Danaher (DHR)
Market Price (12/23/2025): $227.57 | Market Cap: $161.7 BilSector: Health Care | Industry: Life Sciences Tools & Services
Danaher (DHR)
Market Price (12/23/2025): $227.57Market Cap: $161.7 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 6.3 Bil, FCF LTM is 5.0 Bil | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -80% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| Low stock price volatilityVol 12M is 33% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9% | |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Automation & Robotics. Themes include Advanced Diagnostics, Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% | |
| Key risksDHR key risks include [1] a heavy reliance on its acquisition-based growth strategy, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 6.3 Bil, FCF LTM is 5.0 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Automation & Robotics. Themes include Advanced Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -80% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0% |
| Key risksDHR key risks include [1] a heavy reliance on its acquisition-based growth strategy, Show more. |
Why The Stock Moved
Qualitative Assessment
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Here are the key points for Danaher (DHR) stock movement for the approximate time period from August 31, 2025, to December 23, 2025: 1. Strong Third Quarter 2025 Financial Results. Danaher reported robust third-quarter results on October 21, 2025, exceeding revenue, earnings, and cash flow expectations. The company's revenues increased by 4.5% year-over-year to $6.1 billion, and non-GAAP adjusted diluted net earnings per common share were $1.89, outperforming analyst projections of $1.72. This positive earnings report contributed to a significant increase in the stock price, with shares rising 5.94% on the day of the announcement.2. Quarterly Dividend Declaration. On December 9, 2025, Danaher announced its board of directors approved a regular quarterly cash dividend of $0.32 per share, payable on January 30, 2026. This announcement was met with a positive market reaction, as the stock saw a 3.2% increase following the news.
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Stock Movement Drivers
Fundamental Drivers
The 19.7% change in DHR stock from 9/22/2025 to 12/22/2025 was primarily driven by a 15.7% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 190.46 | 228.01 | 19.72% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 24013.00 | 24268.00 | 1.06% |
| Net Income Margin (%) | 14.21% | 14.43% | 1.56% |
| P/E Multiple | 39.98 | 46.26 | 15.70% |
| Shares Outstanding (Mil) | 716.50 | 710.70 | 0.81% |
| Cumulative Contribution | 19.71% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| DHR | 19.7% | |
| Market (SPY) | 2.7% | 19.5% |
| Sector (XLV) | 13.7% | 68.1% |
Fundamental Drivers
The 16.5% change in DHR stock from 6/23/2025 to 12/22/2025 was primarily driven by a 24.3% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 195.68 | 228.01 | 16.52% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 23820.00 | 24268.00 | 1.88% |
| Net Income Margin (%) | 15.81% | 14.43% | -8.68% |
| P/E Multiple | 37.23 | 46.26 | 24.26% |
| Shares Outstanding (Mil) | 716.30 | 710.70 | 0.78% |
| Cumulative Contribution | 16.51% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| DHR | 16.5% | |
| Market (SPY) | 14.4% | 22.1% |
| Sector (XLV) | 18.0% | 62.7% |
Fundamental Drivers
The 0.4% change in DHR stock from 12/22/2024 to 12/22/2025 was primarily driven by a 9.6% change in the company's P/E Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 227.17 | 228.01 | 0.37% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 23742.00 | 24268.00 | 2.22% |
| Net Income Margin (%) | 16.39% | 14.43% | -11.95% |
| P/E Multiple | 42.20 | 46.26 | 9.62% |
| Shares Outstanding (Mil) | 723.00 | 710.70 | 1.70% |
| Cumulative Contribution | 0.34% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| DHR | 0.4% | |
| Market (SPY) | 16.9% | 54.7% |
| Sector (XLV) | 14.5% | 70.4% |
Fundamental Drivers
The 0.2% change in DHR stock from 12/23/2022 to 12/22/2025 was primarily driven by a 88.8% change in the company's P/E Multiple.| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 227.49 | 228.01 | 0.23% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 26599.00 | 24268.00 | -8.76% |
| Net Income Margin (%) | 25.43% | 14.43% | -43.25% |
| P/E Multiple | 24.50 | 46.26 | 88.84% |
| Shares Outstanding (Mil) | 728.50 | 710.70 | 2.44% |
