What does Dover Corporation do?

Dover Corporation (DOV) is a diversified industrial conglomerate founded in 1955 with 5 segments of specialized, high-margin industrial equipment. It is one of only ~30 Dividend Kings in the world — 70 consecutive years of dividend increases (since 1956), a streak longer than Coca-Cola, P&G, and J&J. ~25,000 employees globally. History: 1955: George Ohrstrom founds Dover Corporation in New York (rollup of 4 companies: Peerless Pump, C. Lee Cook, W.C. Norris, De-Sta-Co) 1956: first dividend paid, initiates Dividend King streak 2018: Apergy spin-off (oilfield) → Dover becomes more diversified May 2018: Richard Tobin becomes CEO (ex-CNH Industrial) 2020-2024: portfolio reshaping — sold printing, acquired bolt-ons in heat transfer + biopharma 2026: $1B buyback authorization expansion + Markem-Imaje SmartLase 200i launch 5 Segments: (1) Engineered Products (~25% revenue): Vehicle service (lifts, alignments — Rotary brand) Aerospace & defense (specialty fasteners) Industrial automation (De-Sta-Co clamping) Q1 2026: +2% (mixed — auto soft, aerospace strong) (2) Clean Energy & Fueling (~22% revenue): Wayne Fueling Systems (gas stations + EV chargers) ClimaCheck refrigeration controls LNG/CNG dispensing Q1 2026: +5% (EV chargers +25%) (3) Imaging & Identification (~13% revenue): Markem-Imaje — coding/marking for packaging (medical packs, food bottles, cosmetics) Q1 2026: +4% Q1 2026 launch: SmartLase 200i CO2 laser with AI vision (4) Pumps & Process Solutions (~25% revenue): PSG (Pump Solutions Group) — pumps for biopharma, hygienic, oil & gas Q1 2026: +7% driven by biopharma capex recovery Customers: Pfizer, Eli Lilly, Novo Nordisk facilities (5) Climate & Sustainability Technologies (~15% revenue, fastest-growing): Belvac (food/beverage can making) Refrigeration (food retail display cases) Heat exchangers + CO2 refrigerants for AI data centers — supplier to CoolIT, Vertiv, Schneider Electric Q1 2026: +12% driven by AI data center cooling components HQ: Downers Grove, Illinois (Chicago suburb). Employees: ~25,000 globally (US ~14k, Europe ~5k, Asia ~4k, other ~2k). Leadership: CEO/President: Richard Tobin since May 2018 (Chairman moved to outside director in 2024) CFO: Brad Cerepak (20+ years at Dover) Q1 2026 (reported April 24, 2026): | Metric | Q1 2026 | YoY | |--------|---------|-----| | Revenue | ~$1.95B | +3% | | Adj EPS | $2.18 | +8% | | Bookings | — | +9% | | Book-to-bill | 1.05x | backlog growing | | Adj segment margin | 22.6% | +90bps | | Climate & Sustainability | — | +12% | | Pumps & Process | — | +7% | FY26 Guidance reaffirmed: revenue +4-6%, adj EPS $9.65-$9.95 Dividend King: 70 consecutive years of increases (1956 → 2025) Q1 2026: $0.515/quarter Q2 2026 announced: $0.535 = 71st consecutive year 10-year CAGR ~6% FY26 Buyback: $300M executed in Q1 $700M remaining authorization Total $1B = ~3.5% market cap retirement

Why did Vectorial Data pick DOV?

