Danaher (DHR)
Market Price (7/20/2026): $203.83 | Market Cap: $144.3 BilSector: Health Care | Industry: Life Sciences Tools & Services
Danaher (DHR)
Market Price (7/20/2026): $203.83Market Cap: $144.3 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 -49%, 3Y Excs Rtn is -69% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 39x 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 -49%, 3Y Excs Rtn is -69% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 39x |
| 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 gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings and Raised Full-Year Guidance.
Danaher reported robust results for fiscal Q1 2026, with adjusted diluted net earnings per common share (EPS) growing 9.5% to $2.06, surpassing the consensus estimate of $1.94 by 6.19%. Revenues increased 3.5% year-over-year to $6.0 billion, and the company raised its full-year 2026 adjusted diluted net EPS guidance to a range of $8.35 to $8.55 from the previous $8.35 to $8.50. This strong financial performance, despite a lighter respiratory season, demonstrated operational efficiency and a steady recovery path.
2. Resurgence in Bioprocessing Equipment Orders.
The bioprocessing segment, particularly through its Cytiva business, experienced a significant recovery in fiscal Q1 2026, with equipment orders growing over 30% year-over-year. This marked the first positive year-over-year orders growth in nearly two years, indicating the early stages of a multiyear investment cycle in the sector. This growth was partly attributed to brownfield capacity additions and reshoring activities.
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Danaher (DHR) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings and Raised Full-Year Guidance.
Danaher reported robust results for fiscal Q1 2026, with adjusted diluted net earnings per common share (EPS) growing 9.5% to $2.06, surpassing the consensus estimate of $1.94 by 6.19%. Revenues increased 3.5% year-over-year to $6.0 billion, and the company raised its full-year 2026 adjusted diluted net EPS guidance to a range of $8.35 to $8.55 from the previous $8.35 to $8.50. This strong financial performance, despite a lighter respiratory season, demonstrated operational efficiency and a steady recovery path.
2. Resurgence in Bioprocessing Equipment Orders.
The bioprocessing segment, particularly through its Cytiva business, experienced a significant recovery in fiscal Q1 2026, with equipment orders growing over 30% year-over-year. This marked the first positive year-over-year orders growth in nearly two years, indicating the early stages of a multiyear investment cycle in the sector. This growth was partly attributed to brownfield capacity additions and reshoring activities.
3. Strategic Acquisition of Masimo Corporation.
Danaher completed the acquisition of Masimo Corporation for $9.9 billion on June 10, 2026. This strategic move is expected to enhance Danaher's diagnostics portfolio through the addition of Masimo's advanced sensor technology and AI-enabled patient monitoring solutions. The acquisition aligns with a broader industry trend of accelerating digital transformation and AI integration within the life sciences sector.
4. Positive Analyst Sentiment and Price Targets.
Analysts maintained a positive outlook on Danaher, with a consensus rating of "Moderate Buy" and an average price target of $231.64 as of July 16, 2026. This average price target suggested a potential upside of 13.03% from the stock's price of $204.93 on the same date, reflecting continued confidence in the company's prospects and strategic direction.