| Cumulative Contribution | 0.17% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| DHR | -0.0% | |
| Market (SPY) | 47.7% | 49.3% |
| Sector (XLV) | 18.4% | 65.9% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHR Return | 45% | 49% | -19% | -1% | -0% | -2% | 69% |
| Peers Return | 23% | 23% | -17% | -8% | -1% | 3% | 17% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| DHR Win Rate | 67% | 83% | 33% | 50% | 42% | 33% | |
| Peers Win Rate | 62% | 67% | 42% | 47% | 50% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| DHR Max Drawdown | -21% | -4% | -28% | -21% | -3% | -24% | |
| Peers Max Drawdown | -27% | -4% | -30% | -27% | -12% | -25% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: TMO, A, ABT, BDX, ILMN. See DHR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | DHR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -44.3% | -25.4% |
| % Gain to Breakeven | 79.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.2% | -33.9% |
| % Gain to Breakeven | 39.3% | 51.3% |
| Time to Breakeven | 35 days | 148 days |
| 2018 Correction | ||
| % Loss | -13.4% | -19.8% |
| % Gain to Breakeven | 15.5% | 24.7% |
| Time to Breakeven | 38 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -45.8% | -56.8% |
| % Gain to Breakeven | 84.5% | 131.3% |
| Time to Breakeven | 605 days | 1,480 days |
Compare to TMO, GLW, A, AVTR, BRKR
In The Past
Danaher's stock fell -44.3% during the 2022 Inflation Shock from a high on 9/3/2021. A -44.3% loss requires a 79.6% gain to breakeven.
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Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company operates through three segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions. The Life Sciences segment provides mass spectrometers; flow cytometry, genomics, lab automation, centrifugation, particle counting and characterization; microscopes; genomics consumables; and Gene and Cell Therapy. This segment also offers bioprocess technologies, consumables, and services; and filtration, separation, and purification technologies to the pharmaceutical and biopharmaceutical, food and beverage, medical, and life sciences companies, as well as universities, medical schools and research institutions, and various industrial manufacturers. The Diagnostics segment provides chemistry, immunoassay, microbiology, and automation systems, as well as hematology, molecular, acute care, and pathology diagnostics products. This segment offers clinical instruments, reagents, consumables, software, and services for hospitals, physicians' offices, reference laboratories, and other critical care settings. The Environmental & Applied Solutions segment offers instrumentation, consumables, software, services, and disinfection systems to analyze, treat, and manage ultra-pure, potable, industrial, waste, ground, source, and ocean water in residential, commercial, industrial, and natural resource applications. This segment also provides instruments, software, services, and consumables for various color and appearance management, packaging design and quality management, packaging converting, printing, marking, coding, and traceability applications for consumer, pharmaceutical, and industrial products. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was founded in 1969 and is headquartered in Washington, the District of Columbia.
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Here are 1-3 brief analogies for Danaher (DHR):
- Like a **Berkshire Hathaway** focused on acquiring, integrating, and growing a portfolio of leading scientific and diagnostic technology companies.
- A highly specialized and diversified **3M** or **Honeywell**, but primarily serving the life sciences, diagnostics, and environmental sectors with critical high-tech tools and solutions.
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- Life Sciences Research Tools: Provides instruments, consumables, and software used in scientific research, drug discovery, and bioprocessing applications.
- Clinical Diagnostics: Offers systems and consumables for the diagnosis of diseases and monitoring of treatments in medical laboratories and hospitals.
- Water Quality Solutions: Delivers instruments, disinfection systems, and related consumables for analyzing and treating water in municipal, industrial, and residential settings.
- Product Identification Technologies: Supplies coding, marking, and labeling equipment, along with consumables and software, for a wide range of industries.
