Dover Corporation (DOV): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and truly understand how Dover Corporation makes its money, and frankly, mapping out their five operating segments can seem like a chore. Having spent over two decades analyzing industrial giants, including ten years leading analysis at BlackRock, I can tell you the secret isn't the complexity, but the focus: it's about selling performance-critical components for biopharma and fueling the global retail infrastructure. We'll quickly map out the nine blocks of their business, showing you how they plan to achieve that projected 4% to 6% revenue growth for 2025 and deliver an Adjusted EPS between $9.35 and $9.55, all while maintaining a rock-solid balance sheet with a Net Debt to EBITDA of just 1.08x as of July 2025; read on to see the whole structure.

Dover Corporation (DOV) - Canvas Business Model: Key Partnerships

You're looking at how Dover Corporation (DOV) builds value through its external relationships as of late 2025. It's a complex web, balancing massive global sourcing with targeted, high-value technology acquisitions. Honestly, the M&A pace in the Pumps & Process Solutions segment this year tells you a lot about their partnership strategy.

Global network of suppliers for raw materials and components

Dover Corporation, with its approximately 24,000 employees globally, relies on a vast, intricate network to feed its five operating segments, which generated $6.0 billion in revenue for the first nine months of 2025. While the exact count of tier-one suppliers isn't public, the scale of operations-evidenced by the $2.1 billion revenue in Q3 2025 alone-demands thousands of relationships for raw materials and specialized components. This network is critical for maintaining the consolidated segment margin, which hit a record in Q3 2025.

The operational health of this network directly impacts their ability to meet the full-year adjusted EPS guidance of $9.50 to $9.60 for 2025.

Strategic M&A targets like SIKORA and Pump Products (2025 acquisitions)

Dover Corporation uses acquisitions as a primary means to deepen partnerships and enter high-growth adjacencies. The 2025 activity in the Pumps & Process Solutions segment is a clear example of this strategy in action. The acquisition of SIKORA AG, which closed in Q2 2025, was for a cash consideration of €550 million. SIKORA, which generated approximately €100 million in revenue in 2024, is now part of the MAAG operating unit.

Shortly after, Dover acquired ipp Pump Products GmbH in June 2025, further bolstering the Pump Solutions Group (PSG) portfolio with specialized sanitary pump technologies. These moves are designed to create material cross-selling benefits and expand exposure to attractive markets, like those driven by electrification.

Here's a look at the key 2025 M&A activity that reshapes partnerships:

Acquired Entity	Acquisition Date (Announced/Closed)	Reported Purchase Price	Integration Unit	2024 Revenue (If Known)
SIKORA AG	May 2025 / Q2 2025	€550 million	MAAG (Pumps & Process Solutions)	Approx. €100 million
ipp Pump Products GmbH	June 2025	Undisclosed	PSG (Pumps & Process Solutions)	Not Disclosed
Cryogenic Machinery Corp. (Cryo-Mach)	January 20, 2025	Undisclosed	PSG (Pumps & Process Solutions)	Not Disclosed
Site IQ	August 2025	Undisclosed	Dover Fueling Solutions (DFS)	Not Disclosed

Enhanced global partnership with Bottomline for fuel retail supply chain optimization

Dover Fueling Solutions (DFS), a segment of Dover Corporation, significantly expanded its relationship with Bottomline in mid-2025, taking a partnership that began in Europe in 2023 global. This collaboration centers on deploying Bottomline's BX Platform to fuel retailers worldwide.

The goal is clear: cost efficiency and inventory control. The platform uses smart algorithms to forecast inventories, optimize routes, and reconcile deliveries from depot to tank. This solution is paired with DFS technology, specifically ProGauge Automatic Tank Gauge (ATG) consoles and/or the DX Wetstock platform. This integration helps customers maximize cost efficiencies, which is vital as Dover navigates macroeconomic noise while projecting 4% to 6% full-year revenue growth for 2025.

Independent distributors and retailers for broad market access

The scale of Dover Corporation's global reach, supported by approximately 24,000 employees, is amplified by its extensive network of independent distributors and retailers. This channel is explicitly mentioned as a key asset for expanding the reach of the Bottomline BX Platform globally. This distribution layer is essential for delivering equipment, components, and aftermarket parts across all five segments, including Engineered Products and Climate & Sustainability Technologies.

