A Business at a Glance
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DANAHER CORP /DE/
DHR
$137.0B
Mkt Cap
$191.50
-0.52%
DANAHER CORP /DE/ (DHR) has a current P/E ratio of 37.9, compared to its historical median P/E of 36.5. The stock is currently considered Fair based on its historical valuation range.
DANAHER CORP /DE/ (DHR) has a 5-year average return on invested capital (ROIC) of 7.7%. This is below average and may indicate limited pricing power.
DANAHER CORP /DE/ (DHR) has a market capitalization of $135.5B. It is classified as a large-cap stock.
Yes, DANAHER CORP /DE/ (DHR) pays a dividend with a trailing twelve-month yield of 0.67%. The company also returns capital through share buybacks, with a buyback yield of 1.48%.
Based on historical P/E analysis, DANAHER CORP /DE/ (DHR) appears fair. The current P/E of 37.9 is 4% above its historical median of 36.5. The estimated fair value CAGR (P/E method) is 7.8%.
DANAHER CORP /DE/ (DHR) operates in the Industrial Instruments For Measurement, Display, And Control industry, within the Technology sector.
DANAHER CORP /DE/ (DHR) reported annual revenue of $24.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Danaher is a global science and technology innovator organized into three segments—Biotechnology, Life Sciences, and Diagnostics—united by the Danaher Business System (DBS), a proprietary management philosophy emphasizing continuous improvement, innovation, and customer focus. The Biotechnology segment, established through the acquisitions of Pall (2015) and Cytiva (2020), provides bioprocessing equipment, consumables, services and solutions that enable the development and manufacture of biological medicines including monoclonal antibodies, recombinant proteins, cell and gene therapies, and nucleic acid-based therapies, alongside discovery and medical solutions for lab filtration, protein purification, and diagnostic assays. The Life Sciences segment, built through acquisitions including Leica Microsystems (2005), Beckman Coulter (2011), Phenomenex (2016), IDT (2018), Aldevron (2021), and Abcam (2023), offers instruments, consumables, software and services for studying DNA, RNA, proteins, metabolites and cells, encompassing flow cytometry, mass spectrometry, microscopy, genomic medicines, protein consumables, and filtration technologies for pharmaceutical, biotechnology, academic and industrial customers. The Diagnostics segment provides clinical instruments, consumables, software and services for disease diagnosis and treatment decisions in hospitals, physicians' offices and reference laboratories, with a focus on molecular diagnostics and clinical chemistry. All three segments are characterized by high recurring revenue from products and services sold primarily through direct sales and independent distributors to a geographically diverse customer base across approximately 50 countries, with manufacturing facilities in North America, Europe and Asia. The company's competitive advantages derive from product quality and reliability, innovation in productivity and sensitivity, technical expertise and service networks, and the systematic application of DBS tools to drive operational excellence and margin expansion.
【Gradual end-market recovery ahead】 Management expects the modest end-market improvements observed through 2025 to continue into 2026, with bioprocessing anticipated to remain strong at high single-digit growth rates driven by sustained monoclonal antibody production, robust FDA approvals for biologic medicines, and increased utilization of existing therapies. Life Sciences is expected to show gradual improvement as academic research spending recovers and pharma end-market conditions stabilize, while Diagnostics growth is anticipated to accelerate as China policy headwinds abate and the company moves past the most significant year-over-year impacts from volume-based procurement changes. The company expects operating leverage from anticipated core revenue growth combined with benefits from 2025 productivity initiatives to drive more than 100 basis points of adjusted operating profit margin expansion, supporting high single-digit adjusted earnings per share growth. Management remains confident in the durability of long-term bioprocessing growth, supported by the development pipeline with biologics expected to represent more than two-thirds of the top 100 drugs by 2030, and is well-positioned to benefit from capacity expansion across biologic drug production through Cytiva's expansive global footprint and technical expertise.
| Metric | Target | Period |
|---|---|---|
| Core revenue growth | 3%-6% | FY2026 |
| Adjusted diluted EPS | $8.35-$8.55 | FY2026 |
| Respiratory revenue | $1.6 billion-$1.7 billion | FY2026 |
| Bioprocessing core revenue growth | high single digits | FY2026 |
| Bioprocessing equipment revenue | approximately flat | FY2026 |
| Masimo return on invested capital | high single digit | Fifth full year post-acquisition |
| Masimo cost synergies | $125 million | By year five |
Core revenue growth (FY2026): “For the full-year 2026, we anticipate core revenue growth in the 3%-6% range.”
