Donaldson Company, Inc.

Industrial & Commercial Fans & Blowers & Air Purifying Equip

DCIMixed10 of 11 basics passed

$86.93

-0.26%

Market cap $10.1B

$86.93

-0.26%

Market cap $10.1B

Donaldson is a leading manufacturer of filtration systems and replacement parts, including air filtration systems, liquid filtration systems, and dust, fume, and mist collectors. The company serves a diverse range of end markets, including construction, mining, agriculture, truck, and industrial.

It is a $10.1B industrial company. Revenue grew 5.3% over the last year, and it keeps 12¢ of every dollar of sales as profit. It trades at 22.2× earnings — around the middle of its own history.

Website: ir.donaldson.com
Location: Bloomington, MN
Employees: 15 000
Sector: Industrials
Founded: 1915

Share price · 3 years

$60.67 → $86.93+43.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $3.89B
Profit: keeps 12¢ of every $1 sold; $454M
Free cash flow: cash left after running the business; $426M
P/E: years of profit in the price; 22.2
EPS: earnings per share, TTM; $3.85
Dividend: pays out 31% of profit · 33% of FCF; 1.40%
Shares: down 13% since 2016 — buybacks; 117.9M
Volatility: beta vs the market — under 1 swings less; 0.88

Revenue, last 10 years

52-week range

Low $79.88$86.93High $110.57

Today's price is 23% of the way from the year's low to its high.

P/E vs its history5y

23.0×median 22.2×

Higher than 61% of past days — around the middle of its own history.

Valuation vs own history

P/E

23.0×

38%

P/S

2.6×

21%

EV/EBITDA

19.5×

21%

P/B

5.7×

80%

FCF yield

3.9%

58%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Industrials

Size$10.1Btop 81%
Revenue growth+4%top 45%
Net margin12%top 38%
Return on equity28%top 27%
P/E22.2×top 32%
Dividend yield1.40%top 39%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality and moat; Valuation lags behind.

Valuation49

P/E vs own history61th pct · 5/25
FCF yield4.2% · 12/25
P/S2.6x · 20/25
EV/EBITDA17.4x · 12/25

Growth50

Revenue CAGR4.1% · 6/25
Net income CAGR8.1% · 12/25
EPS CAGR ~5Y11.5% · 20/25
Fwd implied growth13.5% · 12/25

Profitability65

ROICn/a · 0/25
ROE27.7% · 25/25
Net margin11.7% · 20/25
Operating margin15.4% · 20/25

Health50

Altman Zn/a · 0/25
Current ratio2.08 · 25/25
Interest coverage17.3x · 25/25
Net cash / debtn/a · 0/25

Quality94

Piotroski F7/9 · 22/25
Beneish M-6.71 · 25/25
FCF conversion89% · 22/25
Margin stabilityσ 1.1% · 25/25

Moat81

ROIC >12% years10/10 yrs · 25/25
Median gross margin34.0% · 13/25
FCF-positive years11/11 yrs · 25/25
Worst-year net marginworst 6.6% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2026Financial
Best year on record
$454M net income
FY2016Financial
Profitable every year on record
11 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$2.22B in first reported year
FY2016Financial
Positive free cash flow every year since
11-year streak
2007Acquisition
Ultrafilter had sales of $100 million and operated in 30 countries
1955IPO
While the company gained market share, grew in size and went public in 1955, it was beset by employee strikes, the…
1915Founded
The business was incorporated in 1915 by Donaldson, his parents and his siblings as Donaldson Company Inc

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$14 635 today — price return only

$3.9B revenue in FY2026

Revenue up 5.3% year over year

Profitable 11 years in a row

Positive free cash flow 11 years in a row

15 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 17.3× by operating earnings
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+5.3% YoY
Profitable — makes more than it spends$454M TTM
Profit growing — earnings are higher than last year+9.9% YoY
Generates cash — cash left after running and investing$426M TTM
Debt under control — could handle its obligationscurrent ratio 2.08
Established company — not a micro-cap — lower blow-up risk$10.1B market cap
Not printing shares — share count not ballooning — you keep your slice-8.0% shares over ~5y
Proven track record — years of profitability behind it11/11 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersyield 1.40%
Valuation not extreme — price not wildly above earningsP/E 22.2

Peer comparisonDonaldson Company, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
DCI this company	$10.1B	22.2	+5.3%	11.7%	Mixed
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: DCI vs LRCX · DCI vs CAT · DCI vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 2Hold 7

Appendix · Financial records

The full statements behind this CV, FY2016–FY2026. For readers who want to check the numbers.

Profit & lossRevenue $3.89B · net income $454M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2026 revenue flows to profit

RevenueNet income

Revenue (TTM)

$3.89B

YoY 5.3%

Net income (TTM)

$454M

Margin 11.7%

Gross margin

35.0%

Operating margin

15.4%

P/E ratio

22.2

Dividend yield

1.40%

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025	2026
Revenue	2.9	3.3	3.4	3.6	3.7	3.9
Gross profit	1.0	1.1	1.2	1.3	1.3	1.3
Operating income (EBIT)	0.4	0.4	0.5	0.5	0.5	0.6
Net income	0.3	0.3	0.4	0.4	0.4	0.5
EPS (diluted)	2.24	2.66	2.90	3.38	3.05	3.85

Cash flowFree cash flow $426M · operating cash flow $494M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$426M

Margin 11.0%

Operating cash flow (TTM)

$494M

FCF margin

10.2%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Operating cash flow	0.4	0.3	0.5	0.5	0.4	0.5
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.3	0.2	0.4	0.4	0.3	0.4
FCF margin	12.0%	5.1%	12.4%	11.3%	9.2%	11.0%

Balance sheetAssets — · debt n/a (FY2026)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

17.3x

EBIT ÷ interest expense

ROE

27.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025	2026
Cash & equivalents	0.2	0.2	0.2	0.2	0.2	—
Total assets	2.4	2.6	2.8	2.9	3.0	—
Total liabilities	1.3	1.5	1.4	1.4	1.5	—
Total debt	0.5	0.6	0.5	0.5	0.7	—
Equity	1.1	1.1	1.3	1.5	1.5	—
Net debt	0.3	0.5	0.3	0.3	0.5	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of DCI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $86.93 · market cap $10.1B.