Dover vs Ingersoll Rand
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The short version
- Dover is the larger business, with $8.1B of revenue in fiscal 2025 against $7.7B for Ingersoll Rand.
- Ingersoll Rand grew revenue faster (5.8%, against 4.5%).
- Dover kept more of each dollar of sales as operating profit (17.0% operating margin, against 15.0%).
- Ingersoll Rand turned more of its sales into free cash flow (16.0% FCF margin, against 13.8%).
- Dover earned a higher return on the capital invested in it (12.0%, against 6.5%).
- Investors pay more for each dollar of Ingersoll Rand’s earnings: a P/E of 30.2x against 23.2x for Dover.
| Latest fiscal year | DOV · FY25 | IR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.9B | $28.8B |
| Revenue | $8.1B | $7.7B |
| Free cash flow | $1.1B | $1.2B |
| Net income | $1.1B | $581M |
| Growth | ||
| Revenue growth | 4.5% | 5.8% |
| 5-year growth | 3.9% | 14.0% |
| Share count change | −0.7% | −1.5% |
| Profitability | ||
| Gross margin | 39.8% | 43.6% |
| Operating margin | 17.0% | 15.0% |
| Net margin | 13.5% | 7.6% |
| FCF margin | 13.8% | 16.0% |
| Return on capital | 12.0% | 6.5% |
| Return on equity | 15.2% | 5.7% |
| Balance sheet | ||
| Net debt | $2.4B | $3.5B |
| Net debt / EBITDA | 1.4x | 2.1x |
| Dividends and buybacks | $824M | $1.0B |
| Valuation & quality | ||
| P/E | 23.2x | 30.2x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
DOV $6.0B
IR $1.9B
FY17
DOV $6.8B
IR $2.4B
FY18
DOV $7.0B
IR $2.7B
FY19
DOV $7.1B
IR $2.0B
FY20
DOV $6.7B
IR $4.0B
FY21
DOV $7.9B
IR $5.2B
FY22
DOV $7.8B
IR $5.9B
FY23
DOV $7.7B
IR $6.9B
FY24
DOV $7.7B
IR $7.2B
FY25
DOV $8.1B
IR $7.7B
DOV
IR
Operating margin
FY16
DOV 11.7%
IR 5.3%
FY17
DOV 11.8%
IR 4.6%
FY18
DOV 12.1%
IR 16.5%
FY19
DOV 13.7%
IR 9.6%
FY20
DOV 14.0%
IR 1.5%
FY21
DOV 16.2%
IR 11.0%
FY22
DOV 16.3%
IR 13.8%
FY23
DOV 15.9%
IR 16.9%
FY24
DOV 15.6%
IR 18.0%
FY25
DOV 17.0%
IR 15.0%
DOV
IR
Free cash flow
FY16
DOV $595M
IR $91.2M
FY17
DOV $569M
IR $144M
FY18
DOV $618M
IR $392M
FY19
DOV $759M
IR $305M
FY20
DOV $939M
IR $872M
FY21
DOV $944M
IR $564M
FY22
DOV $595M
IR $771M
FY23
DOV $1.2B
IR $1.3B
FY24
DOV $920M
IR $1.2B
FY25
DOV $1.1B
IR $1.2B
DOV
IR
Return on capital
FY16
DOV 8.2%
IR —
FY17
DOV 9.8%
IR 2.9%
FY18
DOV 10.9%
IR 10.9%
FY19
DOV 14.2%
IR 5.6%
FY20
DOV 12.9%
IR 0.7%
FY21
DOV 16.0%
IR 5.4%
FY22
DOV 14.8%
IR 6.5%
FY23
DOV 13.0%
IR 8.4%
FY24
DOV 11.6%
IR 8.2%
FY25
DOV 12.0%
IR 6.5%
DOV
IR
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.