Danaher (DHR)
Market Price (5/4/2026): $175.14 | Market Cap: $124.0 BilSector: Health Care | Industry: Life Sciences Tools & Services
Danaher (DHR)
Market Price (5/4/2026): $175.14Market Cap: $124.0 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 6.4 Bil, FCF LTM is 5.3 Bil Stock buyback supportStock Buyback 3Y Total is 9.1 Bil Low stock price volatilityVol 12M is 29% 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 -70%, 3Y Excs Rtn is -92% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/EPrice/Earnings or Price/(Net Income) is 34x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% 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 6.4 Bil, FCF LTM is 5.3 Bil |
| Stock buyback supportStock Buyback 3Y Total is 9.1 Bil |
| Low stock price volatilityVol 12M is 29% |
| 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 -70%, 3Y Excs Rtn is -92% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/EPrice/Earnings or Price/(Net Income) is 34x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1% |
| Key risksDHR key risks include [1] a heavy reliance on its acquisition-based growth strategy, Show more. |
Qualitative Assessment
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Danaher (DHR) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Strategic Shift and Debt Associated with Masimo Acquisition.
In February 2026, Danaher announced its intention to acquire Masimo Corporation for approximately $9.9 billion. This acquisition raised concerns among analysts due to Masimo's focus on patient monitoring, which deviates from Danaher's traditional emphasis on life sciences tools. The deal is planned to be financed through a combination of cash and new debt, including a $5.0 billion 364-day facility. This strategic move and the associated debt financing led to an immediate nearly 3% drop in Danaher's shares upon the announcement, reflecting investor apprehension regarding the company's acquisition strategy.
2. Mixed First Quarter 2026 Financial Results.
Danaher reported its first-quarter 2026 results on April 21, 2026, which presented a mixed financial picture. While non-GAAP adjusted diluted net earnings per common share increased 9.5% to $2.06, surpassing analyst estimates of $1.94, total revenues of $6.0 billion fell short of consensus expectations by approximately $50 million to $106 million. Specifically, the Diagnostics segment experienced a contraction of about 2% year-over-year, missing its anticipated performance. This revenue miss, despite the earnings beat and a slight increase in full-year earnings guidance, contributed to investor caution.
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1. Strategic Shift and Debt Associated with Masimo Acquisition.
In February 2026, Danaher announced its intention to acquire Masimo Corporation for approximately $9.9 billion. This acquisition raised concerns among analysts due to Masimo's focus on patient monitoring, which deviates from Danaher's traditional emphasis on life sciences tools. The deal is planned to be financed through a combination of cash and new debt, including a $5.0 billion 364-day facility. This strategic move and the associated debt financing led to an immediate nearly 3% drop in Danaher's shares upon the announcement, reflecting investor apprehension regarding the company's acquisition strategy.
2. Mixed First Quarter 2026 Financial Results.
Danaher reported its first-quarter 2026 results on April 21, 2026, which presented a mixed financial picture. While non-GAAP adjusted diluted net earnings per common share increased 9.5% to $2.06, surpassing analyst estimates of $1.94, total revenues of $6.0 billion fell short of consensus expectations by approximately $50 million to $106 million. Specifically, the Diagnostics segment experienced a contraction of about 2% year-over-year, missing its anticipated performance. This revenue miss, despite the earnings beat and a slight increase in full-year earnings guidance, contributed to investor caution.
