Saturday 17 October 2026 Export DHR’s income statement to Excel — free account

Danaher Corporation

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%

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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

Officer departure Oct 13, 2026

All filings →

Insider Decisions trades per month

Total sells 128.25

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	6	—	—	1	—	—	1	—	—	1	—	—

Insider Ownership 9.42%

Capital & Financial Ratios $m

Market Cap 162,740.00

Revenue 25,107.00

Net Income 4,004.00

Free Cash Flow 5,489.00

Net Debt 20,799.00

Current Ratio 1.65

Debt/Equity 0.48

P/E ratio 40.53

Fwd P/E 29.20

P/S ratio 6.43

P/B ratio 3.07

Past 5Y EPS Growth 0.65%

This Y EPS Growth 9.03%

Next Y EPS Growth 9.32%

Next Y revenue growth 7.26%

Next 5Y EPS Growth 9.44%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 84.96%

10-year low 10-year high

P/S against its own 10 years 64.32%

10-year low 10-year high

P/B against its own 10 years 53.37%

10-year low 10-year high

EV/Sales against its own 10 years 70.66%

10-year low 10-year high

EV/FCF against its own 10 years 81.87%

10-year low 10-year high

Dividends

Payout Ratio 0.27

Annual Dividend Rate 1.52

Annual Dividend Yield 0.66%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.45	0.40 0.40 0.40
2025	1.28	0.32 0.32 0.32 0.32
2024	1.08	0.27 0.27 0.27 0.27
2023	1.32	0.27 0.27 0.27 0.27 0.24
2022	1.00	0.25 0.25 0.25 0.25
2021	0.84	0.21 0.21 0.21 0.21
2020	0.72	0.18 0.18 0.18 0.18
2019	0.68	0.17 0.17 0.17 0.17
2018	0.64	0.16 0.16 0.16 0.16
2017	0.56	0.14 0.14 0.14 0.14
2016	0.65	0.12 0.16 0.12 0.13 0.13

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5,864	2,078	4,615	4,348
Receivables	3,922	3,537	3,913	3,965
Inventory	2,594	2,330	2,489	3,260
Other	—	—	—	—
	13,937	9,497	12,756	13,381

	2023	2024	2025	Q'26
Payables	1,766	1,753	1,844	1,822
ST’ Debt	—	—	—	—
Other	—	—	—	—
	8,274	6,798	6,807	8,105

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	5,951	6,265	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.45	1.23	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	54.61	69.34	81.42	85.50	106.03	187.25	207.19	182.09	222.53	171.00	Analyst estimates 2026–2028 Powerpack
	High	73.26	84.36	98.28	136.52	220.14	296.06	291.29	247.62	281.70	258.23
People
People	Employees	62,000	67,000	71,000	60,000	69,000	80,000	81,000	63,000	63,000	60,000
	Revenue/emp, $m	0.27	0.23	0.24	0.30	0.32	0.31	0.33	0.38	0.38	0.41
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
	Gross margin, %	55.29	55.23	55.75	55.74	55.98	61.44	60.76	58.74	59.50	59.11
	EBT	2,611	2,543	2,962	3,305	4,495	6,511	7,146	5,044	4,646	4,233
	EBT margin, %	15.47	16.39	17.37	18.45	20.17	26.25	26.82	21.11	19.46	17.23
	Net income	2,554	2,492	2,651	3,008	3,646	6,433	7,209	4,764	3,899	3,614
	Depreciation	1,128	1,117	1,178	1,189	2,232	2,121	2,132	2,174	2,377	2,447
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
	Earnings	3.69	3.58	3.78	4.11	4.97	8.77	9.80	6.44	5.33	5.07
	Cash flow	5.10	5.00	5.74	5.53	8.79	11.70	11.75	9.73	9.15	9.00
	Capex	(0.84)	(0.77)	(0.82)	(0.87)	(1.12)	(1.72)	(1.53)	(1.86)	(1.89)	(1.58)
	Free cash flow	4.26	4.22	4.92	4.66	7.67	9.98	10.22	7.87	7.26	7.43
	Book value	33.39	37.90	40.29	42.35	56.33	63.22	69.08	72.63	67.78	73.72
	Shares, m	691	696	701	715	706	715	725	737	731	713
Valuation, ×
Valuation, ×	P/E	18.88	22.89	24.19	33.19	39.62	33.26	23.75	36.40	43.07	45.15
	P/S	2.86	3.67	3.76	5.43	6.24	8.40	6.33	7.24	7.03	6.64
	P/B	2.09	2.16	2.27	3.39	3.81	4.97	3.48	3.23	3.39	3.11
	EV/Sales	3.38	4.30	4.28	5.52	6.92	9.19	6.82	7.69	7.59	7.20
	EV/FCF	19.37	22.70	21.18	29.71	28.46	31.98	24.52	31.72	34.14	33.43
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
	Capex	(580)	(538)	(578)	(623)	(789)	(1,227)	(1,109)	(1,371)	(1,379)	(1,123)
	Free cash flow	2,942	2,940	3,444	3,329	5,419	7,131	7,410	5,793	5,309	5,293
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
	Total debt	9,674	10,327	9,689	21,517	21,193	22,168	19,086	16,707	15,500	18,416
	Net debt	8,711	9,697	8,901	1,605	15,158	19,582	13,091	10,843	13,422	13,801
	Shareholders’ equity	23,077	26,368	28,227	30,282	39,777	45,177	50,090	53,490	49,550	52,541
Returns, %
Returns, %	ROA	5.46	5.42	5.61	5.35	5.08	7.87	8.48	5.62	4.81	4.49
	ROIC	5.38	4.46	5.14	6.41	4.81	6.15	7.45	5.05	4.83	4.42
	ROE	10.90	10.08	9.71	10.33	10.77	15.99	15.73	9.31	7.57	7.08