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Stock Movement Drivers
Fundamental Drivers
The 7.7% change in DHR stock from 3/31/2026 to 7/19/2026 was primarily driven by a 5.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 189.21 | 203.83 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,568 | 24,778 | 0.9% |
| Net Income Margin (%) | 14.7% | 14.9% | 1.2% |
| P/E Multiple | 37.0 | 39.1 | 5.6% |
| Shares Outstanding (Mil) | 707 | 708 | -0.1% |
| Cumulative Contribution | 7.7% |
Market Drivers
3/31/2026 to 7/19/2026| Return | Correlation | |
|---|---|---|
| DHR | 7.7% | |
| Market (SPY) | 14.3% | 8.7% |
| Sector (XLV) | 9.9% | 53.2% |
Fundamental Drivers
The -10.6% change in DHR stock from 12/31/2025 to 7/19/2026 was primarily driven by a -15.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 227.96 | 203.83 | -10.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,268 | 24,778 | 2.1% |
| Net Income Margin (%) | 14.4% | 14.9% | 3.1% |
| P/E Multiple | 46.2 | 39.1 | -15.4% |
| Shares Outstanding (Mil) | 711 | 708 | 0.4% |
| Cumulative Contribution | -10.6% |
Market Drivers
12/31/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| DHR | -10.6% | |
| Market (SPY) | 9.3% | 28.7% |
| Sector (XLV) | 4.5% | 55.0% |
Fundamental Drivers
The 3.9% change in DHR stock from 6/30/2025 to 7/19/2026 was primarily driven by a 4.8% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 196.09 | 203.83 | 3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,820 | 24,778 | 4.0% |
| Net Income Margin (%) | 15.8% | 14.9% | -5.8% |
| P/E Multiple | 37.3 | 39.1 | 4.8% |
| Shares Outstanding (Mil) | 716 | 708 | 1.2% |
| Cumulative Contribution | 3.9% |
Market Drivers
6/30/2025 to 7/19/2026| Return | Correlation | |
|---|---|---|
| DHR | 3.9% | |
| Market (SPY) | 21.3% | 26.2% |
| Sector (XLV) | 21.1% | 58.8% |
Fundamental Drivers
The -2.8% change in DHR stock from 6/30/2023 to 7/19/2026 was primarily driven by a -46.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7192026 | Change |
|---|---|---|---|
| Stock Price ($) | 209.60 | 203.83 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,904 | 24,778 | -0.5% |
| Net Income Margin (%) | 27.8% | 14.9% | -46.5% |
| P/E Multiple | 22.0 | 39.1 | 77.4% |
| Shares Outstanding (Mil) | 729 | 708 | 3.0% |
| Cumulative Contribution | -2.8% |
Market Drivers
6/30/2023 to 7/19/2026| Return | Correlation | |
|---|---|---|
| DHR | -2.8% | |
| Market (SPY) | 73.6% | 44.7% |
| Sector (XLV) | 27.1% | 61.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHR Return | 49% | -19% | -1% | -0% | 0% | -10% | 7% |
| Peers Return | 23% | -17% | -8% | -1% | 2% | 5% | -0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| DHR Win Rate | 83% | 33% | 50% | 42% | 42% | 43% | |
| Peers Win Rate | 67% | 42% | 47% | 50% | 53% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| DHR Max Drawdown | -14% | -28% | -25% | -19% | -30% | -33% | |
| Peers Max Drawdown | -19% | -33% | -33% | -19% | -34% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 7/17/2026 (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% | 23.8% |
| 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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Asset Allocation
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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 (DHR) is a global diversified science and technology innovator that designs, manufactures, and markets a broad range of professional, medical, industrial, and commercial products and services. Its Life Sciences segment is a key driver, providing critical tools and technologies that support scientific research and biopharmaceutical development. This includes advanced instruments like mass spectrometers and microscopes, genomics consumables, lab automation, and bioprocess solutions for filtration and purification. These offerings are essential for pharmaceutical and biopharmaceutical companies, universities, research institutions, and various industrial manufacturers to advance drug discovery, development, and manufacturing.
Beyond life sciences research, Danaher’s Diagnostics segment focuses on enabling precise disease detection and patient management. It supplies hospitals, reference laboratories, and physician offices with a comprehensive suite of clinical instruments, reagents, and software for chemistry, immunoassay, microbiology, hematology, and pathology diagnostics. Completing its portfolio is the Environmental & Applied Solutions segment, which addresses vital industrial and commercial needs. This segment offers advanced instrumentation and disinfection systems for water analysis and and treatment across residential, commercial, and industrial applications, ensuring water quality. Additionally, it provides solutions for color and appearance management, as well as marking, coding, and traceability for packaging across consumer, pharmaceutical, and industrial products.
