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Side-by-side financial comparison of DONALDSON Co INC (DCI) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $935.4M, roughly 1.7× DONALDSON Co INC). DONALDSON Co INC runs the higher net margin — 12.2% vs 4.5%, a 7.6% gap on every dollar of revenue. On growth, DONALDSON Co INC posted the faster year-over-year revenue change (3.9% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $111.2M). Over the past eight quarters, DONALDSON Co INC's revenue compounded faster (3.3% CAGR vs 0.4%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
DCI vs WSO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $935.4M | $1.6B |
| Net Profit | $113.9M | $71.7M |
| Gross Margin | 35.2% | 27.1% |
| Operating Margin | 16.0% | 6.4% |
| Net Margin | 12.2% | 4.5% |
| Revenue YoY | 3.9% | -10.0% |
| Net Profit YoY | 15.1% | -25.9% |
| EPS (diluted) | $0.97 | $1.82 |
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 | $1.6B | ||
| Q3 25 | $980.7M | $2.1B | ||
| Q2 25 | $940.1M | $2.1B | ||
| Q1 25 | $870.0M | $1.5B | ||
| Q4 24 | $900.1M | $1.8B | ||
| Q3 24 | $935.4M | $2.2B | ||
| Q2 24 | $927.9M | $2.1B | ||
| Q1 24 | $876.7M | $1.6B |
| Q4 25 | $113.9M | $71.7M | ||
| Q3 25 | $114.3M | $161.6M | ||
| Q2 25 | $57.8M | $183.6M | ||
| Q1 25 | $95.9M | $80.1M | ||
| Q4 24 | $99.0M | $96.8M | ||
| Q3 24 | $109.7M | $171.0M | ||
| Q2 24 | $113.5M | $181.4M | ||
| Q1 24 | $98.7M | $87.0M |
| Q4 25 | 35.2% | 27.1% | ||
| Q3 25 | 34.5% | 27.5% | ||
| Q2 25 | 34.2% | 29.3% | ||
| Q1 25 | 35.2% | 28.1% | ||
| Q4 24 | 35.5% | 26.7% | ||
| Q3 24 | 35.8% | 26.2% | ||
| Q2 24 | 35.6% | 27.1% | ||
| Q1 24 | 35.2% | 27.5% |
| Q4 25 | 16.0% | 6.4% | ||
| Q3 25 | 15.5% | 11.4% | ||
| Q2 25 | 9.3% | 13.2% | ||
| Q1 25 | 14.4% | 7.3% | ||
| Q4 24 | 14.5% | 7.8% | ||
| Q3 24 | 15.6% | 11.6% | ||
| Q2 24 | 15.5% | 12.6% | ||
| Q1 24 | 14.8% | 8.1% |
| Q4 25 | 12.2% | 4.5% | ||
| Q3 25 | 11.7% | 7.8% | ||
| Q2 25 | 6.1% | 8.9% | ||
| Q1 25 | 11.0% | 5.2% | ||
| Q4 24 | 11.0% | 5.5% | ||
| Q3 24 | 11.7% | 7.9% | ||
| Q2 24 | 12.2% | 8.5% | ||
| Q1 24 | 11.3% | 5.6% |
| Q4 25 | $0.97 | $1.82 | ||
| Q3 25 | $0.97 | $3.98 | ||
| Q2 25 | $0.48 | $4.52 | ||
| Q1 25 | $0.79 | $1.93 | ||
| Q4 24 | $0.81 | $2.42 | ||
| Q3 24 | $0.90 | $4.22 | ||
| Q2 24 | $0.92 | $4.49 | ||
| Q1 24 | $0.81 | $2.17 |
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 | $733.3M |
| Total DebtLower is stronger | $671.5M | $361.6M |
| Stockholders' EquityBook value | $1.5B | $2.8B |
| Total Assets | $3.0B | $4.4B |
| Debt / EquityLower = less leverage | 0.44× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.7M | $733.3M | ||
| Q3 25 | $180.4M | $524.3M | ||
| Q2 25 | $178.5M | $293.0M | ||
