TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 22 US-GAAP Railroads peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 22 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Dover Corporation SG&A versus peers, in text

Dover Corporation (DOV) reports revenue of $8,093 million. On a normalized basis its SG&A runs 20.5% of revenue, against a median of 13.3% across 21 Railroads peers; 1 of the 21 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.3% of revenue (4 of 22 companies disclose it); R&D 2.0% of revenue (17 of 22 companies disclose it); Stock-based comp 0.5% of revenue (20 of 22 companies disclose it).

Closing the gap to the peer median is worth about $561 million a year (694 bps of revenue); to the lean quartile, $907 million (1120 bps).

Over 10 years (FY2016 to FY2025), Dover Corporation's total shareholder return was +274% against +325% for the peer composite; SG&A contributed +5.9 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/DOV.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.