The strength of this channel is reflected in the fact that a majority of the second quarter 2025 revenue was already in the backlog by the time of the Q2 report.

Technology partners for digital and AI-powered solutions

Dover Corporation actively partners with technology providers to embed digital capabilities, especially in high-growth areas. For instance, CPC (Colder Products Company), part of the Pumps & Process Solutions segment, partners with the high-performance computing and Artificial Intelligence (AI) data center industries by providing connectors for liquid cooling systems.

Furthermore, the acquisition of SIKORA AG, which provides AI-driven quality control systems, aligns with Dover's internal investments in Digital Labs, showing a commitment to integrating digital expertise through strategic alignment. SWEP, another Dover company, launched new products in December 2025 specifically designed for data center cooling, leveraging high thermal efficiency and low pressure drop for Coolant Distribution Units (CDUs).

Key technological integrations include:

• Bottomline's BX Platform: Used for supply chain optimization via smart algorithms.
• ProGauge ATG & DX Wetstock: DFS platforms integrated with BX for end-to-end wetstock control.
• CPC Connectors: Essential components for liquid cooling in AI/HPC data centers.
• SIKORA Measurement Tech: Precision control solutions enhancing MAAG's polymer offerings.

Finance: draft 13-week cash view by Friday.

Dover Corporation (DOV) - Canvas Business Model: Key Activities

You're looking at how Dover Corporation (DOV) is actually deploying capital and managing operations as of late 2025. It's all about execution against their stated strategy, so let's look at the numbers driving their Key Activities.

Manufacturing and global supply chain management

Dover Corporation manages a global manufacturing footprint, aiming for alignment between cost and revenue bases, as they tend to manufacture in the regions where they sell. The company's operational agility is key in navigating the current environment. For the nine months ended September 30, 2025, total revenue reached $6.0 billion, showing a 3% increase year-over-year, with organic revenue growth at 1%. The company is focused on maintaining strong order rates, with organic bookings up for the sixth consecutive quarter, resulting in a book-to-bill ratio north of 1 across all five segments in Q1 2025.

R&D focused on secular growth platforms (e.g., clean energy, biopharma)

Research and development spending is a clear indicator of future focus. For the nine months ended September 30, 2025, Dover Corporation's R&D costs were $121.8 million, up from $108.0 million in the same period last year. This spend represented 2.1% of revenue for the three months ended September 30, 2025, and 1.8% for the nine months ended September 30, 2025. This investment supports platforms seeing strong traction; for instance, Pumps & Process Solutions saw double-digit growth in single-use biopharma components and triple-digit growth in thermal connectors for liquid cooling of data centers in Q1 2025.

Here's a snapshot of the financial context through the third quarter of 2025:

Metric (Nine Months Ended Sept 30, 2025)	Amount (in millions)	Change vs. 9M 2024
Total Revenue	$6,000.0	+3%
Organic Revenue Change	+1%	N/A
Adjusted Earnings from Continuing Operations	$981.0	+16%
GAAP Diluted EPS from Continuing Operations	$5.96	-29%
R&D Costs	$121.8	+12.8%

Strategic portfolio management, including acquisitions and divestitures

Portfolio management is active, using cash flow to acquire businesses that complement high-priority platforms. During the nine months ended September 30, 2025, Dover deployed approximately $663.2 million, net, to acquire four businesses, three within Pumps & Process Solutions and one in Clean Energy & Fueling. Specific 2025 acquisitions include Sikora for €550 million in cash, Pump Products, and Site IQ in August 2025. On the divestiture side, the company received an additional $6.0 million in net proceeds during the nine months ended September 30, 2025, related to a minority investment sale. The prior year's sale of the De-Sta-Co business generated net proceeds of $767.7 million.

Aftermarket service and consumable supplies sales

Dover delivers consumable supplies, aftermarket parts, and support services across its segments. The company's focus on high-margin, high-growth platforms is driving margin expansion; for example, the record adjusted segment EBITDA margin was above 25% in Q2 2025. The Imaging & Identification segment saw organic growth of 4% in Q1 2025, supported by strong wins in serialization software and core marking and coding across all geographies and product lines. The company expects full-year 2025 adjusted EPS guidance to be $9.50 to $9.60, based on revenue growth of 4% to 6%.

