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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. In the quarter to June 2026, revenue grew 5.54%, EPS grew 59.7%, free cash flow grew 15.6% and total debt rose 49.2%, each against the same quarter a year earlier. Member of the S&P 500.

228.97 2.53 −1.09%
Market cap
$162.7B
P/E
40.5×
Fwd P/E
29.2×
Dividend yield
0.66%
F-score
6/9
Altman Z
4.52
Beneish M
−2.57
Dividend safety
69/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Danaher Corporation (DHR) Operating margin

Alert me on Operating margin

Danaher Corporation's operating margin over the twelve months to 30 June 2026 was 20.4%, up 1.3 percentage points from fiscal 2025 (19.1%). Over the past ten years it has ranged from 15.0% (fiscal 2015) to 28.3% (fiscal 2022); the current reading is higher than 64% of that period. That is above the Diagnostics & Research industry median of −8.57% and above the Healthcare sector median of 0.00%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 19.1% (1.28)
FY2024 20.4% (1.40)
FY2023 21.8% (6.52)
FY2022 28.3% 2.58
FY2021 25.7% 6.72
FY2020 19.0% 0.74
FY2019 18.3% 0.33
FY2018 17.9% 1.34
FY2017 16.6% 0.38
FY2016 16.2% 1.22

Quarterly newest first

Period Operating margin Change (points)
Jun 2026 18.0% (4.59)
Mar 2026 22.6% 0.61
Dec 2025 22.0% 2.91
Sep 2025 19.1% 6.26
42 more quarters

Against its own ten years

Low 15.0% High 28.3%
Ten-year median 19.0%
Current reading's percentile 67

Operating margin against peers

Company Operating margin
IDXX IDEXX Laboratories, Inc. compare 32.0%
MTD Mettler-Toledo International, Inc. compare 28.4%
A Agilent Technologies, Inc. compare 22.2%
DHR Danaher Corporation 20.4%
ILMN Illumina, Inc. compare 19.7%
TMO Thermo Fisher Scientific Inc. compare 17.6%
IQV IQVIA Holdings Inc. compare 13.0%
WAT Waters Corporation compare 7.10%
NTRA Natera, Inc. compare −10.7%
Diagnostics & Research industry median −8.57%
Healthcare sector median 0.00%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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