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Investment Highlights Market Valuation Price Chart Return vs. Risk About DHR Interactive Breakdown Better Bets vs. DHR Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Danaher (DHR)

Market Price (10/31/2025): $212.95 | Market Cap: $151.3 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Danaher (DHR)

Market Price (10/31/2025): $212.95
Market Cap: $151.3 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19%		 Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -79%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 44x
1 Attractive cash flow generation
CFO/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 revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%
2 Low stock price volatility
Vol 12M is 33%		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 19%
1 Attractive cash flow generation
CFO/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
2 Low stock price volatility
Vol 12M is 33%
3 Weak multi-year price returns
2Y Excs Rtn is -53%, 3Y Excs Rtn is -79%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 44x
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%

Market Valuation & Key Metrics

DHRS&P 500
REVENUE GROWTH 
Rev LTM ($ Bil)24.3
Rev Chg Q4.4%6.4%
Rev Chg LTM2.2%5.4%
Rev Chg 3Y Avg-1.9%5.3%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)4.6
CFO LTM ($ Bil)6.3
Net Inc LTM ($ Bil)3.5
Op Mgn LTM19.0%18.7%
CFO/Rev LTM26.0%20.4%
Net Inc Mgn14.4%12.8%
VALUATIONVERY HIGH
P/S6.23.2
P/CFO24.015.5
P/FCF30.220.6
P/E43.223.6
STABILITYGOOD
Debt/Equity0.110.21
Cash/Assets0.020.07

DHR Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The 9.7% change in DHR stock from 5/1/2025 to 10/30/2025 was primarily driven by a 17.0% change in the company's P/E Multiple.

501202510302025Change
Stock Price ($)196.05215.059.69%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)23820.0024268.001.88%
Net Income Margin (%)15.81%14.43%-8.68%
P/E Multiple37.3043.6316.97%
Shares Outstanding (Mil)716.30710.700.78%
Cumulative Contribution9.68%

LTM = Last Twelve Months as of date shown
The -10.7% change in DHR stock from 10/30/2024 to 10/30/2025 was primarily driven by a -11.9% change in the company's Net Income Margin (%).

1030202410302025Change
Stock Price ($)240.86215.05-10.72%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)23742.0024268.002.22%
Net Income Margin (%)16.39%14.43%-11.95%
P/E Multiple44.7443.63-2.49%
Shares Outstanding (Mil)723.00710.701.70%
Cumulative Contribution-10.74%

LTM = Last Twelve Months as of date shown
The -2.4% change in DHR stock from 10/31/2022 to 10/30/2025 was primarily driven by a -43.2% change in the company's Net Income Margin (%).

1031202210302025Change
Stock Price ($)220.32215.05-2.39%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)26599.0024268.00-8.76%
Net Income Margin (%)25.43%14.43%-43.25%
P/E Multiple23.7343.6383.90%
Shares Outstanding (Mil)728.50710.702.44%
Cumulative Contribution-2.45%

LTM = Last Twelve Months as of date shown

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
DHR Return45%49%-19%-1%-0%-6%68%
Peers Return35%38%-21%1%6%4%65%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
DHR Win Rate67%83%33%50%42%22% 
Peers Win Rate62%75%42%52%58%42% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
DHR Max Drawdown-21%-4%-28%-21%-3%-24% 
Peers Max Drawdown-36%-4%-35%-21%-13%-33% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TMO, GLW, A, AVTR, BRKR. 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 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventDHRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-44.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven79.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven39.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven35 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-13.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven15.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven38 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-45.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven84.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven605 days1480 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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Danaher (DHR)

Better Bets than Danaher (DHR)