DOV at $210.95 means buying a Dividend King with 70 consecutive years of dividend increases (one of only ~30 in the world) right as 2 segments are inflecting higher from AI data center cooling + biopharma capex recovery. Specific reasons: (1) Q1 2026 delivered +8% EPS + 9% bookings + 90bps margin expansion: revenue +3% reported but bookings +9% (book-to-bill 1.05x = orders growing faster than shipments) = FY26 momentum. EPS $2.18 beat consensus $2.10. (2) Climate & Sustainability +12% Q1 2026 = AI data center cooling exposure: Dover supplies thermal management components (heat exchangers, CO2 refrigerants) to CoolIT (recently acquired by Ecolab for $4.75B), Vertiv, and Schneider Electric. Every liquid-cooled Nvidia H100/Blackwell rack needs Dover components. Climate & Sustainability backlog +18% Q1 2026 = solid H2 2026 visibility. (3) Pumps & Process +7% Q1 2026 = biopharma capex inflection: Pfizer, Eli Lilly (Mounjaro/Zepbound capacity expansion), Novo Nordisk (Ozempic/Wegovy capacity) are building facilities at record speed. Dover PSG sells FDA hygienic-spec pumps — a real technical moat. (4) Dividend King 70 years = one of only ~30 in the world: Coca-Cola has 63 years. P&G 69. J&J 63. Dover 70 (since 1956). A unique track record — it survived Vietnam, 1970s stagflation, the dot-com bust, the 2008 GFC, and COVID 2020. Q2 2026 announced increase to $0.535 = 71st consecutive year = the longest streak in the world after Procter & Gamble (when P&G raised in April 2026). (5) Disciplined capital allocation: $1B buyback FY26 (~3.5% market cap) + growing dividend + selective tuck-in M&A. Tobin (CEO since 2018) eliminated low-margin segments (printing 2019, Apergy spin-off 2018) and consolidated the portfolio. ROIC ex-cash 22% vs. peer Industrial Aristocrats 15%. (6) Forward P/E 17.2x = discount vs. peer Industrial Dividend Kings: Emerson Electric 22x, Parker-Hannifin 20x, Illinois Tool Works 26x. DOV trades at 17.2x because the market sees it as a conglomerate without a growth story — incorrect. Climate AI + biopharma are growth stories. Re-rating to 20x = $244 = +16% capital gain + 1% yield. (7) Invisible Markem-Imaje moat: Dover is the #1 global company in coding/marking for pharmaceutical packaging (every Pfizer/Lilly box leaving a plant carries a Markem code). Q1 2026 launch of SmartLase 200i with AI vision = upgrade cycle 2026-2028 (~$300M opportunity). Recurring consumables ink + service = 60% margins. (8) Tobin's 8-year track record: CEO since May 2018. EPS CAGR 11% since 2018. Stock returned +145% vs. S&P +95% in the same period. Concrete track record of capital allocation + portfolio reshaping. (9) Tariff-resilient: 75% of revenue produced locally in the country of sale (Dover has 100+ global facilities). Trump 2026 tariffs net impact ~$80M FY26 = <1% revenue. Pricing power offsets. (10) Anchor: 70 straight years of dividend increases since 1956 = survived 13 US recessions, 11 presidents, 6 financial crises. If you buy DOV at $210.95 and reinvest dividends for 30 years at a 6% CAGR, the yield on cost at year 30 = ~5.8%, not counting capital appreciation.

What are the risks of investing in DOV?

The risks are measurable: (1) Permanent conglomerate discount: the market historically penalizes diversified conglomerates (DOV at 17.2x vs. single-segment industrial peers at 20-26x). If Tobin doesn't spin off low-multiple segments (Climate could be a data center cooling pure-play), the discount persists. Bluebell/Trian activists have pushed for simplification — without tangible results so far. (2) Engineered Products soft auto exposure: Vehicle service (Rotary brand) depends on US auto dealer activity. EV transition + dealer consolidation = a chronic headwind. The segment's Q1 2026 +2% is the portfolio's low anchor. (3) AI data center cooling competition: Vertiv (VRT) is the leader with 5x Dover's scale in this segment. Schneider Electric has better global distribution. Dover provides components, not the full architecture — if CoolIT/Vertiv vertically integrate in-house production, Dover loses wallet share. (4) Biopharma capex is cyclical: the Mounjaro/Zepbound + Ozempic/Wegovy capacity boom is a cycle. If GLP-1 demand moderates (Medicare pricing concessions, biosimilars, side-effect narrative), capex decelerates in 2027-2028. The PSG +7% in Q1 2026 could reverse. (5) Wayne Fueling EV transition risk: gas stations remain the core. Wayne expanded into EV chargers (+25% Q1 2026) but the base is small. If EV adoption accelerates faster than expected (+EV mandates 2028-2030), gasoline dispenser revenue faces a cliff. (6) Tobin CEO succession 2027-2028: 8 years in the role, age 63 in 2026. If he retires in 2027, transition risk. No successor announced. CFO Brad Cerepak is the natural candidate but untested at the top. (7) M&A multiple expansion expectation: the market values DOV assuming continued M&A optimization. If Tobin can't find attractive deals (industrial multiples are high) or a large deal goes badly, the thesis is damaged. (8) FX exposure ~35% revenue ex-US: a stronger dollar = reported revenue suffers. Q1 2026: -1% FX drag. EUR/USD moving from 1.05 to 1.00 would be a -2% revenue headwind. (9) Climate & Sustainability lumpy by project: data center cooling backlog +18% Q1 2026, but ramp-up depends on timing of large CoolIT/Vertiv orders. Quarter-to-quarter variability of ±5%. The market could punish a Q2 or Q3 2026 miss. (10) Dividend yield 1.00% = not an income stock: modest yield vs. peers Emerson 2.2%, Parker-Hannifin 1.3%. Income investors go to Emerson; growth investors go to non-Aristocrats. DOV must deliver capital appreciation + dividend growth together — if EPS growth disappoints for 2 quarters, the dual narrative breaks.

