DOVER Corp (DOV): what the price assumes

In the published model solve dated 2026-Q2, anchored at $198.68, DOVER Corp (DOV) is priced for +17.3% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/DOV

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 9.3% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.1%); the inversion above states its own rate.

Per-Model Detail (n=8)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• Dover's flagship pumps and process business now earns more than 30 cents of segment profit on every revenue dollar, with segment earnings up $115.0 million, or 21.4%, in 2025 and margin rising to 30.3% from 28.3%.
• Growth is the pressure point: organic revenue advanced just 1.6% in 2025, well inside management's own long-run ambition of organic sales growth above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle.
• Capital is coming back to holders fast, with a $500.0 million accelerated repurchase struck with JP Morgan on November 10, 2025 and funded from cash on hand, and the share count down about 1.7% a year over four years.

Bull Case

Every backward-looking way of valuing this company lands below today's price. Book value plus profitability sits under it, the capitalized-earnings lenses sit well under it, and the comparable-company multiples sit under it too. Only the forward method, which carries revenue ahead and holds today's sales multiple flat, reaches the price. That spread is not an accusation. It is a description of what the buyer thinks they are getting: an industrial that compounds instead of cycling, and no static method knows how to price that.

The best evidence for the claim sits in one segment. Pumps and process solutions grew segment earnings $115.0 million, or 21.4%, in 2025, and the segment turned 30.3% of its own revenue into profit, up from 28.3%, which the 10-K attributes to volume, productivity work, mix and acquisitions. Put that against the flow-control cohort and the number stands out. FLS ran an 8.3% operating margin, XYL 13.6%, ITT 15.9%, PH 22.8%, and GGG, the strongest of the group, 27.5%. Dover's pump business is out-earning companies whose entire identity is pumps.

The order book supports the case rather than contradicting it. Bookings rose 6.0% over the prior year to $8.1 billion for 2025, and the increase was broad across the portfolio rather than concentrated in one franchise. Orders arriving faster than revenue is how a diversified industrial tells you the next year before the income statement does.

The other half of the return comes back directly. Dover struck a $500.0 million accelerated share repurchase with JP Morgan on November 10, 2025, ran it under the existing authorization, and funded it out of cash on hand rather than new borrowing. Share count has fallen about 1.7% a year across four years. In the March 2026 quarter free cash flow reached $131.2 million, equal to 6.4% of revenue and 54.9% of earnings from continuing operations, and up $21.9 million year over year. Buying back stock with cash the business generated, rather than with debt, is the version of the trade that actually creates value.

Financing sits where it should. Trailing operating income covers the interest bill about twelve times over, the borrowing covenant only requires a coverage ratio of three to one, and there were no drawings under the revolving facilities at either the March 2026 quarter end or the December year end. On April 2, 2026 the company replaced its existing credit agreements with a new five-year revolver running to April 2031, undrawn. The compounding case does not need a financing story, which is exactly what makes it a compounding case.

Bear Case

Look at how the growth is actually being manufactured. Dover states its own long-term ambition plainly in the annual report: organic sales growth above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle. In 2025 organic revenue grew 1.6%. The annual report puts the consolidated line next to it: Revenue for the year ended December 31, 2025 increased $346.7 million, or 4.5%, to $8.1 billion compared with 2024. The difference between those two figures is bought rather than grown. That is a legitimate strategy and Dover has run it for decades, but it changes what a holder is underwriting: not a business that expands on its own, but a management team that must keep finding assets cheaper than the multiple its own stock carries, and keep integrating them, indefinitely.

The price has a view on how well that goes. Today's level embeds something close to 22% annual operating-profit growth sustained for five years. Set that beside the 1.6% organic figure and the gap has to be closed by wider profitability, by acquisition and by buyback, all pulling together for half a decade. History says that combination is hard to hold: among comparable fast-growers, only about 34% sustained a pace like that for five years. The other two-thirds slowed.