 DHRBetter Performance than DHR
MetricValueIndustry (Life Sciences Tools & Services)
Rev Chg LTM2.2%A (4.5%), IQV (3.8%), MTD (3.1%), NTRA (44.4%), WAT (5.9%)
Rev Chg 3Y Avg-1.9%TMO (0.3%), A (0.8%), IQV (3.6%), MTD (0.1%), NTRA (39.7%)
Op Mgn LTM19.0%A (21.3%), MTD (28.4%), WAT (27.7%), MEDP (21.5%), ILMN (19.2%)
CFO/Rev LTM26.0%MEDP (30.2%), ILMN (26.9%), QGEN (33.1%), IRMD (35.0%), INMD (26.1%)
FCF/Rev LTM20.7%MTD (21.9%), MEDP (28.7%), ILMN (23.9%), QGEN (24.3%), TECH (21.0%)
Total Yield2.3%TMO (3.1%), A (3.7%), IQV (3.5%), MTD (2.9%), WAT (3.2%)
 DHRBetter Performance than DHR
MetricValueAll Other Sectors
Rev Chg LTM2.2%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg-1.9%NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM19.0%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM26.0%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%)
FCF/Rev LTM20.7%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), META (23.7%)
Total Yield2.3%AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%), META (3.8%)
 Best Bets In Health Care Sector
 DHRRPRX HALO CPRX BMY LNTH PBH BIIB PFE EW ILMN
What You Pay           
P/E43.615.314.112.315.414.014.013.612.811.812.4
P/EBIT34.48.111.010.59.39.69.010.110.329.210.3
What You Get           
Rev Chg Q4.4%7.7%40.8%19.4%2.8%-4.1%-6.6%2.8%10.3%11.9%-4.8%
Rev Chg LTM2.2%3.0%35.0%28.5%1.3%5.7%0.6%4.8%13.5%9.1%-3.3%
Rev Chg 3Y Avg-1.9%0.8%35.5%49.9%1.0%34.3%0.8%-0.9%-12.4%3.0%-3.0%
FCF/Rev 3Y Avg24.7%113.4%43.4%38.9%29.0%26.1%21.6%17.0%13.8%11.9%9.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Danaher Earnings Notes  
2Is Agilent Technologies a Better Buy Than Danaher?Counter-Intuitive Comparisons 
3Better Value & Growth: IQV, MTD Top Danaher StockActionable 
4Danaher Stock Jumped 7.9% in a Month, What Now?Return 
5DHR Leadership & 32% Price Drop - Time to Buy?Actionable 
6Now Is Not The Time To Buy Danaher StockBuy or Fear 
7DHR Surges 7.4% In A Single Day: Where Does It Rank Among Competitors?  
8Danaher vs Johnson & Johnson: Which Is A Better Investment?Counter-Intuitive Comparisons 
9Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From LLY, UNH   
10Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP   
11ARTICLES  
12DHR Shares Rally 16% In A Week, Now Is Not The Time To Buy The Stock October 4th, 2025
13DHR Soars 7.4% In A Single Day: How Does It Compare With Others? October 2nd, 2025
14Better Bet Than Danaher Stock: Pay Less To Get More From MTD, IQV October 1st, 2025
15DHR’s 6.6% Single Day Rise Brings Valuations Into Focus – Is A a Better Deal? October 1st, 2025
16S&P 500 Movers | Winners: PFE, MRK, DHR | Losers: ALB, MGM, COF October 1st, 2025
Title
0DASHBOARDS
1DHR Shares Rally 16% In A Week, Now Is Not The Time To Buy The Stock
2DHR Soars 7.4% In A Single Day: How Does It Compare With Others?
3Better Bet Than Danaher Stock: Pay Less To Get More From MTD, IQV
4DHR’s 6.6% Single Day Rise Brings Valuations Into Focus – Is A a Better Deal?
5S&P 500 Movers | Winners: PFE, MRK, DHR | Losers: ALB, MGM, COF
6ARTICLES
7Danaher Earnings Notes
8Is Agilent Technologies a Better Buy Than Danaher?
9Better Value & Growth: IQV, MTD Top Danaher Stock
10Danaher Stock Jumped 7.9% in a Month, What Now?
11DHR Leadership & 32% Price Drop - Time to Buy?
12Now Is Not The Time To Buy Danaher Stock
13DHR Surges 7.4% In A Single Day: Where Does It Rank Among Competitors?
14Danaher vs Johnson & Johnson: Which Is A Better Investment?
15Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From LLY, UNH 
16Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP 