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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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- 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 | ||
| Danaher Earnings Notes | 07/18/2026 | |
| Agilent Technologies or Danaher: Which Stock Has More Upside? | 05/13/2026 | |
| 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 | ||
| How Will Danaher Stock React To Its Upcoming Earnings? | 07/20/2026 | |
| TMO, IQV Look Smarter Buy Than Danaher Stock | 06/25/2026 | |
| 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 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.41 |
| Mkt Cap | 94.3 |
| Rev LTM | 23,072 |
| Op Inc LTM | 3,926 |
| FCF LTM | 4,174 |
| FCF 3Y Avg | 4,071 |
| CFO LTM | 5,135 |
| CFO 3Y Avg | 5,089 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 6.4% |
| Op Inc Chg 3Y Avg | 3.8% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 17.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.5% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 15.7% |
| FCF/Rev 3Y Avg | 16.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 94.3 |
| P/S | 4.8 |
| P/Op Inc | 24.0 |
| P/EBIT | 22.1 |
| P/E | 31.2 |
| P/CFO | 23.2 |
| Total Yield | 4.0% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.6% |
| 3M Rtn | 4.8% |
| 6M Rtn | -9.4% |
| 12M Rtn | 15.8% |
| 3Y Rtn | -2.1% |
| 1M Excs Rtn | 13.0% |
| 3M Excs Rtn | -0.1% |
| 6M Excs Rtn | -19.4% |
| 12M Excs Rtn | -2.8% |
| 3Y Excs Rtn | -66.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Diagnostics | 9,941 | 9,787 | 9,577 | 10,849 | 9,844 |
| Life Sciences | 7,334 | 7,329 | 7,141 | 7,036 | 6,388 |
| Biotechnology | 7,293 | 6,759 | 7,172 | 8,758 | 8,570 |
| Other | 0 | 0 | 0 | ||
| Environmental & Applied Solutions | 4,651 | ||||
| Total | 24,568 | 23,875 | 23,890 | 26,643 | 29,453 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Diagnostics | 2,650 | 2,625 | 2,406 | 3,436 | 2,313 |
| Biotechnology | 1,864 | 1,685 | 1,909 | 3,008 | 3,074 |
| Life Sciences | 520 | 879 | 1,209 | 1,414 | 1,293 |
| Other | -344 | -326 | -322 | -322 | -269 |
| Environmental & Applied Solutions | 1,054 | ||||
| Total | 4,690 | 4,863 | 5,202 | 7,536 | 7,465 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biotechnology | 37,337 | 34,605 | 37,421 | 37,536 | 38,118 |
| Life Sciences | 23,112 | 23,211 | 23,730 | 17,572 | 19,768 |
| Diagnostics | 14,748 | 14,204 | 14,552 | 14,722 | 15,054 |
| Other | 8,267 | 5,522 | 8,785 | 9,739 | 5,362 |
| Discontinued operations | 0 | 4,781 | |||
| Environmental & Applied Solutions | 4,882 | ||||
| Total | 83,464 | 77,542 | 84,488 | 84,350 | 83,184 |
Price Behavior
| Market Price | $203.83 | |
| Market Cap ($ Bil) | 144.3 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -15.4% | |
| 50 Days | 200 Days | |
| DMA Price | $182.45 | $203.68 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 11.7% | 0.1% |
| 3M | 1YR | |
| Volatility | 30.9% | 28.8% |
| Downside Capture | -44.60 | 50.64 |
| Upside Capture | -13.59 | 49.01 |
| Correlation (SPY) | -0.5% | 25.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.06 | 0.09 | 0.36 | 0.63 | 0.62 | 0.81 |
| Up Beta | -0.81 | -0.40 | 0.62 | 0.77 | 0.71 | 0.96 |
| Down Beta | 2.25 | 1.58 | 1.10 | 0.96 | 0.69 | 0.82 |