What makes the slowdown scenario uncomfortable is where the methods sit. Nothing that values Dover on its existing assets or existing earnings reaches today's price. If the compounding assumption softens, there is no static valuation floor waiting underneath, because every static lens is already below the stock.

Geography is the near-term stress. A little over half of revenue comes from the United States, with Europe near a fifth and Asia around a ninth, and both of the non-American blocks are shrinking on an organic basis. In 2025, organic revenue in Europe declined 0.9% and in Other Americas declined 4.3%. In the March 2026 quarter, organic revenue fell 4.7% across Asia, Europe and the remaining geographies together, with only Other Americas growing, at 3.0%. A third of the company is going backwards organically, and the consolidated line is being held up by North America and by pricing.

The balance sheet is not a problem, but it is not free either. Gross borrowings run near 4.0 billion dollars, against a credit covenant that requires consolidated earnings before interest, tax, depreciation and amortization to cover consolidated net interest at least three times over. Coverage today is far above that, at roughly twelve times on trailing operating income. The obligation stack includes notes maturing in 2026, in 2027 and in 2033, part of it denominated in euros, which quietly ties refinancing cost to a currency the company is also losing organic revenue in.

And the buyback deserves a harder look than it usually gets. Repurchasing $500.0 million of stock while every method that values the existing business lands below the market price means the company is retiring shares above what its current assets and current earnings support. That is a defensible bet on future compounding. It is not, on today's numbers, a value purchase.

Valuation

Today's price puts an enterprise value on the company of about 23 times its last twelve months of operating profit. Invert that and it embeds an assumption of something near 22% annual growth in operating profit, held for five years. The company converted 16.6% of trailing revenue into operating profit to get there, so the demand is not for a margin transformation; it is for a compounding rate, sustained.

How often has that held? Among comparable companies that reached a similar pace, only about 34% were still running it five years later. That is the single most useful number in this report, because it converts a valuation debate into a base rate. Two out of three did not make it.

The methods agree with each other about the shape of the bet even where they disagree about the level. The forward lens, which projects revenue and holds today's sales multiple flat, reaches the price. Book value plus profitability lands below it. The capitalized-earnings read, which takes a five-year average of operating income of about $1.32 billion and values it with no growth at all, lands far below it. So does the comparable-company lens. When only the forward frame reaches the price, the premium is not an error in the other methods. It is what the market pays for durability, which those methods are structurally unable to see.

One honest caveat about precision. The implied growth figure moves about 7.4 percentage points for every additional percentage point of discount rate. That is a large swing on a small input, so the 22% should be read as an order of magnitude rather than a measurement.

Against the cohort, the picture is mixed in a specific way. Dover's 16.6% trailing operating margin sits mid-pack: ITT ran 15.9% and DCI 15.1%, while ROP managed 28.1%, GGG 27.5% and NDSN 26.4%. Yet the multiple the market assigns sits in the upper half of the peer group's range. The market is paying an above-median multiple for a middle-of-the-pack consolidated margin, on the view that the mix keeps shifting toward the parts of the portfolio that earn like the pumps business.

Solvency does not constrain the outcome. Trailing operating income covers the interest bill around twelve times over, the revolving facilities were undrawn at the March 2026 quarter end, and free cash flow of $131.2 million in that quarter funded the return of capital without new borrowing. The balance sheet buys the compounding thesis time. Whether the thesis needs more time than that is what the price is really asking.

Catalysts

Two financing actions landed just after the March quarter closed. On April 2, 2026 Dover replaced its existing credit agreements with a new five-year revolving credit facility running to April 2031, and there were no loans outstanding under it. That removes a 2026 facility maturity from the calendar and resets the revolver for the rest of the decade at a moment when the company is also carrying notes due in 2026 and 2027. The refinancing question for the next two years is now about the notes, not the bank lines.

Capital return has been running ahead of the operating story. On November 10, 2025 the company entered a $500.0 million accelerated share repurchase agreement with JP Morgan Chase Bank, executed under the authorization already in place and funded with cash on hand. In the March 2026 quarter free cash flow came in at $131.2 million, representing 6.4% of revenue and 54.9% of earnings from continuing operations, an increase of $21.9 million from the comparable quarter on compensation payment timing and higher operating earnings, offset in part by heavier capital spending.

