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Side-by-side financial comparison of DONALDSON Co INC (DCI) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
DONALDSON Co INC is the larger business by last-quarter revenue ($935.4M vs $425.9M, roughly 2.2× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 12.2%, a 23.5% gap on every dollar of revenue. On growth, DONALDSON Co INC posted the faster year-over-year revenue change (3.9% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 3.3%).
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
DCI vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $425.9M |
| Net Profit | $113.9M | $152.0M |
| Gross Margin | 35.2% | — |
| Operating Margin | 16.0% | 81.5% |
| Net Margin | 12.2% | 35.7% |
| Revenue YoY | 3.9% | 1.7% |
| Net Profit YoY | 15.1% | — |
| EPS (diluted) | $0.97 | $1.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $935.4M | $637.9M | ||
| Q3 25 | $980.7M | $443.1M | ||
| Q2 25 | $940.1M | $527.4M | ||
| Q1 25 | $870.0M | $734.8M | ||
| Q4 24 | $900.1M | $513.8M | ||
| Q3 24 | $935.4M | $310.0M | ||
| Q2 24 | $927.9M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $113.9M | $181.6M | ||
| Q3 25 | $114.3M | $107.3M | ||
| Q2 25 | $57.8M | $149.8M | ||
| Q1 25 | $95.9M | $216.4M | ||
| Q4 24 | $99.0M | $45.0M | ||
| Q3 24 | $109.7M | $-167.6M | ||
| Q2 24 | $113.5M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 35.2% | 86.6% | ||
| Q3 25 | 34.5% | — | ||
| Q2 25 | 34.2% | 94.7% | ||
| Q1 25 | 35.2% | 81.6% | ||
| Q4 24 | 35.5% | 87.3% | ||
| Q3 24 | 35.8% | — | ||
| Q2 24 | 35.6% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 16.0% | 43.3% | ||
| Q3 25 | 15.5% | 40.6% | ||
| Q2 25 | 9.3% | 43.7% | ||
| Q1 25 | 14.4% | 43.2% | ||
| Q4 24 | 14.5% | 16.8% | ||
| Q3 24 | 15.6% | -63.4% | ||
| Q2 24 | 15.5% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 12.2% | 28.5% | ||
| Q3 25 | 11.7% | 24.2% | ||
| Q2 25 | 6.1% | 28.4% | ||
| Q1 25 | 11.0% | 29.4% | ||
| Q4 24 | 11.0% | 8.8% | ||
| Q3 24 | 11.7% | -54.1% | ||
| Q2 24 | 12.2% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.97 | $1.98 | ||
| Q3 25 | $0.97 | $1.18 | ||
| Q2 25 | $0.48 | $1.64 | ||
| Q1 25 | $0.79 | $2.37 | ||
| Q4 24 | $0.81 | $0.49 | ||
| Q3 24 | $0.90 | $-1.81 | ||
| Q2 24 | $0.92 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.7M | — |
| Total DebtLower is stronger | $671.5M | $300.0M |
| Stockholders' EquityBook value | $1.5B | — |
| Total Assets | $3.0B | $9.1B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $210.7M | $271.4M | ||
| Q3 25 | $180.4M | $43.2M | ||
| Q2 25 | $178.5M | $39.3M | ||
| Q1 25 | $189.1M | $40.0M | ||
| Q4 24 | $221.2M | $48.7M | ||
| Q3 24 | $232.7M | $38.2M | ||
| Q2 24 | $223.7M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $671.5M | $2.7B | ||
| Q3 25 | $630.4M | $2.7B | ||
| Q2 25 | $638.8M | $2.7B | ||
| Q1 25 | $514.7M | $2.7B | ||
| Q4 24 | $538.6M | $2.7B | ||
| Q3 24 | $483.4M | $2.7B | ||
| Q2 24 | $481.8M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $3.6B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.5B | $3.0B | ||
| Q1 25 | $1.5B | $2.8B | ||
| Q4 24 | $1.5B | $-76.2M | ||
| Q3 24 | $1.5B | $-15.5M | ||
| Q2 24 | $1.5B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.0B | $9.2B | ||
| Q3 25 | $3.0B | $8.7B | ||
| Q2 25 | $3.0B | $8.4B | ||
| Q1 25 | $3.0B | $8.5B | ||
| Q4 24 | $3.0B | $8.3B | ||
| Q3 24 | $2.9B | $8.3B | ||
| Q2 24 | $2.9B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.44× | 0.75× | ||
| Q3 25 | 0.43× | 0.87× | ||
| Q2 25 | 0.44× | 0.90× | ||
| Q1 25 | 0.33× | 0.99× | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | 532.10× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $125.4M | $657.3M |
| Free Cash FlowOCF − Capex | $111.2M | — |
| FCF MarginFCF / Revenue | 11.9% | — |
| Capex IntensityCapex / Revenue | 1.5% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.10× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $125.4M | $274.9M | ||
| Q3 25 | $167.8M | $237.8M | ||
| Q2 25 | $87.7M | $388.4M | ||
| Q1 25 | $90.4M | $253.8M | ||
| Q4 24 | $72.9M | $220.1M | ||
| Q3 24 | $126.0M | $197.9M | ||
| Q2 24 | $141.5M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $111.2M | $-2.7M | ||
| Q3 25 | $147.5M | $-47.8M | ||
| Q2 25 | $73.0M | $195.3M | ||
| Q1 25 | $71.5M | $59.9M | ||
| Q4 24 | $47.9M | $-20.3M | ||
| Q3 24 | $106.2M | $-49.1M | ||
| Q2 24 | $120.2M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 11.9% | -0.4% | ||
| Q3 25 | 15.0% | -10.8% | ||
| Q2 25 | 7.8% | 37.0% | ||
| Q1 25 | 8.2% | 8.2% | ||
| Q4 24 | 5.3% | -4.0% | ||
| Q3 24 | 11.4% | -15.8% | ||
| Q2 24 | 13.0% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.5% | 43.5% | ||
| Q3 25 | 2.1% | 64.4% | ||
| Q2 25 | 1.6% | 36.6% | ||
| Q1 25 | 2.2% | 26.4% | ||
| Q4 24 | 2.8% | 46.8% | ||
| Q3 24 | 2.1% | 79.7% | ||
| Q2 24 | 2.3% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.10× | 1.51× | ||
| Q3 25 | 1.47× | 2.21× | ||
| Q2 25 | 1.52× | 2.59× | ||
| Q1 25 | 0.94× | 1.17× | ||
| Q4 24 | 0.74× | 4.89× | ||
| Q3 24 | 1.15× | — | ||
| Q2 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
