— Know what they know.
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Not Investment Advice

DHR

NYSE · USD
Danaher Corporation
Healthcare · Medical - Diagnostics & Research
CEO Rainer Blair Employees 60,000 R&D / revenue 6.5%
Last price
$229.04−1.06%last session
Market cap
$161.0B
P/E (TTM)
40.5x
From 52w high
−5.7%
From 52w low
+42.3%
1-year return
+9.4%
RSI 14 · vs SMA200
62.7 · +14.2%
IS score
65.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DHR   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116DHR 109

Score DNA

Each bar is a 0-100 score within the scored universe
50
Profitability
54
Growth
46
Value
83
Momentum
80
Risk (safety)
75
Quality
60
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for DHR (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 6 / 9Altman Z 3.3Beta 0.813 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $13.0M
Form 144 notices (12m): 12, $286.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
11
Last disclosed purchase 2026-06-16
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−61
156 new holders, 192 closed
2,125 filers hold 82.7% · 679 added, 1,030 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+199
1,288 funds adding shares
1,089 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
30.1%
20-day avg 41.5%, 50-day avg 40.3%
Latest 11.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$24.6B
Revenue growth YoY+2.9%
Gross margin60.9%
Operating income$5.1B
Operating margin20.9%
Net income$3.6B
Net margin14.7%
EPS (diluted)$5.04
Cash flow
Operating cash flow$6.4B
Capital expenditure$1.2B
Free cash flow$5.3B
FCF conversion (FCF / OCF)82.0%
Stock-based compensation$298.0M
FCF less SBC$5.0B
Buybacks$3.1B
Dividends$878.0M
Balance sheet & returns
Cash & short-term investments$4.6B
Total debt$18.4B
Net debt$13.8B
Shareholders' equity$52.5B
Goodwill & intangibles$61.0B
Debt / equity0.51
ROE (TTM)7.7%
ROIC (TTM)5.0%
Operating margin by fiscal year
27.3%FY202127.7%FY202222.1%FY202321.7%FY202420.9%FY2025
Revenue $29.5B (FY2021) to $24.6B (FY2025), a -4.4% CAGR.

Valuation

P/E (TTM)40.5x
EV / EBITDA24.2x
Price / sales6.41x
Price / FCF29.5x
FCF yield3.39%
Buyback yield1.92%
SBC / revenue1.5%
Price / book3.07x
Forward P/E FY202626.9x
Forward P/E FY202724.6x
Forward P/E FY202822.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $228.89 across 9 analysts last quarter is theirs, not ours.

DHR vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 58.5% 48.5% Operating margin 20.4% -9.4% Net margin 15.9% -9.5% ROIC 5.0% -2.5%
DHR (TTM)Industry median Asset turnover 0.27 vs industry 0.54 · financial leverage 1.76

Earnings delivery

Next report 2026-10-21 · consensus EPS $1.92
92%
beat rate, 11 of 12 quarters
+9.7%
median EPS surprise
6
longest beat streak
+2+10+10+12+10+9+0+15+10+10+3+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-25 to 2026-04-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DHR Danaher Corporation $161.0B40.5x7.7%15.9%+2.9% +9.4%
TMO Thermo Fisher Scientific Inc $255.1B37.1x13.5%14.5%+7.2% +28.7%
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% +117.9%
A Agilent Technologies, Inc. $48.8B34.0x21.0%19.3%+8.6% +22.6%
IDXX IDEXX Laboratories, Inc. $44.1B39.4x74.2%27.8%+12.8% −12.1%
IQV IQVIA Holdings Inc. $43.9B32.8x23.0%5.9%+8.2% —
WAT Waters Corporation $42.9B108.7x1.9%-8.3%+52.5% —
ILMN Illumina, Inc. $39.6B48.5x32.4%17.9%+4.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-13Officer/Director Change; Other Events
2026-08-03Officer/Director Change; Regulation FD; Other Events; Exhibits
2026-07-21Earnings Release; Exhibits
2026-06-03Financial Obligation; Other Events
2026-05-07Officer/Director Change; Shareholder Vote; Exhibits
2026-04-29Material Agreement; Other Events; Exhibits

