Donaldson Company

DCI

Industrial - Machinery · Industrials

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Donaldson Company makes filtration systems that remove dust, dirt, and other particles from air and liquids. Its products are used in heavy equipment like trucks, construction machines, and farm vehicles, as well as in factories, data centers, and industrial facilities. Founded in 1915 and headquartered in Minnesota, Donaldson is one of the largest independent filtration companies in the world.

The company earns money by selling both the filtration equipment itself and the replacement filters that customers must buy repeatedly over time — this aftermarket business provides steady, recurring revenue. Donaldson operates in over 40 countries, with significant sales across North America, Europe, and Asia, and generates roughly $3.5 billion in annual revenue. Its main competitive advantage is the large installed base of equipment that locks customers into buying proprietary replacement parts, though a slowdown in industrial production or heavy equipment demand is the key risk to watch.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+108.2% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$313M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Donaldson Company is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.5%

Modest — 33.5% gross margin

Profit after running costs

Operating Margin

15.6%

Healthy — 15.6% operating margin

Return on the money invested

ROCE

24.7%

Exceptional — 24.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.4%

Slow sales growth (+4.4% YoY)

Profit growth

EPS YoY

+24.8%

Earnings growing fast (+24.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

105%

Turns 105% of profit into real cash

Spare cash per sale

FCF Margin

10.2%

Modest free cash flow (10.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

20.04x

Comfortably covers interest (20.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.5x

no trend

Growth-priced — P/E 24.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+3.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.5 → 21.2)

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Dividends

Dividend

Dividend Yield

1.38%

no trend

Small dividend — 1.38% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+8.8%

no trend

Dividend growing modestly (8.8% YoY)

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