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Danaher (DHR)

Market Price (9/17/2025): $190.53 | Market Cap: $136.5 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Danaher (DHR)

Market Price (9/17/2025): $190.53
Market Cap: $136.5 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights

0 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 20%, CFO LTM is 6.2 Bil, FCF LTM is 4.9 Bil		 Weak multi-year price returns
2Y Excs Rtn is -61%, 3Y Excs Rtn is -88%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/EPrice/Earnings or Price/(Net Income) is 40x
1 Low stock price volatility
Vol 12M is 31%		  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%
0 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 20%, CFO LTM is 6.2 Bil, FCF LTM is 4.9 Bil
1 Low stock price volatility
Vol 12M is 31%
2 Weak multi-year price returns
2Y Excs Rtn is -61%, 3Y Excs Rtn is -88%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/EPrice/Earnings or Price/(Net Income) is 40x
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -2.6%

Market Valuation

 9/17/252024202320222021
Share Price CYE$190.53$228.84$229.63$232.99$287.71
Market Cap CYE ($ Bil)136.5165.4169.9169.8205.9
Total Debt ($ Bil)17.417.119.520.623.3
Total Cash ($ Bil)3.02.15.96.02.6
Enterprise Value ($ Bil)150.9182.5189.4190.4229.2
Valuation Ratios     
P/S TTM5.77.07.17.29.5
P/EBIT TTM31.334.132.026.234.9
P/E TTM40.043.035.826.736.5
Sector Ratios     
P/S TTM (Sector)3.73.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.8-1.5-1.5-1.3-2.9
 9/17/2520242023
Share Price CYE$190.53$228.84$229.63
Market Cap CYE ($ Bil)136.5165.4169.9
Total Debt ($ Bil)17.417.119.5
Total Cash ($ Bil)3.02.15.9
Enterprise Value ($ Bil)150.9182.5189.4
Valuation Ratios   
P/S TTM5.77.07.1
P/EBIT TTM31.334.132.0
P/E TTM40.043.035.8
Sector Ratios   
P/S TTM (Sector)3.73.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.8-1.5-1.5

Market Cap Chart

Business Description

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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
DHR Return45%49%-19%-1%-0%-17%43%
Peers Return35%38%-21%1%6%-5%49%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TMO, GLW, A, AVTR, BRKR. See DHR Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Better Bets than Danaher (DHR)

 DHRBetter Performance than DHR
MetricValueIndustry (Life Sciences Tools & Services)
Rev Chg LTM1.9%TMO (2.0%), A (4.5%), IQV (3.6%), MTD (3.1%), NTRA (44.4%)
Rev Chg 3Y Avg-2.6%TMO (0.3%), A (0.8%), IQV (3.6%), MTD (0.1%), NTRA (39.7%)
Op Mgn LTM18.4%A (21.3%), MTD (28.4%), WAT (27.7%), ILMN (19.2%), MEDP (21.4%)
CFO/Rev LTM25.7%ILMN (26.9%), MEDP (27.5%), QGEN (33.1%), INMD (26.1%), IRMD (35.0%)
FCF/Rev LTM20.2%MTD (21.9%), WAT (20.3%), ILMN (23.9%), MEDP (26.0%), QGEN (24.3%)
Total Yield2.5%TMO (3.6%), A (4.2%), IQV (3.9%), MTD (3.1%), WAT (3.7%)
 DHRBetter Performance than DHR
MetricValueAll Other Sectors
Rev Chg LTM1.9%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg-2.6%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM18.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM25.7%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM20.2%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), META (30.7%), AVGO (41.6%)
Total Yield2.5%MSFT (3.3%), AAPL (3.2%), GOOGL (4.1%), AMZN (2.8%), META (3.6%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Danaher Earnings Notes  
2Danaher vs Apple: Which Is A Better Investment?Counter-Intuitive Comparisons 
3Danaher vs Johnson & Johnson: Which Is A Better Investment?Counter-Intuitive Comparisons 
4How Does DHR Stack Up Against Its Peers?Peer Comparison 
5Now Is Not The Time To Buy Danaher StockBuy or Fear 
6Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From MSFT, AAPL   
7Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From LLY, UNH   
8Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP   
9Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP Actionable 
10Danaher vs. Large Cap Stocks: Which Is A Better Investment?Investment Theme Comparisons 
11ARTICLES  
12Now is not the time to buy Danaher stock August 13th, 2025
13Better Bet Than Danaher Stock: Pay Less To Get More From MEDP, IQV August 6th, 2025
14Better Bet Than Danaher Stock: Pay Less To Get More From A, IQV July 24th, 2025
15What Should You Do With Danaher Stock At $250 After Q1 Beat? April 25th, 2024
16Will Danaher Stock Rebound To Pre-Inflation Shock Highs of $300? December 13th, 2023
Title
0DASHBOARDS
1Now is not the time to buy Danaher stock
2Better Bet Than Danaher Stock: Pay Less To Get More From MEDP, IQV
3Better Bet Than Danaher Stock: Pay Less To Get More From A, IQV
4What Should You Do With Danaher Stock At $250 After Q1 Beat?
5Will Danaher Stock Rebound To Pre-Inflation Shock Highs of $300?
6ARTICLES
7Danaher Earnings Notes
8Danaher vs Apple: Which Is A Better Investment?
9Danaher vs Johnson & Johnson: Which Is A Better Investment?
10How Does DHR Stack Up Against Its Peers?
11Now Is Not The Time To Buy Danaher Stock
12Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From MSFT, AAPL 
13Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From LLY, UNH 
14Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP 
15Better Bet Than DHR Stock: Pay Less Than Danaher To Get More From IQV, MEDP 
16Danaher vs. Large Cap Stocks: Which Is A Better Investment?

