Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 10, 2026

Dover Corp (DOV)

A forensic read on Dover Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality, not compounding

Forensic grade

Safe

Financial health

6.4

Distress distance

Clean

Earnings quality

Forensic signals

15.2%

ROE

4.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Dover Corp earns an A (High-quality, not compounding) forensic quality grade, and its balance-sheet distress test reads 6.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.75×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.75× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

11.7%

FY2025

Return on invested capital. Return on invested capital is 11.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.0-point range. After-tax operating profit was $1.0B in FY2023 and $1.1B in FY2025, with operating income at 15.9% of revenue in FY2023, 15.6% in FY2024 and 17.0% in FY2025. The capital base behind it grew +10% across FY2023–FY2025, from $8.5B to $9.4B, while the return fell 0.3 points, so the dollars added over that window earned less than the 12.0% the older base was already earning.

Key fundamentals

Latest Revenue$8.09B

Revenue Growth YoY+4.5%

Revenue CAGR (2yr)+2.6%

Net Margin13.5%

Free Cash Flow$1.12B

Return on Equity15.2%

Debt / Equity0.45x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.