DOVDOVER Corp

Construction, Mining & Materials Handling Machinery & Equip

Revenue: $8.1B; 4.5% YoY
Operating margin: 17.0%; 9.0% YoY
EBITDA: $1.8B; 14% YoY
Market cap: $27.6B
Employees: 24,000; $337K revenue each
Net debt / EBITDA: 1.5×; $2.6B net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
122% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$337K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.9B	$7.8B	$7.7B	$7.7B	$8.1B	4.5%
Operating income	$1.3B	$1.3B	$1.2B	$1.2B	$1.4B	14%
Net income	$1.1B	$1.1B	$1.1B	$2.7B	$1.1B	59%
Operating cash flow	$1.1B	$806M	$1.3B	$1.1B	$1.3B	23%
Capex	$171M	$211M	$183M	$168M	$220M	31%
Stock-based comp	$31M	$30M	$31M	$40M	$44M	9.0%
Buybacks	$22M	$585M	$0	$500M	$541M	8.1%
Dividends	$287M	$288M	$284M	$283M	$283M	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $20M · 5
Net: −$20M

Pay vs performance

No pay-versus-performance disclosure yet.