Adjusted diluted EPS (FY2026): “we're raising our full year adjusted diluted net EPS guidance to a range of $8.35-$8.55 versus our previous range of $8.35-$8.50.”
Respiratory revenue (FY2026): “This includes an assumption that a slightly lower respiratory revenue outlook of approximately $1.6 billion-$1.7 billion will be offset by modestly better core growth in the rest of the business.”
Bioprocessing core revenue growth (FY2026): “we anticipate high single-digit core revenue growth in bioprocessing for the full-year 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24.8B | 24.6B | 23.9B | 23.9B | 26.6B | 24.8B |
| Net Income | 3.7B | 3.6B | 3.9B | 4.7B | 7.1B | 6.3B |
| EPS | $5.21 | $5.05 | $5.29 | $6.38 | $9.66 | $8.61 |
| Free Cash Flow | 5.3B | 5.3B | 5.3B | 5.8B | 7.4B | 7.1B |
| ROIC | 6.0% | 6.1% | 6.3% | 6.7% | 10.2% | 9.1% |
| Gross Margin | 58.9% | 59.1% | 59.5% | 58.7% | 60.8% | 61.4% |
| Debt/Equity | 0.38 | 0.37 | 0.35 | 0.35 | 0.40 | 0.54 |
| Dividends/Share | $1.29 | $1.23 | $1.04 | $1.10 | $1.11 | $1.02 |
| Operating Income | 4.8B | 4.7B | 4.9B | 5.2B | 7.5B | 6.4B |
| Operating Margin | 19.2% | 19.1% | 20.4% | 21.8% | 28.3% | 25.7% |
| ROE | 7.0% | 7.1% | 7.6% | 9.2% | 14.9% | 14.8% |
| Shares Outstanding | 708M | 716M | 737M | 743M | 735M | 728M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12.9B | 14.4B | 16.9B | 18.3B | 19.9B | 17.9B | 22.3B | 24.8B | 26.6B | 23.9B | 23.9B | 24.6B | 24.8B |
| Gross Margin | 53.2% | 53.8% | 55.3% | 46.8% | 47.8% | 55.7% | 56.0% | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% | 58.9% |
| R&D | 769M | 861M | 975M | 956M | 1.1B | 1.1B | 1.3B | 1.5B | 1.5B | 1.5B | 1.6B | 1.6B | 1.6B |
| SG&A | 4.0B | 4.7B | 5.6B | 5.0B | 5.4B | 5.6B | 6.9B | 6.8B | 7.1B | 7.3B | 7.8B | 8.2B | 8.2B |
| EBIT | 2.0B | 2.2B | 2.7B | 2.6B | 3.1B | 3.3B | 4.2B | 6.4B | 7.5B | 5.2B | 4.9B | 4.7B | 4.8B |
| Op. Margin | 15.9% | 15.0% | 16.2% | 14.0% | 15.4% | 18.3% | 19.0% | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% | 19.2% |
| Net Income | 2.6B | 3.4B | 2.6B | 2.5B | 2.7B | 2.9B | 3.5B | 6.3B | 7.1B | 4.7B | 3.9B | 3.6B | 3.7B |
| Net Margin | 20.2% | 23.3% | 15.1% | 13.6% | 13.3% | 16.4% | 15.8% | 25.3% | 26.7% | 19.9% | 16.3% | 14.7% | 14.9% |
| Non-Recurring | 225M | 110M | 376M | 232M | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 11M |
| Returns on Capital | |||||||||||||
| ROIC | 6.8% | 5.8% | 6.0% | 6.4% | 7.1% | 6.7% | 8.1% | 9.1% | 10.2% | 6.7% | 6.3% | 6.1% | 6.0% |
| ROE | 11.4% | 14.3% | 10.9% | 10.1% | 9.7% | 10.1% | 10.0% | 14.8% | 14.9% | 9.2% | 7.6% | 7.1% | 7.0% |
| ROA | 7.3% | 7.9% | 5.5% | 5.4% | 5.6% | 5.3% | 5.1% | 7.9% | 8.5% | 5.6% | 4.8% | 4.5% | 4.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.8B | 3.8B | 3.5B | 3.5B | 4.0B | 4.0B | 6.2B | 8.4B | 8.5B | 7.2B | 6.7B | 6.4B | 6.4B |
