Latest Ratios: P/E Ratio 27.1x · EV/EBITDA 17.7x · ROE 15.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.9B | $26.9B | $26.0B | $21.6B | $19.4B | $26.4B | $18.4B | $16.9B | $10.8B | $12.9B | $9.5B |
| Enterprise Value | $31.0B | $29.1B | $27.3B | $24.9B | $23.0B | $29.3B | $21.1B | $19.8B | $13.6B | $15.7B | $12.7B |
| P/E Ratio → | 27.11 | 24.65 | 9.65 | 20.45 | 18.25 | 23.46 | 26.86 | 25.00 | 18.92 | 15.83 | 18.61 |
| P/S Ratio | 3.58 | 3.33 | 3.36 | 2.81 | 2.48 | 3.34 | 2.75 | 2.37 | 1.54 | 1.89 | 1.57 |
| P/B Ratio | 4.00 | 3.64 | 3.74 | 4.23 | 4.54 | 6.30 | 5.42 | 5.59 | 3.90 | 2.93 | 2.49 |
| P/FCF | 25.90 | 24.11 | 44.80 | 18.91 | 33.25 | 27.93 | 19.55 | 22.34 | 17.46 | 19.32 | 13.60 |
| P/OCF | 21.63 | 20.14 | 34.77 | 16.18 | 24.13 | 23.64 | 16.61 | 17.92 | 13.68 | 15.39 | 10.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.59 | 3.53 | 3.24 | 2.93 | 3.71 | 3.16 | 2.77 | 1.94 | 2.30 | 2.11 |
| EV / EBITDA | 17.71 | 16.57 | 17.70 | 16.34 | 14.57 | 18.64 | 17.44 | 15.86 | 12.05 | 14.38 | 13.30 |
| EV / EBIT | 22.61 | 19.58 | 14.47 | 19.86 | 17.56 | 19.44 | 22.16 | 20.41 | 15.84 | 15.35 | 15.53 |
| EV / FCF | — | 25.99 | 47.05 | 21.78 | 39.25 | 31.02 | 22.50 | 26.08 | 21.94 | 23.55 | 18.29 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.8% | 39.8% | 38.2% | 37.3% | 37.0% | 37.6% | 37.0% | 36.7% | 36.6% | 37.1% | 36.9% |
| Operating Margin | 17.0% | 17.0% | 15.6% | 15.9% | 16.3% | 16.2% | 14.0% | 13.7% | 12.1% | 11.8% | 11.7% |
| Net Profit Margin | 13.5% | 13.5% | 34.8% | 13.8% | 13.6% | 14.2% | 10.2% | 9.5% | 8.2% | 11.9% | 8.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 44.7% | 22.5% | 25.1% | 29.7% | 21.3% | 23.4% | 15.9% | 19.8% | 13.7% |
| ROA | 8.4% | 8.4% | 22.6% | 9.5% | 10.0% | 11.5% | 7.7% | 8.0% | 6.0% | 7.8% | 5.4% |
| ROIC | 11.6% | 11.6% | 10.9% | 11.3% | 12.9% | 14.5% | 11.6% | 12.8% | 9.9% | 8.5% | 8.1% |
| ROCE | 12.9% | 12.9% | 12.5% | 14.3% | 15.7% | 16.7% | 13.2% | 14.5% | 11.3% | 9.8% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.45 | 0.72 | 0.91 | 0.79 | 0.97 | 1.07 | 1.14 | 0.81 | 0.95 |
| Debt / EBITDA | 2.16 | 2.16 | 2.04 | 2.41 | 2.47 | 2.10 | 2.72 | 2.59 | 2.81 | 3.27 | 3.78 |
| Net Debt / Equity | — | 0.28 | 0.19 | 0.64 | 0.82 | 0.70 | 0.82 | 0.94 | 1.00 | 0.64 | 0.86 |
| Net Debt / EBITDA | 1.20 | 1.20 | 0.85 | 2.15 | 2.23 | 1.86 | 2.29 | 2.27 | 2.46 | 2.58 | 3.41 |
| Debt / FCF | — | 1.88 | 2.25 | 2.87 | 6.00 | 3.09 | 2.96 | 3.74 | 4.48 | 4.23 | 4.70 |
| Interest Coverage | 13.52 | 13.52 | 14.39 | 9.55 | 11.22 | 14.18 | 8.52 | 7.70 | 6.54 | 7.04 | 6.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.79 | 1.79 | 2.04 | 1.40 | 1.23 | 1.36 | 1.37 | 1.46 | 1.37 | 1.21 | 1.33 |
| Quick Ratio | 1.28 | 1.28 | 1.52 | 0.90 | 0.74 | 0.83 | 0.93 | 1.00 | 0.96 | 0.92 | 0.89 |
| Cash Ratio | 0.67 | 0.67 | 0.84 | 0.17 | 0.14 | 0.17 | 0.27 | 0.23 | 0.22 | 0.33 | 0.18 |
| Asset Turnover | — | 0.60 | 0.62 | 0.68 | 0.72 | 0.76 | 0.73 | 0.82 | 0.84 | 0.64 | 0.60 |
| Inventory Turnover | 3.83 | 3.83 | 4.18 | 3.93 | 3.61 | 4.15 | 5.04 | 5.60 | 5.92 | 6.34 | 4.38 |
| Days Sales Outstanding | — | 61.85 | 63.81 | 68.02 | 70.58 | 62.20 | 62.10 | 62.25 | 64.31 | 63.33 | 76.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.1% | 1.1% | 1.3% | 1.5% | 1.1% | 1.5% | 1.7% | 2.6% | 2.2% | 2.8% |
| Payout Ratio | 25.9% | 25.9% | 10.5% | 26.9% | 27.0% | 25.5% | 41.6% | 41.6% | 49.7% | 35.0% | 52.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.1% | 10.4% | 4.9% | 5.5% | 4.3% | 3.7% | 4.0% | 5.3% | 6.3% | 5.4% |
| FCF Yield | 3.9% | 4.1% | 2.2% | 5.3% | 3.0% | 3.6% | 5.1% | 4.5% | 5.7% | 5.2% | 7.4% |
| Buyback Yield | 1.9% | 2.0% | 1.9% | 0.1% | 3.0% | 0.1% | 0.6% | 0.8% | 8.3% | 0.8% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.1% | 3.0% | 1.4% | 4.5% | 1.2% | 2.1% | 2.5% | 10.9% | 3.0% | 2.8% |
| Shares Outstanding | — | $138M | $139M | $141M | $144M | $145M | $145M | $147M | $152M | $158M | $157M |
Cyclical industrial demand exposure
