DOV
Dover Corporation
Is DOV Halal?
Diversified industrial products and equipment are generally permissible, and the current asset-based financial ratios pass; downstream end-use allocation remains incomplete.
What You Should Know
Dover's March 31, 2026 Form 10-Q reports $13,506.680 million of total assets, $3,290.113 million of interest-bearing debt, $1,641.916 million of cash, $1,444.558 million of net receivables, $2,053.623 million of quarterly revenue and $14.060 million of disclosed interest income. ZakatInvest's current calculations are debt/assets 24.36%, liquidity 12.16%, receivables plus cash/assets 22.85% and interest income/revenue 0.68%; the examined FTSE Yasaar, MSCI total-assets and Malaysia SAC financial ratios pass. Dover's industrial, process, clean-energy, climate, imaging and identification activities are generally permissible, but the filing does not provide a universal prohibited-revenue numerator for defense, fueling, pharmaceutical, food or other customer end uses. This is a current ZakatInvest calculation, not an index-membership claim.
⚠️ Concerns
- •Debt/assets of 24.36%, liquidity of 12.16% and receivables plus cash/assets of 22.85% pass the examined asset-based limits, but debt issuance and acquisitions can change the ratios
- •Engineered Products serves aerospace-and-defense end markets; civilian versus military component revenue is not separately quantified
- •Clean Energy & Fueling spans traditional fuels, LNG, hydrogen, EV charging and vehicle wash; customer and end-use treatment is methodology- and scholar-specific
- •Disclosed interest income is 0.68% of quarterly revenue; purification remains methodology- and scholar-specific
- •Dover issued €550 million of 3.50% notes in late 2025 and actively manages its portfolio through acquisitions and divestitures
- •Market-cap denominator methods are not calculated without a licensed historical market-cap series
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
3,290.113 / 13,506.68
1,641.916 / 13,506.68
3,086.474 / 13,506.68
14.06 / 2,053.623
- Financial
- Pass
- Overall
- Incomplete
Debt is 24.36%, liquidity is 12.16%, receivables plus cash/assets is 22.85% and disclosed interest income/revenue is 0.68%; the examined financial ratios pass. The downstream prohibited-revenue percentage remains unavailable.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity, receivables plus cash and disclosed interest income pass the examined MSCI total-assets checks. This is a calculation against the named method, not an index-membership claim; business-line and downstream end-use allocation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt is 24.36%, liquidity is 12.16%, receivables plus cash/assets is 22.85% and disclosed interest income/revenue is 0.68%; the examined ratios pass. This is a calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Dover manufactures engineered products and equipment across Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Industrial equipment, pumps, process components, marking and coding, refrigeration, and clean-energy infrastructure are generally permissible activities at the business-line level.
Limitation: Dover reports segment and end-market descriptions but does not provide a scholar-specific prohibited-revenue numerator for defense end use, fueling customers, pharmaceutical and food customers, or every downstream application.
Purification
Disclosed interest income is 0.68% of quarterly revenue. A universal prohibited-revenue numerator and scholar-approved purification percentage are not separately disclosed, so this record does not prescribe a fixed rate.
Inputs, assumptions and primary sources
- Inputs use Dover's March 31, 2026 Form 10-Q; amounts are USD millions converted from the filing's thousands presentation.
- Interest-bearing debt is $3,290.113 million: current portion of long-term debt plus long-term debt. Operating and other liabilities are not silently added.
- Cash and cash equivalents are $1,641.916 million. Dover says it may hold government money-market instruments or short-term investment-grade time deposits within its cash-management program; no separate securities balance is entered to avoid double-counting cash equivalents.
- Receivables use the reported net receivables balance of $1,444.558 million.
- Quarterly revenue is $2,053.623 million and disclosed interest income is $14.060 million. The filing does not provide a universal prohibited-revenue numerator for downstream end markets or customers.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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