500 1.707
2014-02-13 1.500 1.789
2013-11-07 1.500 1.643
2013-08-01 1.500 1.688
2013-05-02 1.400 1.781
2013-02-14 1.400 1.946
2013-01-24 1.400 2.001
2012-10-17 1.400 2.218
2012-07-18 1.260 2.211
2012-02-09 1.260 2.134
2011-11-04 1.260 2.182
2011-08-04 1.260 2.399
2011-05-06 1.100 1.714
2011-02-10 1.100 1.683
2010-11-04 1.100 1.893
2010-08-05 1.100 2.189
2010-05-06 1.040 2.291
2010-02-11 1.040 2.195
2009-11-05 1.040 2.456
2009-08-06 1.040 2.808
2009-05-08 1.000 3.010
2009-02-12 1.000 3.608
2008-11-06 1.000 3.332
2008-08-07 1.000 2.576

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Dover's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess Dover's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dover afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dover has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dover's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rich Tobin
COMPENSATION $28,409,767
AGE 58
TENURE AS CEO 1.2 years
CEO Bio

Mr. Richard Joseph Tobin, also known as Rich, is President and Chief Executive Officer at Dover Corporation since May 01, 2018. He was the Chief Executive Officer of CNH Industrial N.V. since January 2012 until April 27, 2018. Mr. Tobin has been a Member of Board of Directors of Dover Corporation of Downers Grove Illinois since August 4, 2016. Mr. Tobin has a broad range of industry and functional experiences acquired through regional and global leadership positions of significant responsibility and scope. Mr. Tobin served as Brand President of Case Construction Equipment & New Holland Construction Equipment since April 2014 until September 2016. Mr. Tobin served as the President of Construction Equipment Products Segment at CNH Industrial N.V. since 2013 until September 2016. He served as the Chief Executive Officer and President of CNH Global N.V. at Case IH from January 1, 2012 to 2013 and served as its Chief Financial Officer from March 8, 2010 to December 31, 2011. He served as the Chief Operating Officer of NAFTA Region at CNH Industrial N.V. He served as the Chief Operating Officer of CNH Industrial N.V. He served as Group Chief Operating Officer at Fiat Industrial S.p.A. He served as the Chief Information Technology Officer and Member of Operations Council at SGS SA (SGS Group of Geneva, Switzerland) and served as its Chief Finance Officer and Head of Information Technology from 2004 to 2010. He served as Chief Operating Officer for North America of SGS Group from 2002 to 2004. He joined Alusuisse-Lonza SA in Zurich, Switzerland in 1995 and served as its General Manager and Vice President from 1995 to 2001. He joined SGS in the mid-year 2002. He was an Officer in the United States Army from 1985 to 1989. He has more than 30 years of experience in International Finance and Management that he acquired through regional and global leadership positions of growing responsibility and scope. He started his professional career as an International Marketing Executive at GTE Corp., Stamford Connecticut from 1989 to 1996 and also served as its Vice President of International Marketing from 1989 to 2001. In 1996, he joined Alu-Suisse-Lonza group in Zurich as Business General Manager. He served as a Business General Manager at Alcan Aluminum in Montreal Canada from 2001 to 2002. He served as Vice Chairman at Turk Traktor ve Ziraat Makineleri Anonim Sirketi. He was an Executive Director of CNH Industrial N.V. since November 23, 2012 until April 27, 2018. He has been a Director at CNH Capital LLC since January 1, 2012 and CNH Global N.V. since April 3, 2012. He was a Director of CNH Industrial Capital LLC since January 1, 2012 until April 27, 2018. He served on the U.S. Chamber of Commerce Board of Directors and is a member of the Business Roundtable. Mr. Tobin holds a Bachelor of Arts from Norwich University and Masters of Business Administration degree from Drexel University.