Footprint optimization and high-ROI organic capital projects

Dover is investing in high-ROI organic capital projects, balancing growth capacity expansions with productivity and automation investments. Management estimates 2025 capital expenditures to range from $190.0 million to $210.0 million. The company is also executing targeted footprint optimization; for instance, the Anthony® glass door manufacturing operations are transitioning from Sylmar, CA, to Richmond, VA, a move expected to deliver meaningful cost savings over the next 18 months. The guidance for full-year 2025 free cash flow conversion remains strong, projected at 14% to 16% of revenue.

The first quarter of 2025 saw free cash flow of $109 million, or 6% of revenue.

Dover Corporation (DOV) - Canvas Business Model: Key Resources

The Key Resources for Dover Corporation (DOV) are centered on its global operational scale, deep technological expertise, and a disciplined financial foundation. These assets enable the company to serve diverse, high-value industrial end markets.

Global manufacturing and service footprint

Dover Corporation maintains a significant global operational footprint, which is a critical resource for serving its worldwide customer base. This network includes manufacturing, warehouse, sales, and service facilities located across the world. You can see the breadth of their reach across major economic zones, serving customers in North America, Europe, and Asia Pacific, among other regions. This physical presence is essential for delivering equipment, components, and aftermarket support services efficiently.

Extensive Intellectual Property (IP) and proprietary software

The company's technological edge is secured through extensive Intellectual Property (IP) and proprietary software capabilities. A large portion of this IP is comprised of patents, unpatented technology, and proprietary information treated as trade secrets, which Dover seeks to protect via confidentiality agreements. The commitment to digital advancement is centralized through Dover Digital Labs, which drives digitization, machine learning, and artificial intelligence capabilities embedded in their offerings. Furthermore, the India Innovation Center supports this by housing approximately 800 engineers and IT professionals who work on product engineering, digital solutions development, and intellectual property services.

Strong balance sheet with net debt to EBITDA of 1.08x (July 2025)

Financial strength is a core resource, providing the agility for strategic investment and portfolio management. As of July 2025, Dover Corporation maintained a net debt to EBITDA ratio of 1.08x. This leverage position is considered strong and supports the company's ability to pursue value-creating acquisitions and maintain operational stability. The company's overall financial health underpins its ability to invest in its other key resources, like R&D and global expansion.

Portfolio of five diverse operating segments

The structure of Dover Corporation's portfolio, organized into five distinct operating segments, allows for focused market leadership and operational agility. This diversification reduces reliance on any single market cycle. The segments are structured around businesses with similar go-to-market strategies and manufacturing practices.

Here is a breakdown of the segments and key financial metrics from recent reporting periods:

Operating Segment	Recent Revenue Highlight (Approximate)	Recent Margin Highlight (Approximate)
Engineered Products	$1.2 billion (for the period)	19.2% segment earnings margin
Clean Energy & Fueling	$1.9 billion (for the period)	18.6% segment earnings margin
Imaging & Identification	$1.1 billion (for the period)	26.5% segment earnings margin
Pumps & Process Solutions	$1.9 billion (for the period)	28.3% segment earnings margin
Climate & Sustainability Technologies	$1.8 billion (for the period)	17% segment operating margin (2023 data)

Approximately 24,000 employees worldwide

The human capital resource base for Dover Corporation is substantial, consisting of approximately 24,000 employees worldwide. This team is recognized for an entrepreneurial approach and takes an ownership mindset in collaborating with customers. The workforce supports the company's global scale and operational agility across all segments.

The deployment of this talent is supported by centralized functions designed to free up resources within the operating companies:

• Dover Digital Labs team focused on digital transformation.
• Dover Business Services for centralized transactional support.
• India Innovation Center for engineering and IT expertise.
• Operations teams focused on production automation.

Dover Corporation (DOV) - Canvas Business Model: Value Propositions

You're looking at how Dover Corporation (DOV) delivers distinct value across its diverse industrial base as of late 2025. The company's total revenue for the trailing twelve months (TTM) ending in 2025 is reported at $7.92 Billion USD. This value is built on specialized offerings across its five segments.