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Stock Movement Drivers
Fundamental Drivers
The -19.8% change in DHR stock from 1/31/2026 to 5/3/2026 was primarily driven by a -24.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 218.42 | 175.15 | -19.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,268 | 24,778 | 2.1% |
| Net Income Margin (%) | 14.4% | 14.9% | 3.1% |
| P/E Multiple | 44.3 | 33.6 | -24.2% |
| Shares Outstanding (Mil) | 711 | 708 | 0.4% |
| Cumulative Contribution | -19.8% |
Market Drivers
1/31/2026 to 5/3/2026| Return | Correlation | |
|---|---|---|
| DHR | -19.8% | |
| Market (SPY) | 3.6% | 46.8% |
| Sector (XLV) | -5.8% | 49.5% |
Fundamental Drivers
The -18.4% change in DHR stock from 10/31/2025 to 5/3/2026 was primarily driven by a -22.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 214.62 | 175.15 | -18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,268 | 24,778 | 2.1% |
| Net Income Margin (%) | 14.4% | 14.9% | 3.1% |
| P/E Multiple | 43.5 | 33.6 | -22.8% |
| Shares Outstanding (Mil) | 711 | 708 | 0.4% |
| Cumulative Contribution | -18.4% |
Market Drivers
10/31/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| DHR | -18.4% | |
| Market (SPY) | 5.5% | 41.5% |
| Sector (XLV) | 1.5% | 54.6% |
Fundamental Drivers
The -11.5% change in DHR stock from 4/30/2025 to 5/3/2026 was primarily driven by a -10.8% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 197.97 | 175.15 | -11.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,820 | 24,778 | 4.0% |
| Net Income Margin (%) | 15.8% | 14.9% | -5.8% |
| P/E Multiple | 37.7 | 33.6 | -10.8% |
| Shares Outstanding (Mil) | 716 | 708 | 1.2% |
| Cumulative Contribution | -11.5% |
Market Drivers
4/30/2025 to 5/3/2026| Return | Correlation | |
|---|---|---|
| DHR | -11.5% | |
| Market (SPY) | 30.4% | 40.3% |
| Sector (XLV) | 5.2% | 63.4% |
Fundamental Drivers
The -15.4% change in DHR stock from 4/30/2023 to 5/3/2026 was primarily driven by a -46.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5032026 | Change |
|---|---|---|---|
| Stock Price ($) | 207.09 | 175.15 | -15.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,904 | 24,778 | -0.5% |
| Net Income Margin (%) | 27.8% | 14.9% | -46.5% |
| P/E Multiple | 21.8 | 33.6 | 54.3% |
| Shares Outstanding (Mil) | 729 | 708 | 3.0% |
| Cumulative Contribution | -15.4% |
Market Drivers
4/30/2023 to 5/3/2026| Return | Correlation | |
|---|---|---|
| DHR | -15.4% | |
| Market (SPY) | 78.7% | 47.2% |
| Sector (XLV) | 14.3% | 61.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHR Return | 49% | -19% | -1% | -0% | 0% | -22% | -7% |
| Peers Return | 23% | -17% | -8% | -1% | 2% | -13% | -18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| DHR Win Rate | 83% | 33% | 50% | 42% | 42% | 0% | |
| Peers Win Rate | 67% | 42% | 47% | 50% | 53% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DHR Max Drawdown | -4% | -28% | -21% | -3% | -24% | -22% | |
| Peers Max Drawdown | -4% | -30% | -27% | -12% | -25% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | DHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.7% | -18.8% |
| % Gain to Breakeven | 17.2% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.4% | -9.5% |
| % Gain to Breakeven | 22.6% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.3% | -6.7% |
| % Gain to Breakeven | 15.4% | 7.1% |
| Time to Breakeven | 71 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.8% | -24.5% |
| % Gain to Breakeven | 33.1% | 32.4% |
| Time to Breakeven | 813 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 35.0% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.6% | -19.2% |
| % Gain to Breakeven | 14.4% | 23.7% |
| Time to Breakeven | 37 days | 105 days |
In The Past
Danaher's stock fell -14.7% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.
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| Event | DHR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.8% | -24.5% |
| % Gain to Breakeven | 33.1% | 32.4% |
| Time to Breakeven | 813 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.9% | -33.7% |
| % Gain to Breakeven | 35.0% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.8% | -17.9% |
| % Gain to Breakeven | 27.8% | 21.8% |
| Time to Breakeven | 112 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -45.7% | -53.4% |
| % Gain to Breakeven | 84.1% | 114.4% |
| Time to Breakeven | 605 days | 1085 days |
In The Past
Danaher's stock fell -14.7% during the 2025 US Tariff Shock. Such a loss loss requires a 17.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Danaher (DHR)
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:
- Danaher is like the 'Intel Inside' for scientific and medical industries, providing the critical instruments, software, and consumables that power labs, hospitals, and biopharmaceutical manufacturing.
