Dover (DOV)
Builds specialized equipment for fuel handling, product coding, fluid processing, refrigeration, and vehicle service.
Something off on this page? Send us feedback.
Dover is a collection of roughly two dozen industrial companies under one roof, making the unglamorous hardware other businesses build into their own: pumps, fuel dispensers, supermarket refrigeration, code-printing machines, car lifts. The machine sells first; parts, ink and service follow for years. Lately Dover has sold off heavy, slower lines and bought smaller component makers aimed at data-center cooling, cleaner refrigeration and very cold gas. No single customer counts for much.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 13 more below
Pumps & Process Solutions
Dover's biggest and most profitable group: pumps, flow meters, fittings for medicine-making, polymer machinery and bearings for big rotating machines. It earned a 30.3% operating margin in 2025, the widest in the company. The polymer side shrank through 2025.
Competes with Polymer processing systems (BKG, EDI) (Nordson) · Industrial pumps (Flowserve) · Positive-displacement pumps (Sulzer)
In plain English
Almost every factory has to move liquid from one tank to another, and most of them buy that plumbing rather than build it. Dover makes it: pumps, flow meters, the snap-together fittings used in making medicines, plus the bearings and seals that keep big spinning machines from tearing themselves up.
Drug makers, plastics converters and the operators of turbines and compressors buy the equipment once, then keep coming back for spare seals, reconditioning and parts. That repeat work is why this is the fattest-margin corner of the company — and why a poor year for plastics machinery did not stop the group growing.
PSG
Dover's pump brands — Blackmer, Wilden, Almatec, Mouvex — in a fragmented, multi-billion-dollar market for pumps that push liquid a measured slug at a time. Nobody owns this field; Dover is one name among half a dozen.
Competes with Diaphragm and gear pumps (IDEX) · Industrial pump lines (Ingersoll Rand) · Water and industrial pumps (Xylem)
In plain English
Four pump brands doing one job: moving liquid a fixed slug at a time, the way a hand squeezes a tube, instead of spinning it along with a fan blade. That is the whole trick, and it is what industrial plants pay for.
It is a crowded trade. Dover sits alongside IDEX, Flowserve, Ingersoll Rand, Xylem and others in a market worth billions a year with no one holding a commanding piece of it. The money arrives twice — once when the pump is bought, then for years in replacement parts.
Clean Energy & Fueling
Everything a fuel site needs above and below ground, plus equipment for very cold gas. Worth $2.13B — and since the entire world market for fuel dispensers is only about $2.9B, most of this is the plumbing underneath, not the pump you touch.
Competes with Gilbarco Veeder-Root dispensers and tank gauges (Vontier) · Fuel dispensers (Tatsuno) · Cryogenic valves and vacuum-jacketed piping (Chart Industries)
In plain English
Pull into a filling station and almost everything there has a maker: the dispenser you take the nozzle from, the fittings on the buried tanks, the sensors that tell the owner how much fuel is left and whether any is escaping. Dover makes that kit and sells it to fuel retailers, mostly when they rebuild a site.
The same skill — moving liquids and gases without leaks — carries into equipment for liquefied gas kept at extreme cold. One oddity sits in here too: builders of data centers now ask for Dover's underground fibreglass trench systems, sold through the fueling business.
OPW Clean Energy Solutions
Valves and insulated piping for gas kept cold enough to stay liquid — liquefied natural gas plants and rocket launch sites. Its order book has expanded meaningfully, and Dover is now aiming the same cold-piping work at data-center cooling.
Competes with Cryogenic valves (Herose) · Cryogenic pumps and liquefied-gas equipment (Nikkiso)
In plain English
Gas turns liquid only when it is made brutally cold, and the moment it meets anything warm it boils away again. The answer is piping built like a vacuum flask — a pipe inside a pipe with the air pulled out from between them — plus valves that still turn at that temperature. That is what this business sells.
Its buyers are the people putting up liquefied-gas plants and the sites that fuel rockets, and their orders have been building. Dover has agreed to buy Leistung in India to add cryogenic capacity, and is steering the same equipment toward cooling systems for data centers.
Imaging & Identification
Markem-Imaje prints the date codes and batch numbers onto packages, then sells the ink that refills the machines. The steadiest line Dover has — quarterly revenue parked between $280M and $305M — at a 26.8% margin.
Competes with Videojet inkjet and laser coders (Veralto) · Domino coding printers (Brother) · Industrial coding and marking (Hitachi Industrial Equipment Systems)
In plain English
Look at the underside of a milk carton and you will find a date and a batch code sprayed on in tiny dots. Machines from Markem-Imaje put them there, standing beside the packing line and firing ink at products as they rush past.