Context

Shares outstanding702,986,054
Free float89.0%
Institutional ownership82.7%
Beta0.81
Dividend yield0.66%
Last dividend$0.40 on 2026-09-30
50 / 200-day average$213.32 / $201.33
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DHR sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDHRIndustry medianIndustry percentileSector median
P/E (TTM) 40.2x 35.5x
76th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 6.4x 5.7x
62nd		 3.7x
Price / book 3.1x 4.1x
44th		 3.6x
Price / tangible book —
Price / free cash flow 29.5x 34.4x
37th		 21.2x
Price / operating cash flow 24.3x 26.0x
43rd		 17.1x
Enterprise value $183.2B $16.3B
97th		 $2.5B
EV / sales 7.3x 5.9x
69th		 3.8x
EV / EBITDA 25.6x 25.4x
52nd		 16.2x
EV / EBIT 36.3x 29.2x
71st		 23.0x
EV / free cash flow 33.5x 35.1x
37th		 24.6x
Earnings yield 2.5% 1.7%
55th		 -0.3%
FCF yield 3.4% 2.5%
76th		 1.7%
Operating cash flow yield 4.1% 3.2%
66th		 2.9%
Graham number (per share) $97.27 $65.89
76th		 $26.70

Profitability (TTM)

MeasureDHRIndustry medianIndustry percentileSector median
Gross margin 58.5% 52.9%
62nd		 65.1%
EBITDA margin 28.5% 15.0%
83rd		 6.6%
Operating margin 20.4% 11.0%
76th		 3.5%
EBIT margin 20.1% 9.1%
76th		 2.4%
Net margin 15.9% 7.5%
72nd		 0.3%
NOPAT margin 17.2% 9.5%
76th		 2.7%
FCF margin 21.8% 9.2%
90th		 4.3%
Operating cash flow margin 26.4% 15.0%
86th		 7.1%
R&D / revenue 6.4% 7.2%
41st		 12.4%
SG&A / revenue 31.7% 29.8%
52nd		 37.9%
Stock comp / revenue 1.5% 1.8%
25th		 4.5%
Effective tax rate 15.9% 20.5%
28th		 21.0%

Returns on capital

MeasureDHRIndustry medianIndustry percentileSector median
ROE (on average equity) 7.6% 4.7%
56th		 0.8%
ROA 4.6% 3.2%
55th		 -0.3%
ROIC 5.8% 5.6%
52nd		 5.5%
ROCE 6.0% 4.0%
59th		 2.3%
Return on tangible assets 5.8% 3.5%
59th		 1.7%
Cash ROIC (OCF / invested capital) 8.9% 11.8%
34th		 9.7%
Gross profitability (GP / assets) 15.9% 22.3%
31st		 29.9%
ROIC, 3-yr average 5.1% 3.7%
62nd		 2.6%
ROIC, 5-yr average 7.4% 5.7%
67th		 3.2%
ROE, 5-yr average 9.7% 3.1%
64th		 -4.9%
Incremental ROIC 17.5% -3.0%
63rd		 17.2%

Growth

MeasureDHRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.6% 8.1%
25th		 10.5%
Revenue growth (QoQ) 5.3% 8.1%
31st		 7.2%
Revenue CAGR, 3 yr -3.5% 4.9%
7th		 10.7%
Revenue CAGR, 5 yr -1.2% 7.0%
19th		 12.1%
Gross profit CAGR, 3 yr -3.8% 5.3%
22nd		 10.6%
Operating income CAGR, 3 yr -9.7% 6.4%
13th		 11.7%
Net income growth (TTM YoY) 17.3% 11.8%
62nd		 17.5%
Net income CAGR, 3 yr -14.3% 6.7%
17th		 11.3%
EPS growth (TTM YoY) 19.2% 15.1%
69th		 19.2%
EPS CAGR, 3 yr -12.8% 9.3%
17th		 14.0%
EPS CAGR, 5 yr -5.8% -1.0%
36th		 8.1%
FCF growth (TTM YoY) 12.4% 12.4%
50th		 18.6%
FCF CAGR, 3 yr -8.8% 7.7%
0th		 15.4%
Operating cash flow CAGR, 3 yr -7.6% 8.0%
0th		 11.9%
Book value CAGR, 3 yr 2.3% 2.6%
48th		 2.1%
Dividend CAGR, 3 yr 7.6% 2.5%
100th		 2.2%
Sustainable growth rate 5.8% 10.3%
19th		 12.2%

