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Here are 1-3 brief analogies for Donaldson (DCI):

• **WIX Filters for heavy machinery and industrial systems.** (Leverages a familiar filter brand and scales it up to Donaldson's core markets.)
• **Intel for industrial filtration technology.** (Highlights Donaldson's role as a leading, specialized provider of critical, high-tech components that are often integrated into other manufacturers' equipment.)
• **Cummins for keeping engines and industrial systems clean.** (Connects Donaldson to a known heavy-duty engine manufacturer, emphasizing their foundational role in ensuring the performance and longevity of industrial equipment through filtration.)

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• Engine Filtration Systems: Manufactures air, fuel, lube, and hydraulic filtration products, alongside exhaust systems for a wide range of combustion engines and vehicles.
• Industrial Filtration Systems: Supplies dust, fume, and mist collection systems, compressed air purification equipment, and specialized filters for diverse industrial applications.

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Donaldson Company, Inc. (symbol: DCI) primarily sells its products and solutions to other companies (Business-to-Business or B2B) rather than directly to individuals.

According to its public filings, Donaldson has a highly diversified customer base and does not have any single customer that accounts for 10% or more of its consolidated net sales. Therefore, there are no specific "major customer companies" that can be individually named. Instead, its customer base can be broadly categorized by the types of businesses it serves:

• Original Equipment Manufacturers (OEMs): These are companies across various industries that integrate Donaldson's filtration, exhaust, and acoustic products into their own manufactured equipment. This includes manufacturers of heavy-duty trucks, construction equipment, agricultural machinery, mining equipment, industrial compressors, aerospace components, and power generation systems. Donaldson's products become integral components of the final products sold by these OEMs.
• Aftermarket Distributors and Dealers: This vast network of channel partners resells Donaldson's replacement filters and parts to end-users for maintenance, repair, and overhaul (MRO) of existing equipment. These distributors and dealers serve a wide range of industries globally, ensuring the ongoing availability and servicing of Donaldson products throughout their lifecycle.
• Industrial End-Users: Businesses in sectors such as manufacturing, food and beverage, pharmaceuticals, metals and mining, chemical processing, and other general industrial applications directly purchase Donaldson's industrial filtration systems (e.g., for dust, fume, mist collection, process filtration, compressed air purification) to improve air quality, protect processes, and comply with environmental regulations within their operational facilities.

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Tod E. Carpenter, Chairman of the Board, President and Chief Executive Officer

Tod E. Carpenter joined Donaldson in 1996 as Director of Operations in the Gas Turbine Systems business. He has held various operations, sales, and management positions in the United States and Europe, including serving as Chief Operating Officer from 2014 to 2015. He was chosen President and Chief Executive Officer in 2015 and appointed to the Donaldson Board of Directors in 2014, becoming Chairman of the Board in 2017. Prior to Donaldson, Mr. Carpenter spent 13 years at Hughes Aircraft Company and was a consultant at York & Associates. He holds a bachelor's degree in manufacturing technology from Indiana State University and an MBA from Long Beach State University. Mr. Carpenter serves on the Boards of Donaldson, AMETEK, Inc., and Taylor Corporation.

Bradley J. Pogalz, Chief Financial Officer

Bradley J. Pogalz assumed the role of Chief Financial Officer effective November 1, 2024. He previously served as Vice President, Global Financial Planning and Analysis, and EMEA Finance within Donaldson Company. Mr. Pogalz has been an integral strategic leader for Donaldson for the past nine years, with roles encompassing investor relations, enterprise risk management, and global financial planning and analysis.

Richard Brent Lewis, Chief Operating Officer

Richard Brent Lewis joined Donaldson in 2002. He has held several leadership positions including President, Life Sciences, President, Mobile Solutions, and Senior Vice President of Global Operations. Mr. Lewis was appointed Chief Operating Officer effective August 1, 2025. He holds a bachelor's degree in industrial engineering from the University of Louisville and an MBA from Indiana University.