| Up Capture | -20% | -6% | 6% | 16% | 36% | 29% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 21 | 32 | 62 | 124 | 385 |
| Down Capture | -70% | -67% | -12% | 77% | 73% | 94% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 20 | 31 | 63 | 128 | 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 | 6.3% | 28.7% | 0.21 | - |
| Sector ETF (XLV) | 21.6% | 15.8% | 1.05 | 58.7% |
| Equity (SPY) | 20.2% | 12.6% | 1.18 | 26.0% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | -1.6% |
| Commodities (DBC) | 30.0% | 19.0% | 1.25 | -23.4% |
| Real Estate (VNQ) | 15.7% | 14.0% | 0.81 | 37.2% |
| Bitcoin (BTCUSD) | -46.3% | 42.8% | -1.33 | 10.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHR | |
|---|---|---|---|---|
| DHR | -3.3% | 28.1% | -0.11 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 66.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.57 | 54.5% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 6.7% |
| Commodities (DBC) | 8.7% | 19.5% | 0.34 | 3.6% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 50.7% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 18.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHR | |
|---|---|---|---|---|
| DHR | 11.6% | 25.6% | 0.45 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 69.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 60.2% |
| Gold (GLD) | 11.0% | 16.1% | 0.55 | 6.9% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 10.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 48.5% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | -5.4% | -8.0% | -12.0% |
| 1/28/2026 | -2.2% | -2.2% | -6.2% |
| 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% |
| 1/29/2025 | -0.3% | -5.2% | -7.1% |
| 10/22/2024 | -2.0% | -7.1% | -10.8% |
| 7/23/2024 | 0.6% | 4.2% | 2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 13 |
| # Negative | 12 | 12 | 11 |
| Median Positive | 2.3% | 3.4% | 5.1% |
| Median Negative | -2.0% | -2.5% | -6.2% |
| Max Positive | 4.2% | 8.9% | 12.4% |
| Max Negative | -5.4% | -8.0% | -12.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | -5.4% | -8.0% | -12.0% |
| 1/28/2026 | -2.2% | -2.2% | -6.2% |
| 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% |
| 1/29/2025 | -0.3% | -5.2% | -7.1% |
| 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% |
| 1/30/2024 | -2.1% | 1.3% | 3.3% |
| 10/24/2023 | -2.1% | -2.4% | 12.4% |
| 7/25/2023 | 3.6% | -0.3% | -0.3% |
| 4/25/2023 | 0.2% | 4.7% | -1.8% |
| 1/24/2023 | -3.2% | -2.7% | -7.0% |
| 10/20/2022 | 0.6% | 2.1% | 7.2% |
| 7/21/2022 | -1.9% | 3.5% | 4.7% |
| 4/21/2022 | -4.9% | -7.6% | -9.5% |
| 1/27/2022 | 4.1% | 7.4% | 1.6% |
| 10/21/2021 | 0.8% | -2.0% | 1.1% |
| 7/22/2021 | 0.8% | 3.0% | 11.3% |
| 4/22/2021 | 2.7% | 1.4% | -0.1% |
| 1/28/2021 | 4.1% | 3.0% | -1.3% |
| 10/22/2020 | -0.6% | -1.7% | -3.5% |
| 7/23/2020 | 1.8% | 3.3% | 5.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 13 |
| # Negative | 12 | 12 | 11 |
| Median Positive | 2.3% | 3.4% | 5.1% |
| Median Negative | -2.0% | -2.5% | -6.2% |
| Max Positive | 4.2% | 8.9% | 12.4% |
| Max Negative | -5.4% | -8.0% | -12.0% |
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 |
| 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 |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/21/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/22/2020 | 10-Q |
