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Side-by-side financial comparison of DONALDSON Co INC (DCI) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
DONALDSON Co INC is the larger business by last-quarter revenue ($935.4M vs $61.1M, roughly 15.3× Perma-Pipe International Holdings, Inc.). DONALDSON Co INC runs the higher net margin — 12.2% vs 10.3%, a 1.8% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 3.9%). DONALDSON Co INC produced more free cash flow last quarter ($111.2M vs $12.4M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% 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.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
DCI vs PPIH — Head-to-Head
Income Statement — Q1 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $61.1M |
| Net Profit | $113.9M | $6.3M |
| Gross Margin | 35.2% | 34.4% |
| Operating Margin | 16.0% | 18.6% |
| Net Margin | 12.2% | 10.3% |
| Revenue YoY | 3.9% | 47.1% |
| Net Profit YoY | 15.1% | 153.5% |
| EPS (diluted) | $0.97 | $0.77 |
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.
| Q4 25 | $935.4M | $61.1M | ||
| Q3 25 | $980.7M | $47.9M | ||
| Q2 25 | $940.1M | $46.7M | ||
| Q1 25 | $870.0M | $45.0M | ||
| Q4 24 | $900.1M | $41.6M | ||
| Q3 24 | $935.4M | $37.5M | ||
| Q2 24 | $927.9M | $34.3M | ||
| Q1 24 | $876.7M | $40.2M |
| Q4 25 | $113.9M | $6.3M | ||
| Q3 25 | $114.3M | $851.0K | ||
| Q2 25 | $57.8M | $5.0M | ||
| Q1 25 | $95.9M | $1.8M | ||
| Q4 24 | $99.0M | $2.5M | ||
| Q3 24 | $109.7M | $3.3M | ||
| Q2 24 | $113.5M | $1.4M | ||
| Q1 24 | $98.7M | $8.6M |
| Q4 25 | 35.2% | 34.4% | ||
| Q3 25 | 34.5% | 30.1% | ||
| Q2 25 | 34.2% | 35.8% | ||
| Q1 25 | 35.2% | 33.7% | ||
| Q4 24 | 35.5% | 33.9% | ||
| Q3 24 | 35.8% | 35.9% | ||
| Q2 24 | 35.6% | 30.6% | ||
| Q1 24 | 35.2% | 30.0% |
| Q4 25 | 16.0% | 18.6% | ||
| Q3 25 | 15.5% | 6.7% | ||
| Q2 25 | 9.3% | 16.9% | ||
| Q1 25 | 14.4% | 12.1% | ||
| Q4 24 | 14.5% | 13.4% | ||
| Q3 24 | 15.6% | 16.4% | ||
| Q2 24 | 15.5% | 9.1% | ||
| Q1 24 | 14.8% | 11.3% |
| Q4 25 | 12.2% | 10.3% | ||
| Q3 25 | 11.7% | 1.8% | ||
| Q2 25 | 6.1% | 10.6% | ||
| Q1 25 | 11.0% | 3.9% | ||
| Q4 24 | 11.0% | 6.0% | ||
| Q3 24 | 11.7% | 8.8% | ||
| Q2 24 | 12.2% | 4.2% | ||
| Q1 24 | 11.3% | 21.5% |
| Q4 25 | $0.97 | $0.77 | ||
| Q3 25 | $0.97 | $0.10 | ||
| Q2 25 | $0.48 | $0.61 | ||
| Q1 25 | $0.79 | $0.23 | ||
| Q4 24 | $0.81 | $0.31 | ||
| Q3 24 | $0.90 | $0.40 | ||
| Q2 24 | $0.92 | $0.18 | ||
| Q1 24 | $0.81 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | $671.5M | $12.7M |
| Stockholders' EquityBook value | $1.5B | $85.8M |
| Total Assets | $3.0B | $217.0M |