Margin history & stability

MeasureDHRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 59.8% 53.7%
68th		 62.6%
Operating margin, 3-yr average 21.2% 8.7%
86th		 1.0%
Net margin, 3-yr average 16.0% 4.1%
86th		 -2.6%
FCF margin, 3-yr average 21.2% 10.5%
86th		 3.2%
Revenue stability (0-1) 0.35 0.82
14th		 0.80
Earnings stability (0-1) 0.63 0.46
71st		 0.37
Margin stability (0-1) 0.98 0.93
89th		 0.93

Liquidity (latest quarter)

MeasureDHRIndustry medianIndustry percentileSector median
Cash & short-term investments $4.3B $520.8M
100th		 $330.9M
Net cash (− = net debt) −$22.2B −$874.6M
3rd		 $8.4M
Working capital $5.3B $404.8M
97th		 $381.1M
Current ratio 1.65 2.13
31st		 3.02
Quick ratio 1.25 1.77
24th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.54 0.96
34th		 1.43
Defensive interval (days) 317 days 466 days
21st		 415 days

Leverage & solvency (latest quarter)

MeasureDHRIndustry medianIndustry percentileSector median
Total debt $26.6B $1.7B
97th		 $289.1M
Debt / equity 0.51 0.50
52nd		 0.45
Net debt / equity 0.42 0.30
67th		 −0.13
Debt / assets 28.8% 28.5%
52nd		 24.4%
Debt / capital 33.6% 33.6%
50th		 31.1%
Debt / EBITDA 3.71 3.30
57th		 2.62
Net debt / EBITDA 3.11 2.39
67th		 1.42
Interest coverage (EBIT / interest) 64.8x 2.9x
96th		 2.1x
Cash interest coverage 85.1x 6.7x
92nd		 3.6x
Debt payback (years of OCF) 4.0 yrs 3.8 yrs
52nd		 2.7 yrs
Liabilities / assets 43.1% 45.2%
48th		 49.8%
IS credit model rating A+ — —
Implied credit spread (bps) 125 175
31st		 225

Efficiency

MeasureDHRIndustry medianIndustry percentileSector median
Asset turnover 0.29 0.56
14th		 0.56
Fixed asset turnover 3.57 4.31
34th		 4.87
Inventory turnover 3.5 7.2
16th		 2.7
Receivables turnover 6.7 6.5
55th		 6.4
Days sales outstanding 55 days 56 days
45th		 57 days
Days inventory outstanding 104 days 51 days
84th		 136 days
Days payables outstanding 62 days 45 days
86th		 59 days
Cash conversion cycle (days) 97 days 67 days
66th		 70 days
Capex / revenue 4.7% 3.4%
62nd		 2.6%
Capex / depreciation 0.56 0.69
31st		 0.55
Operating expense ratio 39.6% 45.1%
45th		 56.5%

