Cyclical industrial and mobile equipment demand
Sales depend on construction, mining, agriculture, transportation and manufacturing activity.
- Scope
- OEM and aftermarket volumes can weaken when capital spending slows.
- Materiality
- high
DONALDSON Co INC
Donaldson Company, Inc. designs and sells filtration products and systems that remove dust, fumes, mist, liquids and emissions from industrial equipment and manufacturing environments. Founded in 1915, it serves OEMs, distributors and end customers across mobile equipment, industrial processing and life sciences applications, with a large global manufacturing and distribution footprint.
16,1 %
34,8 %
9,9 %
+2,9 %
1.93
1.25
| % | |
|---|---|
| Mobile Solutions | 62% Filtration products for off-road, on-road and aftermarket vehicle and equipment applications. |
| Industrial Solutions | 30% Dust, fume, mist and industrial air filtration systems plus related service and aftermarket support. |
| Life Sciences | 8% Bioprocessing and membrane filtration products used in pharmaceutical and advanced life sciences applications. |
Donaldson sells to OEMs, industrial end users, distributors and dealer networks that need highly reliable filtration...
- OEMs in mobile equipmentprimary
Buy filtration housings, replacement filters and emissions systems for new equipment production and aftermarket support.
- Industrial manufacturing customersprimary
Buy dust, fume and mist collectors to improve air quality, protect workers and keep production running.
- Aftermarket distributors and dealer networksprimary
Buy replacement filters and service parts to support installed equipment and recurring maintenance demand.
- Life sciences and bioprocessing customerssecondary
Buy filtration and membrane solutions for cell and gene therapy, disease treatment and bioprocessing workflows.
- Alternative power and emerging applicationssecondary
Buy specialized filtration for EV manufacturing, recycling and alternative power systems.
Donaldson is globally diversified, with fiscal 2025 revenue split across the U.S. and Canada, EMEA, APAC and LATAM...
- •U.S. and Canada were 44.2% of fiscal 2025 revenue
- •EMEA contributed 27.8% of fiscal 2025 revenue
- •APAC contributed 17.2% of fiscal 2025 revenue
- •LATAM contributed 10.8% of fiscal 2025 revenue
- •More than 150 locations across six continents support local service
Donaldson is focused on extending market access, expanding technologies and solutions, and pursuing strategic...
01
Extend market accessmedium-term
Broadens the addressable market beyond core filtration and supports growth in adjacent end markets.
02
Expand technologies and solutionsmedium-term
Connected products and digital tools can increase aftermarket share and improve customer stickiness.
03
Pursue strategic acquisitionsmedium-term
Acquisitions can accelerate growth and add capability in higher-margin areas.
Donaldson faces cyclical demand tied to industrial production, construction, mining, agriculture and capital spending,...
Global trade and geopolitical disruption
The company operates across many countries and is exposed to tariffs, trade barriers and local regulation.
- Scope
- Cross-border sourcing, manufacturing and sales networks.
- Materiality
- high
Raw material and supply chain cost inflation
Steel, filter media and petrochemical-based inputs are a large part of cost of sales.
- Scope
- Purchased materials represent a large share of production cost.
- Materiality
- high
Life sciences demand softness and project timing
Bioprocessing spending can slow and project timing can shift, affecting growth in this segment.
- Scope
- Cell and gene therapy and membrane applications.
- Materiality
- medium
Cybersecurity and intellectual property risk
A successful attack or IP infringement could disrupt operations and reduce demand.
- Scope
- Systems, data, product designs and connected filtration offerings.
- Materiality
- medium
Revenue recognition and variable consideration
Affects reported net sales and gross margin
Goodwill and intangible asset impairment
Can create large non-cash charges, as seen in fiscal 2025
Foreign currency translation
Impacts net sales and earnings comparability across periods
Acquisition valuation and contingent consideration
Can affect goodwill, amortization and post-deal earnings
Nederman Holding
NMAN.ST · Industrials
Nederman Holding is a global leader in environmental technology, specializing in industrial air filtration.
NORDSON CORP
NDSN · General Industrial Machinery & Equipment, NEC
DOVER Corp
DOV · Construction, Mining & Materials Handling Machinery & Equip
Dover Corporation is a diversified U.S.
Ingersoll Rand Inc.
IR · General Industrial Machinery & Equipment
KADANT INC
KAI · Special Industry Machinery (No Metalworking Machinery)
DuPont de Nemours, Inc.
DD · Plastic Materials, Synth Resins & Nonvulcan Elastomers
: 28/04/2026