Dover vs Ingersoll Rand
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KIRA’s take AI analyst
I put Dover and Ingersoll Rand side by side, using each one’s latest annual report. Here is what stands out:
- 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 30.7x against 23.6x for Dover.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Dover
DOV
5/11
Operating marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Ingersoll Rand
IR
5/11
Revenue growth5-year growthGross marginFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | DOV FY25 | IR FY25 |
|---|---|---|
| Size | ||
| Market cap | $27.3B | $29.2B |
| 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 | 23.6x | 30.7x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.