Does DOV pay dividends?

Yes. Dover Corporation pays a dividend of about 1% per year.

How can I buy DOV with little money?

You can buy fractional shares of DOV starting from a few dollars with any broker that offers fractional shares. The Vectorial Data method: invest the same amount in every pick, every time.

When was this DOV analysis last updated?

The DOV analysis was last updated on Invalid Date.

Stocks/DOV

DOV — Dover Corporation

Q: Does DOV pay dividends?

Yes. Dover Corporation pays a dividend of about 1% per year.

Q: How can I buy DOV with little money?

You can buy fractional shares of DOV starting from a few dollars with any broker that offers fractional shares. The Vectorial Data method: invest the same amount in every pick, every time.

Q: When was this DOV analysis last updated?

The DOV analysis was last updated on Invalid Date.

IndustrialsNorth AmericaUnited StatesBlockchain certified

$210.95

Target: $238.00 (+12.8%)

P/E Ratio

20.4

P/E Forward

17.2

Dividend

Market Cap

$28.5B

EPS

$10.34

Consensus

Buy

What they do

Dover Corporation (DOV) is a diversified industrial conglomerate founded in 1955 with 5 segments of specialized, high-margin industrial equipment. It is one of only ~30 Dividend Kings in the world — 70 consecutive years of dividend increases (since 1956), a streak longer than Coca-Cola, P&G, and J&J. ~25,000 employees globally.

History:

1955: George Ohrstrom founds Dover Corporation in New York (rollup of 4 companies: Peerless Pump, C. Lee Cook, W.C. Norris, De-Sta-Co)
1956: first dividend paid, initiates Dividend King streak
2018: Apergy spin-off (oilfield) → Dover becomes more diversified
May 2018: Richard Tobin becomes CEO (ex-CNH Industrial)
2020-2024: portfolio reshaping — sold printing, acquired bolt-ons in heat transfer + biopharma
2026: $1B buyback authorization expansion + Markem-Imaje SmartLase 200i launch

5 Segments:

Engineered Products (~25% revenue)**:
Vehicle service (lifts, alignments — Rotary brand)
Aerospace & defense (specialty fasteners)
Industrial automation (De-Sta-Co clamping)
Q1 2026: +2% (mixed — auto soft, aerospace strong)

Clean Energy & Fueling (~22% revenue)**:
Wayne Fueling Systems (gas stations + EV chargers)
ClimaCheck refrigeration controls
LNG/CNG dispensing
Q1 2026: +5% (EV chargers +25%)

Imaging & Identification (~13% revenue)**:
Markem-Imaje — coding/marking for packaging (medical packs, food bottles, cosmetics)
Q1 2026: +4%
Q1 2026 launch: SmartLase 200i CO2 laser with AI vision

Pumps & Process Solutions (~25% revenue)**:
PSG (Pump Solutions Group) — pumps for biopharma, hygienic, oil & gas
Q1 2026: +7% driven by biopharma capex recovery
Customers: Pfizer, Eli Lilly, Novo Nordisk facilities

Climate & Sustainability Technologies (~15% revenue, fastest-growing)**:
Belvac (food/beverage can making)
Refrigeration (food retail display cases)
Heat exchangers + CO2 refrigerants for AI data centers — supplier to CoolIT, Vertiv, Schneider Electric
Q1 2026: +12% driven by AI data center cooling components

HQ: Downers Grove, Illinois (Chicago suburb). Employees: ~25,000 globally (US ~14k, Europe ~5k, Asia ~4k, other ~2k).

