Loading institutional data...
Loading institutional data...
Held by 1,130 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | $355.2B | 41.1× | 28.4× | 5.3× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| FTI | $27.7B | 30.8× | 14.4× | 2.8× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| DOV | $25.9B | 24.2× | 16.7× | 3.2× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| CNH | $19.6B | 29.7× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NOV | $6.8B | 48.6× | 8.7× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| TEX | $6.1B | 16.0× | 12.5× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.5B | 13.0× | 5.8× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| WHD | $4.5B | — | 13.8× | 4.1× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| DNOW | $2.8B | — | — | 1.0× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 298 |
| INVX | $2.0B | 23.9× | 10.4× | 2.0× | 48.0% | 31.0% | 8.5% | 7.9% | 7.9% | 0.0× | 213 |
| FET | $976M | — | 16.9× | 1.2× | -3.1% | 27.7% | -1.2% | -3.3% | -2.3% | 1.6× | 156 |
| ASTE | $930M | 24.1× | 11.6× | 0.7× | 8.1% | 26.5% | 2.8% | 5.7% | 3.8% | 2.5× | 222 |
| PLOW | $920M | 20.3× | 12.0× | 1.4× | 15.4% | 26.6% | 7.1% | 16.7% | 10.9% | 1.7× | 234 |
| AEBI | $871M | 66.1× | 11.7× | 0.6× | 40.6% | 19.9% | 0.6% | 1.2% | 0.7% | 4.2× | — |
| FLOC | $856M | 15.7× | 4.1× | 1.1× | 41.9% | 54.4% | 5.4% | 18.1% | 10.4% | 0.7× | 149 |
| MTW | $813M | 112.8× | 10.7× | 0.4× | 2.9% | 18.1% | 0.3% | 1.0% | 0.6% | 3.5× | 164 |
| HY | $573M | — | 49.2× | 0.1× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | — | 150 |
| OIS | $499M | — | — | 0.8× | -3.4% | 19.9% | -16.3% | -19.1% | -17.4% | — | 197 |
| CMCO | $462M | — | — | 0.4× | 23.9% | 30.1% | -19.2% | -15.8% | -6.0% | — | 170 |
| GENC | $267M | 17.0× | 14.7× | 2.3× | 2.0% | 27.5% | 13.6% | 7.4% | 7.4% | -1.6× | 93 |
Peers = companies sharing DOV's sector (Construction, Mining & Materials Handling Machinery & Equip) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$707.7M of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.3% on $3.33B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $283.0M dividends + $540.7M buybacks = $823.7M returned.
9 consecutive years of dividend increases · 2%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $193.33 today, the market must believe free cash flow compounds 9.7%/yr for a decade (off $1.15B on the 3-yr avg basis).
On the basis ($1.12B) the requirement is 10.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
Default is 9.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.13B shares (market data) · net debt $3.33B
mean 20.3% · volatility σ 55% · implied rate exceeded in 2/4 yrs
Central path = implied 9.7%/yr growth; shaded band = ±1σ (55%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.09B 100.0% | $7.75B 100.0% | $7.68B 100.0% | $7.84B 100.0% | $7.91B 100.0% | $6.68B 100.0% | $7.14B 100.0% | $6.99B 100.0% | $6.82B 100.0% | $6.04B 100.0% |
