Question 1

What is Dover's P/FCF ratio?

Accepted Answer

Dover (DOV) P/FCF ratio is 25.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Dover?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Dover specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Dover's P/FCF ratio high or low?

Accepted Answer

Dover's P/FCF ratio of 25.6× is below its own 5-year average of 28.3× and above the sector median of 24.3×. That places the current reading at the 57th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Dover's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Dover (DOV) P/FCF ratio has ranged from a low of 4.1× in 2009 to a high of 56.6× in 2026. The 5-year average is 28.3× and the 5-year median is 25.2×.

Question 7

What was Dover's P/FCF ratio in 2025?

Accepted Answer

Dover (DOV) P/FCF ratio at the end of 2025 was 24.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Dover's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$26.8B	$1.11B	24.0×	-20.5×	Dec 31, 2025
2024	$25.8B	$581M	44.5×	+25.7×	Dec 31, 2024
2023	$21.5B	$1.14B	18.8×	-13.7×	Dec 31, 2023
2022	$19B	$585M	32.5×	+4.8×	Dec 31, 2022
2021	$26.2B	$944M	27.7×	+8.3×	Dec 31, 2021
2020	$18.2B	$939M	19.4×	-2.7×	Dec 31, 2020
2019	$16.7B	$759M	22.0×	+5.1×	Dec 31, 2019
2018	$10.4B	$614M	16.9×	-3.4×	Dec 31, 2018
2017	$12.7B	$625M	20.3×	+6.8×	Dec 31, 2017
2016	$9.4B	$697M	13.5×	+2.2×	Dec 31, 2016
2015	$7.67B	$681M	11.3×	-0.4×	Dec 31, 2015
2014	$9.47B	$814M	11.6×	+0.2×	Dec 31, 2014
2013	$11.1B	$976M	11.4×	+3.3×	Dec 31, 2013
2012	$7.89B	$976M	8.1×	-0.9×	Dec 31, 2012
2011	$7.23B	$804M	9.0×	-0.6×	Dec 31, 2011
2010	$7.31B	$764M	9.6×	+1.9×	Dec 31, 2010
2009	$5.19B	$676M	7.7×	+2.7×	Dec 31, 2009
2008	$4.1B	$827M	5.0×	-3.5×	Dec 31, 2008
2007	$5.94B	$701M	8.5×	-1.1×	Dec 31, 2007
2006	$6.7B	$700M	9.6×	-0.9×	Dec 31, 2006
2005	$5.5B	$524M	10.5×	-1.2×	Dec 31, 2005
2004	$5.71B	$490M	11.7×	+0.8×	Dec 31, 2004
2003	$5.4B	$497M	10.9×	-1.5×	Dec 31, 2003
2002	$3.92B	$318M	12.3×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Dover (DOV) 2002-2026

P/FCF Ratio daily chart for Dover (DOV)

Historical P/FCF Ratio for Dover (DOV) from 2002 to 2025

About P/FCF Ratio at Dover (DOV)

Dover P/FCF Ratio by Year

Dover P/FCF Ratio 2025: 24.0×

Dover P/FCF Ratio 2024: 44.5×

Dover P/FCF Ratio 2023: 18.8×

Dover P/FCF Ratio 2022: 32.5×

Dover P/FCF Ratio 2021: 27.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Dover (DOV) Key Financials