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Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
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#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Danaher

Financials

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Mkt Price190.47480.7478.70127.1912.7133.26102.94
Mkt Cap136.5181.767.336.18.75.051.7
Rev LTM24,01343,21114,2066,7886,6663,44310,497
Op Inc LTM4,4177,8601,7131,4445923291,578
FCF LTM4,8626,1701,1941,088556491,141
FCF 3Y Avg5,7336,6627961,3086711391,052
CFO LTM6,1697,5782,1811,4956821661,838
CFO 3Y Avg7,0138,2062,0421,6628132601,852

Growth & Margins

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Rev Chg LTM1.9%2.0%14.6%4.5%-2.3%10.4%3.3%
Rev Chg 3Y Avg-2.6%0.3%-0.3%0.8%-4.3%11.6%-0.0%
Rev Chg Q3.4%3.0%18.8%10.1%-1.1%-0.4%3.2%
QoQ Delta Rev Chg LTM0.8%0.7%4.5%2.4%-0.3%-0.1%0.8%
Op Mgn LTM18.4%18.2%12.1%21.3%8.9%9.5%15.1%
Op Mgn 3Y Avg21.6%17.4%8.4%21.5%11.1%13.7%15.5%
QoQ Delta Op Mgn LTM-1.9%-0.1%2.3%-0.1%-0.7%-1.3%-0.4%
CFO/Rev LTM25.7%17.5%15.4%22.0%10.2%4.8%16.4%
CFO/Rev 3Y Avg29.9%19.1%15.4%24.6%11.8%8.7%17.2%
FCF/Rev LTM20.2%14.3%8.4%16.0%8.3%1.4%11.3%
FCF/Rev 3Y Avg24.4%15.5%6.0%19.4%9.7%4.7%12.6%

Valuation

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
Mkt Cap136.5181.767.336.18.75.051.7
P/S5.74.24.75.31.31.54.5
P/EBIT31.321.745.023.98.626.125.0
P/E40.027.682.229.612.663.334.8
P/CFO22.124.030.924.212.730.424.1
Total Yield2.5%3.6%2.7%4.2%7.9%2.2%3.2%
Dividend Yield0.0%0.0%1.5%0.8%0.0%0.6%0.3%
FCF Yield 3Y Avg3.4%3.6%2.1%3.7%5.5%1.5%3.5%
D/E0.10.20.10.10.50.50.2
Net D/E0.10.20.10.10.40.50.1