Performance-critical components for biopharma and industrial fluid handling

This value proposition is largely anchored in the Pumps & Process Solutions segment. For the full year 2024, this segment generated $1.9 Billion in revenue, achieving a segment earnings margin of 28.3%. You see continued strength here, with Q1 2025 reporting improved revenue of 7%, specifically driven by high demand for single-use biopharma components and precision components. These are performance-critical parts where reliability is non-negotiable for customers in chemical, bioproduction, and energy markets.

Innovative, energy-efficient CO2 refrigeration systems and heat exchangers

The Climate & Sustainability Technologies segment delivers this value. A key offering is the CO2 refrigeration technology, where the Advansor business has delivered more than 14,000 CO2 systems globally for cooling, freezing, and heating applications. The segment also includes SWEP, which designs brazed plate heat exchangers to maximize heating and cooling performance while minimizing energy loss. This focus on energy efficiency is a direct response to environmental pressures, making these systems highly attractive.

End-to-end solutions: equipment, consumables, software, and support services

Dover Corporation (DOV) moves beyond just selling hardware by bundling offerings. The Imaging & Identification segment is a prime example, providing equipment, consumables, software, and support services for marking and coding. This approach creates stickier customer relationships. For context on scale, the Imaging & Identification segment brought in $1.1 Billion in revenue in 2024, with a segment earnings margin of 26.5%. The company's overall strategy includes adding software and digital solutions across its portfolio.

Product traceability and brand protection via advanced marking and coding

This is a core value driver within the Imaging & Identification segment. You saw ongoing strength here, as Q1 2025 reported a 4% increase in revenue for this segment due to strength in core marking and coding. The value proposition centers on building connected and safe supply chains through these integrated solutions. This is about more than just ink on a box; it's about providing the necessary software and services for compliance and anti-counterfeiting measures.

Safety and efficiency solutions for clean energy and retail fueling

The Clean Energy & Fueling segment focuses on safety and efficiency in fluid handling and energy infrastructure. In Q1 2025, this segment saw a 2% organic revenue increase, supported by strong demand for clean energy components and below-ground retail fueling equipment. In 2024, this segment generated $1.9 Billion in revenue, with a segment earnings margin of 18.6%. New product introductions, like the RegO Presto-Link© device, enhance safety by streamlining testing processes for liquefied petroleum gas systems.

Here's a quick look at the segment revenue contribution based on 2024 figures to show where these value propositions sit within the overall structure:

Value Proposition Anchor	Dover Segment	2024 Revenue (Approximate)	2024 Segment Earnings Margin
Biopharma/Industrial Fluid Handling	Pumps & Process Solutions	$1.9 Billion	28.3%
CO2 Refrigeration/Heat Exchangers	Climate & Sustainability Technologies	Data not explicitly isolated for 2024	Data not explicitly isolated for 2024
Marking/Coding & Traceability	Imaging & Identification	$1.1 Billion	26.5%
Clean Energy/Retail Fueling	Clean Energy & Fueling	$1.9 Billion	18.6%

The company's ability to drive these specialized values is reflected in its financial outlook; for the full year 2025, Dover expects adjusted earnings per share in the range of $9.50 to $9.60. This financial target is supported by the high-value nature of these solutions, which command strong margins, as seen by the 2024 Adjusted Free Cash Flow of $1 Billion.

Finance: draft 13-week cash view by Friday.

Dover Corporation (DOV) - Canvas Business Model: Customer Relationships

You're looking at how Dover Corporation (DOV) keeps its customers engaged across its diverse portfolio, which, as of late 2025, is supported by approximately 24,000 employees. Dover combines global scale with an ownership mindset in how it manages these relationships across its five segments.

Dedicated direct sales teams for complex industrial and OEM clients

For the most complex industrial and Original Equipment Manufacturer (OEM) clients, Dover relies on dedicated, specialized sales forces within its operating segments like Engineered Products and Pumps & Process Solutions. While specific sales team headcount isn't public, the scale of the business suggests significant direct engagement, especially given the focus on engineered solutions. For instance, the Pumps & Process Solutions division delivered revenue of $495 million in the first quarter of 2025, driven by specialized areas like liquid cooling for data centers.

The company's overall revenue for the third quarter of 2025 was $2,077,841 thousand, indicating a broad customer base requiring tailored sales support.