Amy C. Becker, Chief Legal Officer and Corporate Secretary

Amy C. Becker serves on the Board of Directors of Winmark Corporation. She holds a bachelor's degree in business administration, as well as MBA and JD degrees from the University of South Dakota.

Guillermo Briseno, President, Industrial Solutions

Guillermo Briseno joined Donaldson in 2003. During his tenure, he has held positions of increasing responsibility across the organization, most recently Vice President, Latin America. He holds a bachelor's degree in architecture and science from Universidad Nacional Autónoma de México and an MBA from Instituto Tecnológico de Estudios Superiores de Monterrey.

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Donaldson Company (DCI) faces several key business risks, primarily stemming from long-term industry shifts and macroeconomic factors.

1. Long-term Global Shift Away from Internal Combustion Engines (ICE) to Electric Vehicles (EVs): A significant structural risk for Donaldson is the global transition from internal combustion engines to electric vehicles. As a leader in filtration technology, a substantial portion of Donaldson's traditional business is tied to engine filtration for ICE vehicles. This shift presents a fundamental challenge to its core market.

2. Cyclicality of Industrial and Transportation End Markets and Macroeconomic Headwinds: Donaldson's business is inherently linked to the capital expenditure cycles of heavy industry, as well as the broader industrial and transportation markets. Economic slowdowns and macroeconomic headwinds can lead to reduced demand for both new equipment and aftermarket parts, putting pressure on sales growth and gross margins.

3. Increasing Operational Costs and International Tariffs: The company faces ongoing pressure from escalating costs for raw materials, freight, and labor, which can adversely impact its margins and overall profitability. Additionally, the potential for new or increased international tariffs poses a risk, as it could disrupt supply chains, further elevate costs, and reduce the company's competitiveness in global markets.

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The global shift towards the electrification of vehicles and heavy equipment poses a significant emerging threat to Donaldson's core business, particularly its Engine Products segment. As manufacturers of commercial vehicles, off-road equipment, and other machinery increasingly adopt electric powertrains, the demand for traditional air, fuel, and lube filters associated with internal combustion engines is expected to decline over the long term. This trend, evidenced by substantial investments in electric vehicle development by major original equipment manufacturers (OEMs) and supportive government policies worldwide, represents a fundamental technological disruption to a key market for Donaldson's legacy filtration products.

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Donaldson Company (symbol: DCI) is a global leader in technology-led filtration products and solutions, serving a broad range of industries. Its primary segments include Mobile Solutions and Industrial Solutions, which encompass various filtration products and services.

Addressable Markets for Donaldson's Main Products and Services:

• Engine Filtration (Global Market):
  • The global engine air filter market was valued at approximately USD 6.72 billion in 2024 and is projected to reach nearly USD 12.34 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 7.9% from 2025 to 2032. The Asia-Pacific region is a dominating region in this market.
  • The global diesel engine filtration market, which includes fuel and oil filtration, is projected to grow from USD 8.56 billion in 2024 to USD 13.06 billion by 2035. Within this, fuel filtration was valued at USD 3.1 billion in 2023 and is expected to reach USD 4.6 billion by 2032, while oil filtration was valued at USD 2.0 billion in 2023 and is projected to grow to USD 3.0 billion by 2032.
  • The broader global mobile engine filtration market is anticipated to grow at a CAGR of 6.4% during the forecast period of 2023-2030.
• Industrial Filtration (Global Market):
  • The overall global industrial filtration market size was valued at USD 35.6 billion in 2024 and is expected to reach USD 57.2 billion by 2033, exhibiting a CAGR of 5.4% during 2025-2033. Another estimate places the market at USD 41.24 billion in 2024, projected to reach approximately USD 68.46 billion by 2034 with a CAGR of 5.20% from 2025 to 2034. North America currently dominates the industrial filtration market.
  • For industrial air filtration specifically, the global air filters market size is expected to be valued at USD 17.54 billion in 2024 and is anticipated to reach around USD 32.09 billion by 2034, expanding at a CAGR of 6.23%. Another source states the global air filters market was valued at USD 16.00 billion in 2024 and is projected to grow to USD 29.10 billion by 2032, exhibiting a CAGR of 7.9%. The industrial air filtration market is expected to reach USD 21.01 billion by 2029.
  • For industrial liquid filtration, the global liquid filtration market size was valued at USD 46.2 billion in 2024 and is expected to reach USD 90.1 billion by 2032, at a CAGR of 6.70%. The Asia-Pacific region holds the largest share in the liquid filtration market. Another estimate for the global liquid filters market was USD 12.87 billion in 2024 and is projected to reach USD 28.35 billion by 2033, growing at a CAGR of 8.9% (2025-2033). Liquid filters are noted to have captured 42% of the global industrial filtration market in 2025.
• Life Sciences:

