DOVER (DOV) Company Report

Dover is on track to meet 4–6% top-line growth and teens EPS growth for 2025, with Q4 poised to deliver the year's strongest organic growth after a 200 bp refrigeration headwind in Q3.
The refrigeration segment's orders improved in Q3, translating to a positive book-to-bill and a healthy Q4 backlog as previously deferred in-store maintenance CapEx materializes.
Dover announced a $500 million accelerated share repurchase and, with $6.5–7 billion of available capital, will remain patient on mid-market M&A versus capital return into 2026.
For 2026, management expects 4–6% organic growth at 35% incremental margins, a healthy balance of share repurchases and M&A optionality, and no businesses under cyclic pressure.
The $500 million acquisition of FW Murphy Production Controls has delivered ~30% year-over-year revenue growth, underscoring robust energy infrastructure demand.

3 days ago

Transcript

Dover expects Q4 organic growth inflection and balanced capital deployment

DOV

Guidance Update

Share Buyback

M&A

Dover is on track to meet its full-year guidance of 4%–6% organic top-line growth and teens adjusted EPS growth, with Q4 projected as its strongest organic growth quarter of 2025.
The company announced a $500 M accelerated share repurchase and retains $6.5 B–$7 B of deployment capacity, shifting its 2026 capital allocation bias to a 50/50 split between M&A and share buybacks amid elevated mid-market multiples.
Key growth platforms (~20% of portfolio) include turbine component supply and gas distribution infrastructure (with expected CapEx inflection in H2 2026), multi-year retail fueling network build-out, and critical data center thermal components with best-in-class lead times.
Margin expansion is supported by 35% incremental operating margins on new revenue through IT centralization, with AI-driven productivity initiatives targeting an additional $80 M in cost reductions beyond existing synergy capture.

3 days ago

Transcript

Dover outlines 2025 guidance and balanced capital deployment

DOV

Guidance Update

Share Buyback

M&A

Dover projects mid-single-digit organic growth (4–6%) and adjusted EPS up in the teens for full-year 2025, with Q4 expected to be its strongest organic growth quarter, in line with February guidance.
Retail refrigeration order recovery, which had carved off ~200 bps earlier in the year due to tariffs, turned positive exiting Q3, driving incremental Q4 organic revenue.
Dover holds $6.5–7.0 billion of acquisition firepower, recently completed a $500 million accelerated share repurchase, and plans a balanced mix of M&A and capital return amid elevated mid-market valuations.
Growth platforms include turbine infrastructure supply—forecasted to accelerate in H2 2026—multi-year retail fueling CapEx build-out, and fully in-place data-center thermal component capacity.
Margin expansion is underpinned by centralized IT and non-customer-facing functions, with AI initiatives targeting reductions in $80 million of running costs.

3 days ago

Transcript

Dover Corp completes offering of €550M 3.500% Notes due 2033

DOV

Debt Issuance

Dover Corporation completed an offering of €550,000,000 aggregate principal amount of 3.500% Notes due November 12, 2033 under its existing indenture framework.
The Notes were priced at 99.773% of par to the public and 99.373% to underwriters, carry a 3.500% annual interest rate and mature on November 12, 2033.
Securities will trade in book-entry form through Clearstream and Euroclear and the company intends to list the Notes on the New York Stock Exchange.

