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Danaher Corporation

DHR Healthcare Diagnostics & Research

Danaher Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.6 billion, up 2.90% from fiscal 2024.

Revenue
+8.28%
EPS
+36.7%
Free cash flow
+19.1%
Total debt
+44.9%

Quarter to September 2026, against a year earlier

228.87 2.53 +1.12%
Market cap
$159.2B
P/E
37.0×
Fwd P/E
36.9×
Dividend yield
0.67%
F-score
6/9
Altman Z
4.52
Beneish M
−2.57
Dividend safety
69/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Diagnostics
  • Life Sciences
  • Biotechnology

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 22.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — 1 — — 1 — 2 —
Insider Ownership 9.01%

Capital & Financial Ratios $m

Size
Market Cap 159,240.00
Revenue ttm 25,608.00
Net income ttm 4,331.00
Free cash flow ttm 5,751.00
Net debt Q 18,706.00
Valuation
P/E 36.97 (above 35: high)
Forward P/E 36.90 (above 35: high)
Price / sales 6.22
Forward P/S Powerpack
Price / FCF 27.69
Price / book 2.97
Financial health
Current ratio Q 1.63 (at or above 1.5: strong)
Debt / equity Q 0.45 (at or below 0.5: strong)
Interest coverage Q 9.22
Growth
Revenue growth Q +8.28% (above 0%: growing)
Operating income growth Q +7.89% (above 0%: growing)
EPS, this year +10.09%
EPS, next year A +8.44%
Revenue, next year A +6.89%
EPS, past 5 yrs +0.65%
EPS, next 5 yrs A +9.48%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.9×, against a ten-year median of 6.6×; over the ten years it ranged from 3.5× in 2017 to 9.3× in 2024.
P/E against its own 10 years 70.99%
10-year low 10-year high
P/S against its own 10 years 58.97%
10-year low 10-year high
P/B against its own 10 years 49.25%
10-year low 10-year high
EV/Sales against its own 10 years 63.15%
10-year low 10-year high
EV/FCF against its own 10 years 71.54%
10-year low 10-year high

Dividends

Yield
0.67%
Annual rate
1.52
Payout ratio
24.9%
Growth, 2017–25
+10.9%/yr
  1. 0.56 ’17
  2. 0.64 ’18 +14
  3. 0.68 ’19 +6
  4. 0.72 ’20 +6
  5. 0.84 ’21 +17
  6. 1.00 ’22 +19
  7. 1.32 ’23 +32
  8. 1.08 ’24 −18
  9. 1.28 ’25 +19
  10. 1.45 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,864 2,078 4,615 5,682
Receivables 3,922 3,537 3,913 4,126
Inventory 2,594 2,330 2,489 3,134
Other — — — —
13,937 9,497 12,756 14,787
2023 2024 2025 Q'26
Payables 1,766 1,753 1,844 1,742
ST’ Debt — — — —
Other — — — —
8,274 6,798 6,807 9,050

Compound Annual Growth %

10y 5y 3y
Sales 5.46% 1.97% (2.67%)
Cash Flow 5.37% 0.66% (9.02%)
Earnings 0.74% 0.59% (20.17%)
Book Value 8.26% 5.72% 1.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.92 Actual 2.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.22 2.23 Beat by 0.01
Q1 FY26 1.94 2.06 Beat by 0.12
Q2 FY26 1.84 1.94 Beat by 0.10
Q3 FY26 1.92 2.11 Beat by 0.19
Q4 FY26 2.49 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.45 1.23 1.75 — —
’25 1.32 0.77 1.27 1.68 5.05
’24 1.45 1.22 1.12 1.49 5.29
’23 1.94 1.49 1.51 1.45 6.38
’22 2.31 2.25 2.10 2.99 9.66
’21 2.29 2.40 1.54 2.39 8.61
’20 0.81 1.24 1.16 1.66 4.89
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,951 6,265 6,554 — —
’25 5,741 5,936 6,053 6,838 24,568
’24 5,796 5,743 5,798 6,538 23,875
’23 5,949 5,912 5,624 6,405 23,890
’22 7,688 7,751 7,663 3,541 26,643
’21 6,858 7,218 7,229 3,497 24,802
’20 4,343 5,297 5,884 6,760 22,284
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,322 1,534 1,886 — —
’25 1,299 1,338 1,662 2,117 6,416
’24 1,739 1,417 1,513 2,019 6,688
’23 1,947 1,926 1,672 1,619 7,164
’22 1,968 2,000 2,010 2,541 8,519
’21 1,871 2,120 2,034 2,333 8,358
’20 819 1,445 1,723 2,221 6,208
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,085 1,265 1,632 — —
’25 1,060 1,094 1,370 1,769 5,293
’24 1,448 1,131 1,226 1,504 5,309
’23 1,681 1,599 1,322 1,191 5,793
’22 1,720 1,711 1,733 2,246 7,410
’21 1,632 1,816 1,716 1,967 7,131
’20 687 1,290 1,536 1,906 5,419
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.3% a year for ten years. It grew 5.8% a year over the last ten.