  Information on the specific addressable market size for Donaldson's life sciences products is not explicitly available in the provided context.

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Expected Drivers of Future Revenue Growth for Donaldson (DCI)

Over the next 2-3 years, Donaldson (DCI) anticipates several key drivers to fuel its revenue growth:

1. Growth in Aftermarket Sales: The Mobile Solutions segment is expected to see continued strength in aftermarket sales, contributing to favorable mix and overall segment performance. Aftermarket filter sales are projected to experience low-single-digit growth in fiscal year 2026.
2. Expansion in Industrial Solutions: Donaldson foresees growth within its Industrial Solutions segment, driven by project wins and market share gains, particularly in areas like dust collection and power generation. The segment's sales are forecast to increase between 2% and 4% in fiscal year 2025, with broad-based growth noted in dust collector equipment.
3. Growth in the Life Sciences Segment: The Life Sciences segment is a significant growth area, with sales projected to grow low-double digits in fiscal year 2025, supported by increases across all its businesses. Key areas of growth include food and beverage filtration and disk drive businesses. Strategic investments, such as the acquisition of a 49% stake in Medica SPA for hollow fiber membrane technology, further underscore this segment's potential.
4. Strategic Pricing Initiatives: The company expects pricing benefits to contribute to overall sales increases, with approximately one percentage point of the projected sales increase for fiscal year 2025 attributed to pricing. This strategy has contributed to strong performance in both Mobile and Industrial Solutions.
5. Investments in New Products, Technologies, and Capacity: Donaldson is committed to enhancing its competitive edge and driving future growth through strategic capital expenditures. These investments are directed towards developing new products, technologies (such as their proprietary PowerCore technology), and expanding capacity.

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Share Repurchases

• Donaldson repurchased 4% of its outstanding shares for approximately $333.6 million in fiscal year 2025.
• In November 2023, the Board of Directors authorized the repurchase of up to 12 million shares, representing approximately 10% of its common stock, replacing a prior authorization.
• For fiscal year 2026, Donaldson expects to repurchase between 2% and 3% of its shares outstanding.

Outbound Investments

• Donaldson is actively pursuing acquisitions to scale its Life Sciences segment.
• In fiscal year 2025, the company made strategic acquisitions, such as EasyFlow, which expanded its footprint in the southeastern U.S. and enhanced capabilities in high-margin filtration markets.
• The company incurred a pre-tax charge of $62 million for impairment of intangible assets related to two upstream bioprocessing businesses (Univercells Technologies and Solaris) in fiscal year 2025, indicating previous strategic investments that faced challenges.

Capital Expenditures

• Capital expenditures totaled $77 million in fiscal year 2025.
• For fiscal year 2026, capital expenditures are forecast to be between $65 million and $85 million.
• The primary focus of capital expenditures in fiscal year 2025 included projects across segments such as solvent recovery and new disk drive technologies in Life Sciences, and air and alternative fuels filtration in Mobile Solutions.