Dover Corp
DOVAbove valueExpectations · demandingHeld by 4 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +4.5%
- Net margin
- 13.5%
- ROE
- 14.8%
- FCF margin
- 13.8%
Valuation · value band
Above fair value
Zero-growth floor
$75
Central IV
$94
Optimistic top
$139
Dover Corp (DOV): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $75–$139 / sh. Today’s price sits above both (price $202 as of 2026-08-25).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $75
Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.
Method & numbers
Model cautions
- The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $82.01 – $108.44 · Greenwald $115.51 – $138.52 (neutral $127.38) · zero-growth base $108.81 · reproduction $7.63
Moat Franchise (moat) · terminal value 14% of present value · owner-earnings yield 5% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$75.22 – $95.51 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 206% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$89.03 – $108.81 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 206% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $684.82M + capitalized R&D $349.01M（FY 2026, 2024, 2023, 2022） = $7.63 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value: if the moat holds for 20 yr at ROIIC ≈ 47%, $6.70–$29.71 / sh (neutral $18.56). Conservative, not a forecast.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 19% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 30%.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 10.5% a year in owner-earnings for the next few years. Revenue actually grew 2.6% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
4 holders · $13.8M combined · this quarter +0 opened / -1 exited
- Value$4.8MWeight (prev→now)1.2% → 1.0% ▼
- Value$4.2MWeight (prev→now)0.0% → 0.0% ▲
- Value$2.5MWeight (prev→now)0.0% → 0.0% ▲
- Value$2.3MWeight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Dover Corp (DOV) is held by 4 of the superinvestors tracked on Compounder, with a combined $13.8M in reported 13F value. The largest position belongs to Robert Olstein, where it makes up 1.0% of the portfolio.
Other notable holders by value include Thomas Russo (0.0% of its book), Bill Nygren (0.0% of its book) and Jeremy Grantham (0.0% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in DOV, 0 added to existing ones, 3 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Dover Corp (DOV) also commonly hold →
- Amazon.Com IncAMZN4 holders
- Microsoft CorpMSFT4 holders
- Apple IncAAPL4 holders
- Alphabet Inc-Cl CGOOG4 holders
- Visa Inc-Class A SharesV4 holders
- Wells Fargo & CoWFC4 holders
DOV's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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