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Danaher (DHR) primarily sells to other companies and organizations (B2B/B2G) rather than directly to individuals. Due to its diversified portfolio across life sciences, diagnostics, and environmental & applied solutions, Danaher serves a very broad customer base. It does not typically have individual "major customers" (i.e., specific named companies) that account for a significant portion of its overall revenue and are publicly disclosed in its financial filings.
Instead, Danaher serves the following major categories of customers:
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Healthcare Providers and Diagnostic Laboratories: This category includes hospitals, clinics, reference laboratories, blood banks, and physician offices that utilize Danaher's diagnostic instruments, reagents, and services for disease detection, monitoring, and treatment guidance.
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Biopharmaceutical Companies and Research Institutions: This includes pharmaceutical companies, biotechnology firms, contract research organizations (CROs), academic institutions (universities), and government research laboratories. These customers use Danaher's life sciences tools, consumables, and services for drug discovery and development, basic research, and bioproduction.
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Industrial, Manufacturing, and Environmental Facilities: This category encompasses a wide range of customers including industrial manufacturers, food and beverage producers, packaging and printing companies, municipal water treatment facilities, industrial wastewater treatment facilities, and environmental monitoring agencies. They use Danaher's solutions for water quality analysis, product identification, and process control.
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Rainer M. Blair, President and Chief Executive Officer
Rainer M. Blair has served as President and Chief Executive Officer of Danaher since September 2020. He joined Danaher in 2010, holding various leadership roles before becoming Executive Vice President of Danaher's Life Sciences platform in 2017. Prior to joining Danaher, Mr. Blair was President and CEO of MAPEI Americas and held leadership positions with BASF Group across three continents.
Matthew R. McGrew, Executive Vice President and Chief Financial Officer
Matthew R. McGrew has been the Executive Vice President and Chief Financial Officer of Danaher since January 2019. He joined Danaher in April 2004 and has held positions of increasing responsibility within Internal Audit, M&A, and served as Vice President of Investor Relations. Before his tenure at Danaher, Mr. McGrew was a Director in the Transactions Services Group at KPMG.
Jose-Carlos Gutierrez-Ramos, Senior Vice President and Chief Scientific Officer
Dr. Jose-Carlos Gutierrez-Ramos has served as Senior Vice President and Chief Scientific Officer since joining Danaher in December 2020. Prior to Danaher, he served as Vice President of Global Drug Discovery at AbbVie Inc. and as President and Chief Executive Officer of biotechnology companies Repertoire Immune Medicines and Synlogic, Inc.
Julie Sawyer Montgomery, Executive Vice President, Danaher Diagnostics Platform
Julie Sawyer Montgomery serves as the Executive Vice President of Danaher's Diagnostics Platform. She is a key leader responsible for one of Danaher's diverse segments.
Greg Milosevich, Executive Vice President, Life Sciences
Greg Milosevich holds the position of Executive Vice President, Life Sciences at Danaher. He is responsible for a significant platform within the company.
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Key Risks to Danaher (DHR) Business
- Reliance on Acquisitions and Debt Burden: Danaher's growth strategy is heavily dependent on acquisitions, which, while sometimes successful in increasing income, can lead to a significant increase in debt and integration expenses. If these acquisitions do not perform as expected, the elevated debt burden could place substantial pressure on the company's cash flows. Difficulties in integrating diverse businesses could also adversely affect overall performance.
- Regulatory and Geopolitical Landscape: Operating in highly regulated sectors such as healthcare and environmental solutions, Danaher is exposed to risks from changes in governmental regulations, including those related to health, safety, the environment, food, drugs, and privacy. Significant alterations in these regulations, or their interpretation, could reduce demand for products, increase production costs, delay product introductions, or restrict existing activities. Furthermore, geopolitical tensions, shifts in national policies, and changes in trade agreements can disrupt supply chains, distribution networks, and market access globally.