According to current market data, Dover trades at a forward P/E of 21.19 and a PEG ratio of 2.59, suggesting that investors are pricing in significant future growth that may be difficult to sustain given the company's historical volatility in organic revenue expansion across its industrial segments.
The current valuation appears to reflect a premium relative to its own historical averages, potentially overestimating the stability of its recurring revenue streams. Investors should monitor whether the current multiple is justified by long-term margin expansion or if it represents a temporary mispricing of the company's cyclical industrial exposure.
Based on reported figures, Dover's ROIC has remained stagnant in the 2.5% to 3.3% range over the last ten quarters, which indicates that the company's aggressive bolt-on acquisition strategy has yet to yield the expected compounding returns on invested capital relative to its industrial peers.
The persistent gap between Dover's ROIC and its cost of capital warrants further investigation into the quality of recent acquisitions. If the company cannot improve its capital efficiency, the market may continue to apply a conglomerate discount, viewing the portfolio as a collection of disparate assets rather than a cohesive, value-creating entity.
As reported in financial statements, Dover's cash conversion cycle has fluctuated between 85 and 99 days over the past ten quarters, suggesting that the company faces ongoing challenges in optimizing its inventory and receivables management across its diverse and geographically dispersed industrial business units.
The elevated DIO and DSO metrics imply that the company may be carrying excess inventory to mitigate supply chain risks, which directly impacts free cash flow generation. This inefficiency appears to be a structural drag on the company's ability to convert operating profits into tangible cash returns for shareholders.
Based on a comparison with industry peers like Illinois Tool Works, Dover's lower ROIC and inconsistent operating margins suggest that the market's current discount is likely structural rather than temporary, reflecting a perceived lower quality of earnings compared to more streamlined, process-driven industrial competitors.
While Dover shares similar end-market exposures with companies like IDEX and Ingersoll Rand, its inability to consistently scale margins suggests that its decentralized operating model may lack the rigorous efficiency benchmarks found in higher-performing peers. Investors should consider whether the company's portfolio pruning is sufficient to close this valuation gap.
The P/E ratio is frequently misapplied to Dover's business model because it fails to account for the significant non-cash amortization charges and restructuring costs inherent in the company's frequent M&A activity, which often obscures the true underlying cash-generating capacity of its core industrial technology segments.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better evaluate the company's performance, as these ratios provide a clearer view of operational profitability before the distortions of acquisition-related accounting. Relying solely on P/E may lead to an inaccurate assessment of the company's valuation relative to its actual cash-flow-generating potential.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying DOV stock.
Dover Corporation's current P/E ratio is 27.1x. The historical average is 14.7x. This places it at the 100th percentile of its historical range.
Dover Corporation's current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Dover Corporation's return on equity (ROE) is 15.2%. The historical average is 19.7%.
Based on historical data, Dover Corporation is trading at a P/E of 27.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dover Corporation's current dividend yield is 0.95% with a payout ratio of 25.9%.
Dover Corporation has 39.8% gross margin and 17.0% operating margin. Operating margin between 10-20% is typical for established companies.
Dover Corporation's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.