| 06/30/2020 | 07/23/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
| 06/30/2019 | 07/18/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Core Sales Growth | 2.5% | 25.0% | 0.5% | Higher New | Guidance: 2.0% for Q1 2026 | ||
| 2026 Core Sales Growth | 3.0% | 4.5% | 6.0% | 0.0% | 0.0% | Affirmed | Guidance: 4.5% for 2026 |
| Q2 2026 Adjusted Operating Profit Margin | 26.5% | ||||||
| 2026 Adjusted Diluted Net Earnings Per Common Share | 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 | ||||
| Q2 2026 Corporate Expense | -90.00 Mil | ||||||
| 2026 Corporate Expense | -360.00 Mil | ||||||
| Q2 2026 Interest Expense, net | -40.00 Mil | ||||||
| 2026 Interest Expense, net | -140.00 Mil | ||||||
| Q2 2026 Effective Tax Rate | 17.0% | ||||||
| 2026 Effective Tax Rate | 17.0% | ||||||
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% | ||||||
| Q1 2026 Adjusted Operating Profit Margin | 28.5% | ||||||
| 2026 Non-GAAP Core Revenue Growth | 3.0% | 4.5% | 6.0% | ||||
| 2026 Adjusted Diluted Net Earnings Per Common Share | 8.35 | 8.43 | 8.5 | 8.7% | 67.5% | Higher New | Actual: 7.75 for 2025 |
Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Diluted Net Earnings Per Common Share | 7.7 | 7.75 | 7.8 | 0.0% | Affirmed | Guidance: 7.75 for 2025 | |
| Q4 2025 Biotechnology Core Sales Growth | 5.0% | ||||||
| Q4 2025 Life Sciences Core Sales Growth | -2.0% | ||||||
| Q4 2025 Diagnostics Core Sales Growth | 0.0% | ||||||
| Q4 2025 Corporate Expense | -85.00 Mil | ||||||
| Q4 2025 Interest Expense, Net | -50.00 Mil | ||||||
| Q4 2025 Effective Tax Rate | 17.0% | ||||||
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spoon, Alan G | Direct | Sell | 5042026 | 174.67 | 1,358 | 237,207 | 21,675,904 | Form | |
| 2 | Milosevich, Gregory M | Executive Vice President | Direct | Sell | 2202026 | 208.01 | 1,320 | 274,575 | 1,060,648 | Form |
| 3 | 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 |
| 4 | List, Teri | Direct | Sell | 11192025 | 226.50 | 3,298 | 746,997 | 4,702,592 | Form | |
| 5 | Ellis, Brian W | Senior Vice President - GC | Direct | Sell | 11132025 | 219.23 | 21,776 | 4,773,863 | 3,190,394 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Spoon, Alan G | Direct | Sell | 5042026 | 174.67 | 1,358 | 237,207 | 21,675,904 | Form | |
| 2 | Milosevich, Gregory M | Executive Vice President | Direct | Sell | 2202026 | 208.01 | 1,320 | 274,575 | 1,060,648 | Form |
| 3 | 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 |
| 4 | List, Teri | Direct | Sell | 11192025 | 226.50 | 3,298 | 746,997 | 4,702,592 | Form | |
| 5 | Ellis, Brian W | Senior Vice President - GC | Direct | Sell | 11132025 | 219.23 | 21,776 | 4,773,863 | 3,190,394 | Form |
| 6 | Rales, Mitchell P | Chairman of Exec. Committee | Direct | Sell | 11132025 | 218.69 | 437,000 | 95,566,167 | 120,983,705 | Form |
| 7 | McGrew, Matthew | EVP & Chief Financial Officer | Direct | Sell | 11132025 | 214.62 | 16,172 | 3,470,831 | 4,305,702 | Form |
| 8 | Couchara, Georgeann | SVP, Human Resources | Direct | Sell | 11112025 | 210.42 | 5,174 | 1,088,704 | 552,348 | Form |
| 9 | Rales, Mitchell P | Chairman of Exec. Committee | Direct | Sell | 11042025 | 216.06 | 600,000 | 129,636,027 | 213,948,706 | Form |