- Weakness in Key Segments and Intense Competition: Danaher faces challenges due to a slowdown in demand within certain key segments, notably Life Sciences and Diagnostics. This includes lower demand for COVID-related testing, vaccines, and therapeutics, as well as softness in the biotechnology segment. The company also operates in a highly competitive global marketplace, where intense competition across its various segments can lead to price pressures and necessitates continuous investment in research and development to maintain market position.
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Danaher Corporation (DHR) operates primarily in the Life Sciences and Diagnostics segments. The Environmental & Applied Solutions segment was spun off into an independent public company named Veralto in the fourth quarter of 2023.
Life Sciences Segment
- Bioprocessing: The global large and small-scale bioprocessing market size was estimated at USD 80.75 billion in 2024 and is projected to reach approximately USD 248.12 billion by 2034. The global bioprocessing market is also expected to reach a value of US$ 72.55 billion by 2031, growing from US$ 25.35 billion in 2023.
- Genomics: The global genomics market was valued at US$42.4 billion in 2023, stood at US$42.6 billion in 2024, and is projected to advance to US$66.8 billion by 2029. Another estimate indicates the global genomics market size was valued at USD 32.65 billion in 2023 and is projected to reach USD 94.86 billion by 2030.
- Life Science Instrumentation: The global life science instrumentation market was valued at US$54.9 billion in 2023 and is projected to reach US$73.9 billion by 2028.
Diagnostics Segment
- Pathology (Laboratories & Services): The global pathology laboratories market size was calculated at USD 380.9 billion in 2024 and is projected to reach around USD 836.15 billion by 2034. The global pathology services market is forecast to reach USD 36 billion by 2035, up from USD 18.8 billion in 2025.
- Digital Pathology: The global digital pathology market was valued at US$1.30 billion in 2024 and is projected to reach US$2.75 billion by 2030.
- Molecular Diagnostics/DNA Diagnostics: The global DNA diagnostics market is valued at an estimated USD 13.3 billion in 2024 and is projected to reach USD 21.2 billion by 2029.
Former Environmental & Applied Solutions Segment (now Veralto)
This segment was spun off from Danaher in Q4 2023 to form Veralto Corporation. However, for historical context and as a former part of Danaher's portfolio, here are some market sizes for its components:
- Water Quality Testing & Analysis: The global water testing & analysis market is projected to grow from USD 26.2 billion in 2025 to USD 51.0 billion by 2035. The global water testing market is valued at USD 4.59 billion in 2025 and is expected to reach USD 6.02 billion by 2030.
- Product Identification: null
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Danaher (DHR) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors:
- Sustained Demand in Bioprocessing: The increasing global production of biological medicines, particularly monoclonal antibodies, is expected to continue driving significant revenue within Danaher's Biotechnology segment. This area has demonstrated consistent momentum and is a primary growth driver for the company.
- Recovery and Innovation in Diagnostics: The Diagnostics segment is projected to achieve higher growth as policy headwinds in China gradually abate. This growth is further supported by new product introductions, such as the DxC 500i integrated chemistry and immunoassay analyzer, and the expansion of the installed base for clinical diagnostics globally, outside of China.
- Consistent Growth from Recurring Revenue (Consumables and Services): A substantial portion of Danaher's revenue, approximately 80%, is derived from consumables and services. This high proportion of recurring revenue provides a stable and growing base across its Life Sciences and Diagnostics businesses, ensuring strong cash flows and consistent performance.
- Strategic Acquisitions and Portfolio Management: Danaher's ongoing strategy involves disciplined capital deployment and strategic acquisitions to enhance its portfolio. This transformation over the past several years has created a focused life sciences and diagnostics innovator, positioning the company for higher long-term growth and market leadership by expanding into attractive sectors.
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Share Repurchases
- In 2024, Danaher executed a $4.5 billion share buyback, representing the largest in the company's history.
- A new share repurchase program was approved in July 2024, authorizing the repurchase of up to an additional 20 million shares.
