Dover Corporation (DOV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33.9%

$141.96

vs $214.86 price

Levered DCF

$79.85

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.48

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.5×	9.58×	20.35×	18.13×	23.25×	26.64×	24.68×	18.67×
P/B	3.62×	3.72×	4.21×	4.51×	6.24×	5.37×	5.52×	3.84×
P/S	3.31×	3.34×	2.8×	2.46×	3.31×	2.72×	2.35×	1.52×
EV / EBITDA	15.51×	12.2×	15.77×	14.14×	16.17×	17.01×	15.77×	11.77×
Gross margin	39.8%	38.2%	37.3%	37.0%	37.6%	37.0%	36.7%	36.6%
Operating margin	17.0%	15.6%	15.9%	16.3%	16.2%	14.0%	13.7%	12.1%
Net margin	13.5%	34.8%	13.8%	13.6%	14.2%	10.2%	9.5%	8.2%
Current ratio	1.79×	2.04×	1.4×	1.23×	1.36×	1.37×	1.46×	1.37×
Debt / equity	0.51×	0.45×	0.72×	0.91×	0.79×	0.97×	1.07×	1.14×
Interest coverage	12.51×	9.2×	9.29×	10.99×	12.05×	8.33×	7.75×	6.44×
Dividend yield	1.1%	1.1%	1.3%	1.5%	1.1%	1.6%	1.7%	2.7%
Payout ratio	25.9%	10.5%	26.9%	27.0%	25.5%	41.6%	41.6%	49.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.8%	38.8%	20.7%	24.9%	26.8%	20.2%	22.4%	20.6%
Return on invested capital	9.4%	8.9%	10.8%	12.0%	12.4%	10.4%	11.1%	10.2%
Return on assets	8.2%	21.6%	9.3%	9.8%	10.8%	7.5%	7.8%	6.8%
Free cash flow yield	4.2%	2.2%	5.3%	3.0%	3.6%	5.2%	4.5%	5.8%
Earnings yield	4.1%	10.4%	4.9%	5.5%	4.3%	3.8%	4.1%	5.4%
Enterprise value	$28.9B	$27.1B	$24.8B	$22.8B	$29.1B	$21B	$19.6B	$13.4B
Net debt / EBITDA	1.13×	0.59×	2.09×	2.17×	1.62×	2.25×	2.29×	2.43×
Cash conversion cycle (days)	92	86	88	93	71	61	54	46