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Side-by-side financial comparison of DONALDSON Co INC (DCI) and Western Midstream Partners, LP (WES). Click either name above to swap in a different company.
Western Midstream Partners, LP is the larger business by last-quarter revenue ($1.0B vs $935.4M, roughly 1.1× DONALDSON Co INC). Western Midstream Partners, LP runs the higher net margin — 18.5% vs 12.2%, a 6.3% gap on every dollar of revenue. On growth, Western Midstream Partners, LP posted the faster year-over-year revenue change (11.0% vs 3.9%). Western Midstream Partners, LP produced more free cash flow last quarter ($335.4M vs $111.2M). Over the past eight quarters, Western Midstream Partners, LP's revenue compounded faster (7.8% 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.
Sunoco LP is an American vehicle gasoline master limited partnership company organized under Delaware state law and headquartered in Dallas, Texas. Dating back to 1886, the company has transformed from a vertically integrated energy company to a distributor of fuels and operator of energy infrastructure. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses.
DCI vs WES — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $1.0B |
| Net Profit | $113.9M | $190.7M |
| Gross Margin | 35.2% | — |
| Operating Margin | 16.0% | 29.7% |
| Net Margin | 12.2% | 18.5% |
| Revenue YoY | 3.9% | 11.0% |
| Net Profit YoY | 15.1% | -42.8% |
| EPS (diluted) | $0.97 | — |
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 | $1.0B | ||
| Q3 25 | $980.7M | $952.3M | ||
| Q2 25 | $940.1M | $942.1M | ||
| Q1 25 | $870.0M | $916.9M | ||
| Q4 24 | $900.1M | $928.4M | ||
| Q3 24 | $935.4M | $883.1M | ||
| Q2 24 | $927.9M | $905.4M | ||
| Q1 24 | $876.7M | $887.3M |
| Q4 25 | $113.9M | $190.7M | ||
| Q3 25 | $114.3M | $339.6M | ||
| Q2 25 | $57.8M | $341.7M | ||
| Q1 25 | $95.9M | $309.0M | ||
| Q4 24 | $99.0M | $333.6M | ||
| Q3 24 | $109.7M | $288.5M | ||
| Q2 24 | $113.5M | $378.6M | ||
| Q1 24 | $98.7M | $572.8M |
| Q4 25 | 35.2% | — | ||
| Q3 25 | 34.5% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 35.8% | — | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 35.2% | — |
| Q4 25 | 16.0% | 29.7% | ||
| Q3 25 | 15.5% | 46.4% | ||
| Q2 25 | 9.3% | 47.2% | ||
| Q1 25 | 14.4% | 44.7% | ||
| Q4 24 | 14.5% | 45.9% | ||
| Q3 24 | 15.6% | 44.8% | ||
| Q2 24 | 15.5% | 51.9% | ||
| Q1 24 | 14.8% | 76.6% |
| Q4 25 | 12.2% | 18.5% | ||
| Q3 25 | 11.7% | 35.7% | ||
| Q2 25 | 6.1% | 36.3% | ||
| Q1 25 | 11.0% | 33.7% | ||
| Q4 24 | 11.0% | 35.9% | ||
| Q3 24 | 11.7% | 32.7% | ||
| Q2 24 | 12.2% | 41.8% | ||
| Q1 24 | 11.3% | 64.6% |
| Q4 25 | $0.97 | — | ||
| Q3 25 | $0.97 | — | ||
| Q2 25 | $0.48 | — | ||
| Q1 25 | $0.79 | — | ||
| Q4 24 | $0.81 | — | ||
| Q3 24 | $0.90 | — | ||
| Q2 24 | $0.92 | — | ||
| Q1 24 | $0.81 | — |
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 | $819.5M |
| Total DebtLower is stronger | $671.5M | $8.2B |
| Stockholders' EquityBook value | $1.5B | — |
| Total Assets | $3.0B | $15.0B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.7M | $819.5M | ||
| Q3 25 | $180.4M | $177.3M | ||
| Q2 25 | $178.5M | $129.7M | ||
| Q1 25 | $189.1M | $448.4M | ||
| Q4 24 | $221.2M | $1.1B | ||
| Q3 24 | $232.7M | $1.1B | ||
| Q2 24 | $223.7M | $344.1M | ||
| Q1 24 | $193.8M | $295.2M |
| Q4 25 | $671.5M | $8.2B | ||
| Q3 25 | $630.4M | $6.9B | ||
| Q2 25 | $638.8M | $6.9B | ||
| Q1 25 | $514.7M | $6.9B | ||
| Q4 24 | $538.6M | $6.9B | ||
| Q3 24 | $483.4M | $6.9B | ||
| Q2 24 | $481.8M | $7.1B | ||
| Q1 24 | $352.0M | $7.3B |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $3.0B | $15.0B | ||
| Q3 25 | $3.0B | $12.1B | ||
| Q2 25 | $3.0B | $12.2B | ||
| Q1 25 | $3.0B | $12.5B | ||
| Q4 24 | $3.0B | $13.1B | ||
| Q3 24 | $2.9B | $13.0B | ||
| Q2 24 | $2.9B | $12.2B | ||
| Q1 24 | $2.8B | $12.3B |
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.26× | — |
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 | $557.6M |
| Free Cash FlowOCF − Capex | $111.2M | $335.4M |
| FCF MarginFCF / Revenue | 11.9% | 32.6% |
| Capex IntensityCapex / Revenue | 1.5% | 21.6% |
| Cash ConversionOCF / Net Profit | 1.10× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.4M | $557.6M | ||
| Q3 25 | $167.8M | $570.2M | ||
| Q2 25 | $87.7M | $564.0M | ||
| Q1 25 | $90.4M | $530.8M | ||
| Q4 24 | $72.9M | $554.4M | ||
| Q3 24 | $126.0M | $551.3M | ||
| Q2 24 | $141.5M | $631.4M | ||
| Q1 24 | $87.0M | $399.7M |
| Q4 25 | $111.2M | $335.4M | ||
| Q3 25 | $147.5M | $385.5M | ||
| Q2 25 | $73.0M | $385.4M | ||
| Q1 25 | $71.5M | $388.4M | ||
| Q4 24 | $47.9M | $315.7M | ||
| Q3 24 | $106.2M | $361.9M | ||
| Q2 24 | $120.2M | $419.6M | ||
| Q1 24 | $65.7M | $205.9M |
| Q4 25 | 11.9% | 32.6% | ||
| Q3 25 | 15.0% | 40.5% | ||
| Q2 25 | 7.8% | 40.9% | ||
| Q1 25 | 8.2% | 42.4% | ||
| Q4 24 | 5.3% | 34.0% | ||
| Q3 24 | 11.4% | 41.0% | ||
| Q2 24 | 13.0% | 46.3% | ||
| Q1 24 | 7.5% | 23.2% |
| Q4 25 | 1.5% | 21.6% | ||
| Q3 25 | 2.1% | 19.4% | ||
| Q2 25 | 1.6% | 19.0% | ||
| Q1 25 | 2.2% | 15.5% | ||
| Q4 24 | 2.8% | 25.7% | ||
| Q3 24 | 2.1% | 21.5% | ||
| Q2 24 | 2.3% | 23.4% | ||
| Q1 24 | 2.4% | 21.8% |
| Q4 25 | 1.10× | 2.92× | ||
| Q3 25 | 1.47× | 1.68× | ||
| Q2 25 | 1.52× | 1.65× | ||
| Q1 25 | 0.94× | 1.72× | ||
| Q4 24 | 0.74× | 1.66× | ||
| Q3 24 | 1.15× | 1.91× | ||
| Q2 24 | 1.25× | 1.67× | ||
| Q1 24 | 0.88× | 0.70× |
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% |
WES
Segment breakdown not available.
