Stock Analysis Report

Executive Summary

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide.


Trading at 22.2% below its fair value

Earnings are forecast to grow 8.85% per year

Earnings grew by 14.7% over the past year

Pays a high and reliable dividend of 2.29%

Risk Analysis

Has a high level of debt

Highly volatile share price over past 3 months

Significant insider selling over the past 3 months

Snowflake Analysis

Solid track record established dividend payer.

Similar Companies

Share Price & News

How has Dover's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: DOV's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




US Machinery


US Market

1 Year Return




US Machinery


US Market

Return vs Industry: DOV exceeded the US Machinery industry which returned -22.1% over the past year.

Return vs Market: DOV matched the US Market which returned -10.4% over the past year.

Shareholder returns

7 Day4.3%7.2%5.3%
30 Day-21.8%-19.0%-13.6%
90 Day-28.1%-29.4%-19.8%
1 Year-10.7%-12.5%-20.1%-22.4%-8.9%-10.7%
3 Year39.1%4.8%0.4%-6.9%15.5%8.0%
5 Year64.0%17.6%21.8%6.4%35.2%20.4%

Price Volatility Vs. Market

How volatile is Dover's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Dover undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: DOV ($85.64) is trading below our estimate of fair value ($110.11)

Significantly Below Fair Value: DOV is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: DOV is poor value based on its PE Ratio (18.3x) compared to the Machinery industry average (15.6x).

PE vs Market: DOV is poor value based on its PE Ratio (18.3x) compared to the US market (13.1x).

Price to Earnings Growth Ratio

PEG Ratio: DOV is poor value based on its PEG Ratio (2.1x)

Price to Book Ratio

PB vs Industry: DOV is overvalued based on its PB Ratio (4.1x) compared to the US Machinery industry average (1.6x).

Next Steps

Future Growth

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


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOV's forecast earnings growth (8.9% per year) is above the savings rate (1.7%).

Earnings vs Market: DOV's earnings (8.9% per year) are forecast to grow slower than the US market (12.2% per year).

High Growth Earnings: DOV's earnings are forecast to grow, but not significantly.

Revenue vs Market: DOV's revenue (1.6% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: DOV's revenue (1.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DOV's Return on Equity is forecast to be high in 3 years time (26%)

Next Steps

Past Performance

How has Dover performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DOV has high quality earnings.

Growing Profit Margin: DOV's current net profit margins (9.5%) are higher than last year (8.5%).

Past Earnings Growth Analysis

Earnings Trend: DOV's earnings have grown by 0.3% per year over the past 5 years.

Accelerating Growth: DOV's earnings growth over the past year (14.7%) exceeds its 5-year average (0.3% per year).

Earnings vs Industry: DOV earnings growth over the past year (14.7%) exceeded the Machinery industry -2%.

Return on Equity

High ROE: Whilst DOV's Return on Equity (22.35%) is high, this metric is skewed due to their high level of debt.

Next Steps

Financial Health

How is Dover's financial position?

Financial Position Analysis

Short Term Liabilities: DOV's short term assets ($2.5B) exceed its short term liabilities ($1.7B).

Long Term Liabilities: DOV's short term assets ($2.5B) do not cover its long term liabilities ($3.9B).

Debt to Equity History and Analysis

Debt Level: DOV's debt to equity ratio (101.2%) is considered high.

Reducing Debt: DOV's debt to equity ratio has increased from 81.9% to 101.2% over the past 5 years.

Debt Coverage: DOV's debt is well covered by operating cash flow (30.8%).

Interest Coverage: DOV's interest payments on its debt are well covered by EBIT (8.7x coverage).

Balance Sheet

Inventory Level: DOV has a high level of physical assets or inventory.

Debt Coverage by Assets: DOV's debt is not covered by short term assets (assets are 0.8x debt).

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: DOV's dividend (2.29%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: DOV's dividend (2.29%) is low compared to the top 25% of dividend payers in the US market (5.4%).

Stability and Growth of Payments

Stable Dividend: DOV's dividends per share have been stable in the past 10 years.

Growing Dividend: DOV's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.6%), DOV's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: DOV's dividends in 3 years are forecast to be well covered by earnings (31% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Rich Tobin (58yo)





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  ...