The operating detail to watch is the split between what is growing and what is not. Climate and sustainability technologies revenue rose $63.2 million, or 18.2%, in the March 2026 quarter, with organic growth of 15.2% and a further 3.0% from currency, and customer pricing adding about 2.0%. Against that, organic revenue across Asia, Europe and the remaining geographies fell 4.7% in the same quarter while Other Americas grew 3.0%. Bookings for 2025 had already risen 6.0% to $8.1 billion, broad-based across the portfolio, so the order book says the second half of the year should read better than the geography does.

Peer Cohorts (Per Segment, With Filing Citations)

Engineered Products (reported)

• IEX (IDEX CORP)
• FY2025 10-K: …Company is exposed to fluctuations in commodity pricing and inflation, including the impact of tariffs, and attempts to control these impacts through increased prices to customers and various other programs with its suppliers. Suppliers The Company manufactures many of the parts and components used in its products.…
• FY2025 10-K: …process. The CODM considers Adjusted EBITDA budget and forecast-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA is also used in determining the compensation of certain employees. 68 Table of Contents The HST segment designs, produces…
• GGG (GRACO INC.)
• FY2025 10-K: …then supply to their customers. Industrial The Industrial division designs and manufactures liquid finishing and advanced fluid dispensing equipment; pumps to move chemicals, petroleum, food, and other fluids; and systems, components, and accessories for the automatic lubrication of bearings, gears, and generators.…
• FY2025 10-K: …pumps for use in the semiconductor industry; high pressure and ultra-high pressure valves used in the oil and natural gas industry; and environmental monitoring and remediation equipment that is used to conduct ground water sampling, ground water remediation, and for landfill liquid and gas management. This segment…
• NDSN (NORDSON CORPORATION)
• FY2025 10-K: …drug infusion, IV & drug delivery, patient care, surgical and biopharma. • Surgical Solutions - Microplegia myocardial protection devices and related consumables used in cardiac surgical procedures. Advanced Technology Solutions This segment integrates our proprietary product technologies into the progressive stages…
• FY2025 10-K: …Our business is affected by a range of macroeconomic conditions, including industry capacity changes, global competition and economic conditions in the United States and abroad, as well as fluctuations in currency exchange rates. Our equipment is sold in competition with a wide variety of alternative bonding,…
• ITT (ITT INC.)
• FY2025 10-K: …our competitive position. The highly customized application engineering embedded within our products, our proprietary rights, our knowledge capabilities and our brand recognition all contribute to enhancing our competitive position. Although we own and control a significant number of patents, trade secrets,…
• FY2025 10-K: …dedicated to supporting EPC firms as their needs are often distinct from those of distribution and end-user customers. The pump and valve markets we serve are highly competitive and fragmented. For most of our products, there are many regional competitors and a limited number of larger global peers. Primary customer…
• CR (CRANE COMPANY)
• FY2025 10-K: , the related assets, liabilities and operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Throughout this Annual Report on Form 10-K, unless otherwise indicated, amounts and…
• FY2025 10-K: …to Consolidated Financial Statements. Revenue Recognition. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing…
• DCI (DONALDSON COMPANY, INC.)
• FY2025 10-K: …and OEM dealer networks. The Industrial Solutions segment is organized based on product type and consists of Industrial Air Filtration, Industrial Gases, Industrial Hydraulics, Power Generation and Aerospace and Defense products. These products are further organized by the Industrial Filtration Solutions and…
• FY2025 10-K: …of the segments. The CODM considers variances in reported results to budget and variances to prior periods to make decisions about allocating resources to each segment. The Company's CODM is the Chief Executive Officer. In fiscal 2025 and 2024, Corporate and Unallocated included a charge of $ 16.8 million and $ 6.4…

Clean Energy & Fueling (reported)