The printer is only the start. Once bolted down it drinks one particular ink and wears one particular set of spares, all bought back from Dover. Food, drink, drug and household-goods makers cannot ship without codes, and medicine rules require every pack to be traceable, so the demand barely flinches. Dover sells the tracking software that reads those codes too.
Engineered Products
What is left of Dover's old heavy-machinery side after the 2024 sales: car lifts, winches, soldering and fluid-dispensing machines, and radio parts for defence and satellites. Roughly halved since 2023 to $1.09B, and now growing about 2%.
Competes with Vehicle lifts (BendPak) · Heavy-duty vehicle lifts (Stertil-Koni) · RF filters and microwave parts (Mercury Systems)
In plain English
The pieces that did not get sold. In 2024 Dover handed its waste-handling business to Terex for about two billion dollars and let go of a clamping business as well, which cut this group roughly in half in two years.
What is left is a mixed shelf: the hydraulic lifts that raise cars in repair shops and dealerships, heavy winches, machines that solder and dispense fluid, and small radio-frequency parts — filters, amplifiers, switches — that go into military kit and satellites. The car-lift side in North America has stopped falling without yet growing; the defence and satellite side is the part moving, and it lands mostly late in the year on government timing.
Climate & Sustainability Technologies
Supermarket refrigeration, cooler doors, compact heat exchangers and can-making machines. Revenue slid from $1.78B in 2023 to $1.56B in 2025 and is climbing back — quarterly sales went from $347.9M to $455.1M. Thinnest margin in the company at 17.0%.
Competes with Transcritical CO2 refrigeration (Carrier) · Can-making machinery (Stolle Machinery) · Brazed plate heat exchangers (Kelvion)
In plain English
The cold aisle of a grocery store is a business. Dover builds the refrigeration machinery behind the wall, the glass doors on the cases, the compact heat exchangers that hand heat from one liquid to another, and the machines that shape aluminium drink cans.
Chains buy this on a remodel cycle, which is why the group sagged when they stopped spending and is picking up now that they have started again — orders for doors and cases are coming back from twenty-year lows. It is Dover's thinnest-margin group, and lately the limit has been its own factory throughput rather than what customers want.
Hillphoenix CO2 refrigeration
Store refrigeration that runs on plain carbon dioxide instead of manufactured refrigerant gases, with more than 3,000 North American installations. Growing double digits, though under a tenth of supermarkets have switched — and Dover's own plant capacity held it back this year.
Competes with Transcritical CO2 systems (Epta) · CO2 refrigeration systems (Carnot Refrigeration) · Store refrigeration compressors and controls (Emerson)
In plain English
Store refrigeration normally runs on manufactured refrigerant gases. Hillphoenix builds systems that run on ordinary carbon dioxide instead — the gas in fizzy drinks — arranged as racks of piping and squat compressors in the back room of a shop.
Grocery and convenience chains put them in when they remodel, and Dover says they now do it because the systems work out cheaper to own over their life rather than because a rule forces it. Most stores still have not converted, and the growth comes from replacing refrigeration already sitting in the back of an open shop, one store at a time.
Data-center liquid cooling parts (SWEP + CPC)
Two small parts sold into AI data-center cooling: plate heat exchangers and snap-apart couplings. Together above $100 million in 2025 — roughly one percent of Dover — with capacity set to double inside a year. Management says this is not a data-center company.
Competes with Brazed plate heat exchangers (Alfa Laval) · UQD quick-disconnect couplings (Stäubli) · UQD and BQC couplings (Parker Hannifin)
In plain English
AI computers run so hot that air can no longer carry the heat away, so builders pipe liquid right up to the chips. Two Dover parts live in that loop. One is a heat exchanger: a block of thin stacked metal plates that passes heat from the hot loop to a cold one without the two liquids ever touching. The other is a snap-apart coupling that lets a technician pull a server out without spilling coolant.
These are sold to the firms that build cooling units and server racks, not to the data-center owners themselves. Buyers are booking capacity well ahead of need, so Dover is doubling what its factories can make.
Pumps & Process SolutionsDover's biggest and most profitable group: pumps, flow meters, fittings for medicine-making, polymer machinery and bearings for big rotating machines. It earned a 30.3% operating margin in 2025, the widest in the company. The polymer side shrank through 2025.Dover's biggest and most profitable group: pumps, flow meters, fittings for medicine-making, polymer machinery and bearings for big rotating machines. It earned a 30.3% operating margin in 2025, the widest in the company. The polymer side shrank through 2025.
