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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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
DCI versus the scaled public Environmental Services Adjacency comparables.
EV / EBITDA distribution · peer set
DCI 16.7x
Indexed share-price performance
DCI versus available Environmental Services Adjacency peers and SPY.
+38%
DCI
+39%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Donaldson Company, Inc. | DCI | $3,753 | $626 | 17% | $9,960 | $10,446 | 2.8x | 16.7x | 0.8x |
| RB Global, Inc | RBA | $4,735 | $1,326 | 28% | $19,241 | $22,636 | 4.8x | 17.1x | 1.5x |
| Kirby Corporation | KEX | $3,422 | $782 | 23% | $7,627 | $7,777 | 2.3x | 9.9x | 1.2x |
| The Gorman-Rupp Company | GRC | $695 | $126 | 18% | $2,041 | $2,304 | 3.3x | 18.3x | 2.1x |
| Chemed Corporation | CHE | $2,541 | $413 | 16% | $5,632 | $5,852 | 2.3x | 14.2x | 0.2x |
| Algonquin Power & Utilities Corp. | AQN | $2,521 | $946 | 38% | $4,689 | $11,324 | 4.5x | 12.2x | 8.2x |
| Consolidated Edison Inc. | ED | $17,215 | $6,975 | 41% | $39,178 | $66,208 | 3.8x | 9.5x | 0.1x |
| Sotera Health Co | SHC | $1,189 | $459 | 39% | $4,500 | $6,454 | 5.4x | 14.1x | 4.0x |
| Environmental Services Adjacency median | $2,982 | $704 | 25% | $6,629 | $9,112 | 3.6x | 14.1x | 1.3x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
DCI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
47
Active years
11
Named deals
10
Avg / active year
4.3
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
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 $250MM.
Named evidence
10 rows
21% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jan 1, 2019 | BOFA International LTD | Adjacency and edge-case industrials | $101 | 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 cas... | 10-K† |
| 2020 | BOFA International LTD | Adjacency and edge-case industrials | $101 | 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... | 10-K† |
| Oct 18, 2018 | BOFA International LTD | Adjacency and edge-case industrials | $98 | 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 c... | 10-K† |
| Sep 30, 2014 | Northern Technical | Adjacency and edge-case industrials | $97 | 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... | 10-K† |
| Oct 18, 2018 | BOFA International LTD | Adjacency and edge-case industrials | $96 | 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... | 10-K† |
| May 1, 2017 | Hy-Pro Corporation | Adjacency and edge-case industrials | $23 | 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... | 10-K† |
| Apr 1, 2022 | Purilogics, LLC | Adjacency and edge-case industrials | $20 | In 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, 2016 | Industrias Partmo S.A. | Adjacency and edge-case industrials | $12 | On 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
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
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Sep 26, 2025 | Annual M&A 10-K | quarantined (1 issue) | 0 | N/A | N/A | SEC filing |
| FY2024 | Sep 27, 2024 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2023 | Sep 22, 2023 | Annual M&A 10-K | accepted | 2 | $209MM | $231MM | SEC filing |
| FY2022 | Sep 23, 2022 | Annual M&A 10-K | quarantined (1 issue) | 3 | $68.9MM | $93.8MM | SEC filing |
| FY2021 | Sep 24, 2021 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2020 | Sep 25, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $6.5MM | N/A | SEC filing |
| FY2019 | Sep 27, 2019 | Annual M&A 10-K | accepted | N/A | $96.0MM | $96.0MM | SEC filing |
| FY2018 | Oct 1, 2018 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 0 | $0.5MM | N/A | SEC filing |
| FY2017 | Sep 22, 2017 | Annual M&A 10-K | accepted | 1 | $32.2MM | $22.7MM | SEC filing |
| FY2016 | Sep 23, 2016 | Annual M&A 10-K | warning (1 warn) | 1 | $12.9MM | N/A | SEC filing |
| FY2015 | Nov 10, 2015 | Annual M&A 10-K | warning (1 warn) | 2 | $106MM | N/A | SEC filing |
| FY2014 | Sep 26, 2014 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Sep 27, 2013 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2012 | Sep 28, 2012 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2011 | Sep 23, 2011 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2010 | Sep 24, 2010 | Annual M&A 10-K | warning (1 warn) | N/A | $250MM | N/A | SEC filing |
| FY2009 | Sep 25, 2009 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2008 | Sep 26, 2008 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2007 | Sep 28, 2007 | Annual M&A 10-K | warning (1 warn) | N/A | $40.6MM | N/A | SEC filing |
| FY2006 | Oct 3, 2006 | Annual M&A 10-K | accepted | 2 | $4.6MM | $4.6MM | SEC filing |
| FY2005 | Oct 7, 2005 | Annual M&A 10-K | warning (1 warn) | N/A | $13B | N/A | SEC filing |
| FY2004 | Oct 7, 2004 | Annual M&A 10-K | warning (1 warn) | 1 | $4.4MM | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Sep 27, 2024 | 10-K | Purilogics, LLC | Annual M&ANamed deals | SEC filing |
| Sep 24, 2021 | 10-K | BOFA International LTD | Annual M&ANamed deals | SEC filing |
| Sep 25, 2020 | 10-K | BOFA International LTD | Annual M&ANamed deals | SEC filing |
| Sep 27, 2019 | 10-K | BOFA International LTD | Annual M&ANamed deals | SEC filing |
| Sep 22, 2017 | 10-K | Hy-Pro Corporation; Industrias Partmo S.A. | Annual M&ANamed deals | SEC filing |
| Sep 23, 2016 | 10-K | Northern Technical | Annual M&ANamed deals | SEC filing |
| Oct 3, 2006 | 10-K | Le Bozec Filtration Systems | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Apr 10, 2026 | 8-K | 1.01,2.03,9.01 | 8-K | FinancialsRecent SEC | SEC filing |
| Feb 26, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 26, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Feb 2, 2026 | 8-K | 1.01,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Jan 29, 2026 | 8-K | 5.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Dec 4, 2025 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Dec 4, 2025 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Dec 1, 2025 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Nov 24, 2025 | 8-K | 5.07 | 8-K | Recent SEC | SEC filing |
BOFA International LTD
10-K - Sep 24, 2021
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,…
BOFA International LTD acquisition
10-K - Sep 25, 2020
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…
BOFA International LTD acquisition
10-K - Sep 27, 2019
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…
Northern Technical acquisition
10-K - Sep 23, 2016
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…
BOFA International LTD
10-K - Sep 27, 2019
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…
Hy-Pro Corporation
10-K - Sep 22, 2017
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...
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.