Cash flow & earnings quality

MeasureDHRIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.66 1.58
65th		 1.61
FCF / net income 1.37 1.14
65th		 1.36
FCF / operating cash flow 82.4% 76.8%
57th		 81.2%
Capex / operating cash flow 17.6% 23.2%
43rd		 18.8%
Accruals ratio -3.0% -4.3%
72nd		 -5.4%
Sloan accruals ratio -1.2% -1.5%
52nd		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureDHRIndustry medianIndustry percentileSector median
Dividend yield 0.7% 0.0%
90th		 0.0%
Dividend per share (TTM) $1.52 $0.00
86th		 $0.00
Payout ratio (dividends / net income) 24.1% 0.0%
94th		 0.0%
Dividends / FCF 17.6% 0.0%
84th		 0.0%
Dividend growth (YoY) 20.4% 5.0%
100th		 4.5%
Buyback yield 1.8% 0.9%
62nd		 0.0%
Shareholder yield (dividends + buybacks) 2.4% 1.1%
72nd		 0.0%
Share count change (YoY) -1.6% -0.7%
43rd		 2.0%
Buybacks, last 5 years $14.4B $129.7M
97th		 $0

Scores & forensic checks

MeasureDHRIndustry medianIndustry percentileSector median
IS score 65 50
79th		 46
IS profitability 50 36
66th		 22
IS growth 54 55
43rd		 60
IS value 46 40
69th		 39
IS momentum 83 72
79th		 67
IS risk (safety) 80 80
38th		 80
IS quality 75 62
69th		 49
IS balance sheet 60 51
66th		 55
IS earnings quality 78 69
97th		 56
IS cash flow 70 50
76th		 41
Piotroski F-score (0-9) 6 6
41st		 5
Altman Z-score 3.3 3.4
45th		 3.2
Beneish M-score −2.57 −2.60
61st		 −2.62
Ohlson O-score −9.48 −8.12
14th		 −7.16
IS credit score 79 67
69th		 62

Per share

MeasureDHRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.66 $1.54
76th		 −$0.03
Book value per share $74.31 $17.72
86th		 $7.10
Tangible book per share −$22.96 $0.32
24th		 $1.91
Revenue per share $35.48 $26.05
66th		 $9.38
FCF per share $7.72 $2.08
72nd		 $0.46
Operating cash flow per share $9.38 $3.59
69th		 $0.93
Cash per share $6.14 $6.18
48th		 $3.51

Size (TTM)

MeasureDHRIndustry medianIndustry percentileSector median
Market cap $161.0B $13.8B
97th		 $2.4B
Revenue $25.1B $2.5B
97th		 $770.2M
EBITDA $7.2B $438.4M
97th		 $56.1M
Net income $4.0B $139.0M
97th		 −$3.3M
Free cash flow $5.5B $268.0M
97th		 $41.2M
Total assets $92.4B $3.4B
97th		 $1.3B
Shareholders' equity $52.6B $1.5B
97th		 $568.4M
Employees 59,000 6,319
90th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-09Comas Daniel L
Director
 — 52,338——0
2026-10-09Rales Mitchell P
Director, Chairman of Exec. Committee
 Return to issuer 500,000——53,228
2026-10-09Rales Steven M
Director, Chairman
 Return to issuer 500,000——3,105,808
2026-10-01Muppaneni Shashanka
SVP, Chief Strategy Officer
 — 197——0
2026-10-01Moler Heathre T
SVP, Chief HR Officer
 — 540——0
2026-08-21Blair Rainer
Director, President & CEO
 Open-market sale 11,307$217.77$2.5M46,948
2026-08-21Blair Rainer
Director, President & CEO
 Open-market sale 39,193$218.73$8.6M7,755
2026-08-21Blair Rainer
Director, President & CEO
 Open-market sale 7,755$219.35$1.7M0
2026-08-04Muppaneni Shashanka
SVP, Chief Strategy Officer
 — 36,856$194.78$7.2M0
2026-08-04Moler Heathre T
SVP, Chief HR Officer
 — 9,829$194.78$1.9M0
2026-08-04Riley Christopher Paul
Executive Vice President
 Award / grant 41,072——61,472
2026-08-04Gugino Matthew E
EVP & Chief Financial Officer
 Award / grant 153,563$194.78$29.9M153,563

