Dover vs Snap-on
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The short version
- Dover is the larger business, with $8.1B of revenue in fiscal 2025 against $5.2B for Snap-on, about 1.6 times as much.
- Dover grew revenue faster (4.5%, against 0.9%).
- Snap-on kept more of each dollar of sales as operating profit (25.8% operating margin, against 17.0%).
- Snap-on turned more of its sales into free cash flow (19.5% FCF margin, against 13.8%).
- Snap-on earned a higher return on the capital invested in it (19.2%, against 12.0%).
- Investors pay more for each dollar of Dover’s earnings: a P/E of 23.2x against 18.6x for Snap-on.
| Latest fiscal year | DOV · FY25 | SNA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.9B | $18.7B |
| Revenue | $8.1B | $5.2B |
| Free cash flow | $1.1B | $1.0B |
| Net income | $1.1B | $1.0B |
| Growth | ||
| Revenue growth | 4.5% | 0.9% |
| 5-year growth | 3.9% | 5.5% |
| Share count change | −0.7% | −0.9% |
| Profitability | ||
| Gross margin | 39.8% | — |
| Operating margin | 17.0% | 25.8% |
| Net margin | 13.5% | 19.7% |
| FCF margin | 13.8% | 19.5% |
| Return on capital | 12.0% | 19.2% |
| Return on equity | 15.2% | 18.0% |
| Balance sheet | ||
| Net debt | $2.4B | −$421M |
| Net debt / EBITDA | 1.4x | −0.3x |
| Dividends and buybacks | $824M | $791M |
| Valuation & quality | ||
| P/E | 23.2x | 18.6x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
DOV $6.0B
SNA $3.7B
FY17
DOV $6.8B
SNA $4.0B
FY18
DOV $7.0B
SNA $4.1B
FY19
DOV $7.1B
SNA $4.1B
FY20
DOV $6.7B
SNA $3.9B
FY21
DOV $7.9B
SNA $4.6B
FY22
DOV $7.8B
SNA $4.8B
FY23
DOV $7.7B
SNA $5.1B
FY24
DOV $7.7B
SNA $5.1B
FY25
DOV $8.1B
SNA $5.2B
DOV
SNA
Operating margin
FY16
DOV 11.7%
SNA 23.2%
FY17
DOV 11.8%
SNA 22.1%
FY18
DOV 12.1%
SNA 23.5%
FY19
DOV 13.7%
SNA 23.7%
FY20
DOV 14.0%
SNA 22.3%
FY21
DOV 16.2%
SNA 24.4%
FY22
DOV 16.3%
SNA 24.9%
FY23
DOV 15.9%
SNA 25.7%
FY24
DOV 15.6%
SNA 26.3%
FY25
DOV 17.0%
SNA 25.8%
DOV
SNA
Free cash flow
FY16
DOV $595M
SNA $502M
FY17
DOV $569M
SNA $527M
FY18
DOV $618M
SNA $674M
FY19
DOV $759M
SNA $575M
FY20
DOV $939M
SNA $943M
FY21
DOV $944M
SNA $897M
FY22
DOV $595M
SNA $591M
FY23
DOV $1.2B
SNA $1.1B
FY24
DOV $920M
SNA $1.1B
FY25
DOV $1.1B
SNA $1.0B
DOV
SNA
Return on capital
FY16
DOV 8.2%
SNA 17.7%
FY17
DOV 9.8%
SNA 16.2%
FY18
DOV 10.9%
SNA 18.0%
FY19
DOV 14.2%
SNA 17.4%
FY20
DOV 12.9%
SNA —
FY21
DOV 16.0%
SNA —
FY22
DOV 14.8%
SNA 19.6%
FY23
DOV 13.0%
SNA 19.9%
FY24
DOV 11.6%
SNA 19.9%
FY25
DOV 12.0%
SNA 19.2%
DOV
SNA
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.