• GTLS (CHART INDUSTRIES, INC.)
• FY2025 10-K: …over other energy sources. Demand for LNG for fuel applications is also driven by diesel displacement and continuing efforts by petroleum producing countries to better utilize stranded natural gas and previously flared gases. HVAC, Power and Refining Applications Our air cooled heat exchangers and axial cooling fans…
• FY2025 10-K: …LNG. Management believes that continuing efforts by petroleum producing countries to better utilize stranded natural gas and associated gases which historically had been flared, present a promising source of demand. We have several competitors for our air cooled heat exchangers and fans, including many smaller…
• IEX (IDEX CORP)
• FY2025 10-K: …agriculture and semiconductor businesses, partially offset by higher volume in the municipal water businesses, which together more than offset the benefit of positive price across the segment. • Adjusted EBITDA margin increased primarily due to positive price/cost as well as net productivity improvements. These…
• FY2025 10-K: …energy, food processing, medical, packaging and transportation. Airtech maintains operations in Rutherford, New Jersey and has other manufacturing operations in Linthicum Heights, Maryland and Schweinfurt, Germany. Sealing Solutions. Sealing Solutions focuses on providing special seals and related products and…
• CR (CRANE COMPANY)
• FY2025 10-K: …sales growth and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and…
• FY2025 10-K: …as well as in Part II, Item 8 under Note 4, "Segment Information," in the Notes to Consolidated Financial Statements for sales, operating profit and assets employed by each segment. Aerospace & Advanced Technologies The Aerospace & Advanced Technologies segment supplies critical components and systems, including…
• FLS (FLOWSERVE CORP)
• FY2025 10-K: …(i) re-engaging our offerings with market participants in areas such as nuclear, power generation, water, specialty chemicals, and other general industries where we maintain strong capabilities; (ii) increasing our exposure to end markets offering long-term outsized growth potential; and (iii) maintaining and growing…
• FY2025 10-K: …short-term and long-term initiatives and accelerates growth through three key areas: diversification, decarbonization, and digitization (the "3D Strategy"). The goal of our 3D Strategy is to utilize our leadership in the flow control industry, and through our commitment to research and development ("R&D"), create…
• NDSN (NORDSON CORPORATION)
• FY2025 10-K: …drug infusion, IV & drug delivery, patient care, surgical and biopharma. • Surgical Solutions - Microplegia myocardial protection devices and related consumables used in cardiac surgical procedures. Advanced Technology Solutions This segment integrates our proprietary product technologies into the progressive stages…
• FY2025 10-K: …false 2025 FY 0000072331 http://www.nordson.com/20251031#PensionSettlementChargeForUSPlans P1Y iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:EUR ndsn:leases ndsn:segment 0000072331 2024-11-01 2025-10-31 0000072331 2025-04-30 0000072331 2025-11-30 0000072331 2023-11-01 2024-10-31 0000072331…

Imaging & Identification (reported)