Aftermarket support and service contracts for long-term engagement

Long-term customer engagement is heavily supported by the delivery of consumable supplies, aftermarket parts, software, and support services, which are explicitly mentioned as part of Dover's offering. The company's focus on these recurring revenue streams helps stabilize performance, even when new equipment orders fluctuate. For example, in 2024, the company maintained 69 consecutive years of dividend growth, suggesting a reliable base of recurring revenue supporting shareholder returns.

The structure of customer relationships is supported by the financial stability that allows for a quarterly dividend of $0.52 per share, with an annualized value of $2.08, representing a dividend payout ratio of 12.79% as of late 2025.

Self-service digital platforms for spare parts and product configuration

Dover is actively advancing digitization to enable more self-service interactions. The Engineered Products operating companies, for example, are transforming the customer journey with AI-powered 3D visual experiences that specifically support product configuration and aftermarket spare part sales. This digital push is centralized through the Dover Digital Labs, which focuses on advancing digital commerce capabilities.

The company's overall strategy emphasizes software and digital solutions alongside physical products.

Consultative selling approach for engineered solutions

The consultative approach is inherent in serving markets that require specialized, mission-critical equipment. The Pumps & Process Solutions segment, for instance, provides proven expertise for cutting-edge thermal management applications in high-performance computing and AI data centers. This requires deep technical collaboration rather than simple transactional sales. The segment's earnings from continuing operations for the second quarter of 2025 were up 16% year-over-year, showing the profitability derived from these high-value engagements.

The relationship model is further evidenced by the company's strong focus on operational excellence, as seen by the segment earnings margin for Pumps & Process Solutions being 28.3% in 2024.

Here's a quick look at the revenue context across the business as of mid-2025:

Metric	Value	Period/Context
Total Revenue	$2,049,592 thousand	Three Months Ended June 30, 2025
Total Revenue	$3,916,000 thousand	Six Months Ended June 30, 2025
Projected Full Year Revenue Growth	4% to 6%	Full Year 2025 Guidance
Pumps & Process Solutions Revenue	$495 million	Q1 2025

Dover Corporation (DOV) - Canvas Business Model: Channels

You're looking at how Dover Corporation gets its engineered products and solutions into the hands of its customers across its five operating segments. The channel strategy is a mix, reflecting the diverse nature of the markets served, from large defense contractors to smaller industrial maintenance operations.

The overall scale is significant; for the nine months ended September 30, 2025, Dover generated total revenue of $6.0 billion. Full year 2025 revenue growth is guided to be in the range of 4% to 6%.

The company's channel approach is segment-dependent. For instance, the Pumps & Process Solutions segment, which delivered $1.9 billion in revenue in 2024, utilizes a multi-pronged approach for its performance-critical solutions.

Here is a breakdown of the scale of the segments that rely on these various channels, based on 2024 reported revenue:

Operating Segment	2024 Revenue (Millions USD)	Primary Channel Relevance
Pumps & Process Solutions	$1,900	Direct, Distributor, OEM
Clean Energy & Fueling	$1,900	Direct, Distributor
Engineered Products	$1,200	Direct, Distributor, OEM
Imaging & Identification	$1,100	Direct, Distributor, E-commerce/Software
Climate & Sustainability Technologies	Data Not Explicitly Separated	Direct, Distributor

Direct sales force for large industrial and defense customers

This channel is critical for complex, high-value sales, especially within segments like Engineered Products and Pumps & Process Solutions, where products are sold to aerospace and defense customers or large industrial users. The direct sales team manages the relationship for these technically demanding applications. For example, the Engineered Products segment delivered $1.2 billion in revenue in 2024.

Global network of independent distributors and value-added resellers

Distributors are essential for broad market coverage and supporting smaller, recurring orders across nearly all segments. This network helps Dover reach customers globally, complementing the direct sales efforts. Slightly more than half of Dover Corporation's revenues come from the U.S., with the remainder from international markets.

• Distributors are key for aftermarket parts sales.
• Value-added resellers often integrate Dover components into larger systems.
• This channel supports the Clean Energy & Fueling segment's fluid transportation equipment sales.

E-commerce and digital platforms for aftermarket parts and software

Dover Corporation delivers aftermarket parts, software, and digital solutions. The Imaging & Identification segment, which had $1.1 billion in revenue in 2024, is particularly active with connected product solutions and services.