- Think of Danaher as a high-tech 3M, providing a diverse array of specialized instruments and solutions for scientific research, healthcare diagnostics, and environmental management.
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- Life Sciences Instrumentation: Provides mass spectrometers, flow cytometers, microscopes, and related lab automation tools and consumables for research and development.
- Bioprocess Technologies: Offers technologies, consumables, and services for biopharmaceutical manufacturing, including filtration, separation, and purification.
- Diagnostics Systems: Supplies clinical instruments, reagents, and software for a broad range of diagnostic testing, including chemistry, immunoassay, microbiology, and pathology.
- Water Quality Management: Develops instrumentation, consumables, and disinfection systems for analyzing, treating, and managing water quality across various applications.
- Product Identification & Color Management: Provides instruments, software, and services for color and appearance management, packaging design, printing, marking, coding, and traceability.
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Danaher (DHR) primarily sells its products and services to other companies and institutions. Based on the provided background, its major customers are broadly categorized as follows:
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Pharmaceutical and Biopharmaceutical Companies: These companies rely on Danaher's life sciences tools, bioprocess technologies, genomics consumables, and gene/cell therapy solutions, as well as packaging and marking systems. Examples include Pfizer (PFE), Johnson & Johnson (JNJ), and Merck & Co. (MRK).
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Healthcare Providers and Diagnostic Laboratories: This category includes hospitals, physicians' offices, reference laboratories, and other critical care settings that utilize Danaher's diagnostics systems, reagents, consumables, and services. Examples include Quest Diagnostics (DGX) and LabCorp (LH).
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Academic and Research Institutions: Universities, medical schools, and research institutions are significant customers for Danaher's various life sciences instruments and consumables like mass spectrometers, microscopes, and lab automation. These are typically non-profit or government-funded entities and do not have stock symbols.
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Industrial, Commercial, and Food & Beverage Companies: This broad group encompasses industrial manufacturers, food and beverage companies, consumer product companies, and commercial entities that rely on Danaher's environmental solutions for water analysis and treatment, as well as instruments for color and appearance management, packaging, printing, marking, and coding. Examples include PepsiCo (PEP) and various industrial manufacturing firms.
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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 and has been a director since 2020. He joined Danaher in 2010 and held various leadership roles, including Executive Vice President of Danaher's Life Sciences platform from 2017 to September 2020 and Vice President–Group Executive from 2014 to 2017. Prior to joining Danaher, he was President and CEO of MAPEI Americas and held leadership positions with BASF Group across three continents. Mr. Blair is also a U.S. Army veteran and serves on Nestlé's board of directors.
Matthew M. McGrew, Executive Vice President and Chief Financial Officer
Matthew M. McGrew has served as Danaher's Executive Vice President and Chief Financial Officer since January 2019. He joined Danaher in 2004 as Director, M&A Finance and has held roles of increasing responsibility, including Vice President of Investor Relations from 2009 to 2014 and a Danaher Group CFO from 2012 to 2018. Prior to joining Danaher, Mr. McGrew was a director in the Transaction Services Group at KPMG. He is slated to step down from his CFO role effective February 28, 2026, and will continue as an Executive Vice President as he transitions to retirement.
Julie Sawyer Montgomery, Executive Vice President, Danaher Diagnostics Platform
Julie Sawyer Montgomery serves as the Executive Vice President of Danaher's Diagnostics Platform.
Greg Milosevich, Executive Vice President, Life Sciences
Greg Milosevich holds the position of Executive Vice President for Danaher's Life Sciences segment.
Chris Riley, Executive Vice President, Biotechnology Group and CEO, Cytiva
Chris Riley is the Executive Vice President of Danaher's Biotechnology Group and also serves as the CEO of Cytiva.