| Q1 25 | $189.1M | $431.8M | ||
| Q4 24 | $221.2M | $781.9M | ||
| Q3 24 | $232.7M | $550.0M | ||
| Q2 24 | $223.7M | $424.9M | ||
| Q1 24 | $193.8M | $478.9M |
| Q4 25 | $671.5M | $361.6M | ||
| Q3 25 | $630.4M | $340.8M | ||
| Q2 25 | $638.8M | $338.7M | ||
| Q1 25 | $514.7M | $346.4M | ||
| Q4 24 | $538.6M | $337.2M | ||
| Q3 24 | $483.4M | $321.0M | ||
| Q2 24 | $481.8M | $307.1M | ||
| Q1 24 | $352.0M | $306.3M |
| Q4 25 | $1.5B | $2.8B | ||
| Q3 25 | $1.5B | $2.8B | ||
| Q2 25 | $1.5B | $2.8B | ||
| Q1 25 | $1.5B | $2.7B | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.5B | $2.6B | ||
| Q1 24 | $1.4B | $2.5B |
| Q4 25 | $3.0B | $4.4B | ||
| Q3 25 | $3.0B | $4.6B | ||
| Q2 25 | $3.0B | $4.7B | ||
| Q1 25 | $3.0B | $4.5B | ||
| Q4 24 | $3.0B | $4.5B | ||
| Q3 24 | $2.9B | $4.5B | ||
| Q2 24 | $2.9B | $4.4B | ||
| Q1 24 | $2.8B | $4.4B |
| Q4 25 | 0.44× | 0.13× | ||
| Q3 25 | 0.43× | 0.12× | ||
| Q2 25 | 0.44× | 0.12× | ||
| Q1 25 | 0.33× | 0.13× | ||
| Q4 24 | 0.35× | 0.13× | ||
| Q3 24 | 0.32× | 0.12× | ||
| Q2 24 | 0.32× | 0.12× | ||
| Q1 24 | 0.26× | 0.12× |
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 | $399.8M |
| Free Cash FlowOCF − Capex | $111.2M | $388.5M |
| FCF MarginFCF / Revenue | 11.9% | 24.6% |
| Capex IntensityCapex / Revenue | 1.5% | 0.7% |
| Cash ConversionOCF / Net Profit | 1.10× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $403.2M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.4M | $399.8M | ||
| Q3 25 | $167.8M | $354.9M | ||
| Q2 25 | $87.7M | $-7.4M | ||
| Q1 25 | $90.4M | $-177.6M | ||
| Q4 24 | $72.9M | $378.9M | ||
| Q3 24 | $126.0M | $232.8M | ||
| Q2 24 | $141.5M | $57.7M | ||
| Q1 24 | $87.0M | $103.7M |
| Q4 25 | $111.2M | $388.5M | ||
| Q3 25 | $147.5M | $346.1M | ||
| Q2 25 | $73.0M | $-14.3M | ||
| Q1 25 | $71.5M | $-185.2M | ||
| Q4 24 | $47.9M | $370.9M | ||
| Q3 24 | $106.2M | $223.0M | ||
| Q2 24 | $120.2M | $51.3M | ||
| Q1 24 | $65.7M | $97.9M |
| Q4 25 | 11.9% | 24.6% | ||
| Q3 25 | 15.0% | 16.7% | ||
| Q2 25 | 7.8% | -0.7% | ||
| Q1 25 | 8.2% | -12.1% | ||
| Q4 24 | 5.3% | 21.1% | ||
| Q3 24 | 11.4% | 10.3% | ||
| Q2 24 | 13.0% | 2.4% | ||
| Q1 24 | 7.5% | 6.3% |
| Q4 25 | 1.5% | 0.7% | ||
| Q3 25 | 2.1% | 0.4% | ||
| Q2 25 | 1.6% | 0.3% | ||
| Q1 25 | 2.2% | 0.5% | ||
| Q4 24 | 2.8% | 0.5% | ||
| Q3 24 | 2.1% | 0.5% | ||
| Q2 24 | 2.3% | 0.3% | ||
| Q1 24 | 2.4% | 0.4% |
| Q4 25 | 1.10× | 5.57× | ||
| Q3 25 | 1.47× | 2.20× | ||
| Q2 25 | 1.52× | -0.04× | ||
| Q1 25 | 0.94× | -2.22× | ||
| Q4 24 | 0.74× | 3.91× | ||
| Q3 24 | 1.15× | 1.36× | ||
| Q2 24 | 1.25× | 0.32× | ||
| Q1 24 | 0.88× | 1.19× |
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% |
WSO
Segment breakdown not available.