Returns

DHRTMOGLWAAVTRBRKRMedian
NameDanaher Thermo F.Corning Agilent .Avantor Bruker  
1M Rtn-9.7%-1.6%20.8%6.7%-1.7%-0.8%-1.2%
3M Rtn-2.5%23.3%56.5%9.8%-3.3%-11.6%3.6%
6M Rtn-10.2%-7.6%68.1%3.8%-25.3%-29.4%-8.9%
12M Rtn-30.6%-21.4%87.4%-7.3%-53.3%-48.9%-26.0%
3Y Rtn-21.5%-10.4%168.0%0.1%-43.5%-36.5%-16.0%
1M Excs Rtn-12.1%-4.0%18.3%4.3%-4.1%-3.2%-3.6%
3M Excs Rtn-14.6%9.3%46.1%-2.4%-14.9%-24.4%-8.5%
6M Excs Rtn-26.5%-23.7%53.2%-12.1%-39.4%-45.5%-25.1%
12M Excs Rtn-47.8%-39.5%74.0%-24.1%-70.1%-66.5%-43.6%
3Y Excs Rtn-87.6%-77.2%93.0%-68.0%-113.2%-104.9%-82.4%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/27/20253/28/202512/31/20249/27/20246/28/20243/29/202412/31/20239/29/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/22/20254/22/20252/20/202510/22/20247/23/20244/23/20242/21/202410/24/20237/25/20234/25/20232/22/202310/20/2022
Key Financials Quarterly            
Total Revenue5,9365,7416,5385,7985,7435,7966,4055,6245,9125,9493,5417,663
Ebitda1,3371,7921,9711,6551,7281,9221,8751,7501,7472,1241,5792,513
Operating Income7601,2741,4259581,1681,3121,3371,1851,1631,5171,1442,015
Net Income5559541,0868189071,0881,0791,1291,1061,4502,2321,572
EPS0.771.331.501.131.231.471.461.531.501.963.032.13
Key Financials TTM            
Total Revenue TTM24,01323,82023,87523,74223,56823,73723,89021,02623,06524,90426,64326,599
Ebitda TTM6,7557,1467,2767,1807,2757,2947,4967,2007,9638,8889,4829,431
Operating Income TTM4,4174,8254,8634,7755,0024,9975,2025,0095,8396,8817,5367,468
Net Income TTM3,4133,7653,8993,8924,2034,4024,7645,9176,3606,9347,2096,765
Growth Rates Quarterly            
Total Revenue Growth3.4%-0.9%2.1%3.1%-2.9%-2.6%80.9%-26.6%-23.7%-22.6%1.3%6.0%
EBITDA Growth-22.6%-6.8%5.1%-5.4%-1.1%-9.5%18.7%-30.4%-34.6%-21.9%3.3%25.5%
Operating Income Growth-34.9%-2.9%6.6%-19.2%0.4%-13.5%16.9%-41.2%-47.3%-30.2%6.3%53.9%
Net Income Growth-38.8%-12.3%0.6%-27.5%-18.0%-25.0%-51.7%-28.2%-34.2%-15.9%24.8%35.8%
Margins Quarterly            
EBITDA Margin22.5%31.2%30.1%28.5%30.1%33.2%29.3%31.1%29.6%35.7%44.6%32.8%
Operating Income Margin12.8%22.2%21.8%16.5%20.3%22.6%20.9%21.1%19.7%25.5%32.3%26.3%
Net Income Margin9.3%16.6%16.6%14.1%15.8%18.8%16.8%20.1%18.7%24.4%63.0%20.5%
Cash & Debt            
Total Cash2,9571,9932,0782,6272,3747,0315,86412,2778,5757,3795,9955,150
Total Debt17,35516,47717,14617,52417,01018,16319,53622,06019,87519,83220,61619,247
Net Debt / (Cash)14,39814,48415,06814,89714,63611,13213,6729,78311,30012,45314,62114,097
Cash Flows Quarterly            
FCF from Operations1,3381,2992,0191,5131,4171,7391,6191,6721,9261,9472,5412,010
Cash Flows TTM            
FCF from Operations TTM6,1696,2486,6886,2886,4476,9567,1648,0868,4248,4988,5198,311
Returns to Shareholders Quarterly            
Dividends229194195196200177627199218204203204
Share Repurchases-01,0788096404,530-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC17.9%29.7%31.2%14.0%17.9%19.9%20.2%19.5%17.3%21.0%17.9%27.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM25.7%27.8%27.1%18.0%19.6%18.8%18.1%23.0%24.3%26.0%26.2%25.8%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Diagnostics9,57710,8499,8447,4036,561
Biotechnology7,1728,7588,570  
Life Sciences7,1417,0366,38810,5766,951
Other00   
Environmental & Applied Solutions   4,3054,399
Total23,89026,64324,80222,28417,911


Operating Income by Segment
$ Mil20242023202220212020
Diagnostics2,4063,4362,3131,5381,134
Biotechnology1,9093,0083,074  
Life Sciences1,2091,4141,2932,0541,401
Other-322-322-303-340-318
Environmental & Applied Solutions   9791,052
Total5,2027,5366,3774,2313,269


Assets by Segment
$ Mil20242023202220212020
Biotechnology37,42137,53638,118  
Life Sciences23,73017,57219,76848,91922,381
Diagnostics14,55214,72215,05415,04214,442
Other8,7859,7395,4077,11720,377
Discontinued operations04,7814,837  
Environmental & Applied Solutions   5,0834,882
Total84,48884,35083,18476,16162,082


Price Behavior

DHR Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.821.211.081.040.920.96
Up Beta1.541.651.081.071.021.07
Down Beta-0.12-0.320.681.000.800.91
Up Capture100%128%113%92%57%51%
Bmk +ve Days10223571142415
Stock +ve Days12233667129392
Down Capture55%170%129%108%106%101%
Bmk -ve Days11192754106334
Stock -ve Days9182658119358

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

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity9,551,552
Short Interest: % Change Since 81520250.9%
Average Daily Volume3,021,139
Days-to-Cover Short Interest3.16
Basic Shares Quantity716,500,000
Short % of Basic Shares1.3%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
10/24/2023-2.1%-2.4%12.4%
...
SUMMARY STATS   
# Positive131214
# Negative10119
Median Positive0.8%3.8%5.4%
Median Negative-1.6%-2.4%-3.5%
Max Positive4.6%8.9%12.4%
Max Negative-4.9%-7.6%-15.7%

SEC Filings

Expand for More

Report DateFiling DateFiling
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
93020211021202110-Q 10/1/2021

Insider Activity

Expand for More

 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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