Donaldson Company
DCINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $87.35 Prior regular-session close from the quote source.
- $86.87–$88.15 Regular-session low and high so far today.
- 668.7K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Dec 3 projected Projected for 2026-12-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $79.61–$112.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own DCI if Donaldson turns durable, technology-led filtration products (PowerCore, Ultra-Web and a global manufacturing footprint) into recurring OEM and aftermarket sales, producing steady revenue, resilient margins and free cash flow that fund M&A and shareholder returns.
DCI price history
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Investment thesis
What must happen next
Donaldson's OEM relationships and recurring aftermarket replacement demand will keep consolidated revenue growing steadily and limit cyclicality, because customers require certified, reliable filtration solutions and replacement intervals create recurring purchases.StrengtheningMateriality: High
revenue rose from 3,430,800,000 (FY2023) to 3,885,600,000 (FY2026) showing multi-year top-line growth. If true, shareholders get predictable revenue and cash conversion; if false (OEM/customer share loss or commoditization), sales and forecasts will be volatile and multiple will re-rate down.
Watch: A material OEM sourcing decision awarding global supply to a rival (e.g., competitor consolidation wins key OEM contracts) that cuts Donaldson's OEM volumes.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue rose from 3,430,800,000 (FY2023) to 3,885,600,000 (FY2026) showing multi-year top-line growth.
Open source ↗Proprietary media and product technologies (PowerCore, Ultra-Web) enable a pricing premium and efficiency that protect gross margins versus commoditized filters, because OEMs and end-users value higher-performance compact or high-temperature media.StrengtheningMateriality: High
gross_profit grew from 1,160,600,000 (FY2023) to 1,345,900,000 (FY2026), implying margin stability while revenue rose. If maintained, gross margin resilience allows operating leverage and cash flow generation even if revenue growth is moderate; if competitors match or IP erodes, gross margins will compress.
Watch: Emergence of lower-cost filtration media/technologies that match performance at lower price.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
gross_profit grew from 1,160,600,000 (FY2023) to 1,345,900,000 (FY2026), implying margin stability while revenue rose.
Open source ↗Donaldson's global manufacturing footprint and diversified end markets will preserve operating cash flow through cycles and enable deployment into acquisitions and shareholder returns, because geographic and end-market diversification smooths demand swings and lowers supply-cost exposure.HoldingMateriality: Medium
operating_cash_flow has been steady: 544,500,000 (FY2023), 492,500,000 (FY2024), 493,700,000 (FY2026). Sustained operating cash flow funds M&A and buybacks without levering the balance sheet; if supply-chain shocks or tariffs persist, cash flow will be pressured and financing options constrained.
Watch: Worsening trade barriers or reinstatement of tariffs that increase costs materially (MD&A highlights tariff risk and IEEPA refund uncertainty).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow has been steady: 544,500,000 (FY2023), 492,500,000 (FY2024), 493,700,000 (FY2026).
Open source ↗If Donaldson executes targeted acquisitions into higher-margin Life Sciences and advanced-membrane areas at disciplined prices and integrates them successfully, operating income and operating margins will expand, because the company can scale technology, cross-sell and realize synergies.HoldingMateriality: Medium
operating_income increased from 480,200,000 (FY2023) to 599,900,000 (FY2026). Successful M&A would re-rate the business to a faster-growth, higher-margin profile; failed or overpriced deals would dilute returns and compress margins.
Watch: Overpaying for acquisitions or failing to integrate (resulting in lower incremental margins).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income increased from 480,200,000 (FY2023) to 599,900,000 (FY2026).
Open source ↗Donaldson will continue converting operating profits into shareholder value (dividends/buybacks) such that diluted EPS grows over time, because stable net income and cash flow permit recurring returns and measured share count management.StrengtheningMateriality: Medium
eps_diluted rose from 2.90 (FY2023) to 3.85 (FY2026), indicating historical EPS growth. If true, EPS-driven returns support valuation and total shareholder return; if the company issues equity for M&A or earnings weaken, EPS will stall or decline.
Watch: Large, dilutive equity issuance to fund acquisitions or sustained earnings pressure from margin compression.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
eps_diluted rose from 2.90 (FY2023) to 3.85 (FY2026), indicating historical EPS growth.
Open source ↗
Full investment case & evidence
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Original research
Donaldson's OEM relationships and recurring aftermarket replacement demand will keep consolidated revenue growing steadily and limit cyclicality, because customers require certified, reliable filtration solutions and replacement intervals create recurring purchases. If true, shareholders get predictable revenue and cash conversion; if false (OEM/customer share loss or commoditization), sales and forecasts will be volatile and multiple will re-rate down.