Trade Ideas

Select past ideas related to DHR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%
DHR_4302025_Monopoly_xInd_xCD_Getting_Cheaper04302025DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		7.7%7.7%-8.7%
DHR_8312022_Monopoly_xInd_xCD_Getting_Cheaper08312022DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.9%-1.4%-16.4%
DHR_1312022_Monopoly_xInd_xCD_Getting_Cheaper01312022DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.9%-7.1%-17.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy09302025ADMAADMA BiologicsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.9%5.9%-4.6%
REGN_9302025_Dip_Buyer_ValueBuy09302025REGNRegeneron PharmaceuticalsDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.1%16.1%-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG09262025HAEHaemoneticsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.6%2.6%-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		14.2%14.2%-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper09052025ISRGIntuitive SurgicalMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		15.2%15.2%-8.0%
DHR_4302025_Monopoly_xInd_xCD_Getting_Cheaper04302025DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		7.7%7.7%-8.7%
DHR_8312022_Monopoly_xInd_xCD_Getting_Cheaper08312022DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-8.9%-1.4%-16.4%
DHR_1312022_Monopoly_xInd_xCD_Getting_Cheaper01312022DHRDanaherMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.9%-7.1%-17.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Danaher

Financials

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Mkt Price215.05556.2290.28143.3611.0536.40116.82
Mkt Cap152.8210.377.240.77.55.559.0
Rev LTM24,26843,21114,2066,7886,5753,44310,497
Op Inc LTM4,6137,8601,7131,4446043291,578
FCF LTM5,0176,1701,1941,088524491,141
FCF 3Y Avg5,6126,6627961,3086551391,052
CFO LTM6,3187,5782,1811,4956441661,838
CFO 3Y Avg6,8978,2062,0421,6627962601,852

Growth & Margins

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Rev Chg LTM2.2%2.0%14.6%4.5%-3.6%10.4%3.3%
Rev Chg 3Y Avg-1.9%0.3%-0.3%0.8%-4.8%11.6%-0.0%
Rev Chg Q4.4%3.0%18.8%10.1%-5.3%-0.4%3.7%
QoQ Delta Rev Chg LTM1.1%0.7%4.5%2.4%-1.4%-0.1%0.9%
Op Mgn LTM19.0%18.2%12.1%21.3%9.2%9.5%15.1%
Op Mgn 3Y Avg21.0%17.4%8.4%21.5%10.5%13.7%15.5%
QoQ Delta Op Mgn LTM0.6%-0.1%2.3%-0.1%0.3%-1.3%0.1%
CFO/Rev LTM26.0%17.5%15.4%22.0%9.8%4.8%16.4%
CFO/Rev 3Y Avg30.3%19.1%15.4%24.6%11.7%8.7%17.2%
FCF/Rev LTM20.7%14.3%8.4%16.0%8.0%1.4%11.3%
FCF/Rev 3Y Avg24.7%15.5%6.0%19.4%9.6%4.7%12.6%

Valuation

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Mkt Cap152.8210.377.240.77.55.559.0
P/S6.34.95.46.01.11.65.1
P/EBIT34.425.151.626.931.828.630.2
P/E43.631.994.233.4-91.669.338.5
P/CFO24.227.735.427.211.733.327.5
Total Yield2.3%3.1%2.3%3.7%-1.1%2.0%2.3%
Dividend Yield0.0%0.0%1.3%0.7%0.0%0.6%0.3%
FCF Yield 3Y Avg3.3%3.6%2.1%3.7%5.1%1.5%3.4%
D/E0.10.20.10.10.50.40.1
Net D/E0.10.10.10.00.50.40.1