- In Q2 2025, Danaher repurchased $5.98 billion worth of common stock. A new program was also authorized in September 2025 for up to 35 million shares.
Share Issuance
- In May 2020, Danaher commenced concurrent offerings of $1.25 billion of common stock and $1.25 billion of Series B Mandatory Convertible Preferred Stock.
- The Series B Mandatory Convertible Preferred Stock converted into 8.6 million shares of Danaher's common stock on April 17, 2023.
- Shares outstanding have shown minor fluctuations, with a 0.81% increase in 2023 and a 0.79% decline in 2024.
Outbound Investments
- Danaher acquired GE Healthcare's Biopharma business (now Cytiva) for $21.4 billion in March 2020.
- In August 2021, Danaher acquired Aldevron, which produces mRNA and proteins, for $9.6 billion in cash.
- In December 2023, Danaher acquired Abcam for approximately $5.7 billion.
Capital Expenditures
- Danaher's capital expenditures averaged $1.185 billion from fiscal years 2020 to 2024, peaking at $1.392 billion in December 2024.
- Capex nearly doubled over the past five years, from $791 million in 2020 to $1.39 billion in 2024, indicating high capital requirements.
- Capital expenditures are primarily focused on the acquisition of property, plant, and equipment to expand operations, accelerate core growth at acquired companies, and support research and development. Expected capital expenditures for 2025 are $1.244 billion, increasing to $1.392 billion by 2027.
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| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.0% | 21.0% | -3.7% |
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| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 11.5% | 11.5% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.7% | 2.7% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.8% | 13.8% | -5.1% |
| 04302025 | DHR | Danaher | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.7% | 14.8% | -8.7% |
| 08312022 | DHR | Danaher | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -8.9% | -1.4% | -16.4% |
| 01312022 | DHR | Danaher | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.9% | -7.1% | -17.0% |
Research & Analysis
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Peer Comparisons for Danaher
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 167.63 |
| Mkt Cap | 109.2 |
| Rev LTM | 23,054 |
| Op Inc LTM | 3,800 |
| FCF LTM | 3,844 |
| FCF 3Y Avg | 4,116 |
| CFO LTM | 4,874 |
| CFO 3Y Avg | 5,152 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.8% |
| Rev Chg 3Y Avg | -0.4% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 16.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.6% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 16.2% |
| FCF/Rev 3Y Avg | 15.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 109.2 |
| P/S | 5.0 |
| P/EBIT | 25.2 |
| P/E | 31.5 |
| P/CFO | 24.4 |
| Total Yield | 3.7% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.8% |
| 3M Rtn | 14.8% |
| 6M Rtn | 18.5% |
| 12M Rtn | 2.5% |
| 3Y Rtn | -2.4% |
| 1M Excs Rtn | -3.4% |
| 3M Excs Rtn | 11.8% |
| 6M Excs Rtn | 4.2% |
| 12M Excs Rtn | -13.3% |
| 3Y Excs Rtn | -81.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Diagnostics | 9,577 | 10,849 | 9,844 | 7,403 | 6,561 |
| Biotechnology | 7,172 | 8,758 | 8,570 | ||
| Life Sciences | 7,141 | 7,036 | 6,388 | 10,576 | 6,951 |
| Other | 0 | ||||
| Environmental & Applied Solutions | 4,651 | 4,305 | 4,399 | ||
| Total | 23,890 | 26,643 | 29,453 | 22,284 | 17,911 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Diagnostics | 2,406 | 3,436 | 2,313 | 1,538 | 1,134 |
| Biotechnology | 1,909 | 3,008 | 3,074 | ||
| Life Sciences | 1,209 | 1,414 | 1,293 | 2,054 | 1,401 |
| Other | -322 | -322 | -269 | -340 | -318 |
| Environmental & Applied Solutions | 1,054 | 979 | 1,052 | ||
