Dover Corporation
- Industry
- Diversified Industrials
- Exchange
- US
- Country
- USA
- IPO date
- Jul 1, 1985
- Employees
- 24,000
- Website
- www.dovercorporation.com
Composite valuation range · conservative $140–$160 / fair $175–$205 / optimistic $230–$260. At $205.85, Between the fair and optimistic ranges.
At publication $214 (May 28, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market. This segment offers software solutions and services used in light and heavy-duty vehicle lifts, wheel service equipment, vehicle diagnostics, and vehicle collision repair solutions; winches, hoists, bearings, drives, and electric monitoring system; and radio frequency and microwave filters and switches, and signal intelligence solutions, as well as soldering and fluid dispensing solutions. Its Clean Energy & Fueling segment offers component, equipment, and software and service solution enabling safe storage and transport of fuel, cryogenic gases, and hazardous fluids, as well as operation of retail fueling and vehicle wash establishment. The company's Imaging & Identification segment provides precision marking and coding, product traceability equipment, brand protection, and digital textile printing equipment and solution, as well as consumable, software, and service to packaged and consumer goods, pharmaceutical, industrial manufacturing, textile, and other end-market. Its Pumps & Process Solutions segment manufactures specialty pump, connector, flow meter, fluid connecting solution, plastics and polymer processing equipment, and engineered components for rotating and reciprocating machines. The company's Climate & Sustainability Technologies segment manufactures refrigeration system, refrigeration display case, commercial glass refrigerator and freezer door, and brazed plate heat exchanger for industrial heating and cooling, and residential climate control applications. Dover Corporation was incorporated in 1947 and is headquartered in Downers Grove, Illinois.
History
Dover Corporation was incorporated in 1947 and is headquartered in Downers Grove, Illinois; it became a public company with an IPO dated July 1, 1985. The company has grown into a multi-platform industrial group employing about 24,000 people, organized today into five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. In recent years Dover has actively reshaped its portfolio: in 2024 it divested businesses including De-Sta-Co and Environmental Solutions Group, and in 2025 it completed four strategic acquisitions within Pumps & Process Solutions and Clean Energy & Fueling, concentrating assets toward liquid cooling, cryogenic and clean-energy components, and precision connectors. By 2025, roughly 20% of its portfolio participated directly in secular-growth end-markets such as data center liquid cooling, electrification, clean energy components, single-use biopharma, and CO2 refrigeration. Richard J. Tobin has served as Chairman, President and CEO since 2018 and as a director since 2016. Continuing-operations revenue reached about $8.093 billion in 2025.
Industry position
Dover is a multi-platform, multi-niche diversified industrial company rather than a single-industry business, spanning mature industrial segments alongside several structural-growth sub-markets. In 2025 its five segments generated revenue of roughly $1.086 billion (13.4%) in Engineered Products, $2.131 billion (26.3%) in Clean Energy & Fueling, $1.173 billion (14.5%) in Imaging & Identification, $2.149 billion (26.6%) in Pumps & Process Solutions, and $1.560 billion (19.3%) in Climate & Sustainability Technologies, with segment margins of about 20.0%, 19.6%, 26.8%, 30.3%, and 17.0% respectively. The company serves thousands of customers, with no single customer exceeding 10% of 2025 consolidated revenue, and about 46% of revenue comes from outside the United States. For compensation benchmarking Dover identifies comparable companies including Illinois Tool Works, Parker-Hannifin, Fortive, Roper, Ingersoll Rand, Emerson, Eaton, Xylem, and Flowserve, reflecting its positioning among diversified industrial peers. Its competitive position rests on installed-base-driven economics: equipment sales in Imaging & Identification pull through aftermarket consumables, software, and service revenue, while Pumps & Process Solutions benefits from a large installed base generating aftermarket demand; switching costs arise as coding and traceability, retail fueling, refrigeration, connectors, pumps and valves embed into customer processes and equipment systems. Formal service revenue accounts for only about 5% of total revenue, with most revenue recognized when product control transfers at shipment.