CEO Compensation
  • Rich's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Rich's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Dover management team in years:

7.1
Average Tenure
58
Average Age
  • The average tenure for the Dover management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rich Tobin

TITLE
President
COMPENSATION
$28M
AGE
58
TENURE
1.2 yrs

Brad Cerepak

TITLE
Senior VP & CFO
COMPENSATION
$3M
AGE
60
TENURE
8.2 yrs

Ivonne Cabrera

TITLE
Senior VP
COMPENSATION
$2M
AGE
52
TENURE
6.5 yrs

Jay Kloosterboer

TITLE
Senior Vice President of Human Resources
COMPENSATION
$2M
AGE
58
TENURE
8.2 yrs

Bill Spurgeon

TITLE
CEO & President of Dover Fluids
COMPENSATION
$2M
AGE
60

Ryan Paulson

TITLE
Principal Accounting Officer
TENURE
0.2 yrs

Paul Goldberg

TITLE
Vice President of Investor Relations
AGE
55
TENURE
7.7 yrs

Adrian Sakowicz

TITLE
Vice President of Communications
AGE
61
TENURE
8.5 yrs

Andrey Galiuk

TITLE
Vice President of Corporate Development & Investor Relations

Russell Toney

TITLE
Senior Vice President of Global Sourcing
AGE
49
TENURE
4.4 yrs
Board of Directors Tenure

Average tenure and age of the Dover board of directors in years:

3.7
Average Tenure
62
Average Age
  • The tenure for the Dover board of directors is about average.
Board of Directors

Mike Johnston

TITLE
Independent Chairman
COMPENSATION
$400K
AGE
71
TENURE
3.2 yrs

Rich Tobin

TITLE
President
COMPENSATION
$28M
AGE
58
TENURE
2.9 yrs

Stephen Todd

TITLE
Independent Director
COMPENSATION
$261K
AGE
70
TENURE
8.7 yrs

Stephen Wagner

TITLE
Independent Director
COMPENSATION
$260K
AGE
71
TENURE
8.7 yrs

Keith Wandell

TITLE
Independent Director
COMPENSATION
$257K
AGE
69
TENURE
3.7 yrs

Eric Spiegel

TITLE
Independent Director
COMPENSATION
$257K
AGE
61
TENURE
2.4 yrs

Kristiane Graham

TITLE
Independent Director
COMPENSATION
$250K
AGE
61
TENURE
20.5 yrs

Mary Winston

TITLE
Independent Director
COMPENSATION
$257K
AGE
57
TENURE
14.5 yrs

H. Gilbertson

TITLE
Independent Director
COMPENSATION
$114K
AGE
62
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Mar 19 Sell Anthony Kosinski Individual 28. Feb 19 28. Feb 19 -4,241 $90.53 $-383,922
27. Feb 19 Sell Carrie Anderson Individual 26. Feb 19 26. Feb 19 -9,038 $92.03 $-831,029
12. Feb 19 Sell Ivonne Cabrera Individual 12. Feb 19 12. Feb 19 -7,272 $88.23 $-641,609
08. Feb 19 Sell William Spurgeon Individual 07. Feb 19 07. Feb 19 -13,102 $87.19 $-1,142,378
05. Feb 19 Sell Jay Kloosterboer Individual 05. Feb 19 05. Feb 19 -12,363 $87.53 $-1,082,142
25. Oct 18 Sell Mary Winston Individual 23. Oct 18 23. Oct 18 -2,000 $82.29 $-164,580
08. Aug 18 Sell Kristiane Graham Individual 06. Aug 18 06. Aug 18 -50,000 $82.75 $-4,137,500
X
Management checks
We assess Dover's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dover has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Are Dover Corporation (NYSE:DOV) Investors Paying Above The Intrinsic Value?

Today we will run through one way of estimating the intrinsic value of Dover Corporation (NYSE:DOV) by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF ($, Millions) $875.2m $883.5m $880.0m $911.0m $925.9m $944.1m $964.9m $987.6m $1.0b $1.0b Growth Rate Estimate Source Analyst x5 Analyst x2 Analyst x1 Analyst x1 Est @ 1.64% Est @ 1.97% Est @ 2.2% Est @ 2.36% Est @ 2.47% Est @ 2.55% Present Value ($, Millions) Discounted @ 9.85% $796.7 $732.2 $663.9 $625.7 $578.9 $537.3 $499.9 $465.8 $434.5 $405.6 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= $5.7b After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = US$1.0b × (1 + 2.7%) ÷ (9.8% – 2.7%) = US$15b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = $US$15b ÷ ( 1 + 9.8%)10 = $5.85b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is $11.59b.

Simply Wall St -

Dover (NYSE:DOV) Has A Pretty Healthy Balance Sheet

Either way, since Dover does have more debt than cash, it's worth keeping an eye on its balance sheet. … This free cash flow puts the company in a good position to pay down debt, when appropriate. … Our View Dover's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper.

