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Friday 6 November 2026
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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
228.41
2.07
+0.91%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
45.15 | 43.07 | 36.40 | 23.65 | 33.12 | 39.46 | 33.05 | 24.08 | 22.80 | 18.80 |
Piotroski F-Score |
6 | 7 | 4 | 7 | 6 | 6 | 4 | 8 | 4 | 7 |
P/S ratio |
6.64 | 7.03 | 7.24 | 6.30 | 8.37 | 6.21 | 5.41 | 3.74 | 3.66 | 2.85 |
Altman Z-Score |
4.52 | 4.95 | 4.54 | 4.34 | 4.43 | 3.36 | 3.23 | 3.31 | 2.94 | 2.49 |
Altman Z″-Score (non-manufacturers) |
4.46 | 4.37 | 4.25 | 4.23 | 3.33 | 3.24 | 4.81 | 3.96 | 3.62 | 2.96 |
P/FCF ratio |
30.82 | 31.61 | 29.85 | 22.66 | 29.11 | 25.56 | 29.10 | 18.52 | 19.32 | 16.34 |
Beneish M-Score |
(2.57) | (2.73) | (2.63) | (2.68) | (2.50) | (2.22) | (2.80) | (2.74) | (2.45) | (2.57) |
P/Operating CF |
77.07 | 83.11 | 106.81 | 66.07 | 88.97 | 62.35 | 87.15 | 51.53 | 68.03 | 74.07 |
Dividend Safety Score |
69 | — | — | — | — | — | — | — | — | — |
P/B ratio |
3.11 | 3.39 | 3.23 | 3.47 | 4.95 | 3.79 | 3.38 | 2.26 | 2.15 | 2.08 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
7.20 | 7.59 | 7.69 | 6.79 | 9.16 | 6.89 | 5.50 | 4.26 | 4.28 | 3.36 |
EV/EBITDA |
24.79 | 25.03 | 24.91 | 18.72 | 26.73 | 23.77 | 22.09 | 17.17 | 18.02 | 14.70 |
EV/Operating CF |
27.58 | 27.10 | 25.65 | 21.24 | 27.18 | 24.75 | 24.92 | 18.07 | 19.12 | 16.12 |
EV/FCF |
33.43 | 34.14 | 31.72 | 24.42 | 31.85 | 28.35 | 29.58 | 21.10 | 22.62 | 19.30 |
Quick Ratio |
1.25 | 0.83 | 1.18 | 1.20 | 0.89 | 1.36 | 4.68 | 0.79 | 0.87 | 0.60 |
Current Ratio |
1.87 | 1.40 | 1.68 | 1.89 | 1.43 | 1.86 | 5.19 | 1.47 | 1.43 | 0.97 |
Net Debt/EBITDA |
1.93 | 1.85 | 1.47 | 1.35 | 2.30 | 2.35 | 0.36 | 2.10 | 2.63 | 2.25 |
Debt/Assets |
22.06% | 19.99% | 19.77% | 22.63% | 26.65% | 27.83% | 34.66% | 20.26% | 22.14% | 21.36% |
Debt/Equity |
0.35 | 0.31 | 0.31 | 0.38 | 0.49 | 0.53 | 0.71 | 0.34 | 0.39 | 0.42 |
Asset Turnover |
0.31 | 0.29 | 0.28 | 0.32 | 0.31 | 0.32 | 0.33 | 0.36 | 0.34 | 0.36 |
Operating CF/Net income |
1.78 | 1.72 | 1.51 | 1.20 | 1.33 | 1.77 | 1.34 | 1.52 | 1.40 | 1.38 |
Capex/Depreciation |
(0.46) | (0.58) | (0.63) | (0.52) | (0.58) | (0.35) | (0.52) | (0.49) | (0.48) | (0.51) |
Interest Coverage |
17.70 | 17.49 | 18.19 | 36.94 | 27.61 | 15.39 | 30.27 | 22.30 | 18.36 | 14.83 |
| 7.08% | 7.57% | 9.31% | 15.73% | 15.99% | 10.77% | 10.33% | 9.71% | 10.08% | 10.90% | |
| 4.49% | 4.81% | 5.62% | 8.48% | 7.87% | 5.08% | 5.35% | 5.61% | 5.42% | 5.46% | |
ROIC |
4.42% | 4.83% | 5.05% | 7.45% | 6.15% | 4.81% | 6.41% | 5.14% | 4.46% | 5.38% |
Return on Tangible Assets |
31.48% | 50.71% | 46.43% | 63.40% | 85.90% | 36.33% | 12.80% | 58.89% | 55.23% | 119.05% |
Average Days of Receivables |
58.13 | 54.07 | 59.92 | 56.20 | 68.15 | 66.25 | 65.03 | 64.86 | 82.83 | 68.88 |
Research and Development Expense of Revenue |
6.50% | 6.63% | 6.29% | 5.74% | 6.04% | 6.05% | 6.29% | 6.21% | 6.16% | 5.78% |
Selling, General and Administrative Expense of Revenue |
33.52% | 32.50% | 30.68% | 26.74% | 27.49% | 30.95% | 31.20% | 31.62% | 32.49% | 33.31% |
Intangible Assets out of Total Assets |
0.73 | 0.76 | 0.74 | 0.68 | 0.77 | 0.74 | 0.52 | 0.69 | 0.79 | 0.79 |
Share Based Compensation of Revenue |
1.21% | 1.21% | 1.28% | 1.11% | 0.74% | 0.84% | 0.89% | 0.81% | 0.82% | 0.77% |
Graham Net Nets |