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired413,594,904$489.9M
Open-market saleDisposed459,613$13.0M
Option exerciseAcquired39,894$711,181
Option exerciseDisposed39,894$711,181
Return to issuerDisposed21,000,000—
Tax withholdingDisposed42,703$531,810
—Disposed1299,760$9.1M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 12 notices · 1,335,233 shares · $286.7M
FiledFilerShares proposedEst. proceeds
2026-08-21Rainer M. Blair58,255$12.7M
2026-07-14Schwieters John T3,298$658,254
2026-05-01Spoon Alan G1,358$237,207
2026-02-19Milosevich Gregory M1,320$274,575
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 26 trades (13 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-02Kevin HernHouseSale$1,001 - $15,0002026-09-28
2026-09-02Kevin HernHouseSale$1,001 - $15,0002026-09-25
2026-09-02Kevin HernHouseSale (Partial)$1,001 - $15,0002026-09-25
2026-08-31Kevin HernHouseSale$15,001 - $50,0002026-09-28
2025-08-28Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002025-09-03
2025-08-28Sheldon WhitehouseSenateSale$1,001 - $15,0002025-09-03
2025-08-28Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002025-09-02
2025-02-13Markwayne MullinSenateSale (Full)$15,001 - $50,0002025-02-27
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.55,084,630$10.5B7.84%
VANGUARD CAPITAL MANAGEMENT LLC41,377,076$7.9B5.89%
FMR LLC29,540,895$5.6B4.20%
STATE STREET CORP28,456,019$5.4B4.05%
WELLINGTON MANAGEMENT GROUP LLP16,316,834$3.1B2.32%
Capital International Investors15,504,420$3.0B2.21%
GEODE CAPITAL MANAGEMENT, LLC14,280,335$2.7B2.03%
VANGUARD PORTFOLIO MANAGEMENT LLC14,205,213$2.7B2.02%
PRICE T ROWE ASSOCIATES INC /MD/11,450,715$2.2B1.63%
Capital Research Global Investors10,818,030$2.1B1.54%
MORGAN STANLEY10,774,719$2.1B1.53%
JPMORGAN CHASE & CO10,752,264$2.1B1.53%
NORGES BANK9,537,906$1.8B1.36%
Jupiter Topco LLC7,645,709$1.5B1.09%
T. Rowe Price Investment Management, Inc.6,919,744$1.3B0.98%

Institutional ownership by quarter

2023-092026-0682.7%
% of shares held by 13F filers
2023-092026-062,125
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,12582.7%1566791,030192
2026-03-312,18681.1%166788934257
2025-12-312,31882.5%339834848114
2025-09-302,14981.3%129743951131
2025-06-302,18181.6%152856885168
2025-03-312,22781.6%156812966213
2024-12-312,32081.2%272785941201
2024-09-302,28381.0%20386586885
2024-06-302,18782.3%136880807126
2024-03-312,20683.7%19491278195
2023-12-312,13783.2%230816816154
2023-09-302,09693.4%160842776112

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management6.7%47,383,707
2026-01-30SCHEDULE 13G/AThe Vanguard Group8.6%60,973,344
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.19%$4.4B
VTSAX0.19%$4.4B
VSMPX0.19%$4.4B
VTI0.19%$4.4B
VFIAX0.21%$3.6B
VFFSX0.21%$3.6B