Implied
12.3%
10 years, reported
5.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16,882 15,519 17,049 17,911 22,284 24,802 26,643 23,890 23,875 24,568 25,608 +4.3% 26,261 28,283 30,177 +7.1%
Gross margin, % 55.29 55.23 55.75 55.74 55.98 61.44 60.76 58.74 59.50 59.11 58.59 +3.8 pt
EBT 2,611 2,543 2,962 3,305 4,495 6,511 7,146 5,044 4,646 4,233 4,818 +5.5%
EBT margin, % 15.47 16.39 17.37 18.45 20.17 26.25 26.82 21.11 19.46 17.23 18.81 +1.8 pt
Net income 2,554 2,492 2,651 3,008 3,646 6,433 7,209 4,764 3,899 3,614 4,331 +3.9%
Per share, $
Per share, $ Revenue 24.42 22.30 24.33 25.05 31.55 34.71 36.74 32.44 32.66 34.47 36.39 +3.9%
Earnings 3.69 3.58 3.78 4.11 4.97 8.77 9.80 6.44 5.33 5.07 6.12 +3.6%
Cash flow 5.10 5.00 5.74 5.53 8.79 11.70 11.75 9.73 9.15 9.00 9.75 +6.5%
Capex (0.84) (0.77) (0.82) (0.87) (1.12) (1.72) (1.53) (1.86) (1.89) (1.58) (1.57) +7.3%
Free cash flow 4.26 4.22 4.92 4.66 7.67 9.98 10.22 7.87 7.26 7.43 8.17 +6.4%
Book value 33.39 37.90 40.29 42.35 56.33 63.22 69.08 72.63 67.78 73.72 76.20 +9.2%
Shares, m 691 696 701 715 706 715 725 737 731 713 707 +0.3%
Valuation, ×
Valuation, × P/E 18.80 22.80 24.08 33.05 39.46 33.12 23.65 36.40 43.07 45.15 36.97 32.0
P/S 2.85 3.66 3.74 5.41 6.21 8.37 6.30 7.24 7.03 6.64 6.22 5.7
P/B 2.08 2.15 2.26 3.38 3.79 4.95 3.47 3.23 3.39 3.11 2.97 3.2
EV/Sales 3.36 4.28 4.26 5.50 6.89 9.16 6.79 7.69 7.59 7.20 6.95 6.3
EV/FCF 19.30 22.62 21.10 29.58 28.35 31.85 24.42 31.72 34.14 33.43 30.94 27.7
Cash, $m
Cash, $m Operating cash flow 3,522 3,478 4,022 3,952 6,208 8,358 8,519 7,164 6,688 6,416 6,859 +6.9%
Capex (580) (538) (578) (623) (789) (1,227) (1,109) (1,371) (1,379) (1,123) (1,108) +7.6%
Free cash flow 2,942 2,940 3,444 3,329 5,419 7,131 7,410 5,793 5,309 5,293 5,751 +6.7%
Balance, $m
Balance, $m Working capital (209) 2,058 2,252 20,664 6,400 3,508 7,494 5,663 2,699 5,949 5,737 n/m
Net debt 8,711 9,697 8,901 1,605 15,158 19,582 13,091 10,843 13,422 13,801 18,706 +5.2%
Shareholders’ equity 23,077 26,368 28,227 30,282 39,777 45,177 50,090 53,490 49,550 52,541 53,633 +9.6%
Returns, %
Returns, % ROA 5.46 5.42 5.61 5.35 5.08 7.87 8.48 5.62 4.81 4.49 5.00 (1.0) pt
ROIC 5.38 4.46 5.14 6.41 4.81 6.15 7.45 5.05 4.83 4.42 4.51 (1.0) pt
ROE 10.90 10.08 9.71 10.33 10.77 15.99 15.73 9.31 7.57 7.08 8.27 (3.8) pt
People
People Employees 62,000 67,000 71,000 60,000 69,000 80,000 81,000 63,000 63,000 60,000 — (0.4%)
Revenue/emp, $m 0.27 0.23 0.24 0.30 0.32 0.31 0.33 0.38 0.38 0.41 — +4.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Danaher is a global science and technology company focused on improving human health. It operates more than 15 businesses in three segments: Biotechnology, Life Sciences and Diagnostics. Its businesses sell equipment, consumables, software and services, and many sales recur as customers repeatedly buy tests, reagents, filters, media, other consumables and service.

