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Donaldson Company, Inc.

DCIActive

CIK 29644 · Environmental Services Adjacency

Donaldson Company, Inc. is a public company in Industrial - Machinery, tracked in the adjacency and edge-case industrials sub-sector, with $3.8B TTM revenue and $626M TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, DCI filings, SEC EDGAR

$9,960

Market cap ($MM)

$10,446

Enterprise value ($MM)

$3,753

Revenue · LTM ($MM)

$626

EBITDA · LTM ($MM)

17%

EBITDA margin

2.8x

EV / revenue

16.7x

EV / EBITDA

0.8x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

  1. 01DCI is a scaled public consolidator in Adjacency, a benchmark for how the sub-sector buys, pays, and trades.
  2. 02The relevant peer set is RBA, KEX, GRC, CHE, AQN, WAAS.

Balance sheet & capacity

Indicative capacity read: 0.8x net debt / EBITDA with EBITDA of $626MM.

$194

Cash & equiv. ($MM)

$674

Total debt ($MM)

$480

Net debt ($MM)

0.8x

Net debt / EBITDA

Valuation

Where it trades against its peer set

DCI versus the scaled public Environmental Services Adjacency comparables.

EV / EBITDA distribution · peer set

DCI 16.7x

14.1xED: 9.5x EV/EBITDAEDKEX: 9.9x EV/EBITDAKEXAQN: 12.2x EV/EBITDAAQNSHC: 14.1x EV/EBITDASHCCHE: 14.2x EV/EBITDACHEDCI: 16.7x EV/EBITDADCIRBA: 17.1x EV/EBITDARBAGRC: 18.3x EV/EBITDAGRC8.1x19.7x

Indexed share-price performance

DCI versus available Environmental Services Adjacency peers and SPY.

+38%

DCI

+39%

Peer med.

+79%

SPY

19112866May 21Nov 23May 26DCIpeer medianSPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

CompanyTickerRevenue ($MM)EBITDA ($MM)MarginMarket cap ($MM)EV ($MM)EV / revEV / EBITDANet debt / EBITDA
Donaldson Company, Inc.DCI$3,753$62617%$9,960$10,4462.8x16.7x0.8x
RB Global, IncRBA$4,735$1,32628%$19,241$22,6364.8x17.1x1.5x
Kirby CorporationKEX$3,422$78223%$7,627$7,7772.3x9.9x1.2x
The Gorman-Rupp CompanyGRC$695$12618%$2,041$2,3043.3x18.3x2.1x
Chemed CorporationCHE$2,541$41316%$5,632$5,8522.3x14.2x0.2x
Algonquin Power & Utilities Corp.AQN$2,521$94638%$4,689$11,3244.5x12.2x8.2x
Consolidated Edison Inc.ED$17,215$6,97541%$39,178$66,2083.8x9.5x0.1x
Sotera Health CoSHC$1,189$45939%$4,500$6,4545.4x14.1x4.0x
Environmental Services Adjacency median$2,982$70425%$6,629$9,1123.6x14.1x1.3x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

DCI's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

47

Active years

11

Named deals

10

Avg / active year

4.3

Acq. cash outflow ($MM)

N/A

Banker read

  • 01DCI reads as a programmatic acquirer: 47 disclosed acquisitions across 11 active years, or 4.3 per active year. The chart shows activity in 7 of the last 12 visible years.
  • 02In the last three years, the file shows 5 acquisitions versus 2 in the prior three; recent activity is running above the prior three-year period.
  • 03Spend changes the read: $829MM of disclosed spend is concentrated in lumpy years, with FY10 the largest year at $250MM. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal
3 deals$250MM060708091015161719202223

DCI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

5 / 2

Last three years is up 150% vs prior three.

Peak count year

FY22

3 disclosed acquisitions in the peak visible year.

Recent spend

$285MM

is up 102% vs prior three; peak FY10 at $250MM.

Named evidence

10 rows

21% selected source-cited transaction coverage.

Selected transactions

DateTargetSegmentConsideration ($MM)Strategic rationaleSource
Jan 1, 2019BOFA International LTDAdjacency and edge-case industrials$101In fiscal 2019, the Company acquired 91.0% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $101.3 million less cas...10-K†
2020BOFA International LTDAdjacency and edge-case industrials$101In fiscal 2019, the Company acquired 91% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $101.3 million less cash...10-K†
Oct 18, 2018BOFA International LTDAdjacency and edge-case industrials$98On October 18, 2018, the Company acquired 88% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $98.2 million less c...10-K†
Sep 30, 2014Northern TechnicalAdjacency and edge-case industrials$97On September 30, 2014, the Company acquired 100% of the voting interest of Northern Technical, a manufacturer of gas turbine inlet air filtration systems and replacement filters...10-K†
Oct 18, 2018BOFA International LTDAdjacency and edge-case industrials$96As described in Note 2 to the consolidated financial statements, the Company acquired 88% of the shares of BOFA for net consideration of $96.0 million on October 18, 2018, which...10-K†
May 1, 2017Hy-Pro CorporationAdjacency and edge-case industrials$23On May 1, 2017, the Company acquired 100% of the shares of Hy-Pro Corporation (Hy-Pro). Hy-Pro designs and manufactures filtration systems and replacement filters for stationary...10-K†
Apr 1, 2022Purilogics, LLCAdjacency and edge-case industrials$20In the fourth quarter of fiscal 2022, the Company acquired Purilogics, headquartered in Greenville, South Carolina, for cash consideration of approximately $19.9 million, net of...10-K†
Aug 31, 2016Industrias Partmo S.A.Adjacency and edge-case industrials$12On August 31, 2016, the Company acquired the net assets of Industrias Partmo S.A. (Partmo) in Colombia. Partmo is a leading manufacturer of replacement air, lube and fuel filter...10-K†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 8 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