Proprietary media and product technologies (PowerCore, Ultra-Web) enable a pricing premium and efficiency that protect gross margins versus commoditized filters, because OEMs and end-users value higher-performance compact or high-temperature media. If maintained, gross margin resilience allows operating leverage and cash flow generation even if revenue growth is moderate; if competitors match or IP erodes, gross margins will compress.
Donaldson's global manufacturing footprint and diversified end markets will preserve operating cash flow through cycles and enable deployment into acquisitions and shareholder returns, because geographic and end-market diversification smooths demand swings and lowers supply-cost exposure. Sustained operating cash flow funds M&A and buybacks without levering the balance sheet; if supply-chain shocks or tariffs persist, cash flow will be pressured and financing options constrained.
If Donaldson executes targeted acquisitions into higher-margin Life Sciences and advanced-membrane areas at disciplined prices and integrates them successfully, operating income and operating margins will expand, because the company can scale technology, cross-sell and realize synergies. Successful M&A would re-rate the business to a faster-growth, higher-margin profile; failed or overpriced deals would dilute returns and compress margins.
Donaldson will continue converting operating profits into shareholder value (dividends/buybacks) such that diluted EPS grows over time, because stable net income and cash flow permit recurring returns and measured share count management. If true, EPS-driven returns support valuation and total shareholder return; if the company issues equity for M&A or earnings weaken, EPS will stall or decline.
All standing thesis claims
Original report summary
Donaldson turns durable, technology-led filtration products (PowerCore, Ultra-Web and a global manufacturing footprint) into recurring OEM and aftermarket sales, producing steady revenue, resilient margins and free cash flow that fund M&A and shareholder returns.
Bull case and bear case
Bull case and bear case for DONALDSON Co
Where the evidence on DONALDSON Co stands: Holding on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Donaldson's OEM relationships and recurring aftermarket replacement demand will keep consolidated revenue growing steadily and limit cyclicality, because customers require certified, reliable filtration solutions and replacement intervals create recurring purchases.
Proprietary media and product technologies (PowerCore, Ultra-Web) enable a pricing premium and efficiency that protect gross margins versus commoditized filters, because OEMs and end-users value higher-performance compact or high-temperature media.
Donaldson's global manufacturing footprint and diversified end markets will preserve operating cash flow through cycles and enable deployment into acquisitions and shareholder returns, because geographic and end-market diversification smooths demand swings and lowers supply-cost exposure.
If Donaldson executes targeted acquisitions into higher-margin Life Sciences and advanced-membrane areas at disciplined prices and integrates them successfully, operating income and operating margins will expand, because the company can scale technology, cross-sell and realize synergies.
Donaldson will continue converting operating profits into shareholder value (dividends/buybacks) such that diluted EPS grows over time, because stable net income and cash flow permit recurring returns and measured share count management.
Bear case: what would count against it
A material OEM sourcing decision awarding global supply to a rival (e.g., competitor consolidation wins key OEM contracts) that cuts Donaldson's OEM volumes.
Emergence of lower-cost filtration media/technologies that match performance at lower price.
Worsening trade barriers or reinstatement of tariffs that increase costs materially (MD&A highlights tariff risk and IEEPA refund uncertainty).
Thesis-Break Engine
Thesis-break watch · DONALDSON Co
No break has crossed DONALDSON Co’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
DONALDSON Co filed an SEC 8-K on 2026-10-29: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
DONALDSON Co filed an SEC 8-K on 2026-08-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
DONALDSON Co filed an SEC 8-K on 2026-07-24: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A material OEM sourcing decision awarding global supply to a rival (e.g., competitor consolidation wins key OEM contracts) that cuts Donaldson's OEM volumes.
- Emergence of lower-cost filtration media/technologies that match performance at lower price.
- Worsening trade barriers or reinstatement of tariffs that increase costs materially (MD&A highlights tariff risk and IEEPA refund uncertainty).
- Overpaying for acquisitions or failing to integrate (resulting in lower incremental margins).
- Large, dilutive equity issuance to fund acquisitions or sustained earnings pressure from margin compression.
DCI news
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Financial statements
DCI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
DCI: quick answers
- When does DONALDSON Co (DCI) report earnings next?
- DONALDSON Co's next results are projected for December 3, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 26, 2026. Earnings calendar
- What is DCI's short interest?
- As of October 30, 2026, 3.3M DCI shares were sold short, 2.88% of its shares outstanding, up 1.9% from the count before. At the stock's average daily volume that is 6.4 days to cover. FINRA publishes the count twice a month. DCI short interest history
- Have members of Congress traded DCI?
- 27 trades in DCI have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed DCI trade
- Which well-known investors own DCI?
- 1 of the 37 well-known funds tracked here reported DCI shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
DCI in well-known investors’ portfolios
1 of 37 funds reported DCI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $1.4M | New | Q2 2026 |