Dover Corporation

Dover Corporation is an industrial manufacturer that supplies equipment, components, parts, consumable supplies, software and services to other businesses. Based in Downers Grove, Illinois, it reported about 24,000 employees and $8.1 billion of revenue for fiscal 2025, which ended December 31, 2025.

None of Dover's five segments, or business divisions, dominates. Pumps & Process Solutions (26.6% of fiscal 2025 revenue) makes specialty pumps, flow meters, fluid connectors and plastics-processing machinery for markets such as biopharmaceuticals and chemicals. Clean Energy & Fueling (26.3%) makes gear to store, move and dispense fuels, including hydrogen, plus systems for fuel stations and vehicle washes. Climate & Sustainability Technologies (19.3%) makes commercial refrigeration, heating and cooling equipment and beverage can-making machines. Imaging & Identification (14.5%) supplies equipment that prints codes on packaged goods and medicines, plus the consumables it uses. Engineered Products (13.4%) serves vehicle service, aerospace and defense, and industrial winch markets.

Dover's businesses follow two main models. Many make small but critical parts inside a customer's larger system, where switching suppliers is costly. Others make complex machines that need a steady flow of parts, consumables, software and service over their lives. Dover says this recurring demand is about 40% of revenue. The United States produced 54.4% of fiscal 2025 revenue, Europe 21.9% and Asia 11.1%.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.23B, up 7.5% from a year earlier, and net income was $333.3M (+10.4%).
• For fiscal 2025, revenue was $8.09B (+4.5% year over year; +1.0% a year from FY2022 to FY2025) with a 13.5% net margin.

• Over FY2021–FY2025: $1.65B in buybacks and $1.42B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +1.0% a year over 5 years (FY2020–FY2025).
• Dividends took 25.9% of earnings and 25.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -7.7% from Feb 1, 2022 to Oct 16, 2026.

Rank among 1514 US companies

Market value at each year end

Dover’s market value went from $18.19B at the end of 2020 to $28.72B on Nov 2, 2026, up 58%; since the end of 2025 it is up 7%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($20.0M).

Large shareholders (13G filings)

ETFs with the most weight in DOV

1. Nearly half of revenue comes from abroad. About 46% of revenue came from outside the United States in both 2025 and 2024. Tariffs, sanctions, export controls and political instability can raise costs or block sales, and a stronger dollar shrinks foreign results.
2. Acquisitions and disposals may not pay off. Dover grows partly by acquiring companies and actively reshapes its portfolio. Deals that disappoint can hurt growth and profits, and the protections in purchase and sale contracts may not fully cover unexpected liabilities.
3. Costlier materials or unreliable suppliers. Sharp increases in the cost of raw materials or components, or suppliers that miss Dover's quality and delivery requirements, could cost it customers and reduce revenue, profits and cash flow.
4. Rivals and new technology could erode sales. Domestic and international competitors, including new entrants, compete on products, service and price. Dover also depends on developing new products and digital tools on time and on customers adopting them.
5. Industrial slowdowns can cut orders. Dover's results have swung with the economy before. A downturn in its markets could reduce sales, force write-downs of acquired businesses' value (goodwill impairments) and bring restructuring costs such as job cuts and plant consolidations.
6. Labor shortages and union disputes. Dover has union bargaining units in the US and labor agreements abroad, so strikes are possible. Competition for skilled workers near its plants is often intense, which can push up wages and overtime.

• Nov 2, 2026 Other company announcement
• Oct 22, 2026 Quarterly results released; Investor presentation or announcement
• Jul 23, 2026 Quarterly results released; Investor presentation or announcement
• May 12, 2026 Shareholder vote results
• Apr 23, 2026 Quarterly results released; Investor presentation or announcement
• Apr 8, 2026 Major agreement signed; Major agreement ended; New debt or financial obligation
• Jan 29, 2026 Quarterly results released; Investor presentation or announcement
• Nov 12, 2025 Other company announcement

Dover pays a modest, steady dividend. Dividends per share rose every year from fiscal 2016 to fiscal 2025, at least nine straight increases, and the streak may be longer. The raises are small: from $1.97 in fiscal 2020 to $2.07 in fiscal 2025, about 1% a year. In fiscal 2025 the dividend took about 26% of earnings and 25% of free cash flow (cash left after capital spending). The yield was 1% as of October 28, 2026. Buybacks (share repurchases) are bigger but lumpier: $1.65 billion over fiscal 2021–2025, with none in fiscal 2023, versus $1.42 billion of dividends. The share count fell 7.7% from February 2022 to October 2026.

In the 2022 market downturn, the shares fell 35.6% from their January 2022 peak to a September 30, 2022 low. They took about 17 months from that low to regain the old high, in March 2024. Single stocks like Dover carry more risk than diversified funds.