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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
Officer departure
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 (at or above 1.5: strong)
Debt/Equity 0.48 (at or below 0.5: strong)
P/E ratio 40.53 (above 35: high)
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
EV/Sales is 7.3×, 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 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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

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. $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 →

DHR metrics, ten years each

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

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.

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stockrow.com/DHR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com