Share structure

Shares outstanding702,986,054
Float625,854,424
Free float89.0%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$29.5B$26.6B$23.9B$23.9B$24.6B
Cost of revenue$11.5B$10.5B$9.9B$9.7B$9.6B
Gross profit$18.0B$16.2B$14.0B$14.2B$15.0B
R&D$1.7B$1.5B$1.5B$1.6B$1.6B
SG&A$8.2B$7.1B$7.3B$7.4B$8.2B
Operating income$8.1B$7.5B$5.3B$5.2B$5.1B
EBITDA$10.0B$9.5B$7.5B$7.3B$6.9B
Pretax income$7.6B$7.1B$5.0B$4.6B$4.2B
Income tax$1.3B$818.0M$823.0M$747.0M$619.0M
Net income$6.4B$7.2B$4.8B$3.9B$3.6B
EPS, diluted$8.61$9.64$6.38$5.29$5.04
Diluted shares736.8M737.1M743.1M737.2M711.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.6B$6.0B$5.9B$2.1B$4.6B
Receivables$5.4B$5.1B$4.6B$4.4B$3.9B
Inventory$2.8B$2.8B$2.6B$2.3B$2.5B
Total current assets$11.6B$15.9B$13.9B$9.5B$12.8B
PP&E, net$4.8B$4.6B$5.6B$6.1B$5.5B
Goodwill & intangibles$64.0B$57.1B$62.4B$59.1B$61.0B
Total assets$83.2B$84.3B$84.5B$77.5B$83.5B
Accounts payable$2.6B$1.9B$1.8B$1.8B$1.8B
Total current liabilities$8.1B$8.4B$8.3B$6.8B$6.8B
Long-term debt$22.2B$19.1B$16.7B$15.5B$18.4B
Total liabilities$38.0B$34.3B$31.0B$28.0B$30.9B
Shareholders' equity$45.2B$50.1B$53.5B$49.5B$52.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.3B$7.2B$4.2B$3.9B$3.6B
Depreciation & amortization$2.2B$2.2B$2.2B$2.4B$2.4B
Stock-based compensation$184.0M$295.0M$306.0M$288.0M$298.0M
Change in working capital−$658.0M−$1.5B−$393.0M$266.0M−$710.0M
Operating cash flow$8.4B$8.5B$7.2B$6.7B$6.4B
Capital expenditure−$1.3B−$1.2B−$1.4B−$1.4B−$1.2B
Free cash flow$7.1B$7.4B$5.8B$5.3B$5.3B
Investing cash flow−$13.0B−$2.2B−$7.1B−$2.0B−$1.2B
Net debt issued / repaid$2.0B−$1.7B−$1.6B−$1.7B$1.0B
Buybacks$0$0$0−$6.0B−$3.1B
Dividends paid−$742.0M−$818.0M−$821.0M−$768.0M−$878.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin61.0%60.3%58.7%59.5%60.9%
Operating margin27.3%27.7%22.1%21.7%20.9%
Net margin21.8%23.8%19.0%16.3%14.7%
FCF margin24.0%24.4%23.0%22.2%21.4%
ROE15.1%15.1%9.2%7.6%7.1%
ROIC10.2%11.3%6.9%6.7%6.6%
ROA8.1%8.6%5.6%4.8%4.5%
Debt / equity0.520.410.370.350.35
Interest coverage32.5x38.7x19.4x17.7x17.0x
Current ratio1.431.891.681.401.87
Revenue growth+32.2%+2.7%−16.9%−5.0%+2.9%
EPS growth+73.1%+11.0%−34.0%−17.2%−3.9%
P/E at year end32.9x24.0x35.9x43.2x45.0x
EV / EBITDA at year end23.2x18.2x24.1x25.2x25.4x
FCF yield at year end3.34%4.26%3.38%3.14%3.23%
Dividend payout11.5%11.3%17.2%19.7%24.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Revenue from Contract with Customer, Measurement, Recurring$21.8B$23.7B$18.7B$19.4B$20.1B
Revenue from Contract with Customer, Measurement, Nonrecurring$7.7B$7.8B$5.2B$4.5B$4.4B