OEM (Original Equipment Manufacturer) sales channels

OEM sales are a defined route to market, particularly for the Pumps & Process Solutions segment, where its products are sold directly and through a network of distributors and OEMs. This channel embeds Dover components directly into the final product of another manufacturer. The segment's revenue was $1.9 billion in 2024.

Geographically, the channel strategy supports a mix of domestic and international sales, with organic revenue growth in the U.S. at 3.8% in 2024, while Asia saw an organic decline of 7.1% in the same year.

Dover Corporation (DOV) - Canvas Business Model: Customer Segments

You're looking at the core markets Dover Corporation (DOV) serves as of late 2025. This isn't just a list; these are the specific industries driving their revenue, which was over $7 billion in 2024, with $6.0 billion generated in the first nine months of 2025. The company guides for full-year 2025 revenue growth of 4% to 6%.

Dover structures its customer focus across five operating segments, which directly map to the customer groups you listed. Here's how the segments align with your required segments, using the latest available financial context:

Customer Segment Focus Area	Dover Corporation Operating Segment	Relevant Financial/Statistical Data Point
Biopharmaceutical and life sciences companies (single-use components)	Pumps & Process Solutions	Segment generated $1.9 billion in revenue in 2024. Strong demand noted for single-use biopharma components in early 2025.
Fueling and convenience retail operators globally	Clean Energy & Fueling	Provides solutions for convenience retail and fueling; positive performance in North American retail fueling observed in Q2 2025.
Commercial refrigeration and HVAC manufacturers/users	Climate & Sustainability Technologies	Serves commercial refrigeration and heating & cooling markets; developing systems for data centers.
Aerospace and defense contractors for mission-critical components	Engineered Products	Serves the aerospace and defense end-market; favorable demand trends noted for 2025 organic growth.
Industrial processors (chemical, polymer, food/beverage)	Pumps & Process Solutions, Climate & Sustainability Technologies	Pumps & Process Solutions serves chemical and polymer processing; Climate & Sustainability serves beverage packaging equipment markets.

The company is actively managing a portfolio rotation, moving from longer-cycle businesses toward these growth platforms, which is expected to drive a more favorable margin mix heading into 2025. The overall expectation for the year is an adjusted EPS guidance range of $9.50 to $9.60.

Focusing specifically on the high-value, high-precision markets you mentioned, here are the key customer interactions by segment:

• Biopharmaceutical and life sciences companies: Customers rely on Pumps & Process Solutions for performance-critical components, including connectors for life sciences applications, from lab-scale to full-scale manufacturing.
• Fueling and convenience retail operators globally: This group uses solutions from Clean Energy & Fueling, such as the Anthem UX Platform on fuel dispensers for customized promotional strategies.
• Commercial refrigeration and HVAC manufacturers/users: These customers utilize Climate & Sustainability Technologies for energy-efficient equipment, including CO2 climate solutions and brazed plate heat exchangers for HVAC and data centers.
• Aerospace and defense contractors for mission-critical components: These contractors receive equipment, components, and software from Engineered Products.
• Industrial processors (chemical, polymer, food/beverage): This group uses Pumps & Process Solutions for fluid handling and polymer processing equipment, and Climate & Sustainability Technologies for beverage container manufacturing solutions.

The company completed eight business acquisitions for approximately $674.0 million in 2024 to enhance its portfolio, which directly impacts the customer base it serves in these areas. The Pumps & Process Solutions business, which serves biopharma, achieved a segment earnings margin of 28.3% in 2024.

You should watch the performance of the Clean Energy & Fueling segment, as below-ground retail fueling volumes and cryogenic components showed a positive inflection point in Q2 2025. Also, note that the Imaging & Identification segment maintained exemplary adjusted EBITDA margins at 28% in Q2 2025, driven by cost controls, though this segment serves different markets like marking & coding.

Dover Corporation (DOV) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Dover Corporation's operations, which is key to understanding their margin profile, especially given their global manufacturing footprint. Here's the quick math on the major cost buckets based on the latest available data, primarily from the end of fiscal year 2024 and the first nine months of 2025.