Returns

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
1M Rtn8.5%14.7%10.1%11.7%-11.5%12.0%10.9%
3M Rtn9.3%19.0%43.3%25.1%-17.8%-5.1%14.2%
6M Rtn9.7%32.7%103.6%35.2%-14.7%-7.2%21.2%
12M Rtn-10.7%1.4%92.0%9.9%-50.8%-37.5%-4.7%
3Y Rtn-2.4%9.2%206.4%5.9%-45.2%-40.5%1.8%
1M Excs Rtn-0.6%3.1%7.0%1.8%-20.8%3.2%2.5%
3M Excs Rtn-0.1%10.9%36.7%17.2%-12.1%-13.4%5.4%
6M Excs Rtn-12.0%11.0%81.8%13.5%-36.5%-29.0%-0.5%
12M Excs Rtn-28.5%-16.1%79.8%-7.3%-68.3%-54.6%-22.3%
3Y Excs Rtn-79.3%-67.8%133.9%-67.8%-123.0%-116.3%-73.5%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End9/26/20256/27/20253/28/202512/31/20249/27/20246/28/20243/29/202412/31/20239/29/20236/30/20233/31/202312/31/2022
Filing Date10/21/20257/22/20254/22/20252/20/202510/22/20247/23/20244/23/20242/21/202410/24/20237/25/20234/25/20232/22/2023
Key Financials Quarterly            
Total Revenue6,0535,9365,7416,5385,7985,7435,7966,4055,6245,9125,9493,541
Ebitda1,7651,3371,7921,9711,6551,7281,9221,8751,7501,7472,1241,579
Operating Income1,1547601,2741,4259581,1681,3121,3371,1851,1631,5171,144
Net Income9085559541,0868189071,0881,0791,1291,1061,4502,232
EPS1.280.771.331.501.131.231.471.461.531.501.963.03
Key Financials TTM            
Total Revenue TTM24,26824,01323,82023,87523,74223,56823,73723,89021,02623,06524,90426,643
Ebitda TTM6,8656,7557,1467,2767,1807,2757,2947,4967,2007,9638,8889,482
Operating Income TTM4,6134,4174,8254,8634,7755,0024,9975,2025,0095,8396,8817,536
Net Income TTM3,5033,4133,7653,8993,8924,2034,4024,7645,9176,3606,9347,209
Growth Rates Quarterly            
Total Revenue Growth4.4%3.4%-0.9%2.1%3.1%-2.9%-2.6%80.9%-26.6%-23.7%-22.6%1.3%
EBITDA Growth6.6%-22.6%-6.8%5.1%-5.4%-1.1%-9.5%18.7%-30.4%-34.6%-21.9%3.3%
Operating Income Growth20.5%-34.9%-2.9%6.6%-19.2%0.4%-13.5%16.9%-41.2%-47.3%-30.2%6.3%
Net Income Growth11.0%-38.8%-12.3%0.6%-27.5%-18.0%-25.0%-51.7%-28.2%-34.2%-15.9%24.8%
Margins Quarterly            
EBITDA Margin29.2%22.5%31.2%30.1%28.5%30.1%33.2%29.3%31.1%29.6%35.7%44.6%
Operating Income Margin19.1%12.8%22.2%21.8%16.5%20.3%22.6%20.9%21.1%19.7%25.5%32.3%
Net Income Margin15.0%9.3%16.6%16.6%14.1%15.8%18.8%16.8%20.1%18.7%24.4%63.0%
Cash & Debt            
Total Cash1,5282,9571,9932,0782,6272,3747,0315,86412,2778,5757,3795,995
Total Debt16,85617,35516,47717,14617,52417,01018,16319,53622,06019,87519,83220,616
Net Debt / (Cash)15,32814,39814,48415,06814,89714,63611,13213,6729,78311,30012,45314,621
Cash Flows Quarterly            
FCF from Operations1,6621,3381,2992,0191,5131,4171,7391,6191,6721,9261,9472,541
Cash Flows TTM            
FCF from Operations TTM6,3186,1696,2486,6886,2886,4476,9567,1648,0868,4248,4988,519
Returns to Shareholders Quarterly            
Dividends229229194195196200177627199218204203
Share Repurchases2,010-01,0788096404,530-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC25.4%17.9%29.7%31.2%14.0%17.9%19.9%20.2%19.5%17.3%21.0%17.9%
Return on Invested Capital (ROIC) TTM            
ROIC TTM25.3%25.7%27.8%27.1%18.0%19.6%18.8%18.1%23.0%24.3%26.0%26.2%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Diagnostics9,57710,8499,8447,4036,561
Biotechnology7,1728,7588,570  
Life Sciences7,1417,0366,38810,5766,951
Other0    
Environmental & Applied Solutions  4,6514,3054,399
Total23,89026,64329,45322,28417,911