Revenue by region · FY2025

Other developed markets$12.0B · 82%
CHINA$2.6B · 18%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $1.92 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$26.4B$26.2B – $26.5B$8.50$8.45 – $8.521426.9x
2027$28.5B$27.3B – $29.0B$9.30$9.18 – $9.411424.6x
2028$30.3B$29.7B – $31.2B$10.23$9.09 – $10.72622.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-21$1.94$2.06+6.2%$6.0B$6.0B−0.5%
2026-01-28$2.16$2.23+3.2%$6.8B$6.8B+0.4%
2025-10-21$1.72$1.89+9.9%$6.0B$6.1B+0.9%
2025-07-22$1.64$1.80+9.8%$5.8B$5.9B+1.7%
2025-04-22$1.63$1.88+15.3%$5.6B$5.7B+3.0%
2025-01-29$2.14$2.140.0%$6.4B$6.5B+1.4%
2024-10-22$1.57$1.71+8.9%$5.6B$5.8B+3.8%
2024-07-23$1.57$1.72+9.6%$5.6B$5.7B+2.8%
2024-04-23$1.72$1.92+11.6%$5.6B$5.8B+3.1%
2024-01-30$1.90$2.09+10.0%$5.6B$2.7B−51.9%
2023-10-24$1.83$2.02+10.4%$6.6B$6.9B+3.6%
2023-07-25$2.00$2.05+2.5%$6.3B$7.2B+12.9%
2023-04-25$2.25$2.36+4.9%$7.0B$7.2B+2.0%
2023-01-24$2.54$2.87+13.0%$7.9B$8.4B+5.9%
2022-10-20$2.26$2.56+13.3%$7.2B$7.7B+7.1%
2022-07-21$2.35$2.76+17.4%$7.3B$7.8B+6.2%
2022-04-21$2.66$2.76+3.8%$7.5B$7.7B+1.9%
2022-01-27$2.54$2.69+5.9%$7.9B$8.1B+2.9%
2021-10-21$2.14$2.39+11.7%$7.0B$7.2B+3.4%
2021-07-22$2.05$2.46+20.0%$7.0B$7.2B+3.3%
2021-04-22$1.75$2.52+44.0%—$6.9B—
2021-01-28$1.87$2.08+11.2%$6.0B$6.8B+12.6%
2020-10-22$1.37$1.72+25.5%$4.3B$5.9B+36.0%
2020-07-23$1.09$1.44+32.1%—$5.3B—

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.606-151.406-221.006-291.107-061.307-133.907-202.207-271.308-030.908-101.508-170.908-241.108-31
Week ofNotionalSharesTrades
2026-08-31$1.1B5,239,56683,906
2026-08-24$863.8M4,002,24171,877
2026-08-17$1.5B7,062,705108,637
2026-08-10$903.9M4,395,00277,497
2026-08-03$1.3B6,546,29994,292
2026-07-27$2.2B11,211,468126,047

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1530.1%
DateShort shareShort volumeTotal volume
2026-10-1530.1%642,9942,137,924
2026-10-1431.1%495,4691,595,673
2026-10-1347.7%1,613,9163,382,557
2026-10-1238.6%563,2331,459,499
2026-10-0937.2%536,0821,439,282
2026-10-0840.2%1,125,1582,799,960
2026-10-0747.8%724,9931,517,728
2026-10-0651.9%784,9091,512,319
2026-10-0535.0%492,3611,407,282
2026-10-0249.9%624,0951,251,496
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.1Jan-0.6Feb+1.3Mar+1.7Apr+0.6May+1.2Jun+3.0Jul+0.2Aug+0.5Sep+1.0Oct+3.3Nov+1.6Dec
MonthAvg returnUp yearsYears
Jan+0.1%50%20
Feb−0.6%45%20
Mar+1.3%57%21
Apr+1.7%45%20
May+0.6%65%20
Jun+1.2%55%20
Jul+3.0%70%20
Aug+0.2%55%20
Sep+0.5%60%20
Oct+1.0%65%20
Nov+3.3%85%20
Dec+1.6%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1462.7
MFI48.3
ADX30.7
Stochastic %K / %D85.1 / 78.6
Williams %R-18.2
CCI154
TSI / signal18.3 / 15.3
Chaikin money flow0.22
ATR$6.05
Bollinger width8.8%
Volume vs 20-day avg0.80x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$221.33 (+3.5%)
SMA 50$213.62 (+7.2%)
SMA 200$200.61 (+14.2%)
EMA 21$220.18 (+4.0%)
EMA 50$213.40 (+7.3%)
EMA 200$203.51 (+12.5%)
Bollinger upper$231.09 (−0.9%)
Bollinger lower$211.57 (+8.3%)
Parabolic SAR$212.88 (+7.6%)
Open the live chart, 110+ indicators