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$257.5B	37.1×	23.7×	+10.49% (above 0%: growing)	+9.35% (above 0%: growing)	+51.81% (above 0%: growing)	40.70%	17.40%	Compare
DHR Danaher Corporation	$162.7B	40.5×	29.2×	+5.54% (above 0%: growing)	+59.74% (above 0%: growing)	+15.63% (above 0%: growing)	57.64%	17.99%
NTRA Natera, Inc.	$58.4B	— (loss-making)	— (loss-making)	+37.71% (above 0%: growing)	n/m	−173.96% (below 0%: shrinking)	64.46%	(10.07%)	Compare
A Agilent Technologies, Inc.	$49.5B	34.0×	26.3×	+8.06% (above 0%: growing)	+8.47% (above 0%: growing)	+69.50% (above 0%: growing)	55.48%	23.64%	Compare
IQV IQVIA Holdings Inc.	$44.6B	32.8×	22.3×	+8.74% (above 0%: growing)	−0.65% (below 0%: shrinking)	+23.29% (above 0%: growing)	32.85%	11.58%	Compare
WAT Waters Corporation	$43.6B	109×	44.3×	+113.36% (above 0%: growing)	n/m	+750.00% (above 0%: growing)	44.62%	(5.23%)	Compare
IDXX IDEXX Laboratories, Inc.	$43.1B	39.1×	38.3×	+9.66% (above 0%: growing)	+17.21% (above 0%: growing)	+111.44% (above 0%: growing)	64.04%	34.98%	Compare
ILMN Illumina, Inc.	$40.5B	48.4×	34.7×	+9.44% (above 0%: growing)	−8.05% (below 0%: shrinking)	−18.27% (below 0%: shrinking)	66.44%	21.14%	Compare
MTD Mettler-Toledo International, Inc.	$32.8B	36.4×	25.5×	+4.48% (above 0%: growing)	+18.30% (above 0%: growing)	+33.01% (above 0%: growing)	63.29%	30.61%	Compare
Median of peers	$44.1B	37.1×	26.3×	+9.55%	+8.91%	+42.41%	59.39%	19.27%

All 52 Diagnostics & Research stocks →

Danaher Corporation (DHR) key facts

Concern: Net income was $3.6 billion, or $5.07 per share (basic), a net margin of 14.7%.
Strength: Danaher Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.6 billion, up 2.90% from fiscal 2024.
Danaher Corporation (DHR) is a Diagnostics & Research company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, DHR traded at $228.97, a market capitalization of $162.7 billion.
At that price the stock trades at 40.5× trailing-twelve-month earnings and 6.4× sales; its P/E is higher than 85% of its own readings over the past ten years.
Danaher Corporation pays an annual dividend of $1.52 per share, a yield of 0.66%, with a payout ratio of 27.0%.
Return on equity was 7.08% and debt-to-equity 0.48.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 4.52 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

Danaher reported revenue of $24.6 billion in FY2025 and $6.3 billion in Q2 FY2026. Revenue in the trailing twelve months to Q2 FY2026 was $25.1 billion, while net income was $4.0 billion and diluted EPS was $5.63 in the same period. Free cash flow totaled $5.5 billion in the trailing twelve months to Q2 FY2026.

Profitability measures were below their FY2022 levels in FY2025, while Q2 FY2026 operating margin was above Q2 FY2025. Net debt reached $20.8 billion in Q2 FY2026. As of September 28, 2026, P/E was higher than both the company’s historical medians and the industry median.

Read the full analysis →