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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Dover (DOV) investor relations material
Dover UBS’s 2025 Global Technology and AI Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS’s 2025 Global Technology and AI Conference summary2 Dec, 2025
Business performance and outlook
Q3 2025 revenue grew 5% to $2.1B, with year-to-date revenue up 3% to $6.0B; organic growth was 1% for both periods.
Organic growth is expected to peak in Q4, with full-year top-line growth tracking at 4%-6% and adjusted EPS up in the teens; full-year adjusted EPS guidance raised to $9.50–$9.60.
Adjusted segment EBITDA margin improved by 170 bps year-over-year to 26.1% in Q3, with $370M in EBITDA and margin conversion on incremental revenue exceeding 35% over the last five to six quarters.
Free cash flow was 18% of revenue in Q3, with 62% adjusted segment EBITDA conversion and improved cash flow metrics year-over-year, mainly due to margin mix.
2026 outlook is positive, with no major cyclical headwinds expected and a balanced approach to M&A and capital return.
Market dynamics and capital allocation
Interest rate cuts are expected to improve corporate sentiment and accelerate deferred CapEx in 2025.
Elevated mid-market M&A multiples have shifted the focus toward capital return, including a $500M share buyback announced November 10.
The M&A pipeline is decent, with a preference for proprietary, internally sourced deals at fair multiples.
Divestitures have been strategic, focusing on end-market exposure and capital goods, with no forced selling.
Capital deployment in 2026 is expected to be a mix of M&A and capital return, depending on market conditions.
Growth platforms and sector trends
Over 20% of annualized revenue is tied to secular growth end markets, including gas infrastructure, power/AI, electrical infrastructure, liquid cooling, single-use biopharma, and CO₂ systems.
Gas infrastructure saw 15% year-to-date growth, single-use biopharma components grew ~50%, and CO₂ systems experienced ~40% growth.
Growth platforms, including turbine and AI-related components, represent 20% of the portfolio and are expected to drive second-half 2026 growth.
Retail refueling is entering a multi-year CapEx cycle, driven by revised EV adoption expectations and legislative changes.
Acquisition of SIKORA in Q2 2025 contributed to 30% growth in related segments.
Capital allocation bias for 2026
Dover-specific drivers for 2026 optimism
Quantify AI's productivity savings
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Next Dover earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. Its Engineered Systems segment offers precision marking and coding, digital textile printing, fluid management, electronic assembly and test, automated guide vehicle systems, asset management solutions for the energy market, customized retail technology systems including price marking, identification security, and labeling equipment and software applications; and industrial automation components.
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