| 10 | List, Teri | Direct | Sell | 8252025 | 211.06 | 2,778 | 586,319 | 4,379,595 | Form |
Investor Activity (13F)
Updated Jul 20, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Generation Investment Management LLP | $1.4 Bil | 12.4% | 29 | Hold | 13F |
| Defender Capital, LLC. | $29.9 Mil | 10.6% | 34 | Hold | 13F |
| Dorsey Asset Management, LLC | $110.0 Mil | 8.8% | 11 | TRIM -29.9% | 13F |
| Anomaly Capital Management, LP | $144.6 Mil | 8.8% | 21 | ADD +119.3% | 13F |
| Arvin Capital Management LP | $35.2 Mil | 8.2% | 23 | ADD +35.9% | 13F |
| 11 Capital Partners LP | $23.0 Mil | 7.5% | 19 | ADD +7.4% | 13F |
| Two Creeks Capital Management, LP | $67.4 Mil | 7.1% | 21 | ADD +33.0% | 13F |
| Weitz Investment Management, Inc. | $90.6 Mil | 6.3% | 49 | TRIM -7.0% | 13F |
| Manchester Global Management (UK) Ltd | $43.7 Mil | 5.8% | 23 | Hold | 13F |
| Consulta Ltd | $113.8 Mil | 5.7% | 13 | Hold | 13F |
| Spear Holdings RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| PBCay One RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| Palestra Capital Management LLC | $128.5 Mil | 5.0% | 22 | Hold | 13F |
| Third Point LLC | $99.5 Mil | 4.8% | 33 | TRIM -12.5% | 13F |
| L1 Capital International Pty Ltd | $75.1 Mil | 4.5% | 23 | Hold | 13F |
| Highlander Partners, L.P. | $11.0 Mil | 4.3% | 47 | New | 13F |
| Coalescence Partners Investment Management, LP | $18.5 Mil | 4.0% | 12 | Hold | 13F |
| D1 Capital Partners L.P. | $436.9 Mil | 3.9% | 44 | ADD +311.7% | 13F |
| BlueSpruce Investments, LP | $24.1 Mil | 3.8% | 10 | TRIM -79.8% | 13F |
| Dudley & Shanley, Inc. | $21.8 Mil | 3.6% | 38 | Hold | 13F |
| Milestones Administradora de Recursos Ltda. | $13.3 Mil | 3.5% | 17 | ADD +62.2% | 13F |
| Spinecap SAS | $9.4 Mil | 3.4% | 15 | Hold | 13F |
| Castle Hook Partners LP | $166.8 Mil | 3.4% | 44 | TRIM -23.6% | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $17.3 Mil | 3.1% | 28 | Hold | 13F |
| M.D. Sass, LLC | $38.1 Mil | 2.9% | 36 | TRIM -34.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Southpoint Capital Advisors LP | $113.8 Mil | 2.3% | 41 | New | 13F |
| Eminence Capital, LP | $106.4 Mil | 2.4% | 33 | New | 13F |
| Gates Foundation Trust | $70.7 Mil | 0.2% | 22 | New | 13F |
| Spear Holdings RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| PBCay One RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| Woodbridge Co Ltd | $19.7 Mil | 0.1% | 46 | New | 13F |
| Highlander Partners, L.P. | $11.0 Mil | 4.3% | 47 | New | 13F |
| Capco Asset Management, LLC | $8.4 Mil | 2.3% | 27 | New | 13F |
| D1 Capital Partners L.P. | $436.9 Mil | 3.9% | 44 | ADD +311.7% | 13F |
| Anomaly Capital Management, LP | $144.6 Mil | 8.8% | 21 | ADD +119.3% | 13F |
| Milestones Administradora de Recursos Ltda. | $13.3 Mil | 3.5% | 17 | ADD +62.2% | 13F |
| Arvin Capital Management LP | $35.2 Mil | 8.2% | 23 | ADD +35.9% | 13F |
| Two Creeks Capital Management, LP | $67.4 Mil | 7.1% | 21 | ADD +33.0% | 13F |
| Skye Global Management LP | $47.0 Mil | 1.0% | 44 | ADD +26.5% | 13F |
| Unisphere Establishment | $121.2 Mil | 1.0% | 50 | ADD +12.3% | 13F |
| Mar Vista Investment Partners LLC | $22.8 Mil | 2.3% | 35 | ADD +12.3% | 13F |
| 11 Capital Partners LP | $23.0 Mil | 7.5% | 19 | ADD +7.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Tri Locum Partners LP | $79.4 Mil | 10.3% | 15 | Exited | Dec 31, 2025 | 13F |
