Dover Corporation

Dover’s moat is portfolio‑based with multiple mid‑moats rather than a single network monopoly.

Strengths: (1) Intangible assets 75/100. Recognized brands with regulatory certifications in fueling (OPW, Wayne, Tokheim), coding/traceability (Markem‑Imaje), hygienic and polymer processing (PSG, MAAG) confer trust and qualification advantages. (2) Switching costs 80/100. Embedded hardware plus software and consumables create lock‑in, especially in marking and coding, quick‑disconnects for biopharma and data‑center liquid cooling, cryogenic flow‑control, and retail fueling systems.

Consumables and aftermarket parts reinforce stickiness. (3) Efficient scale 65/100. Many product lines are niche oligopolies where global service footprints and safety certifications deter new entrants. (4) Cost advantages 60/100 from scale manufacturing, shared services and procurement; management highlights center‑led margin initiatives. (5) Network effects 20/100, generally limited.

Weighted overall moat score 74. Risks to durability: EV shift could pressure traditional fueling hardware and vehicle‑service volumes; textile printing cycles and regulatory changes can swing capital goods demand. Mitigants include EV chargers, cryogenic and CO2 refrigeration exposure and a rising software/consumables mix.