DOV vs XYL: Dover and Xylem compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Dover is the larger company, worth $25.0B, close to Xylem's $23.8B.
- Dover grew revenue faster over the last year (+6.8% vs +1.5%).
- Dover keeps more of each dollar of revenue as operating profit (16.9% vs 14.5%).
- On earnings, Dover is the cheaper stock (23.2x vs 24.9x).
- Xylem's price assumes faster free cash flow growth: about 9% a year, against 6% for Dover (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DOV | XYL |
|---|---|---|
| Market cap | $25.0B | $23.8B |
| Share price | $188.83 | $102.71 |
| Revenue (last fiscal year) | $8.1B | $9.0B |
| Free cash flow (last fiscal year) | $1.1B | $910M |
| Revenue growth, last year | +6.8% | +1.5% |
| Revenue growth per year, last 5 fiscal years | +0.6% | +14.8% |
| Operating margin | 16.9% | 14.5% |
| Net margin | 13.5% | 11.2% |
| Return on equity | 14.7% | 9.8% |
| P/E (trailing) | 23.2x | 24.9x |
| Price / free cash flow | 22.3x | 26.2x |
| EV / EBITDA | 16.6x | 14.7x |
| FCF growth the price implies | 6.4% | 8.5% |
| Dividend yield | 1.1% | 1.6% |
| Debt / equity | 0.78x | 0.64x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 3 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Dover
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.9B | $944M | 16.2% |
| 2022 | $7.8B | $595M | 16.3% |
| 2023 | $7.7B | $1.2B | 15.9% |
| 2024 | $7.7B | $920M | 15.6% |
| 2025 | $8.1B | $1.1B | 17.0% |
Xylem
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.2B | $330M | 11.3% |
| 2022 | $5.5B | $388M | 11.3% |
| 2023 | $7.4B | $566M | 8.9% |
| 2024 | $8.6B | $942M | 11.8% |
| 2025 | $9.0B | $910M | 13.5% |
Where the revenue comes from
Dover · by segments, 2025
Pumps & Process Solutions$2.1B27%
Clean Energy & Fueling$2.1B26%
Climate & Sustainability Technologies$1.6B19%
Imaging & Identification$1.2B14%
Engineered Products$1.1B13%
Xylem · by segments, 2025
Water Infrastructure$2.6B29%
Water Solutions and Services$2.5B27%
Measurement and Control Solutions$2.1B23%
Applied Water$1.8B20%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DOV in InvestinglyQuestions
Which is bigger, Dover or Xylem?
Dover (DOV), at $25.0B against $23.8B.
Is DOV or XYL cheaper?
By trailing P/E, Dover (23.2x) is cheaper than Xylem (24.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, DOV or XYL?
Dover: revenue grew +6.8% over the last year, against +1.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.