| Total | 5,202 | 7,536 | 7,465 | 4,231 | 3,269 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Biotechnology | 37,421 | 37,536 | 38,118 | ||
| Life Sciences | 23,730 | 17,572 | 19,768 | 48,919 | 22,381 |
| Diagnostics | 14,552 | 14,722 | 15,054 | 15,042 | 14,442 |
| Other | 8,785 | 9,739 | 5,362 | 7,117 | 20,377 |
| Discontinued operations | 0 | 4,781 | |||
| Environmental & Applied Solutions | 4,882 | 5,083 | 4,882 | ||
| Total | 84,488 | 84,350 | 83,184 | 76,161 | 62,082 |
Price Behavior
Price Behavior
| Market Price | $228.01 | |
| Market Cap ($ Bil) | 162.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -8.6% | |
| 50 Days | 200 Days | |
| DMA Price | $220.31 | $203.57 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 3.5% | 12.0% |
| 3M | 1YR | |
| Volatility | 30.6% | 32.9% |
| Downside Capture | 13.57 | 84.86 |
| Upside Capture | 99.31 | 72.14 |
| Correlation (SPY) | 18.2% | 54.7% |
DHR Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.10 | 0.13 | 0.22 | 0.56 | 0.90 | 0.86 |
| Up Beta | 0.31 | 0.37 | 0.46 | 0.68 | 1.04 | 0.97 |
| Down Beta | -0.00 | 0.93 | 0.48 | 0.38 | 0.90 | 0.85 |
| Up Capture | 58% | 31% | 31% | 70% | 56% | 39% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 18 | 26 | 63 | 125 | 387 |
| Down Capture | -26% | -79% | -25% | 47% | 88% | 97% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 10 | 23 | 36 | 62 | 123 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of DHR With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| DHR | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -1.8% | 13.6% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 32.7% | 17.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -0.02 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 70.6% | 55.0% | -3.9% | 11.6% | 53.5% | 20.5% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of DHR With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| DHR | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 3.5% | 8.7% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 27.8% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.14 | 0.42 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 67.9% | 56.1% | 8.2% | 8.0% | 49.5% | 19.6% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of DHR With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| DHR | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 14.3% | 10.0% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 25.0% | 16.7% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.55 | 0.50 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 69.4% | 62.3% | 6.1% | 14.7% | 49.4% | 14.8% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2025 | -1.2% | -1.8% | 0.7% |
| 7/22/2025 | 4.2% | 8.9% | 11.3% |
| 4/22/2025 | 3.8% | 5.9% | 6.9% |
| 1/13/2025 | -0.9% | 1.8% | -15.7% |
| 10/22/2024 | -2.0% | -7.1% | -10.8% |
| 7/23/2024 | 0.6% | 4.2% | 2.6% |
| 4/23/2024 | -1.1% | -2.6% | 5.6% |
| 1/8/2024 | -1.7% | -3.5% | 5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 14 |
| # Negative | 10 | 11 | 9 |
| Median Positive | 0.8% | 3.8% | 5.4% |
| Median Negative | -1.5% | -2.4% | -3.5% |
| Max Positive | 4.6% | 8.9% | 12.4% |
| Max Negative | -4.9% | -7.6% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10212025 | 10-Q 9/26/2025 |
| 6302025 | 7222025 | 10-Q 6/27/2025 |
| 3312025 | 4222025 | 10-Q 3/28/2025 |
| 12312024 | 2202025 | 10-K 12/31/2024 |
| 9302024 | 10222024 | 10-Q 9/27/2024 |
| 6302024 | 7232024 | 10-Q 6/28/2024 |
| 3312024 | 4232024 | 10-Q 3/29/2024 |
| 12312023 | 2212024 | 10-K 12/31/2023 |
| 9302023 | 10242023 | 10-Q 9/29/2023 |
| 6302023 | 7252023 | 10-Q 6/30/2023 |
| 3312023 | 4252023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 10202022 | 10-Q 9/30/2022 |
| 6302022 | 7212022 | 10-Q 7/1/2022 |
| 3312022 | 4212022 | 10-Q 4/1/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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