| Free Cash Flow | 3.3B | 3.3B | 2.9B | 2.9B | 3.4B | 3.3B | 5.4B | 7.1B | 7.4B | 5.8B | 5.3B | 5.3B | 5.3B |
| Owner Earnings | 3.0B | 2.8B | 2.3B | 2.2B | 2.7B | 2.6B | 4.2B | 6.1B | 6.1B | 4.7B | 4.0B | 3.7B | 854M |
| CapEx | 465M | 513M | 590M | 571M | 584M | 636M | 791M | 1.2B | 1.1B | 1.4B | 1.4B | 1.2B | 1.1B |
| Maint. CapEx | 718M | 881M | 1.1B | 1.1B | 1.2B | 1.2B | 1.8B | 2.1B | 2.1B | 2.2B | 2.4B | 2.4B | 5.3B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 718M | 881M | 1.1B | 1.1B | 1.2B | 1.2B | 1.8B | 2.1B | 2.1B | 2.2B | 2.4B | 2.4B | 5.3B |
| CapEx/OCF | 15.4% | 13.5% | 16.7% | 17.8% | 14.5% | 16.1% | 12.7% | 15.5% | 13.1% | 19.3% | 20.8% | 18.0% | 17.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 228M | 354M | 400M | 378M | 433M | 527M | 615M | 742M | 818M | 821M | 768M | 878M | 910M |
| Dividend Yield | 1.0% | 1.4% | 1.1% | 0.7% | 0.7% | 0.6% | 0.5% | 0.4% | 0.5% | 0.5% | 0.4% | 0.6% | 0.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.0B | 3.1B | 2.0B |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.5% | 1.9% | 1.5% |
| Stock-Based Comp | 85M | 104M | 130M | 127M | 138M | 159M | 187M | 184M | 295M | 306M | 288M | 298M | 295M |
| Debt Repayment | 415M | 36M | 2.5B | 668M | 508M | 1.6B | 5.9B | 1.2B | 965M | 620M | 1.7B | 500M | 500M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.1B | 15.5B | 13.3B | 6.1B | 9.0B | 4.6B | 10.5B | 21.8B | 13.9B | 12.7B | 15.1B | 15.1B | 14.5B |
| Cash & Equiv. | 3.0B | 791M | 964M | 630M | 788M | 19.9B | 6.0B | 2.6B | 6.0B | 5.9B | 2.1B | 4.6B | 5.7B |
| Long-Term Debt | 3.4B | 12.0B | 9.7B | 10.3B | 9.7B | 21.5B | 21.2B | 22.2B | 19.1B | 16.7B | 15.5B | 18.4B | 17.6B |
| Debt/Equity | 0.18 | 0.69 | 0.63 | 0.26 | 0.35 | 0.81 | 0.42 | 0.54 | 0.40 | 0.35 | 0.35 | 0.37 | 0.38 |
| Interest Coverage | 21.6 | 15.5 | 14.8 | 18.4 | 22.3 | 30.3 | 15.4 | 27.6 | 36.9 | 18.2 | 17.5 | 17.7 | 158.7 |
| Equity | 23.4B | 23.7B | 23.0B | 26.4B | 28.2B | 30.3B | 39.8B | 45.2B | 50.1B | 53.5B | 49.5B | 52.5B | 52.9B |
| Total Assets | 37.0B | 48.2B | 45.3B | 46.6B | 47.8B | 62.1B | 76.2B | 83.2B | 84.3B | 84.5B | 77.5B | 83.5B | 83.5B |
| Total Liabilities | 13.5B | 24.5B | 22.2B | 20.3B | 19.6B | 31.8B | 36.4B | 38.0B | 34.3B | 31.0B | 28.0B | 30.9B | -322M |
| Intangibles | 7.1B | 10.5B | 11.8B | 11.7B | 10.3B | 9.8B | 21.3B | 22.8B | 19.8B | 20.7B | 18.6B | 17.8B | 17.2B |
| Retained Earnings | 20.3B | 21.0B | 20.7B | 22.8B | 25.2B | 24.2B | 27.2B | 32.8B | 39.2B | 41.1B | 44.2B | 46.9B | 47.6B |
| Working Capital | 4.0B | 1.7B | -209M | 2.1B | 2.3B | 20.7B | 6.4B | 3.5B | 7.5B | 5.7B | 2.7B | 5.9B | 6.5B |