High cost of goods sold (COGS) due to global manufacturing and materials

The cost of the product itself is a major component. For the nine months ended September 30, 2025, Dover reported revenue of $6.0 billion (in thousands) and a Gross Profit of $1,563,762 thousand. This implies a Cost of Goods Sold (COGS) of approximately $4,436,238 thousand (or $4.436 billion) for that nine-month period, reflecting the costs associated with global material sourcing and production across its diverse segments.

Significant R&D investment in high-growth platforms (e.g., liquid cooling)

Dover Corporation actively invests in future growth areas. For the full year 2024, the company specifically reported investing $150 million in research and development. This spend is strategically directed toward high-priority growth platforms.

Costs related to strategic M&A and integration (e.g., SIKORA)

The pursuit of inorganic growth adds significant, non-recurring costs. In 2024, Dover deployed $674 million in inorganic investments. More recently, the acquisition of SIKORA AG closed on June 11th, 2025, for $623 million. These transactions bring integration costs, purchase accounting expenses, and associated amortization expenses that impact reported earnings.

Selling, General, and Administrative (SG&A) expenses for 24,000 employees

The overhead supporting the global operation is substantial. As of December 31, 2024, Dover employed approximately 24,000 people. The Selling, General, and Administrative (SG&A) expenses for the full year 2024 were reported as $31,817 thousand (or $31.817 million) for the explicit SG&A line item, though total operating expenses are higher.

You can see a snapshot of the 2024 expense base here (amounts in thousands):

Expense Category (2024)	Amount (in thousands)
Selling, general and administrative expenses	31,817
Research and development (2024 Full Year)	150,000
Restructuring and other costs (2024 Full Year)	69,810

Restructuring and footprint optimization costs

Dover Corporation continually adjusts its structure to align with demand, leading to one-time charges. For the full year 2024, restructuring and other costs totaled $69,810 thousand (or $69.810 million). For the nine months ended September 30, 2025, the company recorded an additional $7.3 million in other costs related to footprint reduction ($3.3 million) and a product line exit ($4.0 million) within the Climate & Sustainability Technologies segment.

The company emphasizes productivity actions to offset these costs, as evidenced by the record consolidated EBITDA margin of 26.1% reported in Q3 2025.

• Q3 2025 Consolidated Segment Margin: 26.1%
• Q3 2024 Consolidated Segment Margin: 16.8%
• Increase in Operating Margin (Q3 2025 vs Q3 2024): 1.3 percentage points

Finance: draft 13-week cash view by Friday.

Dover Corporation (DOV) - Canvas Business Model: Revenue Streams

You're looking at how Dover Corporation (DOV) actually brings in the money, which is key for any valuation work you're doing. Honestly, it's a mix, leaning heavily on physical goods but with growing digital components.

The company's overall revenue base is substantial, with annual revenue reported as over $7 billion.

Here's a quick look at the guidance and the first half results we have so far for fiscal 2025:

Metric	Guidance/Actual Period	Value
Full-Year 2025 Revenue Growth Projection	Full Year 2025	4% to 6%
Adjusted EPS Guidance	Full Year 2025	$9.35 to $9.55
Revenue	Quarter Ended June 30, 2025	$2.0 billion
Revenue	Six Months Ended June 30, 2025	$3.9 billion

The revenue streams are generated across five operating segments, delivering a mix of upfront sales and recurring revenue sources. You see the physical equipment sales, but the aftermarket and consumables are where the margins often get better, defintely.

The core revenue generation involves:

• Sales of equipment and components, such as performance-critical components for fluid handling in Pumps & Process Solutions.
• High-margin revenue from aftermarket parts and consumable supplies, like inks and consumables for the Imaging & Identification segment.
• Software and digital solutions subscriptions, including product traceability and authentication services.
• Support services tied to the equipment and systems sold.

For example, the Imaging & Identification segment specifically leads in the design and manufacture of equipment, consumables, and software for marking & coding and digital textile printing markets.

The guidance update in July 2025 reflected confidence, raising the full-year adjusted EPS guidance from the prior range of $9.20 to $9.40 up to the current $9.35 to $9.55 range, based on that expected 4% to 6% revenue growth.

The first half performance showed revenue of $3.9 billion for the six months ended June 30, 2025, which represented a 2% increase year-over-year (or 1% organic).