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Dover Corporation
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Latest analysis
Updated Jul 23, 2026
Dover raises FY2026 EPS guidance as book-to-bill hits 1.06 across all five segments, led by liquid cooling and cryogenic infrastructure demand.
Dover delivered 7% all-in revenue growth in Q2 2026 with book-to-bill at 1.06 across all five segments — a breadth that Tobin characterized as historically rare — driven by secular growth markets now representing approximately 25% of 2026 revenue, up from 20% at Q1 end. Adjusted EBITDA margin expanded 80 basis points to 25.9% with incremental margins of 38%, well above the 25% posted in Q1, as operational leverage across four segments more than offset a refrigeration segment throughput shortfall tied to a facility consolidation that cost roughly 1.0-1.5% of consolidated organic growth. Management raised full-year adjusted EPS guidance and expressed confidence in demand durability into 2027 across heat exchangers, aerospace and defense components, single-use biopharma, CO2 refrigeration, and cryogenic infrastructure for data centers and space launch.
Tone: bullishRevenue
$8.1B
DOV 10-K · FY 2025
Employees
24,000
Revenue growth YoY
+4.5%
EBITDA margin
25.9%
Profile
DOV 10-K Item 1 · Feb 13, 2026Dover Corporation is a diversified global manufacturer and solutions provider operating across five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The company serves industrial and business-to-business end markets with equipment, components, consumable supplies, aftermarket parts, software, and support services. Dover was incorporated in Delaware in 1947 and employs approximately 24,000 people worldwide.
Read filing description ↓ Collapse description ↑
Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Dover was incorporated in 1947 in the State of Delaware and became a publicly traded company in 1955. Dover is headquartered in Downers Grove, Illinois and currently employs approximately 24,000 people worldwide. Dover's five segments are structured around businesses with similar business models, go-to-market strategies, product categories, and manufacturing practices. The Engineered Products segment provides equipment, components, software, solutions and services to vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering, and fluid dispensing end-markets. The Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe storage, transport, dispensing, and remote monitoring of traditional and clean fuels, cryogenic gases, and other hazardous substances. The Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, consumables, software and services. The Pumps & Process Solutions segment manufactures specialty pumps, flow meters, fluid transfer connectors, engineered precision components, instruments and digital controls. The Climate & Sustainability Technologies segment provides innovative and energy-efficient equipment, components, solutions, services and parts for commercial refrigeration, heating and cooling, and beverage can-making equipment end-markets. Recurring demand, which includes parts, consumables, services and software, represents approximately 40% of total revenue.
Primary products
- vehicle lifts and wheel service equipment
- vehicle diagnostics and collision repair solutions
- industrial winches, hoists, bearings, drives, and electric monitoring systems
- radio frequency and microwave filters and switches
- signals intelligence and integrated solutions
- bench top soldering and fluid dispensing solutions
Business segments
End markets
Geographies
Named customers
We serve thousands of customers, none of which accounted for more than 10% of our consolidated revenue in 2025.
Named competitors
“In general, most of our businesses are market leaders that compete with only a few companies, and the key competitive factors are customer service, product quality, price and innovation.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased $346.7 million, or 4.5%, to $8.1 billion in 2025 versus 2024, driven by acquisition-related growth of 2.6%, organic revenue growth of 1.6%, and a favorable foreign currency translation impact of 1.0%, partially offset by a disposition-related decline of 0.7%.
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