CEO Compensation Analysis

Compensation vs Market: Rich's total compensation ($USD28.02M) is above average for companies of similar size in the US market ($USD11.74M).

Compensation vs Earnings: Rich's compensation has increased by more than 20% in the past year.

Leadership Team

Richard Tobin
President1.92yrsUS$28.02m0.044% $5.4m
Brad Cerepak
Senior VP & CFO8.92yrsUS$3.33m0.056% $6.8m
Ivonne Cabrera
Senior VP7.25yrsUS$1.85m0.011% $1.4m
David Malinas
Senior Vice President of Operations0.75yrno data0.00041% $49.6k
Ryan Paulson
Principal Accounting Officer0.92yrno data0.00071% $85.9k
Paul Goldberg
Vice President of Investor Relations8.42yrsno datano data
Adrian Sakowicz
Vice President of Communications9.25yrsno datano data
Andrey Galiuk
Vice President of Corporate Development & Investor Relationsno datano datano data
Kimberly Bors
Senior Vice President of Human Resources0.25yrno data0.00035% $42.3k
Russell Toney
Senior Vice President of Global Sourcing5.17yrsno datano data


Average Tenure


Average Age

Experienced Management: DOV's management team is seasoned and experienced (5 years average tenure).

Board Members

Richard Tobin
President1.92yrsUS$28.02m0.044% $5.4m
Michael Johnston
Independent Chairman3.92yrsUS$399.97k0.0028% $336.2k
Keith Wandell
Independent Director4.42yrsUS$257.48k0.0044% $532.2k
Kristiane Graham
Independent Director21.25yrsUS$249.98k0.34% $41.0m
Mary Winston
Independent Director15.25yrsUS$257.48k0.011% $1.3m
Eric Spiegel
Independent Director3.17yrsUS$257.48k0.0039% $476.5k
Stephen Todd
Independent Director9.42yrsUS$261.23k0.0055% $670.0k
Stephen Wagner
Independent Director9.42yrsUS$259.98k0.0028% $333.8k
H. Gilbertson
Independent Director1.67yrsUS$114.13k0.0013% $152.4k


Average Tenure


Average Age

Experienced Board: DOV's board of directors are considered experienced (4.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: DOV insiders have sold more shares than they have bought in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Dover Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Dover Corporation
  • Ticker: DOV
  • Exchange: NYSE
  • Founded: 1947
  • Industry: Industrial Machinery
  • Sector: Capital Goods
  • Market Cap: US$12.094b
  • Shares outstanding: 144.08m
  • Website: https://www.dovercorporation.com

Number of Employees


  • Dover Corporation
  • 3005 Highland Parkway
  • Downers Grove
  • Illinois
  • 60515
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DOVNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1968
0ICPLSE (London Stock Exchange)YesCommon StockGBUSDJan 1968
DOVDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1968
DOVBRSE (Berne Stock Exchange)YesCommon StockCHCHFJan 1968
D1OV34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COMBRBRLJan 2020


Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The Engineered Products segment provides aftermarket vehicle services, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, bearings, drives, electric monitoring, and fluid dispensing systems. This segment also offers 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 and slides and end effectors. The Fueling Solutions segment transports fuels and other hazardous fluids, as well as operates retail fueling and vehicle wash establishments. The Imaging and Identification segment provides precision marking and coding; product traceability; and digital textile printing equipment, as well as related consumables. The Pumps and Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, and highly engineered components for rotating and reciprocating machines. This segment also manufactures pumps that are used to transfer liquid and bulk products in various markets, including plastics and polymers processing, chemicals production, food/sanitary, biopharma, medical, transportation, petroleum refining, power generation and general industrial applications. The Refrigeration & Food Equipment segment manufactures refrigeration systems, refrigeration display cases, commercial glass refrigerators and freezer doors, and brazed heat exchangers for industrial heating and cooling, and residential climate control applications; and commercial food service equipment and can-shaping machinery. The company sells its products directly and through a network of distributors. Dover Corporation was incorporated in 1947 and is headquartered in Downers Grove, Illinois. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 07:00
End of Day Share Price2020/03/31 00:00
Annual Earnings2019/12/31

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.