(0.11) | (0.11) | (0.10) | (0.11) | (0.13) | (0.16) | (0.06) | (0.20) | (0.24) | (0.32) |
Graham Number |
91.70 | 90.16 | 102.66 | 121.28 | 107.58 | 76.03 | 60.83 | 58.54 | 55.25 | 52.72 |
Earnings Yield |
2.21% | 2.32% | 2.75% | 4.23% | 3.02% | 2.53% | 3.03% | 4.15% | 4.39% | 5.32% |
Free Cash Flow Yield |
3.24% | 3.16% | 3.35% | 4.41% | 3.44% | 3.91% | 3.44% | 5.40% | 5.18% | 6.12% |
Revenue per Share |
34.47 | 32.66 | 32.44 | 36.74 | 34.71 | 31.55 | 25.05 | 24.33 | 22.30 | 24.42 |
Operating CF per Share |
9.00 | 9.15 | 9.73 | 11.75 | 11.70 | 8.79 | 5.53 | 5.74 | 5.00 | 5.10 |
Capex per Share |
(1.58) | (1.89) | (1.86) | (1.53) | (1.72) | (1.12) | (0.87) | (0.82) | (0.77) | (0.84) |
Free Cash Flow per Share |
7.43 | 7.26 | 7.87 | 10.22 | 9.98 | 7.67 | 4.66 | 4.92 | 4.22 | 4.26 |
Cash per Share |
6.48 | 2.84 | 7.96 | 8.27 | 3.62 | 8.55 | 27.85 | 1.12 | 0.91 | 1.39 |
Shareholders Equity per Share |
73.72 | 67.78 | 72.63 | 69.08 | 63.22 | 56.33 | 42.35 | 40.29 | 37.90 | 33.39 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
73.72 | 67.78 | 72.63 | 69.08 | 63.22 | 56.33 | 42.35 | 40.29 | 37.90 | 33.39 |
Free Cash Flow |
5,293.00 | 5,309.00 | 5,793.00 | 7,410.00 | 7,131.00 | 5,419.00 | 3,329.00 | 3,444.00 | 2,939.60 | 2,942.00 |
Working Capital |
5,949.00 | 2,699.00 | 5,663.00 | 7,494.00 | 3,508.00 | 6,400.00 | 20,664.00 | 2,252.30 | 2,057.70 | (208.90) |
Capital Expenditures |
(1,123.00) | (1,379.00) | (1,371.00) | (1,109.00) | (1,227.00) | (789.00) | (623.00) | (578.00) | (538.20) | (579.80) |
Net Current Asset Value |
(18,167.00) | (18,495.00) | (17,061.00) | (18,377.00) | (26,359.00) | (22,582.00) | (6,204.00) | (12,512.00) | (13,430.80) | (15,553.40) |
EV/EBIT |
37.73 | 37.27 | 35.33 | 24.01 | 35.62 | 36.31 | 30.13 | 23.79 | 25.85 | 20.76 |
Capex to Sales |
0.05 | 0.06 | 0.06 | 0.04 | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 |
Price to Operating Income |
34.79 | 34.51 | 33.24 | 22.28 | 32.55 | 32.73 | 29.63 | 20.88 | 22.08 | 17.58 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.44 | 0.48 | 0.48 | 0.57 | 0.56 | 0.68 | 0.52 | 0.52 | 0.46 | 0.48 |
Cash ROIC |
7.00% | 7.91% | 7.62% | 9.86% | 10.20% | 8.09% | 4.64% | 8.90% | 7.88% | 8.73% |
Accounts Receivable Turnover |
6.60 | 6.40 | 5.95 | 6.10 | 5.72 | 6.16 | 5.76 | 5.20 | 4.63 | 5.47 |
Accounts Payable Turnover |
5.59 | 5.50 | 5.44 | 4.73 | 4.14 | 5.50 | 5.27 | 5.02 | 4.64 | 5.25 |
Inventory Turnover |
4.17 | 3.93 | 3.68 | 3.78 | 3.78 | 5.00 | 4.86 | 4.35 | 3.91 | 4.60 |
Average Days of Payables |
67.00 | 66.17 | 65.40 | 64.80 | 98.05 | 76.24 | 69.76 | 72.35 | 79.33 | 71.81 |
Days of Inventory on Hand |
90.44 | 87.96 | 96.06 | 96.53 | 105.61 | 85.29 | 74.96 | 78.93 | 96.71 | 82.66 |
Average Receivables |
3,725.00 | 3,729.50 | 4,012.00 | 4,366.50 | 4,338.00 | 3,618.00 | 3,110.40 | 3,275.80 | 3,353.95 | 3,085.60 |
Average Payables |
1,798.50 | 1,759.50 | 1,811.00 | 2,212.50 | 2,309.00 | 1,782.00 | 1,505.20 | 1,502.65 | 1,497.45 | 1,438.45 |
Average Inventory |
2,409.50 | 2,462.00 | 2,679.50 | 2,766.00 | 2,529.50 | 1,960.00 | 1,629.70 | 1,736.10 | 1,775.10 | 1,641.25 |
Average Assets |
80,503.00 | 81,015.00 | 84,419.00 | 83,767.00 | 79,672.50 | 69,121.50 | 54,957.25 | 47,240.55 | 45,971.95 | 46,758.75 |
Average Common Equity |
51,045.50 | 51,520.00 | 50,956.00 | 45,165.50 | 39,209.00 | 32,595.50 | 28,454.35 | 27,297.25 | 24,722.30 | 23,420.40 |
Columns are period end dates · fundamentals updated 2 Nov 2026