22

Named deal filings

7

Recent SEC filings

10

Evidence clips

6

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+
Fiscal yearFiling dateFormStatusCountCash spendPurchase considerationSource
FY2025Sep 26, 2025Annual M&A 10-Kquarantined (1 issue)0N/AN/ASEC filing
FY2024Sep 27, 2024Annual M&A 10-Kaccepted0N/AN/ASEC filing
FY2023Sep 22, 2023Annual M&A 10-Kaccepted2$209MM$231MMSEC filing
FY2022Sep 23, 2022Annual M&A 10-Kquarantined (1 issue)3$68.9MM$93.8MMSEC filing
FY2021Sep 24, 2021Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2020Sep 25, 2020Annual M&A 10-Kwarning (1 warn)N/A$6.5MMN/ASEC filing
FY2019Sep 27, 2019Annual M&A 10-KacceptedN/A$96.0MM$96.0MMSEC filing
FY2018Oct 1, 2018Annual M&A 10-Kquarantined (1 warn, 1 issue)0$0.5MMN/ASEC filing
FY2017Sep 22, 2017Annual M&A 10-Kaccepted1$32.2MM$22.7MMSEC filing
FY2016Sep 23, 2016Annual M&A 10-Kwarning (1 warn)1$12.9MMN/ASEC filing
FY2015Nov 10, 2015Annual M&A 10-Kwarning (1 warn)2$106MMN/ASEC filing
FY2014Sep 26, 2014Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2013Sep 27, 2013Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2012Sep 28, 2012Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2011Sep 23, 2011Annual M&A 10-KacceptedN/AN/AN/ASEC filing
FY2010Sep 24, 2010Annual M&A 10-Kwarning (1 warn)N/A$250MMN/ASEC filing
FY2009Sep 25, 2009Annual M&A 10-Kaccepted1N/AN/ASEC filing
FY2008Sep 26, 2008Annual M&A 10-Kaccepted1N/AN/ASEC filing
FY2007Sep 28, 2007Annual M&A 10-Kwarning (1 warn)N/A$40.6MMN/ASEC filing
FY2006Oct 3, 2006Annual M&A 10-Kaccepted2$4.6MM$4.6MMSEC filing
FY2005Oct 7, 2005Annual M&A 10-Kwarning (1 warn)N/A$13BN/ASEC filing
FY2004Oct 7, 2004Annual M&A 10-Kwarning (1 warn)1$4.4MMN/ASEC filing
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+
Filing dateFormTargets / topicsSupportSource
Sep 27, 202410-KPurilogics, LLCAnnual M&ANamed dealsSEC filing
Sep 24, 202110-KBOFA International LTDAnnual M&ANamed dealsSEC filing
Sep 25, 202010-KBOFA International LTDAnnual M&ANamed dealsSEC filing
Sep 27, 201910-KBOFA International LTDAnnual M&ANamed dealsSEC filing
Sep 22, 201710-KHy-Pro Corporation; Industrias Partmo S.A.Annual M&ANamed dealsSEC filing
Sep 23, 201610-KNorthern TechnicalAnnual M&ANamed dealsSEC filing
Oct 3, 200610-KLe Bozec Filtration SystemsAnnual M&ANamed dealsSEC filing
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+
Filing dateFormItemsDescriptionSupportSource
Apr 10, 20268-K1.01,2.03,9.018-KFinancialsRecent SECSEC filing
Feb 26, 20268-K2.02,9.018-KRecent SECSEC filing
Feb 26, 202610-QN/A10-QRecent SECSEC filing
Feb 2, 20268-K1.01,7.01,9.018-KRecent SECSEC filing
Feb 1, 202610-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Jan 29, 20268-K5.02,7.01,9.018-KRecent SECSEC filing
Dec 4, 20258-K2.02,9.018-KRecent SECSEC filing
Dec 4, 202510-QN/A10-QRecent SECSEC filing
Dec 1, 202510-QN/AQuarterly report from SEC company indexRecent SECSEC filing
Nov 24, 20258-K5.078-KRecent SECSEC filing
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

BOFA International LTD

10-K - Sep 24, 2021

Medium

In fiscal 2019, the Company acquired 91.0% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $101.3 million less cash acquired of $2.2 million. BOFA designs,…

SEC source

BOFA International LTD acquisition

10-K - Sep 25, 2020

Medium

In fiscal 2019, the Company acquired 91% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $101.3 million less cash acquired of $2.2 million. BOFA designs, de…

SEC source

BOFA International LTD acquisition

10-K - Sep 27, 2019

Medium

On October 18, 2018, the Company acquired 88% of the shares of BOFA International LTD (BOFA), headquartered in the United Kingdom, for cash consideration of $98.2 million less cash acquired of $2.2 million. In the fourt…

SEC source

Northern Technical acquisition

10-K - Sep 23, 2016

Medium

On September 30, 2014, the Company acquired 100% of the voting interest of Northern Technical, a manufacturer of gas turbine inlet air filtration systems and replacement filters. Total consideration for the transaction…

SEC source

BOFA International LTD

10-K - Sep 27, 2019

Medium

As described in Note 2 to the consolidated financial statements, the Company acquired 88% of the shares of BOFA for net consideration of $96.0 million on October 18, 2018, which resulted in the recording of a $39.8 mill…

SEC source

Hy-Pro Corporation

10-K - Sep 22, 2017

Medium

On May 1, 2017, the Company acquired 100% of the shares of Hy-Pro Corporation (Hy-Pro). Hy-Pro designs and manufactures filtration systems and replacement filters for stationary hydraulic and indus...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Prepared from SEC EDGAR public filingsDCI · CIK 29644Source-backed coverage research, not investment advice