Dover vs Hubbell
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The short version
- Dover is the larger business, with $8.1B of revenue in fiscal 2025 against $5.8B for Hubbell.
- Dover grew revenue faster (4.5%, against 3.8%).
- Hubbell kept more of each dollar of sales as operating profit (20.7% operating margin, against 17.0%).
- Hubbell turned more of its sales into free cash flow (15.0% FCF margin, against 13.8%).
- Hubbell earned a higher return on the capital invested in it (18.7%, against 12.0%).
- Investors pay more for each dollar of Hubbell’s earnings: a P/E of 26.5x against 23.2x for Dover.
| Latest fiscal year | DOV · FY25 | HUBB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.9B | $23.9B |
| Revenue | $8.1B | $5.8B |
| Free cash flow | $1.1B | $875M |
| Net income | $1.1B | $887M |
| Growth | ||
| Revenue growth | 4.5% | 3.8% |
| 5-year growth | 3.9% | 9.7% |
| Share count change | −0.7% | −0.9% |
| Profitability | ||
| Gross margin | 39.8% | 35.3% |
| Operating margin | 17.0% | 20.7% |
| Net margin | 13.5% | 15.2% |
| FCF margin | 13.8% | 15.0% |
| Return on capital | 12.0% | 18.7% |
| Return on equity | 15.2% | 24.5% |
| Balance sheet | ||
| Net debt | $2.4B | $1.8B |
| Net debt / EBITDA | 1.4x | 1.3x |
| Dividends and buybacks | $824M | $225M |
| Valuation & quality | ||
| P/E | 23.2x | 26.5x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
DOV $6.0B
HUBB $3.5B
FY17
DOV $6.8B
HUBB $3.7B
FY18
DOV $7.0B
HUBB $4.5B
FY19
DOV $7.1B
HUBB $3.9B
FY20
DOV $6.7B
HUBB $3.7B
FY21
DOV $7.9B
HUBB $4.2B
FY22
DOV $7.8B
HUBB $4.9B
FY23
DOV $7.7B
HUBB $5.4B
FY24
DOV $7.7B
HUBB $5.6B
FY25
DOV $8.1B
HUBB $5.8B
DOV
HUBB
Operating margin
FY16
DOV 11.7%
HUBB 14.0%
FY17
DOV 11.8%
HUBB 14.1%
FY18
DOV 12.1%
HUBB 12.4%
FY19
DOV 13.7%
HUBB 13.4%
FY20
DOV 14.0%
HUBB 13.4%
FY21
DOV 16.2%
HUBB 12.7%
FY22
DOV 16.3%
HUBB 14.3%
FY23
DOV 15.9%
HUBB 19.1%
FY24
DOV 15.6%
HUBB 19.4%
FY25
DOV 17.0%
HUBB 20.7%
DOV
HUBB
Free cash flow
FY16
DOV $595M
HUBB $344M
FY17
DOV $569M
HUBB $299M
FY18
DOV $618M
HUBB $421M
FY19
DOV $759M
HUBB $505M
FY20
DOV $939M
HUBB $565M
FY21
DOV $944M
HUBB $424M
FY22
DOV $595M
HUBB $507M
FY23
DOV $1.2B
HUBB $715M
FY24
DOV $920M
HUBB $811M
FY25
DOV $1.1B
HUBB $875M
DOV
HUBB
Return on capital
FY16
DOV 8.2%
HUBB 16.2%
FY17
DOV 9.8%
HUBB 13.1%
FY18
DOV 10.9%
HUBB 15.2%
FY19
DOV 14.2%
HUBB 12.2%
FY20
DOV 12.9%
HUBB 11.6%
FY21
DOV 16.0%
HUBB 12.7%
FY22
DOV 14.8%
HUBB 16.6%
FY23
DOV 13.0%
HUBB 19.9%
FY24
DOV 11.6%
HUBB 18.3%
FY25
DOV 12.0%
HUBB 18.7%
DOV
HUBB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.