Leadership:

CEO/President: Richard Tobin since May 2018 (Chairman moved to outside director in 2024)
CFO: Brad Cerepak (20+ years at Dover)

Q1 2026 (reported April 24, 2026):

Metric	Q1 2026	YoY
Revenue	~$1.95B	+3%
Adj EPS	$2.18	+8%
Bookings	—	+9%
Book-to-bill	1.05x	backlog growing
Adj segment margin	22.6%	+90bps
Climate & Sustainability	—	+12%
Pumps & Process	—	+7%

FY26 Guidance reaffirmed: revenue +4-6%, adj EPS $9.65-$9.95

Dividend King:

70 consecutive years of increases (1956 → 2025)
Q1 2026: $0.515/quarter
Q2 2026 announced: $0.535 = 71st consecutive year
10-year CAGR ~6%

FY26 Buyback:

$300M executed in Q1
$700M remaining authorization
Total $1B = ~3.5% market cap retirement

Why we like it

DOV at $210.95 means buying a Dividend King with 70 consecutive years of dividend increases (one of only ~30 in the world) right as 2 segments are inflecting higher from AI data center cooling + biopharma capex recovery. Specific reasons:

Q1 2026 delivered +8% EPS + 9% bookings + 90bps margin expansion: revenue +3% reported but bookings +9% (book-to-bill 1.05x = orders growing faster than shipments) = FY26 momentum. EPS $2.18 beat consensus $2.10.
Climate & Sustainability +12% Q1 2026 = AI data center cooling exposure: Dover supplies thermal management components (heat exchangers, CO2 refrigerants) to CoolIT (recently acquired by Ecolab for $4.75B), Vertiv, and Schneider Electric. Every liquid-cooled Nvidia H100/Blackwell rack needs Dover components. Climate & Sustainability backlog +18% Q1 2026 = solid H2 2026 visibility.
Pumps & Process +7% Q1 2026 = biopharma capex inflection: Pfizer, Eli Lilly (Mounjaro/Zepbound capacity expansion), Novo Nordisk (Ozempic/Wegovy capacity) are building facilities at record speed. Dover PSG sells FDA hygienic-spec pumps — a real technical moat.
Dividend King 70 years = one of only ~30 in the world: Coca-Cola has 63 years. P&G 69. J&J 63. Dover 70 (since 1956). A unique track record — it survived Vietnam, 1970s stagflation, the dot-com bust, the 2008 GFC, and COVID 2020. Q2 2026 announced increase to $0.535 = 71st consecutive year = the longest streak in the world after Procter & Gamble (when P&G raised in April 2026).
Disciplined capital allocation: $1B buyback FY26 (~3.5% market cap) + growing dividend + selective tuck-in M&A. Tobin (CEO since 2018) eliminated low-margin segments (printing 2019, Apergy spin-off 2018) and consolidated the portfolio. ROIC ex-cash 22% vs. peer Industrial Aristocrats 15%.
Forward P/E 17.2x = discount vs. peer Industrial Dividend Kings: Emerson Electric 22x, Parker-Hannifin 20x, Illinois Tool Works 26x. DOV trades at 17.2x because the market sees it as a conglomerate without a growth story — incorrect. Climate AI + biopharma are growth stories. Re-rating to 20x = $244 = +16% capital gain + 1% yield.
Invisible Markem-Imaje moat: Dover is the #1 global company in coding/marking for pharmaceutical packaging (every Pfizer/Lilly box leaving a plant carries a Markem code). Q1 2026 launch of SmartLase 200i with AI vision = upgrade cycle 2026-2028 (~$300M opportunity). Recurring consumables ink + service = 60% margins.
Tobin's 8-year track record: CEO since May 2018. EPS CAGR 11% since 2018. Stock returned +145% vs. S&P +95% in the same period. Concrete track record of capital allocation + portfolio reshaping.
Tariff-resilient: 75% of revenue produced locally in the country of sale (Dover has 100+ global facilities). Trump 2026 tariffs net impact ~$80M FY26 = <1% revenue. Pricing power offsets. (10) Anchor: 70 straight years of dividend increases since 1956 = survived 13 US recessions, 11 presidents, 6 financial crises. If you buy DOV at $210.95 and reinvest dividends for 30 years at a 6% CAGR, the yield on cost at year 30 = ~5.8%, not counting capital appreciation.