| Cost of Revenue | $4.87B 60.2% | $4.79B 61.8% | $4.82B 62.7% | $4.94B 63.0% | $4.94B 62.4% | $4.21B 63.0% | $4.52B 63.3% | $4.43B 63.4% | $4.29B 62.9% | $3.82B 63.1% |
| Gross Profit | $3.22B 39.8% | $2.96B 38.2% | $2.87B 37.3% | $2.90B 37.0% | $2.97B 37.6% | $2.47B 37.0% | $2.62B 36.7% | $2.56B 36.6% | $2.53B 37.1% | $2.23B 36.9% |
| Research & Development | $165.3M 2.0% | $149.6M 1.9% | $139.1M 1.8% | $151.4M 1.9% | $157.8M 2.0% | $142.1M 2.1% | $141.0M 2.0% | $143.0M 2.0% | $130.5M 1.9% | $115.8M 1.9% |
| Selling, General & Admin | $1.84B 22.8% | $1.75B 22.6% | $1.65B 21.4% | $1.63B 20.7% | $1.69B 21.4% | $1.54B 23.1% | $1.60B 22.4% | $1.72B 24.5% | $1.72B 25.2% | $1.52B 25.1% |
| Operating Income | $1.37B 17.0% | $1.21B 15.6% | $1.22B 15.9% | $1.28B 16.3% | $1.28B 16.2% | $933.0M 14.0% | $974.9M 13.7% | $843.1M 12.1% | $806.9M 11.8% | $709.0M 11.7% |
| Interest Expense | $109.8M 1.4% | $131.2M 1.7% | $131.3M 1.7% | $116.5M 1.5% | $106.3M 1.3% | $111.9M 1.7% | $125.8M 1.8% | $131.0M 1.9% | $144.9M 2.1% | $136.0M 2.2% |
| Interest & Investment Income | $73.0M 0.9% | $37.2M 0.5% | $13.5M 0.2% | $4.4M 0.1% | $4.4M 0.1% | $3.6M 0.1% | $4.5M 0.1% | $8.9M 0.1% | $8.5M 0.1% | $6.8M 0.1% |
| Other Income (Expense), net | $33.0M 0.4% | $46.9M 0.6% | $21.5M 0.3% | $22.6M 0.3% | $14.9M 0.2% | $11.9M 0.2% | $12.9M 0.2% | $4.4M 0.1% | $2.3M 0.0% | $8.3M 0.1% |
| Pretax Income | $1.37B 17.0% | $1.76B 22.7% | $1.12B 14.6% | $1.19B 15.2% | $1.40B 17.7% | $841.7M 12.6% | $843.0M 11.8% | $725.4M 10.4% | $875.8M 12.8% | $684.6M 11.3% |
| Income Tax Expense | $276.8M 3.4% | $357.0M 4.6% | $179.1M 2.3% | $200.3M 2.6% | $277.0M 3.5% | $158.3M 2.4% | $165.1M 2.3% | $134.2M 1.9% | $129.2M 1.9% | $182.5M 3.0% |
| Net Income | $1.09B 13.5% | $2.70B 34.8% | $1.06B 13.8% | $1.07B 13.6% | $1.12B 14.2% | $683.5M 10.2% | $677.9M 9.5% | $570.3M 8.2% | $811.7M 11.9% | $508.9M 8.4% |
| Per Share | ||||||||||
| EPS (Basic) | $7.99 | $19.58 | $7.56 | $7.47 | $7.81 | $4.74 | $4.67 | $3.80 | $5.21 | $3.28 |
| EPS (Diluted) | $7.94 | $19.45 | $7.52 | $7.42 | $7.74 | $4.70 | $4.61 | $3.75 | $5.15 | $3.25 |
| Weighted Avg Shares (Basic) | 136.9M | 137.7M | 139.8M | 142.7M | 143.9M | 144.1M | 145.2M | 149.9M | 155.7M | 155.2M |
| Weighted Avg Shares (Diluted) | 137.8M | 138.7M | 140.6M | 143.6M | 145.3M | 145.4M | 147.0M | 152.1M | 157.7M | 156.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 10% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 3.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 63.4 | 63.3 | 63.0 | 62.4 | 63.0 | 62.7 | 61.8 | 60.2 |
| Gross Profit | 36.6 | 36.7 | 37.0 | 37.6 | 37.0 | 37.3 | 38.2 | 39.8 |
| R&D | 2.0 | 2.0 | 2.1 | 2.0 | 1.9 | 1.8 | 1.9 | 2.0 |
| SG&A | 24.5 | 22.4 | 23.1 | 21.4 | 20.7 | 21.4 | 22.6 | 22.8 |
| Operating Income | 12.1 | 13.7 | 14.0 | 16.2 | 16.3 | 15.9 | 15.6 | 17.0 |
| Income Tax | 1.9 | 2.3 | 2.4 | 3.5 | 2.6 | 2.3 | 4.6 | 3.4 |