Nov 12, 2025, 9:06 PM

8-K

Dover outlines portfolio strategy, buyback, and outlook at Baird conference

DOV

Share Buyback

M&A

Guidance Update

Dover has executed patient M&A and strategic divestitures, monetizing its automation business (Dostaco) in February 2024 and its garbage truck body unit at year-end 2024 at attractive multiples to unlock ROIC value.
The company launched a $500 million accelerated share repurchase, reducing buyback firepower from $7 billion to $6.5 billion, supported by balance sheet liquidity from recent disposals and operating cash flow.
Dover has implemented $40 million of non-revenue cost actions for 2025, driving conversion above 35% for five consecutive quarters and sustaining more than 10% EPS growth annually through portfolio synergies.
Key high-growth platforms include CO₂ systems (targeting a $200 million exit run rate), thermal connectors, biopharma single-use components post-inventory correction, cryogenic and precision components, alongside a revitalized fueling solutions segment benefiting from deferred CapEx and retail fueling investments.
Management expects Q4 to be its strongest organic growth quarter, targets 20% refrigeration margins by 2026, and foresees core revenue growth of 4–6% in 2026 with limited downside risk as no major segments face cyclical downturns.

Nov 11, 2025, 7:10 PM

Transcript

Dover Corp establishes $500 million accelerated share repurchase

DOV

Share Buyback

Dover Corp launched an accelerated share repurchase (ASR) program with JPMorgan Chase Bank to repurchase $500 million of its common stock.
Approximately 2,334,010 shares are expected to be delivered on November 12, 2025, representing most of the shares to be retired under the ASR.
The ASR is funded with cash on hand and is part of a broader board-approved authorization to repurchase 20,000,000 shares approved in August 2023.
Final settlement, based on the average daily VWAP of the common stock less a discount, is expected in Q2 2026, with potential for early termination under certain conditions.

Nov 10, 2025, 10:24 PM

8-K

Dover reports third quarter 2025 results

DOV

Earnings

Guidance Update

Dover reported revenue of $2.1 billion, up 5% year-over-year (+1% organic) in Q3 2025.
GAAP earnings from continuing operations were $303 million, with diluted EPS of $2.20, both down 3% YoY; on an adjusted basis, earnings were $361 million and adjusted diluted EPS was $2.62, up 15%.
Management noted a record consolidated segment margin and sustained order growth, providing good visibility into Q4.
The company raised its full year 2025 adjusted EPS guidance to $9.50–$9.60, based on expected revenue growth of 4%–6%.

Oct 23, 2025, 10:30 AM

Press Release

Dover introduces NACS cable option for Wayne PWR DC fast chargers

DOV

Product Launch

Dover Fueling Solutions adds NACS cable compatibility to its Wayne PWR DC fast charger, enabling direct charging for Tesla and other NACS-equipped EVs (Oct. 22, 2025).
Customers can configure Wayne PWR units with CCS1, NACS, or a combination of both connector types to suit site needs.
The Wayne PWR portfolio now spans 160 kW to 640 kW power configurations, supporting deployments from new builds to retrofits.
The update simplifies deployment complexity, helps operators future-proof infrastructure, and attracts more EV drivers to convenience retail sites.

Oct 22, 2025, 8:15 PM

Press Release

Dover Food Retail announces expansion of Virginia manufacturing campus

DOV

New Projects/Investments

Dover Food Retail will invest over $20 million to relocate Anthony® brand manufacturing from Sylmar, CA, to its Virginia campus, projected to create more than 300 new jobs over the next year.
The investment will add state-of-the-art equipment, expand research and development laboratories, establish a Dover Food Retail parts hub, and build a new distribution center of excellence at the Virginia site.
Dover Food Retail, a subsidiary of Dover (NYSE: DOV), is a leading manufacturer of commercial and industrial refrigeration systems and refrigerated display cases serving food retail customers globally.

Oct 20, 2025, 8:15 PM

Press Release

Dover acquires ipp Pump Products GmbH

DOV

M&A

Dover acquires ipp Pump Products GmbH, integrating the German sanitary pump specialist into its Pump Solutions Group within the Pumps & Process Solutions segment.
ipp’s portfolio of hygienic lobe, progressive and processing pumps enhances Dover’s capabilities in critical sanitary applications across food & beverage, cosmetics and pharmaceuticals.
Terms of the transaction were not disclosed; the deal is expected to broaden PSG’s pump offering across key end markets.

Jun 18, 2025, 8:15 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for DOVER.

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