| Current Assets | 9.4B | 7.8B | 6.7B | 6.8B | 7.1B | 25.6B | 13.8B | 11.6B | 15.9B | 13.9B | 9.5B | 12.8B | 13.9B |
| Current Liabilities | 5.4B | 6.2B | 6.9B | 4.8B | 4.8B | 4.9B | 7.4B | 8.1B | 8.4B | 8.3B | 6.8B | 6.8B | 7.5B |
| Per Share Data | |||||||||||||
| EPS | 3.63 | 4.74 | 3.65 | 3.53 | 3.74 | 4.05 | 4.89 | 8.61 | 9.66 | 6.38 | 5.29 | 5.05 | 5.21 |
| Owner EPS | 4.13 | 3.98 | 3.24 | 3.16 | 3.82 | 3.59 | 5.92 | 8.39 | 8.29 | 6.31 | 5.49 | 5.13 | 1.21 |
| Book Value | 32.66 | 33.45 | 32.88 | 37.34 | 39.80 | 41.70 | 55.40 | 62.03 | 68.11 | 71.95 | 67.22 | 73.41 | 74.82 |
| Cash Flow/Share | 5.25 | 5.37 | 5.03 | 4.93 | 5.67 | 5.44 | 8.65 | 11.48 | 11.59 | 9.64 | 9.07 | 8.97 | 12.69 |
| Dividends/Share | 0.32 | 0.50 | 0.57 | 0.54 | 0.61 | 0.73 | 0.86 | 1.02 | 1.11 | 1.10 | 1.04 | 1.23 | 1.29 |
| Shares Out. | 715.8M | 708.3M | 699.6M | 706.0M | 708.8M | 725.9M | 717.8M | 728.1M | 735.3M | 743.4M | 737.1M | 715.6M | 707.7M |
| Valuation | |||||||||||||
| P/E Ratio | 14.5 | 9.1 | 20.5 | 25.5 | 26.4 | 36.8 | 44.6 | 36.8 | 23.4 | 36.2 | 43.4 | 45.6 | 36.8 |
| P/FCF | 7.7 | 8.3 | 15.8 | 19.4 | 18.0 | 28.9 | 25.6 | 28.8 | 22.5 | 29.7 | 32.0 | 31.3 | 25.6 |
| EV/EBIT | 10.5 | 19.8 | 23.7 | 24.4 | 25.6 | 33.7 | 40.6 | 33.6 | 24.0 | 35.7 | 37.8 | 38.1 | 31.5 |
| Price/Book | 1.6 | 1.3 | 2.3 | 2.4 | 2.5 | 3.6 | 3.9 | 5.1 | 3.3 | 3.2 | 3.4 | 3.1 | 2.6 |
| Price/Sales | 1.7 | 2.0 | 2.4 | 3.2 | 4.1 | 5.2 | 5.8 | 6.6 | 6.5 | 6.7 | 7.7 | 6.0 | 5.5 |
| FCF Yield | 8.7% | 10.7% | 5.6% | 4.6% | 4.9% | 3.1% | 3.5% | 3.1% | 4.4% | 3.4% | 3.1% | 3.2% | 3.9% |
| Market Cap | 37.7B | 30.7B | 52.3B | 63.6B | 70.0B | 108.1B | 156.4B | 230.9B | 166.4B | 171.5B | 169.3B | 164.8B | 135.5B |
| Avg. Price | 31.45 | 35.97 | 52.40 | 72.99 | 86.50 | 114.59 | 159.97 | 237.46 | 236.01 | 215.96 | 249.71 | 206.82 | 191.50 |
| Year-End Price | 35.42 | 38.39 | 66.30 | 79.91 | 87.53 | 132.04 | 193.19 | 281.19 | 226.25 | 230.68 | 229.66 | 230.32 | 191.50 |
DANAHER CORP /DE/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
DANAHER CORP /DE/ trades at 37.9x trailing earnings, compared to its 15-year median P/E of 36.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 25.7x vs a median of 27.2x. The company's 5-year average ROIC is 7.7% with a gross margin of 59.9%. Total shareholder yield (dividends + buybacks) is 2.2%. At current prices, the estimated annualized return to fair value is +7.7%.
DANAHER CORP /DE/ (DHR) has a net profit margin of 14.7%. This is a healthy margin.
DANAHER CORP /DE/ (DHR) generated $5.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DANAHER CORP /DE/ (DHR) has a debt-to-equity ratio of 0.37. This indicates a conservatively financed balance sheet.
DANAHER CORP /DE/ (DHR) reported earnings per share (EPS) of $5.05 in its most recent fiscal year.
