Donaldson Company, Inc.DCI
NYSE•Industrials•Specialty Industrial Machinery
Donaldson Company, Inc. manufactures and sells filtration systems and replacement parts worldwide. The company operates through Mobile Solutions, Industrial Solutions, and Life Sciences segments. The Mobile Solutions segment provides replacement filters for air and liquid filtration applications, such as air filtration systems, fuel, lube and hydraulic systems, emissions systems and sensors, indicators, and monitoring systems. This segment sells its products to original equipment manufacturers (OEMs) in the construction, mining, agriculture, and transportation markets; and to independent distributors, and OEM dealer networks. The Industrial Solutions segment offers dust, fume, and mist collectors; compressed air and industrial gasses purification systems; air inlet systems and filtration for power generation; ancillary components; replacement parts; performance monitoring and service; and hydraulic and lubricated rotating equipment applications, as well as gas and liquid filtration for industrial processes and connected services. It also sells aerospace and defense products comprising of air, fuel, lubrication and hydraulic filtration for fixed-wing and rotorcraft aerospace applications and ground defense vehicle and naval platforms. This segment sells its products to various distributors, OEMs, and end-users. The Life Sciences segment provides micro-environment gas and liquid filtration for food, beverage, and industrial processes; bioprocessing equipment that includes bioreactors and fermenters; and bioprocessing consumables, such as chromatography devices, reagents and filters, and polytetrafluoroethylene membrane-based products, as well as specialized air and gas filtration systems for applications, including hard disk drives, semi-conductor manufacturing and sensors, battery systems, and powertrain components to OEMs and various end-users. The company was founded in 1915 and is headquartered in Bloomington, Minnesota.
Donaldson Company, Inc. (DCI) reported trailing twelve months revenue of $3.81B as of April 2026, a 4.4% increase year-over-year. Quarterly revenue reached $995.10M, reflecting continued top-line momentum.
Donaldson Company, Inc. generated $438.80M in TTM net income, with quarterly EBITDA of $179.40M. The operating margin expanded from 9.3% to 15.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.6%) and net margin (11.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 6.1% a year ago, signaling stronger bottom-line efficiency.
DCI trades at a P/E of 23.0x (in line with broad market averages) and a P/S of 2.6x. The price-to-book ratio of 5.9x indicates a significant premium over book value.
The company generated $112.10M in free cash flow over the trailing twelve months, a 53.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.09B in total assets with $591.60M in long-term debt against $1.70B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~14.3%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 25.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~6.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~15.1% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation