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Side-by-side financial comparison of DONALDSON Co INC (DCI) and Worthington Steel, Inc. (WS). Click either name above to swap in a different company.
DONALDSON Co INC is the larger business by last-quarter revenue ($935.4M vs $871.9M, roughly 1.1× Worthington Steel, Inc.). DONALDSON Co INC runs the higher net margin — 12.2% vs 2.2%, a 10.0% gap on every dollar of revenue. On growth, Worthington Steel, Inc. posted the faster year-over-year revenue change (18.0% vs 3.9%). DONALDSON Co INC produced more free cash flow last quarter ($111.2M vs $74.6M). Over the past eight quarters, Worthington Steel, Inc.'s revenue compounded faster (3.9% 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.
Worthington Enterprises, Inc. is an American industrial manufacturing company headquartered in Columbus, Ohio. The company is composed of two business segments, consumer products and building products. Within these segments, the company designs and manufactures pressure vessels such as propane, oxygen and helium tanks, refrigerant and industrial cylinders, camping and residential use cylinders, water system tanks for storage, treatment, heating, expansion and flow control, as well as a variet...
DCI vs WS — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $871.9M |
| Net Profit | $113.9M | $18.8M |
| Gross Margin | 35.2% | 10.7% |
| Operating Margin | 16.0% | 2.5% |
| Net Margin | 12.2% | 2.2% |
| Revenue YoY | 3.9% | 18.0% |
| Net Profit YoY | 15.1% | 46.9% |
| EPS (diluted) | $0.97 | $0.37 |
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 | $871.9M | ||
| Q3 25 | $980.7M | $872.9M | ||
| Q2 25 | $940.1M | $832.9M | ||
| Q1 25 | $870.0M | $687.4M | ||
| Q4 24 | $900.1M | $739.0M | ||
| Q3 24 | $935.4M | $834.0M | ||
| Q2 24 | $927.9M | — | ||
| Q1 24 | $876.7M | $805.8M |
| Q4 25 | $113.9M | $18.8M | ||
| Q3 25 | $114.3M | $36.8M | ||
| Q2 25 | $57.8M | $55.7M | ||
| Q1 25 | $95.9M | $13.8M | ||
| Q4 24 | $99.0M | $12.8M | ||
| Q3 24 | $109.7M | $28.4M | ||
| Q2 24 | $113.5M | — | ||
| Q1 24 | $98.7M | $49.0M |
| Q4 25 | 35.2% | 10.7% | ||
| Q3 25 | 34.5% | 13.2% | ||
| Q2 25 | 34.2% | 15.2% | ||
| Q1 25 | 35.2% | 11.8% | ||
| Q4 24 | 35.5% | 10.8% | ||
| Q3 24 | 35.8% | 12.0% | ||
| Q2 24 | 35.6% | — | ||
| Q1 24 | 35.2% | 14.9% |
| Q4 25 | 16.0% | 2.5% | ||
| Q3 25 | 15.5% | 5.5% | ||
| Q2 25 | 9.3% | 8.0% | ||
| Q1 25 | 14.4% | 2.7% | ||
| Q4 24 | 14.5% | 2.6% | ||
| Q3 24 | 15.6% | 5.2% | ||
| Q2 24 | 15.5% | — | ||
| Q1 24 | 14.8% | 8.2% |
| Q4 25 | 12.2% | 2.2% | ||
| Q3 25 | 11.7% | 4.2% | ||
| Q2 25 | 6.1% | 6.7% | ||
| Q1 25 | 11.0% | 2.0% | ||
| Q4 24 | 11.0% | 1.7% | ||
| Q3 24 | 11.7% | 3.4% | ||
| Q2 24 | 12.2% | — | ||
| Q1 24 | 11.3% | 6.1% |
| Q4 25 | $0.97 | $0.37 | ||
| Q3 25 | $0.97 | $0.72 | ||
| Q2 25 | $0.48 | $1.11 | ||
| Q1 25 | $0.79 | $0.27 | ||
| Q4 24 | $0.81 | $0.25 | ||
| Q3 24 | $0.90 | $0.56 | ||
| Q2 24 | $0.92 | — | ||
| Q1 24 | $0.81 | $0.98 |
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 | $89.8M |
| Total DebtLower is stronger | $671.5M | $72.1M |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $3.0B | $2.1B |
| Debt / EquityLower = less leverage | 0.44× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.7M | $89.8M | ||
| Q3 25 | $180.4M | $78.3M | ||
| Q2 25 | $178.5M | $38.0M | ||
| Q1 25 | $189.1M | $63.3M | ||
| Q4 24 | $221.2M | $52.0M | ||
| Q3 24 | $232.7M | $36.0M | ||
| Q2 24 | $223.7M | — | ||
| Q1 24 | $193.8M | $60.8M |
| Q4 25 | $671.5M | $72.1M | ||
| Q3 25 | $630.4M | $73.4M | ||
| Q2 25 | $638.8M | $151.5M | ||
| Q1 25 | $514.7M | — | ||
| Q4 24 | $538.6M | $115.0M | ||
| Q3 24 | $483.4M | $122.2M | ||
| Q2 24 | $481.8M | — | ||
| Q1 24 | $352.0M | $147.2M |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.4B | $937.6M |
| Q4 25 | $3.0B | $2.1B | ||
| Q3 25 | $3.0B | $2.2B | ||
| Q2 25 | $3.0B | $2.0B | ||
| Q1 25 | $3.0B | $1.8B | ||
| Q4 24 | $3.0B | $1.7B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | $1.8B |
| Q4 25 | 0.44× | 0.06× | ||
| Q3 25 | 0.43× | 0.07× | ||
| Q2 25 | 0.44× | 0.14× | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.35× | 0.11× | ||
| Q3 24 | 0.32× | 0.12× | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | 0.26× | 0.16× |
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 | $99.3M |
| Free Cash FlowOCF − Capex | $111.2M | $74.6M |
| FCF MarginFCF / Revenue | 11.9% | 8.6% |
| Capex IntensityCapex / Revenue | 1.5% | 2.8% |
| Cash ConversionOCF / Net Profit | 1.10× | 5.28× |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | $72.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.4M | $99.3M | ||
| Q3 25 | $167.8M | $-6.3M | ||
| Q2 25 | $87.7M | $53.9M | ||
| Q1 25 | $90.4M | $53.8M | ||
| Q4 24 | $72.9M | $68.0M | ||
| Q3 24 | $126.0M | $54.6M | ||
| Q2 24 | $141.5M | — | ||
| Q1 24 | $87.0M | $44.7M |
| Q4 25 | $111.2M | $74.6M | ||
| Q3 25 | $147.5M | $-35.7M | ||
| Q2 25 | $73.0M | $8.4M | ||
| Q1 25 | $71.5M | $25.2M | ||
| Q4 24 | $47.9M | $33.2M | ||
| Q3 24 | $106.2M | $33.1M | ||
| Q2 24 | $120.2M | — | ||
| Q1 24 | $65.7M | $22.3M |
| Q4 25 | 11.9% | 8.6% | ||
| Q3 25 | 15.0% | -4.1% | ||
| Q2 25 | 7.8% | 1.0% | ||
| Q1 25 | 8.2% | 3.7% | ||
| Q4 24 | 5.3% | 4.5% | ||
| Q3 24 | 11.4% | 4.0% | ||
| Q2 24 | 13.0% | — | ||
| Q1 24 | 7.5% | 2.8% |
| Q4 25 | 1.5% | 2.8% | ||
| Q3 25 | 2.1% | 3.4% | ||
| Q2 25 | 1.6% | 5.5% | ||
| Q1 25 | 2.2% | 4.2% | ||
| Q4 24 | 2.8% | 4.7% | ||
| Q3 24 | 2.1% | 2.6% | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | 2.4% | 2.8% |
| Q4 25 | 1.10× | 5.28× | ||
| Q3 25 | 1.47× | -0.17× | ||
| Q2 25 | 1.52× | 0.97× | ||
| Q1 25 | 0.94× | 3.90× | ||
| Q4 24 | 0.74× | 5.31× | ||
| Q3 24 | 1.15× | 1.92× | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 0.88× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
