“Research and Development Expenses Research and development expenses for the nine months ended April 30, 2026 were $57.0 million, or 2.0% of net sales, compared with $65.3 million, or 2.4% of net sales, for the nine months ended April 30, 2025, a decrease of $…”10-Q · Jun 2, 2026 ↗
Donaldson Company, Inc.
DCI
Market read
Donaldson Company, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
- DCI's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if DCI's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- DCI's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Demand and volume has repeated favorable evidence across 4 filings.
- Operating margin changed -1.7 percentage points in the latest annual period.
- Net margin changed -1.6 percentage points in the latest annual period.
- Product pipeline and R&D has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Capital investment and capacity has repeated adverse evidence across 3 filings.
- P/E is 38% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 18% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
88.20Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The lower effective tax rate was primarily due to the tax impact resulting from the loss on impairment of intangible assets in the nine months ended April 30, 2025.”10-Q · Jun 2, 2026 ↗
“Net sales of IFS increased $5.3 million, driven by net pricing benefits and Power Generation new equipment sales, partially offset by volume declines in Industrial Gases and dust collection.”10-Q · Jun 2, 2026 ↗
“The fiscal 2025 impairment expense included $46.6 million related to Univercells Technologies, reflecting lower-than-anticipated bioprocessing capital spending, particularly for early-stage assets, while drug development timelines are longer than previously a…”10-Q · Jun 2, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.9× · EV/sales 3.0×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for DCI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for DCI. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind DCI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CATCaterpillar Inc.partnerSep 26, 2025 ▾
“The Company and Caterpillar equally own the shares of AFSI and both companies guarantee certain debt and banking services, including credit and debit cards, merchant processing and treasury management services, of the joint venture.”
Depended on by
SPXCSPX Technologies, Inc.investeeFeb 25, 2026 ▾
“Changes in Estimated Value of an Equity Security - Filtran Group Equity, LLC (“Filtran”) ◦ During 2025, we recorded gains of $23.0 within “ Other income (expense), net ” related to increases in the estimated value of an equity security in Filtran that we hold.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
DCI is currently a Follower in the organic co-movement group Industrial Equipment. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.