Danaher Corporation (DHR) vs Natera, Inc. (NTRA)

Danaher Corporation and Natera, Inc. are both Diagnostics & Research companies. Danaher Corporation is the larger, with a market value of $159.2B against $52.4B — 3.0× the size. Natera, Inc. has negative trailing earnings, so its P/E is not meaningful; Danaher Corporation trades at 37.0×. Natera, Inc. grew revenue faster over the last twelve months: 37.4% against 5.52%. Danaher Corporation has the higher net margin (16.9% vs −5.66%) and the higher return on invested capital (4.51% vs −8.35%). Across the 20 metrics below, Danaher Corporation leads on 15 and Natera, Inc. on 5.

Valuation

Metric DHR NTRA Diagnostics & Research median
P/E 36.97 n/m 34.52
P/S 6.22 18.12 4.24
P/B 2.97 28.19 3.42
Price to free cash flow 27.69 1,004.35 33.51
EV/EBITDA 22.31 n/m 23.44
EV/Sales 6.95 17.87 5.18
Earnings yield 2.70% (0.31%) (1.50%)
Free cash flow yield 3.61% 0.10% 0.00%

Profitability

Metric DHR NTRA Diagnostics & Research median
Gross margin 58.59% 0.00% 48.32%
Operating margin 20.38% (8.95%) (5.68%)
Net margin 16.91% (5.66%) (4.10%)
Free cash flow margin 22.46% 1.80% 0.00%
Return on equity 8.27% (10.55%) 0.00%
Return on assets 5.00% (7.21%) (6.05%)
Return on invested capital 4.51% (8.35%) 0.00%

Growth

Metric DHR NTRA Diagnostics & Research median
Revenue growth (TTM) 5.52% 37.43% 8.99%
EPS growth (last fiscal year) (4.54%) 0.65% 20.36%
Revenue growth, 5-year CAGR 1.97% 42.61% 7.30%
Net income growth, 5-year CAGR 0.59% 0.00% 0.00%

Health

Metric DHR NTRA Diagnostics & Research median
Debt to equity 0.45 0.04 0.01
Current ratio 1.63 2.81 2.27
Net debt to EBITDA 1.93 3.74 0.68

Dividend

Metric DHR NTRA Diagnostics & Research median
Dividend yield 0.67% — 0.67%
Payout ratio 0.25 — 0.20

Size

Metric DHR NTRA Diagnostics & Research median
Market cap 159.24b 52.43b 2.22b

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