Simply Wall St -

Should We Worry About Dover Corporation's (NYSE:DOV) P/E Ratio?

Dover has a price to earnings ratio of 24.6, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Dover: P/E of 24.6 = $97.95 ÷ $3.98 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … The Bottom Line On Dover's P/E Ratio Dover trades on a P/E ratio of 24.6, which is above the US market average of 17.7.

Simply Wall St -

Should We Worry About Dover Corporation's (NYSE:DOV) P/E Ratio?

View our latest analysis for Dover How Do I Calculate Dover's Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Dover: P/E of 24.6 = $97.95 ÷ $3.98 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … The Verdict On Dover's P/E Ratio Dover trades on a P/E ratio of 24.6, which is above the US market average of 17.7.

Simply Wall St -

The Dover (NYSE:DOV) Share Price Has Gained 38% And Shareholders Are Hoping For More

This EPS growth is lower than the 11% average annual increase in the share price. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. … As it happens, Dover's TSR for the last 3 years was 84%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Do Institutions Own Dover Corporation (NYSE:DOV) Shares?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … See our latest analysis for Dover NYSE:DOV Ownership Summary, June 2nd 2019 What Does The Institutional Ownership Tell Us About Dover? … Insider Ownership Of Dover While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Are Insiders Selling Dover Corporation (NYSE:DOV) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Dover Corporation (NYSE:DOV). … See our latest analysis for Dover The Last 12 Months Of Insider Transactions At Dover In the last twelve months, the biggest single sale by an insider was when the Independent Director, Kristiane Graham, sold US$4.1m worth of shares at a price of US$82.75 per share. … Dover Insiders Are Selling The Stock The last quarter saw substantial insider selling of Dover shares.

Simply Wall St -

Three Things You Should Check Before Buying Dover Corporation (NYSE:DOV) For Its Dividend

Dividend paying stocks like Dover Corporation (NYSE:DOV) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. … The company also bought back stock equivalent to around 6.3% of market capitalisation this year.

Simply Wall St -

A Close Look At Dover Corporation’s (NYSE:DOV) 14% ROCE

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Is Dover Corporation's (NYSE:DOV) ROE Of 21% Impressive?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.21 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Company Info

Description

Dover Corporation provides equipment and components, specialty systems, consumable supplies, software and digital solutions, and support services worldwide. The company operates through three segments: Engineered Systems, Fluids, and Refrigeration & Food Equipment. The Engineered Systems segment offers precision marking and coding, digital textile printing, soldering and dispensing equipment, and related consumables and services; and automation components, including manual and power clamps, rotary and linear mechanical indexers, conveyors, pick and place units, glove ports, and manipulators, as well as end-of-arm robotic grippers, slides, and end effectors for fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions, and industrials end markets. The Fluids segment handles fluids across the retail fueling, chemical, hygienic, oil and gas, and industrial markets. This segment also manufactures pumps that are used to transfer liquid and bulk products in various markets, including refined fuels, liquefied petroleum gas, food/sanitary, transportation, and chemical process industries; pumps and connectors for use in various bio-processing, medical, and specialty applications; and pumps, filtration systems, pelletizing equipment, compressors, and bearings for use in the chemical, polymer, power generation, oil and gas, industrial, and marine industries. The Refrigeration & Food Equipment segment manufactures refrigeration systems, refrigeration display cases, specialty glass, commercial glass refrigerator and freezer doors, and brazed heat exchangers for industrial and climate control; and electrical distribution products and engineering services, commercial food service equipment, wash systems, cook-chill production systems, custom food storage and preparation products, kitchen ventilation systems, conveyer systems, and beverage can-making machinery. The company was founded in 1947 and is headquartered in Downers Grove, Illinois.

Details
Name: Dover Corporation
DOV
Exchange: NYSE
Founded: 1947
$14,270,353,501
145,437,765
Website: http://www.dovercorporation.com
Address: Dover Corporation
3005 Highland Parkway,
Downers Grove,
Illinois, 60515,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DOV Common Stock New York Stock Exchange US USD 02. Jan 1968
DB DOV Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
LSE 0ICP Common Stock London Stock Exchange GB USD 02. Jan 1968
Number of employees
Current staff
Staff numbers
24,000
Dover employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 23:37
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/07/18
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.