Dover Corporation (DOV)

Dover reported third-quarter 2026 revenue of $2.2 billion on 22 October, up 8 percent, with earnings from continuing operations of $337 million 2.

Orders were the highlight: bookings (orders received) reached $2.3 billion, up 15.5 percent, and rose in every segment 1.

Climate & Sustainability Technologies grew 17.9 percent organically, helped by heat exchangers used in data center cooling 1.

On the call, the finance chief said backlog was 35 percent higher than a year earlier, with roughly half scheduled to ship in 2027 7.

On 2 November Dover completed an offering of €800 million of 4.350 percent notes due 2030 3.

The prospectus supplement says the money, with cash on hand, goes to repay €600 million of 1.25 percent notes due 2026 and to fund tender offers for older notes 4.

Dover also bought Cloeren on 12 August for $39 million, net of cash acquired, and agreed on 18 August to buy Leistung Engineering for $40 million 1.

Dover was incorporated in Delaware in 1947 and became a publicly traded company in 1955 5.

Richard Tobin has been chief executive since May 2018, after running the tractor and truck maker CNH Industrial from 2013 to 2018 5.

In 2024 the company sold businesses, starting on 31 March with De-Sta-Co for $675.9 million, net of cash transferred 5.

On 8 October 2024 it sold its Environmental Solutions Group to Terex for $2.0 billion, a sale booked as discontinued operations 5.

Those sales left 2024 revenue from continuing operations at $7.7 billion 5.

In 2025 Dover turned to buying and completed four acquisitions for $665.3 million, net of cash acquired, among them Cryogenic Machinery Corp., Sikora AG and ipp Pump Products 5.

Revenue for 2025 rose 4.5 percent to $8.1 billion, of which acquisitions added 2.6 points and organic growth, meaning growth without deals or currency, added 1.6 points 5.

Pumps & Process Solutions grew 13.4 percent, helped by single-use biopharma components and thermal connectors for liquid cooling of data centers 5.

Engineered Products fell 9.7 percent, on the loss of De-Sta-Co and lower volumes in its vehicle service business 5.

Climate & Sustainability Technologies dipped 2.1 percent organically because of project timing in retail refrigeration 5.

Dover also paid JPMorgan $500 million in November 2025 for an accelerated share repurchase 5.

On 2 April 2026 Dover signed a $1.5 billion five-year revolving credit facility with twelve banks, replacing a $1 billion one 6.

Through the first nine months of 2026 revenue rose 8 percent to $6.5 billion 2.

Engineered Products

This segment sells vehicle lifts, wheel service gear and diagnostics, winches and hoists, radio frequency filters for aerospace and defense, and soldering and dispensing tools 5.

Its organic revenue fell 1.6 percent in the third quarter of 2026 1.

Clean Energy and Fueling

The segment makes fuel dispensers, underground tank containment, vehicle wash systems, and parts for cryogenic gases, liquefied natural gas, hydrogen and electric vehicle charging 5.

Its 2025 revenue was $2.1 billion at a 19.6 percent segment margin, meaning segment earnings as a share of revenue 5.

Imaging and Identification

Its printers put dates, bar codes and serial numbers on packaged goods, and it sells the inks, software and service that follow 5.

Segment margin was 31.2 percent in the third quarter of 2026, against 27.3 percent a year earlier 1.

Pumps and Process Solutions

It makes specialty pumps, flow meters, fluid connectors and equipment for plastics processing, serving drugmaking, data center cooling and gas compression among others 5.

Its 2025 revenue was $2.1 billion at a 30.3 percent margin, while its polymer processing unit has been declining as customers digest earlier capacity buys 5.

Climate and Sustainability Technologies

It builds commercial refrigeration cases and CO2 refrigeration systems, brazed plate heat exchangers, and machinery for making aluminum cans 5.

Third-quarter bookings in this segment rose 43.1 percent, a book-to-bill of 1.23, meaning $1.23 ordered for each $1 shipped 1.

Rivals

Dover's 10-K names Snap-on and Nordson for Engineered Products, Vontier for fueling, IDEX and Ingersoll Rand for pumps, and Alfa Laval and Danfoss for climate 5.

People and plants

Tobin leads the company, and Christopher Woenker, a segment finance chief since 2017, became chief financial officer on 31 January 2025 5.

Dover employs about 24,000 people and runs 139 manufacturing sites (computed) across its five segments 5.

Current problems

In June 2025 a jury returned a verdict of about $58.9 million against the sold ESG business in a contract dispute 5.

Dover has not recorded an expense, since it does not believe a loss is probable 5.

In food retail, footprint consolidation cost $40 million so far this year for production ramps and duplicate labor, the finance chief said 7.

The umbrella, in words

The 10-K's Exhibit 21 lists Dover's domestic and foreign subsidiaries, among them Colder Products Company, Belvac Production Machinery and Cook Compression 10.

Dover owns 100 percent of Cloeren, bought in August 2026 1.

In 2025 it bought 99.8 percent of Sikora AG, a maker of measurement and inspection systems for wire, cable and plastics production 5.

On 9 October 2026 it agreed to sell an equity method investment, an interest it holds but does not control 1.

JPMorgan Chase reported owning 10.2 percent of the common stock as of 31 March 2026 8.

Vanguard Capital Management reported 7.5 percent as of the same date 9.

For 2026 Dover expects GAAP earnings of $8.93 to $9.08 a share, or $10.60 to $10.75 adjusted, on revenue growth of 7 to 8 percent 2.

Tobin said the company is on track for double-digit adjusted earnings growth in 2026 2.

The finance chief set capital spending at $200 million to $220 million and free cash flow at 14 to 16 percent of revenue 7.

Tobin said the company is ramping to double capacity in the heat exchanger line that serves data centers 7.

He also said added cryogenic output comes online in the first quarter of 2027 7.

The Leistung purchase is expected to close in the fourth quarter of 2026, as is the sale of the equity method investment, which would bring in about $43 million 1.

Its share repurchase authorization of up to 20 million shares runs through 31 December 2026 1.

The company's long-term goal is organic sales growth of 4 to 6 percent a year on average 5.