• ZBRA (ZEBRA TECHNOLOGIES CORPORATION)
• FY2025 10-K: …eco-packaging and sustainable product design. Additionally, we have science-based targets for carbon emission reductions in Zebra's operations and throughout our value chain. 8 Table of Contents Competition We operate in a highly competitive environment. The need for companies to improve productivity and implement…
• FY2025 10-K: …of metal or high-impact plastic help ensure durability of our printers. Printing instructions can be received as a proprietary language such as Zebra Programming Language II, as a print driver-provided image, or as user-defined Extensible Markup Language. These features make our printers easy to integrate into most…
• CGNX (Cognex Corporation)
• FY2025 10-K: …package. Vision Systems and Sensors Vision systems combine smart cameras and software to perform a wide range of tasks, including part location, identification, measurement, assembly verification, and robotic guidance. Vision sensors can deliver an easy-to-use, low-cost, reliable solution for simple pass/fail…
• FY2025 10-K: …85% of our total revenue in 2025. Our Industry and Market Opportunity Machine vision is used in a variety of industries where technology is widely recognized as an important component of automated production, distribution, and quality assurance. Virtually every manufacturer or logistics provider can achieve better…
• NDSN (NORDSON CORPORATION)
• FY2025 10-K: …drug infusion, IV & drug delivery, patient care, surgical and biopharma. • Surgical Solutions - Microplegia myocardial protection devices and related consumables used in cardiac surgical procedures. Advanced Technology Solutions This segment integrates our proprietary product technologies into the progressive stages…
• FY2025 10-K: …stages of an electronics customer's production and measurement and control processes, such as surface treatment, precisely controlled dispensing of material and test and inspection to ensure quality and reliability. Applications include, but are not limited to, semiconductors, printed circuit boards, electronic…
• ROP (ROPER TECHNOLOGIES INC)
• FY2025 10-K: …used in numerous identity access management applications across a variety of vertical markets. Verathon - medical devices that enable airway management, including bronchoscopes and video laryngoscopes, and bladder volume measurement solutions for healthcare providers. 6 Materials and Suppliers We believe most…
• FY2025 10-K: …could be subject to material liabilities relating to the investigation and clean-up of contaminated properties and related claims. We are required to conform our operations and properties to these laws and adapt to regulatory requirements in all countries as these requirements change. In connection with our…
• DHR (Danaher Corporation)
• FY2025 10-K: …needs of the food and beverage markets, helping customers ensure the quality and safety of their products while lowering operating costs and minimizing waste. Customers served by the Life Sciences segment select products based on a number of factors, including product quality and reliability, the product's capacity…
• FY2025 10-K: …bioanalytical measurement systems, as well as related consumables, software and services. Mass spectrometry is a technique for identifying, analyzing and quantifying elements, chemical compounds and biological molecules, individually or in complex mixtures. The business' mass spectrometer systems and related products…

Pumps & Process Solutions (reported)

• FLS (FLOWSERVE CORP)
• FY2025 10-K: …this Annual Report. Business Functions Our business segments share a focus on industrial flow control technology and have a number of common customers. These segments also have complementary product offerings and technologies that are often combined in applications that provide us a net competitive advantage. Our…
• FY2025 10-K: …management solutions. We provide asset management services and condition monitoring for rotating equipment through special contracts with many of our customers that reduce maintenance costs. A large portion of FPD's service work is performed on a quick response basis and we offer 24-hour service in all of our major…
• XYL (Xylem Inc.)
• FY2025 10-K: …with product offerings in the filtration and separation, disinfection, and wastewater solutions, for municipal and industrial applications. In the Water Infrastructure segment we reach customers indirectly, through channel partners and distributors, directly and through our service capabilities. • Applied Water…
• FY2025 10-K: …the water cycle for our customers through cloud-based analytics, remote monitoring and data management with the purpose of optimizing their operating efficiency. In the Measurement and Control Solutions segment, we generate our sales through a combination of long-standing relationships with leading distributors and…
• IEX (IDEX CORP)
• FY2025 10-K: …process. The CODM considers Adjusted EBITDA budget and forecast-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA is also used in determining the compensation of certain employees. 68 Table of Contents The HST segment designs, produces…
• FY2025 10-K: …cutters, pneumatic lifting and sealing bags for vehicle and aircraft rescue, environmental protection and disaster control and jumping cushions for building rescue for the rescue market. Fire & Safety's customers are original equipment manufacturers as well as public and private fire and rescue organizations. Fire &…
• GGG (GRACO INC.)
• FY2025 10-K: …then supply to their customers. Industrial The Industrial division designs and manufactures liquid finishing and advanced fluid dispensing equipment; pumps to move chemicals, petroleum, food, and other fluids; and systems, components, and accessories for the automatic lubrication of bearings, gears, and generators.…
• FY2025 10-K: …pumps for use in the semiconductor industry; high pressure and ultra-high pressure valves used in the oil and natural gas industry; and environmental monitoring and remediation equipment that is used to conduct ground water sampling, ground water remediation, and for landfill liquid and gas management. This segment…
• ITT (ITT INC.)
• FY2025 10-K: …end-users. IP's customers operate in global infrastructure and natural resource markets such as energy, chemical and petrochemical, pharmaceutical, general industrial, marine, mining, pulp and paper, food and beverage, power generation and biopharmaceutical. IP's marketplace-recognized brands include Goulds Pumps TM…
• FY2025 10-K: …dedicated to supporting EPC firms as their needs are often distinct from those of distribution and end-user customers. The pump and valve markets we serve are highly competitive and fragmented. For most of our products, there are many regional competitors and a limited number of larger global peers. Primary customer…
• PH (PARKER-HANNIFIN CORPORATION)
• FY2025 10-K: We offer hundreds of thousands of individual part numbers, and no single product contributed more than one percent to our total net sales for the year ended June 30, 2025. Listed below are some of our principal products. Diversified Industrial Segment . Our Diversified Industrial Segment products consist of a broad…
• FY2025 10-K: …and custom products are also used in the replacement of original products. We market our Diversified Industrial Segment products primarily through field sales employees and independent distributors located throughout the world. Aerospace Systems Segment . Our Aerospace Systems Segment products are used in commercial…