Key Risk

The risks are measurable:

Permanent conglomerate discount: the market historically penalizes diversified conglomerates (DOV at 17.2x vs. single-segment industrial peers at 20-26x). If Tobin doesn't spin off low-multiple segments (Climate could be a data center cooling pure-play), the discount persists. Bluebell/Trian activists have pushed for simplification — without tangible results so far.
Engineered Products soft auto exposure: Vehicle service (Rotary brand) depends on US auto dealer activity. EV transition + dealer consolidation = a chronic headwind. The segment's Q1 2026 +2% is the portfolio's low anchor.
AI data center cooling competition: Vertiv (VRT) is the leader with 5x Dover's scale in this segment. Schneider Electric has better global distribution. Dover provides components, not the full architecture — if CoolIT/Vertiv vertically integrate in-house production, Dover loses wallet share.
Biopharma capex is cyclical: the Mounjaro/Zepbound + Ozempic/Wegovy capacity boom is a cycle. If GLP-1 demand moderates (Medicare pricing concessions, biosimilars, side-effect narrative), capex decelerates in 2027-2028. The PSG +7% in Q1 2026 could reverse.
Wayne Fueling EV transition risk: gas stations remain the core. Wayne expanded into EV chargers (+25% Q1 2026) but the base is small. If EV adoption accelerates faster than expected (+EV mandates 2028-2030), gasoline dispenser revenue faces a cliff.
Tobin CEO succession 2027-2028: 8 years in the role, age 63 in 2026. If he retires in 2027, transition risk. No successor announced. CFO Brad Cerepak is the natural candidate but untested at the top.
M&A multiple expansion expectation: the market values DOV assuming continued M&A optimization. If Tobin can't find attractive deals (industrial multiples are high) or a large deal goes badly, the thesis is damaged.
FX exposure ~35% revenue ex-US: a stronger dollar = reported revenue suffers. Q1 2026: -1% FX drag. EUR/USD moving from 1.05 to 1.00 would be a -2% revenue headwind.
Climate & Sustainability lumpy by project: data center cooling backlog +18% Q1 2026, but ramp-up depends on timing of large CoolIT/Vertiv orders. Quarter-to-quarter variability of ±5%. The market could punish a Q2 or Q3 2026 miss. (10) Dividend yield 1.00% = not an income stock: modest yield vs. peers Emerson 2.2%, Parker-Hannifin 1.3%. Income investors go to Emerson; growth investors go to non-Aristocrats. DOV must deliver capital appreciation + dividend growth together — if EPS growth disappoints for 2 quarters, the dual narrative breaks.

This is educational and informational content, not financial advice. Always consult a qualified financial advisor before making investment decisions.

Vectorial Data picked DOV on 2026-05-18 at $210.95.

Last updated: Invalid Date

Dividends received by the Vectorial portfolio

What this stock has paid the model since we bought it. Your actual amount depends on when you replicated.

Ex-div date	Per share	Shares	Total to portfolio
May 29, 2026	$0.5200	0.2376	$0.12

Total received: $0.12

Full Research

Dover Corporation (DOV) — Research Completo

Precio: $210.95 | P/E TTM: 20.40 | P/E Forward: 17.20 | Div Yield: 1.00% | Market Cap: $28.5B

¿Qué es Dover?