About Danaher Corporation

Danaher Corporation is a diversified global technology and science company that specializes in developing, manufacturing, and distributing a wide array of professional, medical, industrial, and commercial products and services across the world. The organization is structured into three primary operating segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions. Within the Life Sciences segment, Danaher provides advanced instrumentation and solutions crucial for scientific research and development. This encompasses equipment like mass spectrometers, flow cytometry, genomics, lab automation, centrifugation, particle counting and characterization tools, and microscopes, alongside genomics consumables and technologies vital for Gene and Cell Therapy. Additionally, it delivers bioprocess technologies, consumables, and related services, as well as sophisticated filtration, separation, and purification systems. Its diverse clientele includes pharmaceutical, biopharmaceutical, food and beverage, medical, and life sciences companies, in addition to universities, medical schools, research institutions, and various industrial manufacturers. The Diagnostics segment is dedicated to furnishing essential tools for healthcare. Its offerings range from comprehensive systems for chemistry, immunoassay, microbiology, and automation to products for hematology, molecular, acute care, and pathology diagnostics. This segment equips hospitals, physicians' offices, reference laboratories, and other critical care settings with clinical instruments, reagents, consumables, software, and support services for accurate patient diagnosis and management. The Environmental & Applied Solutions segment addresses a broad spectrum of industrial and resource management requirements. It supplies instrumentation, consumables, software, services, and disinfection systems critical for the analysis, treatment, and management of various water types—including ultra-pure, potable, industrial, waste, ground, source, and ocean water—across residential, commercial, industrial, and natural resource applications. Furthermore, this segment delivers instruments, software, services, and consumables tailored for color and appearance management, packaging design and quality assurance, packaging converting, printing, marking, coding, and traceability applications for consumer, pharmaceutical, and industrial products. Established in 1969, the company was initially known as Diversified Mortgage Investors, Inc., before officially rebranding as Danaher Corporation in 1984. Its corporate headquarters are located in Washington, D.C.

https://www.danaher.com

Key executives

NameTitlePayBorn
Rainer BlairSenior Advisor$6.1M1964
Matthew R. McGrewExecutive Vice President$3.2M1972
Matthew E. GuginoChief Financial Officer & Executive Vice President$2.7M1983
Julie Sawyer MontgomeryPresident, Chief Executive Officer & Director$2.6M1972
Christopher Paul RileyExecutive Vice President of Biotechnology Group & Chief Executive Officer of Cytiva$2.5M1974
Jose-Carlos Gutierrez-RamosSenior Vice President & Chief Science Officer$2.5M1962
Georgeann F. CoucharaSenior Vice President of Human Resources$1.9M1977
Gregory MilosevichExecutive Vice President of Life Sciences Business—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Rainer M. Blair, President and CEO2023$1.3M$8.1M$3.5M$20.9M
Joakim Weidemanis, Executive Vice President2023$1.0M$3.0M$1.5M$8.5M
Matthew R. McGrew, Executive Vice President and CFO2023$966,310$2.6M$1.4M$7.5M
Jose-Carlos Gutierrez-Ramos, Senior Vice President and Chief Science Officer2023$784,160$2.6M$1.1M$7.2M
Georgeann Couchara, Senior Vice President, Human Resources2023$660,000$1.8M$878,922$5.2M

Employees

71k201860k201969k202080k202181k202263k202363k202460k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.42026-10-30
2026-06-26$0.42026-07-31
2026-03-27$0.42026-04-24
2025-12-26$0.322026-01-30
2025-09-26$0.322025-10-31
2025-06-27$0.322025-07-25
2025-03-28$0.322025-04-25
2024-12-27$0.272025-01-31

Moat model

None · Efficient Scale · 2026-06-26
Cost advantage30
Intangibles19
Switching costs12
Network effect50
Efficient scale85
Our component scores (0-100) and overall 34.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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