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Arphra AIPlain-English read on Donaldson Company, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.85B | $3.31B | $3.43B | $3.59B | $3.69B | $3.82B | $4.02B | $4.22B | $4.38B |
| Cost of revenue | $1.88B | $2.24B | $2.27B | $2.31B | $2.4B | $2.5B | $2.67B | $2.76B | $2.94B |
| Gross profit | $971.7M | $1.07B | $1.16B | $1.27B | $1.29B | $1.3B | $1.36B | $1.43B | $1.49B |
| Gross margin | +34.05% | +32.28% | +33.83% | +35.54% | +34.85% | +33.91% | +33.96% | +33.94% | +33.97% |
| Operating | |||||||||
| Research & development | $67.8M | $69.1M | $78.1M | $93.6M | $87.8M | $93.03M | $97.01M | $102.48M | $104.94M |
| Selling, general & administrative | $519.2M | $554.8M | $602.3M | $636.7M | $641M | $683.62M | $722.15M | $726.2M | $787.05M |
| Total operating expenses | $587M | $623.9M | $680.4M | $730.3M | $728.8M | $785.2M | $808.55M | $857.63M | $881.79M |
| Operating income | $384.7M | $443.5M | $480.2M | $544.1M | $557.4M | $580.1M | $584.46M | $619.79M | $656.14M |
| Operating margin | +13.48% | +13.41% | +14.00% | +15.17% | +15.10% | +15.18% | +14.56% | +14.69% | +14.96% |
| EBITDA | $489.3M | $547.6M | $580.2M | $655.1M | $615.9M | $648.11M | $685.9M | $739.46M | $764.89M |
| EBIT | $394M | $453.3M | $487.9M | $556.7M | $516.4M | $569.38M | $580.12M | $620.29M | $642.97M |
| Below the line | |||||||||
| Interest expense | $13M | $14.9M | $19.2M | $21.4M | $24.2M | $23.29M | $24.21M | $24.75M | $26.3M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$3.7M | -$5.1M | -$11.5M | -$8.8M | -$65.2M | — | — | — | — |
| Pre-tax income | $381M | $438.4M | $468.7M | $535.3M | $492.2M | $540.49M | $548.41M | $594.91M | $621.99M |
| Income tax expense | $94.1M | $105.6M | $109.9M | $121.3M | $125.2M | $131.11M | $132.31M | $139.61M | $147.7M |
| Earnings | |||||||||
| Net income | $286.9M | $332.8M | $358.8M | $414M | $367M | $397.7M | $420.38M | $436.44M | $459.17M |
| Net income · continuing ops | $286.9M | $332.8M | $358.8M | $414M | $367M | $397.45M | $415.44M | $435.91M | $458.72M |
| Net margin | +10.05% | +10.06% | +10.46% | +11.54% | +9.94% | +10.41% | +10.47% | +10.35% | +10.47% |
| EPS · basic | $2.27 | $2.69 | $2.95 | $3.43 | $3.09 | $4.03 | $4.39 | $4.98 | $5.20 |
| EPS · diluted | $2.24 | $2.66 | $2.90 | $3.38 | $3.05 | $3.98 | $4.38 | $4.83 | $5.08 |
| EPS · low estimate | — | — | — | — | — | $3.96 | $4.31 | $4.71 | $5.03 |
| EPS · high estimate | — | — | — | — | — | $4.01 | $4.46 | $4.96 | $5.12 |
| Shares · basic | 126.4M | 123.7M | 121.8M | 120.7M | 118.7M | 119.43M | 118.1M | 118.12M | 119.79M |
| Shares · diluted | 128.2M | 125.2M | 123.6M | 122.6M | 120.4M | 120.33M | 121.4M | 120.61M | 119.9M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 6 | 3 | 1 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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