Dover Corporation es un conglomerado industrial diversificado fundado en 1955 — uno de solo ~30 Dividend Kings en el mundo con 70 años consecutivos de aumentos del dividendo (desde 1956).

Historia:

1955: George Ohrstrom funda Dover (rollup 4 empresas)
1956: primer dividendo — inicia streak
2018: spin-off Apergy (oilfield)
Mayo 2018: Richard Tobin CEO
2020-2025: portfolio reshaping continuado
2026: $1B buyback FY26, Markem-Imaje SmartLase launch, 71º año dividend increase

5 Segmentos

Segmento	% Revenue	Q1 2026	Highlight
Engineered Products	~25%	+2%	Vehicle service, aerospace
Clean Energy & Fueling	~22%	+5%	Wayne fuel + EV chargers +25%
Imaging & Identification	~13%	+4%	Markem-Imaje coding
Pumps & Process	~25%	+7%	Biopharma capex recovery
Climate & Sustainability	~15%	+12%	AI data center cooling

Q1 2026 — Reportado 24 abril 2026

Métrica	Q1 2026	YoY
Revenue	~$1.95B	+3%
Adj EPS	$2.18	+8%
Bookings	—	+9%
Book-to-bill	1.05x	backlog growing
Adj segment margin	22.6%	+90bps

FY26 Guidance reafirmada: revenue +4-6%, adj EPS $9.65-$9.95

Catalysts 2025-2026

Climate & Sustainability +12% — AI Data Center Cooling

Heat exchangers + CO2 refrigerants para liquid cooling
Clientes: CoolIT (Ecolab), Vertiv, Schneider Electric
Backlog +18% Q1 2026

Pumps & Process +7% — Biopharma Capex

Pfizer, Eli Lilly (Mounjaro/Zepbound), Novo Nordisk (Ozempic/Wegovy)
Hygienic specs FDA = moat técnico

Markem-Imaje SmartLase 200i (Q1 2026)

CO2 laser coder con AI vision
Upgrade cycle 2026-2028 (~$300M opportunity)

Buyback FY26

$300M Q1 ejecutado
$700M autorización restante
Total $1B = ~3.5% market cap

Dividend King — 70 Años

Empresa	Streak Dividend Increases
Procter & Gamble	69 años
Dover Corporation	70 años
Genuine Parts	69 años
Coca-Cola	63 años
Johnson & Johnson	63 años

Anuncio Q2 2026: $0.515 → $0.535 = 71º año consecutivo

Streak más largo histórico del world. Sobrevivió:

Recesiones: 1958, 1960, 1969, 1973-75, 1980, 1981-82, 1990, 2001, 2008-09, 2020
Crisis: dot-com, GFC, COVID
Stagflation 70s

Tobin Track Record (CEO desde may 2018)

EPS CAGR 11% desde 2018
Stock total return +145% vs S&P +95%
Portfolio reshaping: vendió printing, spin Apergy
Tuck-in M&A disciplinado (Markem-Imaje extensiones)

Anchor Fact

70 años consecutivos de aumentos del dividendo (1956 → 2025) — uno de solo ~30 Dividend Kings en el mundo y el segundo streak más largo después de Procter & Gamble.

Si compras DOV a $210.95 y reinvirtes dividendo 30 años a CAGR 6%, yield sobre cost (YoC) a 30 años = ~5.8% sin contar capital appreciation.

(Fuente: Dover Investor Relations + Mergent Dividend Achievers Index)

Tesis en una línea

Comprar un Dividend King de 70 años (uno de solo ~30 en mundo) cuando (1) Q1 2026 entrega +8% EPS + 9% bookings, (2) Climate +12% por AI data center cooling, (3) Pumps +7% por biopharma capex, (4) $1B buyback FY26, (5) P/E forward 17.2x descuento vs peers Industrial Aristocrats 20-26x.

Research fecha: 18 May 2026 | Próxima revisión: Nov 2026

Esto no es asesoría financiera.

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Researched: 5/18/2026Updated: 5/18/2026Next review: 11/18/2026

This is not financial advice. Consult a certified financial advisor.

The author may hold positions in the securities discussed.

Past performance does not guarantee future results.