| Net Income | 8.2 | 9.5 | 10.2 | 14.2 | 13.6 | 13.8 | 34.8 | 13.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DOV: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 0.91pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 13.1% | 9.4% (today's — no rate published for this year) | 3.7pts |
| FY2020 | 12.0% | 9.4% (today's — no rate published for this year) | 2.6pts |
| FY2021 | 13.9% | 7.2% | 6.6pts |
| FY2022 | 12.7% | 8.1% | 4.6pts |
| FY2023 | 11.3% | 8.3% | 2.9pts |
| FY2024 | 9.7% | 9.8% | -0.1pts |
| FY2025 | 10.2% | 8.9% | 1.2pts |
| Now | 10.2% | 9.4% | 0.8pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 36.9% | 11.7% | 8.4% |
| FY2017 | 37.1% | 11.8% | 11.9% |
| FY2018 | 36.6% | 12.1% | 8.2% |
| FY2019 | 36.7% | 13.7% | 9.5% |
| FY2020 | 37.0% | 14.0% | 10.2% |
| FY2021 | 37.6% | 16.2% | 14.2% |
| FY2022 | 37.0% | 16.3% | 13.6% |
| FY2023 | 37.3% | 15.9% | 13.8% |
| FY2024 | 38.2% | 15.6% | 34.8% |
| FY2025 | 39.8% | 17.0% | 13.5% |
Leverage and buybacks account for 5 points of the 15% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$5.4B of goodwill — 50% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 20.58% against 10.33% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.00x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 0.83x over three years against 1.00x over 5.
Covers interest 8.8x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 12.51x |
| 5% | 11.89x |
| 10% | 11.26x |
| 15% | 10.63x |
| 20% | 10.01x |
| 25% | 9.38x |
| 30% | 8.76x |
| 35% | 8.13x |
| 40% | 7.51x |
| 45% | 6.88x |
| 50% | 6.26x |
| 55% | 5.63x |
| 60% | 5.00x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $192.48, free cash flow must compound 9.81%/yr for 10 years. It has done 11.04%/yr over 4 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 23.8% | 9.8% |
| FY2021 | 0.6% | 9.8% |
| FY2022 | −37.0% | 9.8% |
| FY2023 | 93.9% | 9.8% |
The achieved growth rate spans a reporting-basis change in FY2023, so part of it measures the restatement rather than the business.
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -6.3% | -6.6% | -0.2 points |
| FY2021 | 18.3% | 18.5% | 0.2 points |
| FY2022 | -0.8% | 12.6% | 13.4 points |
| FY2023 | -2.0% | -12.9% | -10.9 points |
| FY2024 | 0.8% | 2.5% | 1.7 points |
| FY2025 | 4.5% | 1.3% | -3.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 62.3 days | 65.2 days | 74.4 days | 53 days |
| FY2020 | 62.1 days | 72.5 days | 74 days | 60.5 days |
| FY2021 | 62.2 days | 88.1 days | 79.4 days | 70.9 days |
| FY2022 | 70.6 days | 101 days | 78.9 days | 92.6 days |
| FY2023 | 62.8 days | 86.7 days | 64.7 days | 84.7 days |
| FY2024 | 63.8 days | 87.3 days | 64.7 days | 86.4 days |
| FY2025 | 61.9 days | 95.3 days | 65.6 days | 91.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -4.6 percent |
| FY2021 | 0.1 percent |
| FY2022 | 2.4 percent |
| FY2023 | -2.5 percent |
| FY2024 | not reported |
| FY2025 | not reported |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.