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Here are the key risks to Danaher's business:- High Capital Intensity, Debt, and Acquisition-Related Risks: Danaher is a capital-intensive business with significant capital needs and mounting debt levels, often used to finance acquisitions. There is a risk that acquisitions may not be successful, leading to increased debt and integration challenges. For example, the acquisition of Masimo has raised concerns about higher debt levels and integration risks.
- Declining Organic Revenue Growth and Profitability: The company has experienced declining organic revenue growth, suggesting that its core business may be underperforming due to decreasing demand. This trend could necessitate improvements in product offerings, pricing strategies, or market approaches. Additionally, Danaher has seen shrinking adjusted operating margins and a declining Return on Invested Capital (ROIC), indicating potential challenges in capital efficiency and overall profitability.
- Legal & Regulatory Risks and Governance Scrutiny: Danaher faces legal and regulatory risks, including the potential for changes in governmental regulations to reduce demand for its products or increase expenses. Furthermore, there is ongoing scrutiny, including investigations by law firms, into potential breaches of fiduciary duties by certain officers and directors, particularly concerning capital allocation decisions related to large acquisitions like Masimo. Such investigations can impact investor confidence in future mergers and acquisitions and overall governance.
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The clear emerging threat for Danaher is the rapid advancement and adoption of **point-of-care (POC) testing and non-invasive diagnostic technologies** in the healthcare industry.
Danaher's Diagnostics segment primarily provides clinical instruments, reagents, consumables, software, and services for centralized laboratories, hospitals, and reference labs. This established model is increasingly challenged by highly accurate, comprehensive, and cost-effective diagnostic devices that can be used directly at the patient's bedside, in physicians' offices, or even at home, reducing the need for large, traditional lab setups.
This trend is analogous to how Apple's iPhone disrupted Research in Motion's BlackBerry by offering a more convenient and versatile platform that eventually rendered dedicated communication devices less appealing, or how Netflix's on-demand streaming model disrupted Blockbuster's physical rental business. Similarly, the ability to obtain diagnostic results quickly and conveniently at the point of care, or even through entirely non-invasive means, poses a direct threat to the demand for Danaher's core centralized lab diagnostic systems and associated consumables.
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Addressable Markets for Danaher Corporation (DHR)
Danaher Corporation operates across three main segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions, each serving significant global markets.Life Sciences Segment
- Mass Spectrometry: The global mass spectrometry market size was estimated at USD 6.6 billion in 2024 and is projected to reach USD 10.65 billion by 2030. Another estimate places the global market at USD 8.17 billion in 2025, growing to approximately USD 17.75 billion by 2035.
- Flow Cytometry: The global flow cytometry market size was valued at USD 6.66 billion in 2025 and is projected to grow to USD 14.12 billion by 2034. Alternatively, the global market was accounted at USD 6.13 billion in 2025, expected to reach around USD 12.97 billion by 2035.
- Genomics: The global genomics market is projected to reach USD 85.09 billion by 2030 from USD 47.07 billion in 2025. Another forecast indicates the global genomics market size is expected to reach USD 175.18 billion by 2034, increasing from USD 44.21 billion in 2025. For genomics services specifically, the global market was valued at USD 9.80 billion in 2025 and is projected to grow to USD 30.85 billion by 2034.
- Lab Automation: The global laboratory automation market size was valued at USD 9.2 billion in 2025 and is projected to grow to USD 20.71 billion by 2034. Another report estimates the global lab automation market size at USD 8.36 billion in 2025, increasing to approximately USD 14.78 billion by 2034.
- Bioprocess Technologies: The global bioprocess technology market size was valued at USD 31.21 billion in 2024 and is estimated to reach USD 55.73 billion by 2033. Another source projects the global market to grow from USD 34.4 billion in 2025 to USD 141.5 billion by 2035.
- Gene and Cell Therapy Manufacturing: The global cell and gene therapy manufacturing market size was estimated at USD 21.15 billion in 2025 and is projected to hit around USD 215.18 billion by 2035. Another report indicates the global market will grow from USD 19.3 billion in 2024 to an estimated USD 146.2 billion by 2032.