In plain English
Almost every factory has to move liquid from one tank to another, and most of them buy that plumbing rather than build it. Dover makes it: pumps, flow meters, the snap-together fittings used in making medicines, plus the bearings and seals that keep big spinning machines from tearing themselves up.
Drug makers, plastics converters and the operators of turbines and compressors buy the equipment once, then keep coming back for spare seals, reconditioning and parts. That repeat work is why this is the fattest-margin corner of the company — and why a poor year for plastics machinery did not stop the group growing.
Competes with Polymer processing systems (BKG, EDI) (Nordson) · Industrial pumps (Flowserve) · Positive-displacement pumps (Sulzer)
PSGDover's pump brands — Blackmer, Wilden, Almatec, Mouvex — in a fragmented, multi-billion-dollar market for pumps that push liquid a measured slug at a time. Nobody owns this field; Dover is one name among half a dozen.Dover's pump brands — Blackmer, Wilden, Almatec, Mouvex — in a fragmented, multi-billion-dollar market for pumps that push liquid a measured slug at a time. Nobody owns this field; Dover is one name among half a dozen.
In plain English
Four pump brands doing one job: moving liquid a fixed slug at a time, the way a hand squeezes a tube, instead of spinning it along with a fan blade. That is the whole trick, and it is what industrial plants pay for.
It is a crowded trade. Dover sits alongside IDEX, Flowserve, Ingersoll Rand, Xylem and others in a market worth billions a year with no one holding a commanding piece of it. The money arrives twice — once when the pump is bought, then for years in replacement parts.
Competes with Diaphragm and gear pumps (IDEX) · Industrial pump lines (Ingersoll Rand) · Water and industrial pumps (Xylem)
Clean Energy & FuelingEverything a fuel site needs above and below ground, plus equipment for very cold gas. Worth $2.13B — and since the entire world market for fuel dispensers is only about $2.9B, most of this is the plumbing underneath, not the pump you touch.Everything a fuel site needs above and below ground, plus equipment for very cold gas. Worth $2.13B — and since the entire world market for fuel dispensers is only about $2.9B, most of this is the plumbing underneath, not the pump you touch.
In plain English
Pull into a filling station and almost everything there has a maker: the dispenser you take the nozzle from, the fittings on the buried tanks, the sensors that tell the owner how much fuel is left and whether any is escaping. Dover makes that kit and sells it to fuel retailers, mostly when they rebuild a site.
The same skill — moving liquids and gases without leaks — carries into equipment for liquefied gas kept at extreme cold. One oddity sits in here too: builders of data centers now ask for Dover's underground fibreglass trench systems, sold through the fueling business.
Competes with Gilbarco Veeder-Root dispensers and tank gauges (Vontier) · Fuel dispensers (Tatsuno) · Cryogenic valves and vacuum-jacketed piping (Chart Industries)
OPW Clean Energy SolutionsValves and insulated piping for gas kept cold enough to stay liquid — liquefied natural gas plants and rocket launch sites. Its order book has expanded meaningfully, and Dover is now aiming the same cold-piping work at data-center cooling.Valves and insulated piping for gas kept cold enough to stay liquid — liquefied natural gas plants and rocket launch sites. Its order book has expanded meaningfully, and Dover is now aiming the same cold-piping work at data-center cooling.
In plain English
Gas turns liquid only when it is made brutally cold, and the moment it meets anything warm it boils away again. The answer is piping built like a vacuum flask — a pipe inside a pipe with the air pulled out from between them — plus valves that still turn at that temperature. That is what this business sells.
Its buyers are the people putting up liquefied-gas plants and the sites that fuel rockets, and their orders have been building. Dover has agreed to buy Leistung in India to add cryogenic capacity, and is steering the same equipment toward cooling systems for data centers.
Competes with Cryogenic valves (Herose) · Cryogenic pumps and liquefied-gas equipment (Nikkiso)
Imaging & IdentificationMarkem-Imaje prints the date codes and batch numbers onto packages, then sells the ink that refills the machines. The steadiest line Dover has — quarterly revenue parked between $280M and $305M — at a 26.8% margin.Markem-Imaje prints the date codes and batch numbers onto packages, then sells the ink that refills the machines. The steadiest line Dover has — quarterly revenue parked between $280M and $305M — at a 26.8% margin.
In plain English
Look at the underside of a milk carton and you will find a date and a batch code sprayed on in tiny dots. Machines from Markem-Imaje put them there, standing beside the packing line and firing ink at products as they rush past.