The Biotechnology segment helps drugmakers and biotechnology companies research, develop and manufacture biological medicines. Its tools support workflows from early process development to commercial manufacturing, including cell culture media, filtration, chromatography, aseptic filling, single-use hardware, automation and manufacturing-suite design.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Diagnostics 9,941 40.46%
Life Sciences 7,334 29.85%
Biotechnology 7,293 29.68%
Gross margin 59.11%
Operating margin 19.09%
Pre-tax margin 17.23%

Revenue by segment since 2008

Danaher Corporation vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMO Thermo Fisher Scientific Inc. $250.8B 35.8× 35.7× +9.13% (above 0%: growing) +8.64% (above 0%: growing) +14.95% (above 0%: growing) 42.28% 18.65% Compare
DHR Danaher Corporation $159.2B 37.0× 36.9× +8.28% (above 0%: growing) +36.72% (above 0%: growing) +19.12% (above 0%: growing) 58.54% 19.00%
IDXX IDEXX Laboratories, Inc. $52.8B 44.8× 37.3× +9.86% (above 0%: growing) +17.30% (above 0%: growing) +17.58% (above 0%: growing) 62.94% 33.14% Compare
NTRA Natera, Inc. $52.4B — (loss-making) — (loss-making) +34.08% (above 0%: growing) n/m −85.80% (below 0%: shrinking) 0.00% (8.60%) Compare
A Agilent Technologies, Inc. $48.4B 33.8× 34.1× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
WAT Waters Corporation $44.5B 194× 81.0× +120.91% (above 0%: growing) −67.02% (below 0%: shrinking) −66.71% (below 0%: shrinking) 50.25% 7.24% Compare
IQV IQVIA Holdings Inc. $43.7B 31.8× 34.8× +8.00% (above 0%: growing) +10.16% (above 0%: growing) −21.25% (below 0%: shrinking) 33.83% 12.92% Compare
MTD Mettler-Toledo International, Inc. $33.6B 37.6× 36.1× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
Median of peers $46.5B 35.8× 36.1× +8.60% +10.16% +16.27% 52.87% 21.15%

All 49 Diagnostics & Research stocks →

From the latest earnings call

Updated

  • CEO Julie Sawyer Montgomery said Danaher plans to improve commercial execution and connect its businesses more closely when serving customers.
  • CFO Matt Gugino said bioprocessing orders grew in the mid-teens and expected the business’s growth rate to improve in 2027.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 7, 2026 Target raised Outperform 230.00 → 255.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 81.14%
Held by the ten largest 39.06%
Holder Shares Stake Change
Vanguard 62.11m 8.84% +621.02k
BlackRock 55.08m 7.84% +3.44m
Fidelity (FMR) 29.54m 4.20% +7.01m
State Street 28.46m 4.05% +561.84k
Capital Group 26.87m 3.82% +3.43m
T. Rowe Price 18.37m 2.61% −767.24k
Wellington Management 16.32m 2.32% +1.54m
Geode Capital Management 14.28m 2.03% +134.58k
JPMorgan Chase 12.19m 1.73% −4.73m
Morgan Stanley 11.35m 1.61% +139.72k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.80m 17.34m 119.00
2024 22.11m 7.47m 119.00
2023 20.90m 5.21m 119.00
2022 20.20m 190.30k 120.00
2021 17.15m 59.46m 149.00

Ownership

Directors and executive officers, together 10.80%
The Vanguard Group 8.60%
BlackRock, Inc. 7.20%
Steven M. Rales 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Danaher Corporation (DHR) Latest News

27 Oct

Impact 4 · · Zacks
Impact 3 · · StockStory

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · The Motley Fool earnings
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · TIKR
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · Investing.com
Impact 4 · · PR Newswire earnings
Impact 3 · · Insider Monkey
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · StockStory

20 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

19 Oct

Impact 4 · · medicaldevice-network.com

18 Oct

Impact 3 · · Insider Monkey

17 Oct

Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 3 · · Insider Monkey
Impact 3 · · Zacks

14 Oct

Impact 3 · · Zacks

DHR metrics, ten years each

stockrow.com/DHR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com