- Pharmaceutical Filtration: The global pharmaceutical filtration market size is projected to grow from USD 13.21 billion in 2025 to USD 22.54 billion by 2032. Another source states the global market size was USD 13.64 billion in 2025, predicted to reach approximately USD 20.38 billion by 2034.
Diagnostics Segment
- In Vitro Diagnostics (IVD): The global in vitro diagnostics market size was estimated at USD 106.29 billion in 2025 and is projected to reach USD 128.18 billion by 2033. Other estimates for the global market include USD 77.73 billion in 2025, reaching USD 135.65 billion by 2034, USD 104.01 billion in 2025, reaching around USD 135.76 billion by 2035, and USD 122.6 billion in 2025, reaching USD 186.6 billion by 2034.
Environmental & Applied Solutions Segment
- Water Analysis Instrumentation: The global water analysis instrumentation market is projected to grow from USD 4.1 billion in 2025 to USD 7.1 billion by 2035. Another source indicates the global market size is estimated to reach over USD 8.20 billion by 2032 from a value of USD 4.78 billion in 2024. The global market size was also reported as USD 4.09 billion in 2026, reaching USD 6.37 billion by 2035.
- Color and Appearance Management (Software and Instruments): The global market for Color Management Software was estimated to be worth US$ 972 million in 2025 and is projected to reach US$ 1437 million by 2032. The global Color Management Comprehensive Measuring Instrument market was valued at USD 84.5 million in 2024 and is projected to reach USD 109 million by 2031.
- Product Identification, Marking, Coding, and Traceability: Null
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Danaher Corporation (DHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Strong Bioprocessing Segment Growth: Danaher anticipates high single-digit growth in its bioprocessing business, particularly fueled by continued strength in consumables and increasing demand for monoclonal antibodies and biosimilar production. This segment is consistently highlighted as a primary driver of overall revenue growth.
- Continuous Innovation and New Product Launches: The company is focused on accelerating investments in innovation, leading to the launch of several impactful new products and technologies across its Life Sciences and Diagnostics segments. Recent examples include the expansion of Cytiva's Xcellerex X-platform bioreactor, the introduction of SCIEX's ZenoTOF 8600 mass spectrometer, and the expansion of Beckman Coulter Diagnostics' immunoassay platform. New product revenue has recently contributed significantly to growth.
- Strategic Acquisitions: Danaher has a proven track record of strategic acquisitions to enhance its portfolio, expand into attractive markets, and acquire companies with strong market positions and recurring revenue streams. Management views the M&A environment as more constructive, with a strong balance sheet ready for strategic acquisitions. Recent notable acquisitions include Masimo, expected to be accretive and enhance growth and margins.
- Improving Momentum in Diagnostics and Life Sciences End Markets: While some areas faced challenges, Danaher expects a gradual improvement in its broader Diagnostics and Life Sciences end markets. This includes sustained growth in non-respiratory Cepheid revenue, with particular strength in areas like sexual health and virology assays, driven by increasing menu adoption and system utilization, as well as geographic expansion opportunities.
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Share Repurchases
- Danaher's annual share buybacks totaled $5.979 billion in 2024.
- In 2025, annual share buybacks for Danaher amounted to $3.088 billion.
- The trailing twelve months (TTM) annual share buybacks for DHR stock were $772 million.
Outbound Investments
- Danaher announced plans in February 2026 to acquire Masimo Corporation for an enterprise value of $9.9 billion, with the deal projected to close in the second half of 2026.
- In 2023, Danaher completed the acquisition of Abcam for approximately $5.7 billion.
- Danaher invested $9.6 billion in the acquisition of Aldevron in 2021.
Capital Expenditures
- Danaher's capital expenditures for fiscal year 2024 reached a peak of $1.392 billion.
- Capital expenditures for fiscal year 2025 were $1.156 billion.