| Debt / EquityLower = less leverage | 0.44× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.7M | $27.2M | ||
| Q3 25 | $180.4M | $17.3M | ||
| Q2 25 | $178.5M | $18.8M | ||
| Q1 25 | $189.1M | $15.7M | ||
| Q4 24 | $221.2M | $13.3M | ||
| Q3 24 | $232.7M | $9.5M | ||
| Q2 24 | $223.7M | $7.7M | ||
| Q1 24 | $193.8M | $5.8M |
| Q4 25 | $671.5M | $12.7M | ||
| Q3 25 | $630.4M | — | ||
| Q2 25 | $638.8M | — | ||
| Q1 25 | $514.7M | $15.2M | ||
| Q4 24 | $538.6M | — | ||
| Q3 24 | $483.4M | — | ||
| Q2 24 | $481.8M | — | ||
| Q1 24 | $352.0M | $15.2M |
| Q4 25 | $1.5B | $85.8M | ||
| Q3 25 | $1.5B | $80.2M | ||
| Q2 25 | $1.5B | $77.9M | ||
| Q1 25 | $1.5B | $72.1M | ||
| Q4 24 | $1.5B | $71.2M | ||
| Q3 24 | $1.5B | $68.6M | ||
| Q2 24 | $1.5B | $65.5M | ||
| Q1 24 | $1.4B | $65.7M |
| Q4 25 | $3.0B | $217.0M | ||
| Q3 25 | $3.0B | $189.0M | ||
| Q2 25 | $3.0B | $178.3M | ||
| Q1 25 | $3.0B | $165.2M | ||
| Q4 24 | $3.0B | $160.7M | ||
| Q3 24 | $2.9B | $157.8M | ||
| Q2 24 | $2.9B | $155.7M | ||
| Q1 24 | $2.8B | $155.7M |
| Q4 25 | 0.44× | 0.15× | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.33× | 0.21× | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.26× | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $111.2M | $12.4M |
| FCF MarginFCF / Revenue | 11.9% | 20.2% |
| Capex IntensityCapex / Revenue | 1.5% | 8.1% |
| Cash ConversionOCF / Net Profit | 1.10× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.4M | $17.3M | ||
| Q3 25 | $167.8M | $-2.0M | ||
| Q2 25 | $87.7M | $733.0K | ||
| Q1 25 | $90.4M | $6.0M | ||
| Q4 24 | $72.9M | $5.2M | ||
| Q3 24 | $126.0M | $2.8M | ||
| Q2 24 | $141.5M | $-73.0K | ||
| Q1 24 | $87.0M | $7.1M |
| Q4 25 | $111.2M | $12.4M | ||
| Q3 25 | $147.5M | $-4.6M | ||
| Q2 25 | $73.0M | $-194.0K | ||
| Q1 25 | $71.5M | $4.7M | ||
| Q4 24 | $47.9M | $4.8M | ||
| Q3 24 | $106.2M | $2.2M | ||
| Q2 24 | $120.2M | $-662.0K | ||
| Q1 24 | $65.7M | $4.2M |
| Q4 25 | 11.9% | 20.2% | ||
| Q3 25 | 15.0% | -9.6% | ||
| Q2 25 | 7.8% | -0.4% | ||
| Q1 25 | 8.2% | 10.5% | ||
| Q4 24 | 5.3% | 11.6% | ||
| Q3 24 | 11.4% | 5.8% | ||
| Q2 24 | 13.0% | -1.9% | ||
| Q1 24 | 7.5% | 10.5% |
| Q4 25 | 1.5% | 8.1% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 1.6% | 2.0% | ||
| Q1 25 | 2.2% | 2.9% | ||
| Q4 24 | 2.8% | 0.8% | ||
| Q3 24 | 2.1% | 1.7% | ||
| Q2 24 | 2.3% | 1.7% | ||
| Q1 24 | 2.4% | 7.2% |
| Q4 25 | 1.10× | 2.74× | ||
| Q3 25 | 1.47× | -2.40× | ||
| Q2 25 | 1.52× | 0.15× | ||
| Q1 25 | 0.94× | 3.42× | ||
| Q4 24 | 0.74× | 2.07× | ||
| Q3 24 | 1.15× | 0.86× | ||
| Q2 24 | 1.25× | -0.05× | ||
| Q1 24 | 0.88× | 0.82× |
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% |
PPIH
Segment breakdown not available.
