DONALDSON Co INC DCI
Founded in 1915, Donaldson Company, Inc. (the Company or Donaldson) is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Donaldson's diverse and skilled employees at more than 150 locations on six continents, 77 of which are manufacturing and/or distribution centers, partner with customers — from small business owners to the world's largest original equipment manufacturer (OEM) brands — to solve complex filtration challenges. Customers choose Donaldson's filtration solutions due to their stringent technical and performance requirements, the need for reliability and the value proposition of Donaldson's solutions and/or services.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.69B | $3.59B | $3.43B | $3.31B | $2.85B | $2.58B | $2.84B | $2.73B | $2.37B | $2.22B |
| Cost of revenue | $2.40B | $2.31B | $2.27B | $2.24B | $1.88B | $1.71B | $1.90B | $1.80B | $1.55B | $1.47B |
| Gross profit | $1.29B | $1.27B | $1.16B | $1.07B | $971.7M | $871.6M | $948.3M | $935.8M | $820.9M | $754.8M |
| R&D | $87.8M | $93.6M | $78.1M | $69.1M | $67.8M | $61.2M | $62.3M | $59.9M | $54.7M | $55.5M |
| SG&A | $641.0M | $636.7M | $602.3M | $554.8M | $519.2M | $470.3M | $497.8M | — | — | — |
| Total operating expenses | $790.8M | $730.3M | $680.4M | $623.9M | $587.0M | $531.5M | $560.1M | — | — | — |
| Operating income | $495.4M | $544.1M | $480.2M | $443.5M | $384.7M | $340.1M | $388.2M | $377.0M | $323.6M | $274.2M |
| Interest expense | $24.2M | $21.4M | $19.2M | $14.9M | $13.0M | $17.4M | $19.9M | $21.3M | $19.5M | $20.7M |
| Pre-tax income | $492.2M | $535.3M | $468.7M | $438.4M | $381.0M | $335.2M | $375.2M | $363.6M | $322.0M | $257.4M |
| Income tax | $125.2M | $121.3M | $109.9M | $105.6M | $94.1M | $78.2M | $108.0M | $183.3M | $89.2M | $66.6M |
| Net income | $367.0M | $414.0M | $358.8M | $332.8M | $286.9M | $257.0M | $267.2M | $180.3M | $232.8M | $190.8M |
| EPS, basic | 3.09 | 3.43 | 2.95 | 2.69 | 2.27 | 2.03 | 2.08 | 1.38 | 1.76 | 1.43 |
| EPS, diluted | 3.05 | 3.38 | 2.90 | 2.66 | 2.24 | 2.00 | 2.05 | 1.36 | 1.74 | 1.42 |
| Shares, diluted (wtd. avg.) | $120.4M | $122.6M | $123.6M | $125.2M | $128.2M | $128.3M | $130.3M | $132.2M | $134.1M | $134.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $180.4M | $232.7M | $187.1M | $193.3M | $222.8M | $236.6M | $177.8M | $204.7M | $308.4M | $243.2M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $662.2M | $629.7M | $599.7M | $616.6M | $552.7M | $455.3M | $529.5M | $534.6M | $497.7M | $452.4M |
| Inventory | $513.6M | $476.7M | $418.1M | $502.4M | $384.5M | $322.7M | $332.8M | $334.1M | $293.5M | $234.1M |
| Total current assets | $1.46B | $1.44B | $1.29B | $1.41B | $1.24B | $1.10B | $1.12B | $1.13B | $1.15B | $1.01B |
| Property, plant and equipment | $644.5M | $645.5M | $652.9M | $594.4M | $617.8M | $631.6M | $588.9M | $509.3M | $484.6M | $469.8M |
| Goodwill | $493.6M | $478.4M | $481.1M | $345.8M | $322.5M | $316.8M | $303.1M | $238.4M | $238.1M | $229.3M |
| Other intangibles | $97.4M | $171.9M | $188.1M | $99.8M | $61.6M | $67.3M | $70.9M | $35.6M | $40.6M | $38.5M |
| Total assets | $2.98B | $2.91B | $2.77B | $2.60B | $2.40B | $2.24B | $2.14B | $1.98B | $1.98B | $1.79B |
| Accounts payable | $368.6M | $379.4M | $304.9M | $338.5M | $293.9M | $187.7M | $237.5M | $201.3M | $194.0M | $143.3M |
| Short-term debt | $31.2M | $28.3M | $34.1M | $3.7M | $48.5M | $3.8M | $2.1M | $28.2M | $23.3M | $165.5M |
| Total current liabilities | $757.2M | $782.5M | $756.4M | $629.6M | $606.6M | $406.8M | $482.9M | $469.4M | $484.1M | $543.8M |
| Long-term debt | $640.0M | $510.0M | $623.4M | $646.7M | $463.3M | $625.0M | $634.6M | $514.9M | $587.9M | $403.0M |
| Total liabilities | $1.52B | $1.43B | $1.45B | $1.47B | $1.26B | $1.24B | $1.24B | $1.12B | $1.13B | $1.02B |
| Retained earnings | $2.61B | $2.38B | $2.09B | $1.85B | $1.61B | $1.43B | $1.28B | $1.12B | $1.04B | $905.1M |
| Total equity | $1.45B | $1.49B | $1.32B | $1.13B | $1.14B | $992.9M | $892.7M | $857.8M | $854.5M | $771.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $418.8M | $492.5M | $544.5M | $252.8M | $401.9M | $387.0M | $345.8M | $262.9M | $317.8M | $291.3M |
| Depreciation and amortisation | $99.5M | $98.4M | $92.3M | $93.8M | $95.3M | $87.6M | $81.1M | $76.7M | $75.2M | $74.9M |
| Stock-based compensation | $24.0M | $22.0M | $20.4M | $20.4M | $14.2M | $15.2M | $15.0M | $16.7M | $9.1M | $7.3M |
| Capital expenditure | $78.9M | $85.6M | $118.5M | $85.5M | $59.0M | $124.4M | $150.7M | $97.5M | $65.9M | $72.9M |
| Investing cash flow | -$150.4M | -$86.9M | -$327.3M | -$154.0M | -$58.3M | -$128.9M | -$246.4M | -$95.4M | -$95.7M | -$55.6M |
| Financing cash flow | -$321.7M | -$355.9M | -$222.2M | -$114.2M | -$363.3M | -$199.5M | -$123.3M | -$268.8M | -$165.2M | -$180.2M |
| Dividends paid | $131.9M | $122.8M | $114.4M | $110.1M | $107.2M | $106.4M | $99.7M | $94.7M | $92.4M | $91.2M |
| Buybacks | $331.5M | $162.7M | $141.8M | $170.6M | $142.2M | $94.3M | $129.2M | $122.0M | $140.4M | $84.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000029644-25-000098.
Others in SIC 3564
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CECO | CECO ENVIRONMENTAL CORP | $4.34B | 54.1x | 38.8% |
| PPIH | Perma-Pipe International Holdings, Inc. | $230.6M | 13.6x | 33.2% |
| FTEK | FUEL TECH, INC. | $48.4M | — | 6.1% |