The printer is only the start. Once bolted down it drinks one particular ink and wears one particular set of spares, all bought back from Dover. Food, drink, drug and household-goods makers cannot ship without codes, and medicine rules require every pack to be traceable, so the demand barely flinches. Dover sells the tracking software that reads those codes too.
Competes with Videojet inkjet and laser coders (Veralto) · Domino coding printers (Brother) · Industrial coding and marking (Hitachi Industrial Equipment Systems)
Engineered ProductsWhat is left of Dover's old heavy-machinery side after the 2024 sales: car lifts, winches, soldering and fluid-dispensing machines, and radio parts for defence and satellites. Roughly halved since 2023 to $1.09B, and now growing about 2%.What is left of Dover's old heavy-machinery side after the 2024 sales: car lifts, winches, soldering and fluid-dispensing machines, and radio parts for defence and satellites. Roughly halved since 2023 to $1.09B, and now growing about 2%.
In plain English
The pieces that did not get sold. In 2024 Dover handed its waste-handling business to Terex for about two billion dollars and let go of a clamping business as well, which cut this group roughly in half in two years.
What is left is a mixed shelf: the hydraulic lifts that raise cars in repair shops and dealerships, heavy winches, machines that solder and dispense fluid, and small radio-frequency parts — filters, amplifiers, switches — that go into military kit and satellites. The car-lift side in North America has stopped falling without yet growing; the defence and satellite side is the part moving, and it lands mostly late in the year on government timing.
Competes with Vehicle lifts (BendPak) · Heavy-duty vehicle lifts (Stertil-Koni) · RF filters and microwave parts (Mercury Systems)
Climate & Sustainability TechnologiesSupermarket refrigeration, cooler doors, compact heat exchangers and can-making machines. Revenue slid from $1.78B in 2023 to $1.56B in 2025 and is climbing back — quarterly sales went from $347.9M to $455.1M. Thinnest margin in the company at 17.0%.Supermarket refrigeration, cooler doors, compact heat exchangers and can-making machines. Revenue slid from $1.78B in 2023 to $1.56B in 2025 and is climbing back — quarterly sales went from $347.9M to $455.1M. Thinnest margin in the company at 17.0%.
In plain English
The cold aisle of a grocery store is a business. Dover builds the refrigeration machinery behind the wall, the glass doors on the cases, the compact heat exchangers that hand heat from one liquid to another, and the machines that shape aluminium drink cans.
Chains buy this on a remodel cycle, which is why the group sagged when they stopped spending and is picking up now that they have started again — orders for doors and cases are coming back from twenty-year lows. It is Dover's thinnest-margin group, and lately the limit has been its own factory throughput rather than what customers want.
Competes with Transcritical CO2 refrigeration (Carrier) · Can-making machinery (Stolle Machinery) · Brazed plate heat exchangers (Kelvion)
Hillphoenix CO2 refrigerationStore refrigeration that runs on plain carbon dioxide instead of manufactured refrigerant gases, with more than 3,000 North American installations. Growing double digits, though under a tenth of supermarkets have switched — and Dover's own plant capacity held it back this year.Store refrigeration that runs on plain carbon dioxide instead of manufactured refrigerant gases, with more than 3,000 North American installations. Growing double digits, though under a tenth of supermarkets have switched — and Dover's own plant capacity held it back this year.
In plain English
Store refrigeration normally runs on manufactured refrigerant gases. Hillphoenix builds systems that run on ordinary carbon dioxide instead — the gas in fizzy drinks — arranged as racks of piping and squat compressors in the back room of a shop.
Grocery and convenience chains put them in when they remodel, and Dover says they now do it because the systems work out cheaper to own over their life rather than because a rule forces it. Most stores still have not converted, and the growth comes from replacing refrigeration already sitting in the back of an open shop, one store at a time.
Competes with Transcritical CO2 systems (Epta) · CO2 refrigeration systems (Carnot Refrigeration) · Store refrigeration compressors and controls (Emerson)
Data-center liquid cooling parts (SWEP + CPC)Two small parts sold into AI data-center cooling: plate heat exchangers and snap-apart couplings. Together above $100 million in 2025 — roughly one percent of Dover — with capacity set to double inside a year. Management says this is not a data-center company.Two small parts sold into AI data-center cooling: plate heat exchangers and snap-apart couplings. Together above $100 million in 2025 — roughly one percent of Dover — with capacity set to double inside a year. Management says this is not a data-center company.
In plain English
AI computers run so hot that air can no longer carry the heat away, so builders pipe liquid right up to the chips. Two Dover parts live in that loop. One is a heat exchanger: a block of thin stacked metal plates that passes heat from the hot loop to a cold one without the two liquids ever touching. The other is a snap-apart coupling that lets a technician pull a server out without spilling coolant.
These are sold to the firms that build cooling units and server racks, not to the data-center owners themselves. Buyers are booking capacity well ahead of need, so Dover is doubling what its factories can make.
Competes with Brazed plate heat exchangers (Alfa Laval) · UQD quick-disconnect couplings (Stäubli) · UQD and BQC couplings (Parker Hannifin)
Named in filings, launches and programs
- Dover Fueling SolutionsBrandWayne and Tokheim dispensers, payment terminals and ProGauge tank gauging, sold with software subscriptions that report how much fuel sits in a site's buried tanks.
- OPW Vehicle Wash SolutionsBrandCar-wash machinery and chemicals — PDQ, Belanger, ICS, Turtle Wax Pro — grouped with Dover's fueling businesses.
- Dover Precision ComponentsBrandWaukesha Bearings, Cook Compression, Inpro/Seal and FW Murphy: bearings and seals for big rotating machines, sold new and then reconditioned.
- MAAGBrandPolymer processing machinery — pelletizers, melt pumps, filters. It shrank through 2025, with orders only passing shipments again in the June 2026 quarter.
- CloerenBrandExtrusion dies and feedblocks — the shaped outlets molten plastic is pushed through — agreed in July 2026 and folded into MAAG that August.
- SIKORABrandMeasuring and inspection gear for high-voltage cable and coated fibre optic, bought in June 2025; management says it is beating the case they bought it on.
- Leistung EngineeringBrand · AnnouncedAn Indian maker of cryogenic equipment Dover agreed to buy in August 2026, adding cold-gas products and factory space in India.
- AnthonyBrandGlass doors and cases for refrigerated aisles; chain spending on them is recovering from twenty-year lows.
- BelvacBrandMachines that form and shape aluminium beverage cans, sold to canmakers from inside the refrigeration group.
- Vehicle Service GroupBrandRotary Lift, Forward Lift and Chief Automotive — the lifts, wheel-service and collision-repair gear used in garages and dealerships.
- Microwave Products GroupBrandRadio-frequency filters, amplifiers and switches for defence kit and satellites; Dover guides roughly $50M of space-related revenue company-wide for 2026.
- SystechBrandSoftware that gives each pack its own traceable identity, sold beside Markem-Imaje's printers to drug makers meeting traceability rules.
- CalderaBrandWorkflow software for digital textile printing; its PrimeCenter 5.0 version came out in June 2026.
Dover Fueling SolutionsBrand
Wayne and Tokheim dispensers, payment terminals and ProGauge tank gauging, sold with software subscriptions that report how much fuel sits in a site's buried tanks.
OPW Vehicle Wash SolutionsBrand
Car-wash machinery and chemicals — PDQ, Belanger, ICS, Turtle Wax Pro — grouped with Dover's fueling businesses.
Dover Precision ComponentsBrand
Waukesha Bearings, Cook Compression, Inpro/Seal and FW Murphy: bearings and seals for big rotating machines, sold new and then reconditioned.
MAAGBrand
Polymer processing machinery — pelletizers, melt pumps, filters. It shrank through 2025, with orders only passing shipments again in the June 2026 quarter.
CloerenBrand
Extrusion dies and feedblocks — the shaped outlets molten plastic is pushed through — agreed in July 2026 and folded into MAAG that August.
SIKORABrand
Measuring and inspection gear for high-voltage cable and coated fibre optic, bought in June 2025; management says it is beating the case they bought it on.
Leistung EngineeringBrand · Announced
An Indian maker of cryogenic equipment Dover agreed to buy in August 2026, adding cold-gas products and factory space in India.
AnthonyBrand
Glass doors and cases for refrigerated aisles; chain spending on them is recovering from twenty-year lows.
BelvacBrand
Machines that form and shape aluminium beverage cans, sold to canmakers from inside the refrigeration group.
Vehicle Service GroupBrand
Rotary Lift, Forward Lift and Chief Automotive — the lifts, wheel-service and collision-repair gear used in garages and dealerships.
Microwave Products GroupBrand
Radio-frequency filters, amplifiers and switches for defence kit and satellites; Dover guides roughly $50M of space-related revenue company-wide for 2026.
SystechBrand
Software that gives each pack its own traceable identity, sold beside Markem-Imaje's printers to drug makers meeting traceability rules.
CalderaBrand
Workflow software for digital textile printing; its PrimeCenter 5.0 version came out in June 2026.