{
 "company": "Dover Corporation",
 "ticker": "DOV",
 "sector": "Railroads",
 "fiscalYearEnd": null,
 "revenueUsdM": 8092.6,
 "normalizedSga": {
  "pctRevenue": 20.46,
  "peerCount": 22,
  "peerMedianPctRevenue": 13.3,
  "peerLeanQuartilePctRevenue": 9.2,
  "peers": [
   {
    "ticker": "WAB",
    "name": "Westinghouse Air Brake Technologies Corporation",
    "normalizedSgaPctRevenue": 13.34
   },
   {
    "ticker": "TRN",
    "name": "Trinity Industries, Inc.",
    "normalizedSgaPctRevenue": 9.94
   },
   {
    "ticker": "GBX",
    "name": "The Greenbrier Companies, Inc.",
    "normalizedSgaPctRevenue": 7.96
   },
   {
    "ticker": "FSTR",
    "name": "L.B. Foster Company",
    "normalizedSgaPctRevenue": 15.85
   },
   {
    "ticker": "RAIL",
    "name": "FreightCar America, Inc.",
    "normalizedSgaPctRevenue": 7.84
   },
   {
    "ticker": "PCAR",
    "name": "PACCAR Inc",
    "normalizedSgaPctRevenue": 2.59
   },
   {
    "ticker": "CMI",
    "name": "Cummins Inc.",
    "normalizedSgaPctRevenue": 9.28
   },
   {
    "ticker": "PH",
    "name": "Parker-Hannifin Corporation",
    "normalizedSgaPctRevenue": 15.19
   },
   {
    "ticker": "EMR",
    "name": "Emerson Electric Co.",
    "normalizedSgaPctRevenue": 24.05
   },
   {
    "ticker": "CARR",
    "name": "Carrier Global Corporation",
    "normalizedSgaPctRevenue": 14.22
   },
   {
    "ticker": "OTIS",
    "name": "Otis Worldwide Corporation",
    "normalizedSgaPctRevenue": 13.71
   },
   {
    "ticker": "AME",
    "name": "AMETEK, Inc.",
    "normalizedSgaPctRevenue": 6.84
   },
   {
    "ticker": "HUBB",
    "name": "Hubbell Incorporated",
    "normalizedSgaPctRevenue": 14.63
   },
   {
    "ticker": "VRT",
    "name": "Vertiv Holdings Co",
    "normalizedSgaPctRevenue": 11.33
   },
   {
    "ticker": "HON",
    "name": "Honeywell International Inc.",
    "normalizedSgaPctRevenue": 14.56
   },
   {
    "ticker": "MMM",
    "name": "3M Company",
    "normalizedSgaPctRevenue": 15.09
   },
   {
    "ticker": "LHX",
    "name": "L3Harris Technologies, Inc.",
    "normalizedSgaPctRevenue": 15.69
   },
   {
    "ticker": "TDG",
    "name": "TransDigm Group Incorporated",
    "normalizedSgaPctRevenue": 9.36
   },
   {
    "ticker": "CW",
    "name": "Curtiss-Wright Corporation",
    "normalizedSgaPctRevenue": 16.24
   },
   {
    "ticker": "HWM",
    "name": "Howmet Aerospace Inc.",
    "normalizedSgaPctRevenue": 4.48
   },
   {
    "ticker": "WWD",
    "name": "Woodward, Inc.",
    "normalizedSgaPctRevenue": 9.25
   }
  ],
  "definition": "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."
 },
 "disclosedLines": [
  {
   "key": "advertising",
   "label": "Advertising",
   "pctRevenue": 0.29,
   "companiesDisclosing": 4,
   "peersDisclosing": [
    {
     "ticker": "AME",
     "pctRevenue": 0.2
    },
    {
     "ticker": "VRT",
     "pctRevenue": 0.16
    },
    {
     "ticker": "MMM",
     "pctRevenue": 0.93
    }
   ],
   "note": "Behind only MMM. A brand-investment choice; advertising sits outside the normalized SG&A line, so it does not explain the Exhibit 2 gap."
