Danaher Corporation

Diagnostics & Research

DHRMixed9 of 11 basics passed

$219.81

+1.08%

Market cap $155B

$219.81

+1.08%

Market cap $155B

In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company.

It is a $155B healthcare company. Revenue grew 4.6% over the last year, it keeps 16¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 38.6× earnings — around the middle of its own history.

Website: danaher.com
Location: Washington, DC
Employees: 60 000
Sector: Healthcare
Founded: 1984

Share price · 3 years

$218.71 → $219.81+0.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $25.1B
Profit: keeps 16¢ of every $1 sold; $4.00B
Free cash flow: cash left after running the business; $5.47B
Net debt: debt minus cash on hand; $13.8B
P/E: years of profit in the price; 38.6
EPS: earnings per share, TTM; $5.59
Dividend: pays out 24% of profit · 18% of FCF; 0.62%
Shares: up 2% since 2016 — dilution; 716.1M
Volatility: beta vs the market — under 1 swings less; 0.79

Revenue, last 10 years

52-week range

Low $161.91$219.81High $242.05

Today's price is 72% of the way from the year's low to its high.

P/E vs its history5y

38.6×median 36.2×

Higher than 61% of past days — around the middle of its own history.

Valuation vs own history

P/E

38.6×

38%

P/S

6.2×

57%

EV/EBITDA

33.8×

40%

P/B

2.9×

75%

FCF yield

3.5%

50%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$12.7Mnet selling

Purchases$0

Sales$12.7M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$155Btop 12%
Revenue growth-3%top 89%
Net margin16%top 30%
Return on equity8%top 63%
P/E38.6×top 75%
Dividend yield0.62%top 71%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality and moat; Valuation, Growth and Health lag behind.

Valuation34

P/E vs own history61th pct · 5/25
FCF yield3.5% · 12/25
P/S6.2x · 12/25
EV/EBITDA30.0x · 5/25

Growth25

Revenue CAGR-4.4% · 0/25
Net income CAGR-13.4% · 0/25
EPS CAGR ~5Y-0.1% · 0/25
Fwd implied growth58.3% · 25/25

Profitability50

ROIC5.4% · 5/25
ROE7.7% · 5/25
Net margin15.9% · 20/25
Operating margin20.4% · 20/25

Health48

Altman Zn/a · 0/25
Current ratio1.65 · 18/25
Interest coverage9.8x · 18/25
Net cash / debtD/A 17% · 12/25

Quality85

Piotroski F5/9 · 15/25
Beneish M-2.37 · 20/25
FCF conversion137% · 25/25
Margin stabilityσ 4.4% · 25/25

Moat75

ROIC >12% years0/10 yrs · 0/25
Median gross margin57.4% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 13.3% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2023Acquisition
Danaher acquired Abcam for approximately $5.7 billion
FY2022Financial
Best year on record
$7.21B net income
2021Acquisition
Danaher acquired Aldevron, which produces mRNA and proteins used in mRNA vaccines, for $9.6 billion…
2018Acquisition
Danaher acquired Integrated DNA Technologies for an estimated $1.9 billion
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$16.9B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2015Acquisition
Danaher acquired Pall Corporation for $13.8 billion
2014Acquisition
Danaher acquired Nobel Biocare for $2.2 billion
2007Acquisition
Danaher purchased Tektronix for US$2.85 billion
1994Acquisition
Danaher acquired Armstrong Tools, the makers of tool brands Armstrong, Allen
1993Acquisition
Danaher formed NMTC, Inc., which acquired a substantial portion of the assets of MTC, including the…
1990Acquisition
Danaher acquired Easco Hand Tools Inc
1984Founded
Danaher was founded in 1984 by brothers Steven Rales and Mitchell Rales

Achievements

Verifiable track record, straight from the reported numbers.

#13 largest of 98 Healthcare companies by market cap

$10 000 invested in 2021 would be worth ~$6 782 today — price return only

$24.6B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

60 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (58.6%)
Strong cash conversion — FCF is 21.8% of revenue
Interest covered 9.8× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.6% YoY
Profitable — makes more than it spends$4.00B TTM
Profit growing — earnings are higher than last year-19.8% YoY
Generates cash — cash left after running and investing$5.47B TTM
Debt under control — could handle its obligations~2.5y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$155B market cap
Not printing shares — share count not ballooning — you keep your slice-0.4% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 36/100
Pays a dividend — returns cash to shareholdersyield 0.62%
Valuation not extreme — price not wildly above earningsP/E 38.6

Peer comparisonDanaher Corporation vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
DHR this company	$154.5B	38.6	+4.6%	15.9%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: DHR vs LLY · DHR vs JNJ · DHR vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 12Buy 15Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $25.1B · net income $4.00B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$25.1B

YoY 4.6%

Net income (TTM)

$4.00B

Margin 15.9%

Gross margin

58.6%

Operating margin

20.4%

P/E ratio

38.6

Dividend yield

0.62%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	22.3	29.5	31.5	23.9	23.9	24.6
Gross profit	12.5	18.0	18.9	14.0	14.2	14.5
Operating income (EBIT)	4.2	7.5	8.7	5.2	4.9	4.7
Net income	3.6	6.4	7.2	4.8	3.9	3.6
EPS (diluted)	5.07	8.73	9.78	6.41	5.29	5.05

Cash flowFree cash flow $5.47B · operating cash flow $6.63B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$5.47B

Margin 21.8%

Operating cash flow (TTM)

$6.63B

FCF margin

21.8%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	6.2	8.4	8.5	7.2	6.7	6.4
Capital expenditure	-0.8	-1.3	-1.2	-1.4	-1.4	-1.2
Free cash flow	5.4	7.1	7.4	5.8	5.3	5.3
FCF margin	24.3%	24.0%	23.4%	24.2%	22.2%	21.4%

Balance sheetAssets $83.5B · net debt $13.8B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $83.5B of assets is financed

37%

63%

Liabilities $30.9B — borrowed moneyEquity $52.5B — owners' stake

Cash vs debt

Total debt $18.4B − cash $4.62B = net debt $13.8B

Cash on hand covers 25% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

9.8x

EBIT ÷ interest expense

ROE

7.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	6.0	2.6	6.0	5.9	2.1	4.6
Total assets	76.2	83.2	84.3	84.5	77.5	83.5
Total liabilities	36.4	38.0	34.3	31.0	28.0	30.9
Total debt	21.2	22.2	19.7	18.4	16.0	18.4
Equity	39.8	45.2	50.1	53.5	49.5	52.5
Net debt	15.2	19.6	13.7	12.5	13.9	13.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of DHR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $219.81 · market cap $155B.