DANAHER CORP /DE/ (DHR) has a return on equity (ROE) of 7.1%. This indicates moderate shareholder returns.
DANAHER CORP /DE/ (DHR) has a 5-year average gross margin of 59.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for DANAHER CORP /DE/ (DHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DANAHER CORP /DE/ (DHR) has a book value per share of $73.41, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the modest end-market improvements observed through 2025 to continue into 2026, with bioprocessing anticipated to remain strong at high single-digit growth rates driven by sustained monoclonal antibody production, robust FDA approvals for biologic medicines, and increased utilization of existing therapies. Life Sciences is expected to show gradual improvement as academic research spending recovers and pharma end-market conditions stabilize, while Diagnostics growth is anticipated to accelerate as China policy headwinds abate and the company moves past the most significant year-over-year impacts from volume-based procurement changes. The company expects operating leverage from anticipated core revenue growth combined with benefits from 2025 productivity initiatives to drive more than 100 basis points of adjusted operating profit margin expansion, supporting high single-digit adjusted earnings per share growth. Management remains confident in the durability of long-term bioprocessing growth, supported by the development pipeline with biologics expected to represent more than two-thirds of the top 100 drugs by 2030, and is well-positioned to benefit from capacity expansion across biologic drug production through Cytiva's expansive global footprint and technical expertise.
Based on recent SEC filings and earnings calls, DANAHER CORP /DE/ (DHR) has provided the following forward guidance: Core revenue growth: 3%-6% (FY2026); Adjusted diluted EPS: $8.35-$8.55 (FY2026); Respiratory revenue: $1.6 billion-$1.7 billion (FY2026); Bioprocessing core revenue growth: high single digits (FY2026); Bioprocessing equipment revenue: approximately flat (FY2026), plus 2 additional metrics.
Bioprocessing equipment revenue (FY2026): “our current backlog and order trajectory supporting equipment revenue improving to approximately flat for the year.”
Masimo return on invested capital (Fifth full year post-acquisition): “We expect Masimo to be accretive to adjusted diluted net earnings per common share in the first full year post-acquisition, and to deliver high single digit return on invested capital by the fifth full year of our ownership.”
Masimo cost synergies (By year five): “we expect both cost and revenue synergies, $125 million of cost synergies realized by year five.”
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