Operating Income by Segment
$ Mil20242023202220212020
Diagnostics2,4063,4362,3131,5381,134
Biotechnology1,9093,0083,074  
Life Sciences1,2091,4141,2932,0541,401
Other-322-322-269-340-318
Environmental & Applied Solutions  1,0549791,052
Total5,2027,5367,4654,2313,269


Assets by Segment
$ Mil20242023202220212020
Biotechnology37,42137,53638,118  
Life Sciences23,73017,57219,76848,91922,381
Diagnostics14,55214,72215,05415,04214,442
Other8,7859,7395,3627,11720,377
Discontinued operations04,781   
Environmental & Applied Solutions  4,8825,0834,882
Total84,48884,35083,18476,16162,082


Price Behavior

DHR Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.160.891.191.110.930.97
Up Beta1.431.581.491.071.021.07
Down Beta1.210.000.311.060.830.92
Up Capture34%69%100%96%53%48%
Bmk +ve Days13233574144420
Stock +ve Days8203367126392
Down Capture207%108%164%135%109%102%
Bmk -ve Days8192952107330
Stock -ve Days13223159125359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity7,980,198
Short Interest: % Change Since 9302025-7.2%
Average Daily Volume4,618,312
Days-to-Cover Short Interest1.73
Basic Shares Quantity710,700,000
Short % of Basic Shares1.1%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/2025-1.2%-1.8% 
7/22/20254.2%8.9%11.3%
4/22/20253.8%5.9%6.9%
1/13/2025-0.9%1.8%-15.7%
10/22/2024-2.0%-7.1%-10.8%
7/23/20240.6%4.2%2.6%
4/23/2024-1.1%-2.6%5.6%
1/8/2024-1.7%-3.5%5.0%
...
SUMMARY STATS   
# Positive131213
# Negative101110
Median Positive0.8%3.8%5.6%
Median Negative-1.5%-2.4%-3.5%
Max Positive4.6%8.9%12.4%
Max Negative-4.9%-7.6%-15.7%

SEC Filings

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Report DateFiling DateFiling
93020251021202510-Q 9/26/2025
6302025722202510-Q 6/27/2025
3312025422202510-Q 3/28/2025
12312024220202510-K 12/31/2024
93020241022202410-Q 9/27/2024
6302024723202410-Q 6/28/2024
3312024423202410-Q 3/29/2024
12312023221202410-K 12/31/2023
93020231024202310-Q 9/29/2023
6302023725202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022222202310-K 12/31/2022
93020221020202210-Q 9/30/2022
6302022721202210-Q 7/1/2022
3312022421202210-Q 4/1/2022
12312021223202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0List Teri8252025Sell211.062,778586,3194,379,595Form
1RALES STEVEN MChairman5142025Sell194.08166,22532,260,948813,114,269Form
2Raskas DanielSVP - Corporate Development11272024Sell238.008,3701,992,0603,623,550Form

Industry Resources

External Quote Links


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