- From fiscal years 2021 to 2025, Danaher's capital expenditures averaged $1.258 billion annually.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Better Bet Than Danaher Stock: IQV, TCMD Deliver More | 04/23/2026 | |
| Danaher vs Agilent Technologies: Which Stock Could Rally? | 04/23/2026 | |
| Danaher Earnings Notes | 12/27/2025 | |
| Danaher Stock Now 3.8% Cheaper, Time To Buy | 12/16/2025 | |
| How Low Can Danaher Stock Really Go? | 10/17/2025 | |
| DHR Leadership & 32% Price Drop - Time to Buy? | 10/15/2025 | |
| Now Is Not The Time To Buy Danaher Stock | 10/04/2025 | |
| DHR Surges 7.4% In A Single Day: Where Does It Rank Among Competitors? | 10/02/2025 | |
| ARTICLES | ||
| S&P 500 Stocks Trading At 52-Week Low | 05/02/2026 | |
| Stocks Trading At 52-Week Low | 04/25/2026 | |
| IQV Looks Smarter Buy Than Danaher Stock | 04/23/2026 | |
| Is Agilent Technologies a Better Buy Than Danaher? | 04/23/2026 | |
| Danaher Stock: Join the Rally at a 3.8% Discount | 12/16/2025 |
Trade Ideas
Select ideas related to DHR.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | 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 | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 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% | -9.6% | -10.5% |
| 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% |
| 03312021 | DHR | Danaher | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 36.4% | 30.7% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 142.55 |
| Mkt Cap | 83.3 |
| Rev LTM | 23,351 |
| Op Inc LTM | 3,932 |
| FCF LTM | 3,961 |
| FCF 3Y Avg | 3,992 |
| CFO LTM | 4,916 |
| CFO 3Y Avg | 5,019 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 0.9% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 6.1% |
| Op Inc Chg 3Y Avg | 3.8% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 17.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 20.4% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 15.6% |
| FCF/Rev 3Y Avg | 15.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 83.3 |
| P/S | 4.2 |
| P/Op Inc | 21.8 |
| P/EBIT | 18.8 |
| P/E | 25.0 |
| P/CFO | 19.2 |
| Total Yield | 4.5% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.9% |
| 3M Rtn | -15.9% |
| 6M Rtn | -17.8% |
| 12M Rtn | 8.7% |
| 3Y Rtn | -15.8% |
| 1M Excs Rtn | -14.8% |
| 3M Excs Rtn | -20.1% |
| 6M Excs Rtn | -21.8% |
| 12M Excs Rtn | -29.2% |
| 3Y Excs Rtn | -91.5% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biotechnology | 34,605 | 37,421 | 37,536 | 38,118 | |
| Life Sciences | 23,211 | 23,730 | 17,572 | 19,768 | 48,919 |
| Diagnostics | 14,204 | 14,552 | 14,722 | 15,054 | 15,042 |
| Other | 5,522 | 8,785 | 9,739 | 5,362 | 7,117 |
| Discontinued operations | 0 | 4,781 | |||
| Environmental & Applied Solutions | 4,882 | 5,083 | |||
| Total | 77,542 | 84,488 | 84,350 | 83,184 | 76,161 |
Price Behavior
Price Behavior
| Market Price | $175.15 | |
| Market Cap ($ Bil) | 124.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -27.5% | |
| 50 Days | 200 Days | |
| DMA Price | $192.81 | $208.06 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -9.2% | -15.8% |
| 3M | 1YR | |
| Volatility | 28.0% | 29.2% |
| Downside Capture | 0.80 | 0.62 |
| Upside Capture | 15.56 | 68.68 |
| Correlation (SPY) | 46.3% | 40.4% |
DHR Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.11 | 1.00 | 0.88 | 0.77 | 0.94 | 0.83 |
| Up Beta | 1.21 | 1.24 | 1.20 | 0.99 | 1.17 | 0.99 |
| Down Beta | -0.34 | 1.02 | 1.28 | 0.44 | 0.80 | 0.79 |
| Up Capture | 21% | 30% | 14% | 49% | 57% | 32% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 20 | 31 | 62 | 127 | 387 |
| Down Capture | 366% | 147% | 118% | 104% | 108% | 96% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 23 | 33 | 63 | 125 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHR | |
|---|---|---|---|---|
| DHR | -11.6% | 29.1% | -0.42 | - |
| Sector ETF (XLV) | 5.2% | 16.0% | 0.13 | 63.4% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 40.3% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | -7.9% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -18.0% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 37.1% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHR | |
|---|---|---|---|---|
| DHR | -4.8% | 27.8% | -0.16 | - |
| Sector ETF (XLV) | 5.0% | 14.6% | 0.17 | 66.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 56.1% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 6.3% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 4.7% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 49.9% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHR | |
|---|---|---|---|---|
| DHR | 11.0% | 25.4% | 0.43 | - |
| Sector ETF (XLV) | 9.1% | 16.5% | 0.45 | 69.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 61.3% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | 6.3% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 12.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 48.5% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 13.4% |
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 |
| 4/21/2026 | -5.4% | -8.0% | |
| 1/12/2026 | 0.3% | -1.0% | -7.8% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 14 |
| # Negative | 11 | 13 | 10 |
| Median Positive | 0.8% | 3.8% | 5.4% |
| Median Negative | -1.7% | -2.4% | -3.6% |
| Max Positive | 4.6% | 8.9% | 12.4% |
| Max Negative | -5.4% | -8.0% | -15.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/21/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/20/2022 | 10-Q |
| 06/30/2022 | 07/21/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | 2.5% | 25.0% | 0.5% | Raised | Guidance: 2.0% for Q1 2026 | ||
| Q2 2026 Operating Margin | 26.5% | -7.0% | -2.0% | Lowered | Guidance: 28.5% for Q1 2026 | ||
| Q2 2026 Corporate Expense | 90.00 Mil | Higher New | |||||
| Q2 2026 Interest Expense, net | 40.00 Mil | Higher New | |||||
| Q2 2026 Effective Tax Rate | 17.0% | Same New | |||||
| 2026 Revenue Growth | 3.0% | 4.5% | 6.0% | 0 | Affirmed | Guidance: 4.5% for 2026 | |
| 2026 EPS | 8.35 | 8.45 | 8.55 | 0.3% | Raised | Guidance: 8.43 for 2026 | |
| 2026 Cepheid Respiratory Revenue | 1.60 Bil | 1.65 Bil | 1.70 Bil | Higher New | |||
| 2026 Corporate Expense | 360.00 Mil | Higher New | |||||
| 2026 Interest Expense, net | 140.00 Mil | Higher New | |||||
| 2026 Effective Tax Rate | 17.0% | Same New | |||||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Non-GAAP Core Revenue Growth | 2.0% | Higher New | |||||
| Q1 2026 Adjusted Operating Profit Margin | 28.5% | Higher New | |||||
| 2026 Non-GAAP Core Revenue Growth | 3.0% | 4.5% | 6.0% | Higher New | |||
| 2026 Adjusted Diluted Net Earnings Per Common Share | 8.35 | 8.43 | 8.5 | 8.7% | Higher New | Actual: 7.75 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Milosevich, Gregory M | Executive Vice President | Direct | Sell | 2202026 | 208.01 | 1,320 | 274,575 | 1,060,648 | Form |
| 2 | Rales, Mitchell P | Chairman of Exec. Committee | Through the Mitchell P. Rales Family Trust | Sell | 11262025 | 230.38 | 40,625 | 9,359,067 | 195,820,472 | Form |
| 3 | List, Teri | Direct | Sell | 11192025 | 226.50 | 3,298 | 746,997 | 4,702,592 | Form | |
| 4 | Ellis, Brian W | Senior Vice President - GC | Direct | Sell | 11132025 | 219.23 | 21,776 | 4,773,863 | 3,190,394 | Form |
| 5 | Rales, Mitchell P | Chairman of Exec. Committee | Direct | Sell | 11132025 | 218.69 | 437,000 | 95,566,167 | 120,983,705 | Form |
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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