Climate & Sustainability Technologies (reported)

• LII (LENNOX INTERNATIONAL INC)
• FY2025 10-K: …of net sales, SG&A expenses decreased 50 bps from 14.2% to 13.7% in the same periods, primarily due to higher employee-related costs including increased incentive compensation, which was partially offset by a $62 million reduction in SG&A expenses from our 2023 divestiture of our European businesses. 24 Losses and…
• FY2025 10-K: …principles of Six Sigma, a disciplined, data-driven approach and methodology for improving quality. We use numerous metrics to track and manage annual efficiency improvements. Some facilities are impacted by seasonal production demand, and we manufacture a mix of heating, cooling and refrigeration products in those…
• AAON (AAON, INC.)
• FY2025 10-K: …deliver heating and cooling products to perform beyond all expectations and to demonstrate our quality and value to our customers. Our equipment is designed with energy efficiency in mind, without sacrificing premium features and options. In addition to our high standard of product performance, is a commitment to…
• FY2025 10-K: …attempts have been exhausted. 50 Concentration of Credit Risk Our top customers operate primarily in the data center cooling and commercial air conditioning markets. Data centers are purpose-built facilities that enable the processing, storage and distribution of data across both traditional workloads and…
• CARR (CARRIER GLOBAL CORPORATION)
• FY2025 10-K: …of existing and implementation of new U.S. energy and/or climate policy and incentives could significantly and adversely impact our business, strategic direction and growth plans. 13 Table of Contents We have set sustainability goals to be achieved by 2030, which include investing over $4 billion to develop…
• FY2025 10-K: …contractual maintenance and repair, digital monitoring and modifications/upgrades. The Climate Solutions Transportation segment provides climate and energy solutions for customers globally. Our products, services, systems and monitoring solutions offer reliable transport and preservation of food, medicine and other…
• JCI (JOHNSON CONTROLS INTERNATIONAL PLC)
• FY2025 10-K: …a significant distribution channel for our products, creates a large installed base of our fire and security solutions and HVAC equipment, and creates opportunities for longer term service, monitoring, solutions and retrofit revenue over the lifecycle of the building. If we are unable to maintain or grow this…
• FY2025 10-K: …factors may impact the demand for our products, obsolescence of our products and our results of operations. Failure to achieve our public sustainability commitments could negatively affect our reputation and business. As of the date of this filing, we have made several public commitments regarding our intended…
• TT (TRANE TECHNOLOGIES PLC)
• FY2025 10-K: …through acquisitions. Sustaining activities include costs incurred to reduce production costs, improve existing products, create custom solutions for customers and provide support to our manufacturing facilities. Each year, we make investments in new product development and new technology innovation as they are key…
• FY2025 10-K: 1A "Risk Factors." You should read that information in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this report and our Consolidated Financial Statements and related notes in Part II, Item 8 "Financial Statements" of this report. We note…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.