| Cartenna Capital, LP | $60.7 Mil | 3.2% | 36 | Exited | Dec 31, 2025 | 13F |
| Saraza Management, LP | $17.2 Mil | 6.7% | 15 | Exited | Dec 31, 2025 | 13F |
| Napean Trading & Investment Co (Singapore) PTE Ltd | $13.7 Mil | 2.7% | 37 | Exited | Dec 31, 2025 | 13F |
| Archon Partners LLC | $9.2 Mil | 1.0% | 42 | Exited | Dec 31, 2025 | 13F |
| Cooper Investors PTY LTD | $7.0 Mil | 2.3% | 41 | Exited | Dec 31, 2025 | 13F |
| BlueSpruce Investments, LP | $24.1 Mil | 3.8% | 10 | TRIM -79.8% | Mar 31, 2026 | 13F |
| Owl Creek Asset Management, L.P. | $6.6 Mil | 1.3% | 21 | TRIM -45.4% | Mar 31, 2026 | 13F |
| M.D. Sass, LLC | $38.1 Mil | 2.9% | 36 | TRIM -34.0% | Mar 31, 2026 | 13F |
| Blue Whale Capital LLP | $29.2 Mil | 1.4% | 26 | TRIM -32.1% | Mar 31, 2026 | 13F |
| Dorsey Asset Management, LLC | $110.0 Mil | 8.8% | 11 | TRIM -29.9% | Mar 31, 2026 | 13F |
| Castle Hook Partners LP | $166.8 Mil | 3.4% | 44 | TRIM -23.6% | Mar 31, 2026 | 13F |
| Glenview Capital Management, LLC | $29.6 Mil | 0.8% | 41 | TRIM -21.9% | Mar 31, 2026 | 13F |
| Third Point LLC | $99.5 Mil | 4.8% | 33 | TRIM -12.5% | Mar 31, 2026 | 13F |
| Weitz Investment Management, Inc. | $90.6 Mil | 6.3% | 49 | TRIM -7.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Generation Investment Management LLP | $1.4 Bil | 12.4% | 29 | Hold | 13F |
| D1 Capital Partners L.P. | $436.9 Mil | 3.9% | 44 | ADD +311.7% | 13F |
| Mirova US LLC | $199.4 Mil | 2.3% | 42 | Hold | 13F |
| Castle Hook Partners LP | $166.8 Mil | 3.4% | 44 | TRIM -23.6% | 13F |
| Anomaly Capital Management, LP | $144.6 Mil | 8.8% | 21 | ADD +119.3% | 13F |
| Palestra Capital Management LLC | $128.5 Mil | 5.0% | 22 | Hold | 13F |
| Unisphere Establishment | $121.2 Mil | 1.0% | 50 | ADD +12.3% | 13F |
| Consulta Ltd | $113.8 Mil | 5.7% | 13 | Hold | 13F |
| Southpoint Capital Advisors LP | $113.8 Mil | 2.3% | 41 | New | 13F |
| Dorsey Asset Management, LLC | $110.0 Mil | 8.8% | 11 | TRIM -29.9% | 13F |
| Eminence Capital, LP | $106.4 Mil | 2.4% | 33 | New | 13F |
| Third Point LLC | $99.5 Mil | 4.8% | 33 | TRIM -12.5% | 13F |
| Weitz Investment Management, Inc. | $90.6 Mil | 6.3% | 49 | TRIM -7.0% | 13F |
| L1 Capital International Pty Ltd | $75.1 Mil | 4.5% | 23 | Hold | 13F |
| Gates Foundation Trust | $70.7 Mil | 0.2% | 22 | New | 13F |
| Two Creeks Capital Management, LP | $67.4 Mil | 7.1% | 21 | ADD +33.0% | 13F |
| Spear Holdings RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| PBCay One RSC Ltd | $52.9 Mil | 5.7% | 17 | New | 13F |
| Skye Global Management LP | $47.0 Mil | 1.0% | 44 | ADD +26.5% | 13F |
| Manchester Global Management (UK) Ltd | $43.7 Mil | 5.8% | 23 | Hold | 13F |
| M.D. Sass, LLC | $38.1 Mil | 2.9% | 36 | TRIM -34.0% | 13F |
| Arvin Capital Management LP | $35.2 Mil | 8.2% | 23 | ADD +35.9% | 13F |
| Defender Capital, LLC. | $29.9 Mil | 10.6% | 34 | Hold | 13F |
| Glenview Capital Management, LLC | $29.6 Mil | 0.8% | 41 | TRIM -21.9% | 13F |
| Blue Whale Capital LLP | $29.2 Mil | 1.4% | 26 | TRIM -32.1% | 13F |
Danaher — Investor Video Playlist
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
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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