  },
  {
   "key": "research_dev",
   "label": "R&D",
   "pctRevenue": 2.04,
   "companiesDisclosing": 17,
   "peersDisclosing": [
    {
     "ticker": "WAB",
     "pctRevenue": 2.0
    },
    {
     "ticker": "GBX",
     "pctRevenue": 0.17
    },
    {
     "ticker": "FSTR",
     "pctRevenue": 0.67
    },
    {
     "ticker": "PCAR",
     "pctRevenue": 1.57
    },
    {
     "ticker": "CMI",
     "pctRevenue": 4.15
    },
    {
     "ticker": "PH",
     "pctRevenue": 1.21
    },
    {
     "ticker": "EMR",
     "pctRevenue": 4.28
    },
    {
     "ticker": "CARR",
     "pctRevenue": 2.87
    },
    {
     "ticker": "OTIS",
     "pctRevenue": 1.05
    },
    {
     "ticker": "AME",
     "pctRevenue": 3.19
    },
    {
     "ticker": "VRT",
     "pctRevenue": 4.32
    },
    {
     "ticker": "HON",
     "pctRevenue": 4.84
    },
    {
     "ticker": "TDG",
     "pctRevenue": 1.34
    },
    {
     "ticker": "CW",
     "pctRevenue": 2.72
    },
    {
     "ticker": "HWM",
     "pctRevenue": 0.45
    },
    {
     "ticker": "WWD",
     "pctRevenue": 4.14
    }
   ],
   "note": "R&D in this cohort is product engineering and varies by design. Not where the overhead question lives."
  },
  {
   "key": "stock_comp",
   "label": "Stock-based comp",
   "pctRevenue": 0.54,
   "companiesDisclosing": 20,
   "peersDisclosing": [
    {
     "ticker": "WAB",
     "pctRevenue": 0.72
    },
    {
     "ticker": "TRN",
     "pctRevenue": 1.06
    },
    {
     "ticker": "GBX",
     "pctRevenue": 0.54
    },
    {
     "ticker": "FSTR",
     "pctRevenue": 0.95
    },
    {
     "ticker": "RAIL",
     "pctRevenue": 0.72
    },
    {
     "ticker": "PH",
     "pctRevenue": 0.8
    },
    {
     "ticker": "EMR",
     "pctRevenue": 1.46
    },
    {
     "ticker": "CARR",
     "pctRevenue": 0.34
    },
    {
     "ticker": "OTIS",
     "pctRevenue": 0.55
    },
    {
     "ticker": "AME",
     "pctRevenue": 0.65
    },
    {
     "ticker": "HUBB",
     "pctRevenue": 0.56
    },
    {
     "ticker": "VRT",
     "pctRevenue": 0.45
    },
    {
     "ticker": "HON",
     "pctRevenue": 0.52
    },
    {
     "ticker": "MMM",
     "pctRevenue": 0.9
    },
    {
     "ticker": "LHX",
     "pctRevenue": 0.52
    },
    {
     "ticker": "TDG",
     "pctRevenue": 1.72
    },
    {
     "ticker": "CW",
     "pctRevenue": 0.61
    },
    {
     "ticker": "HWM",
     "pctRevenue": 0.88
    },
    {
     "ticker": "WWD",
     "pctRevenue": 0.89
    }
   ],
   "note": "Below the peer median. Not distorting the overhead picture."
  }
 ],
 "gapToPeers": {
  "toPeerMedian": {
   "usdM": 561,
   "bps": 694
  },
  "toLeanQuartile": {
   "usdM": 907,
   "bps": 1120
  }
 },
 "tsrBridge": [
  {
   "label": "1 year",
   "span": "FY2024 to FY2025",
   "companyTsrPct": 5,
   "peerTsrPct": 21,
   "driverPp": {
    "Revenue growth": 6.2,
    "Gross margin": 0,
    "SG&A": -28.7,
    "Multiple": 13.9,
    "Other": -6.7
   }
  },
  {
   "label": "3 years",
   "span": "FY2022 to FY2025",
   "companyTsrPct": 50,
   "peerTsrPct": 168,
   "driverPp": {
    "Revenue growth": -29.1,
    "Gross margin": -47.4,
    "SG&A": -16.5,
    "Multiple": -30.2,
    "Other": 4.4
   }
  },
  {
   "label": "5 years",
   "span": "FY2020 to FY2025",
   "companyTsrPct": 65,
   "peerTsrPct": 170,
   "driverPp": {
    "Revenue growth": -19.5,
    "Gross margin": -11.7,
    "SG&A": 7,
    "Multiple": -81,
    "Other": 0.4
   }
  },
  {
   "label": "10 years",
   "span": "FY2016 to FY2025",
   "companyTsrPct": 274,
   "peerTsrPct": 325,
   "driverPp": {
    "Revenue growth": -39.5,
    "Gross margin": 9.6,
    "SG&A": 5.9,
    "Multiple": -119.8,
    "Other": 92.6
   }
  }
 ],
 "recentQuarter": null,
 "sources": [
  "10-K and 10-Q filings (US GAAP)",
  "XBRL company facts",
  "earnings releases"
 ],
 "urls": {
  "briefing": "https://sgabenchmarking.com/r/DOV",
  "json": "https://sgabenchmarking.com/r/DOV.json",
  "industryBenchmarks": "https://sgabenchmarking.com/catalog.json"
 },
 "publisher": "SG&A Benchmarking, https://sgabenchmarking.com"
}