greeksoup/ stock research
Stock research / United States / DHR · Industrial Instruments For Measurement, Display, And Control · NYSE

Danaher Corp. (DHR)

Danaher is a holding company for more than 15 operating companies in biotechnology, life sciences and diagnostics, organised under three segments of the same names. The filing describes the businesses as typically selling a high proportion of products and services on a recurring basis, primarily through a direct sales model, to a geographically diverse customer base. Facilities for research and development, manufacturing, sales, distribution, service and administration sit in approximately 50 countries. The stated strategy has three priorities: consistent application of the Danaher Business System, capital allocation into science and technology markets, and building the businesses it owns. There were approximately 60,000 employees at the end of 2025, about 22,000 in North America, 20,000 in Western Europe, 15,000 in high-growth markets and 3,000 in other developed markets, and about 58,000 of the total were full-time.

Danaher Corp.

Danaher is a holding company for more than 15 operating companies in biotechnology, life sciences and diagnostics, organised under three segments of the same names. The filing describes the businesses as typically selling a high proportion of products and services on a recurring basis, primarily through a direct sales model, to a geographically diverse customer base. Facilities for research and development, manufacturing, sales, distribution, service and administration sit in approximately 50 countries. The stated strategy has three priorities: consistent application of the Danaher Business System, capital allocation into science and technology markets, and building the businesses it owns. There were approximately 60,000 employees at the end of 2025, about 22,000 in North America, 20,000 in Western Europe, 15,000 in high-growth markets and 3,000 in other developed markets, and about 58,000 of the total were full-time.

Biotechnology

The segment sells equipment, consumables, software and services used to advance the research, development, manufacture and delivery of biological medicines: monoclonal antibodies, recombinant proteins, replacement therapies such as insulin, vaccines, and newer cell, gene, mRNA and other nucleic acid therapies. It was established with the acquisition of Pall in 2015 and expanded with Cytiva in 2020, and it splits in two. Bioprocessing supports biomanufacturers from early process development through to large scale commercial and turn-key manufacturing: cell line and cell culture media development, process liquids and buffers, chromatography resins, filtration technologies, aseptic fill finish, single-use hardware and consumables, and services including the design and installation of full manufacturing suites. Its customers are pharmaceutical and biopharmaceutical companies, translational medicine institutions, biotechnology companies and contract manufacturing organisations. Discovery and medical covers lab filtration, separation and purification; lab-scale protein purification and analytical tools for bio-molecular analysis; reagents, membranes and services for diagnostic and assay development; and healthcare filtration for drug delivery and patient care. The key brands are CYTIVA and PALL.

Life Sciences

The segment sells instruments, consumables, services and software used to study the basic building blocks of life, including DNA and RNA, nucleic acid, proteins, metabolites and cells, to understand the causes of disease, identify therapies and test and manufacture new drugs, vaccines and gene editing technologies, plus products that filter contaminants from liquids and gases. It began with Leica Microsystems in 2005 and grew through acquisitions including Beckman Coulter in 2011, Pall in 2015, IDT in 2018, Aldevron in 2021 and Abcam in 2023. It has three parts. The instruments business covers validated centrifugation, automated liquid handling, advanced cell culture and analytical technologies, split across flow cytometry and lab automation, mass spectrometry, and microscopy. The consumables business covers genomic medicines, meaning custom DNA and RNA oligonucleotides and gene fragments for next generation sequencing, CRISPR genome editing, qPCR and RNA interference, plus protein consumables, meaning validated antibodies, reagents, biomarkers and assays. The filtration, separation and purification business removes contaminants through filtration consumables and hardware, used in microelectronics, aircraft, oil refineries, power generation turbines, petrochemical plants and food and beverage. The key brands are ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX and SCIEX.

Diagnostics

The segment sells clinical instruments, consumables, software and services used by hospitals, physicians' offices, reference laboratories and other critical care settings to diagnose disease and make treatment decisions. It began with Radiometer in 2004 and grew through acquisitions including Beckman Coulter in 2011, HemoCue in 2013, the clinical microbiology business of Siemens Healthcare Diagnostics in 2015 and Cepheid in 2016. Molecular diagnostics supplies instruments, systems, software and consumables for DNA-based testing of organisms and genetic diseases, automating sample preparation, amplification and detection so testing can be done outside a laboratory with minimal training, commonly for healthcare-associated infections, respiratory disease, sexual health and virology. The clinical diagnostics businesses split three ways: the clinical lab business, analysing body fluids and cells; acute care diagnostics, measuring blood gases, electrolytes, metabolites and cardiac markers in laboratory and point-of-care settings; and pathology diagnostics, covering the workflow of a pathology laboratory. The key brands are BECKMAN COULTER, CEPHEID, HEMOCUE, LEICA BIOSYSTEMS, MAMMOTOME and RADIOMETER.

Making and selling

All three segments manufacture in North America, Europe and Asia, with Diagnostics also in Australia, and all three sell through a mix of direct sales personnel and independent distributors. Manufacturing uses metallic-based components, electronic components, chemistries, original equipment manufacturer products, plastics and other petroleum-based products. The filing notes that the cost and availability of some of those can be affected by shifting trade policies including tariffs and trade protectionism, and that oil and gas prices feed through to freight and utility costs.

From Danaher's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Danaher became

Latest results

Latest quarterQ3 FY2026ended 25 September 2026 · 10-Q filed 21 October 2026
Revenue
$6.6 billion
+8.3% on the year · +4.6% on the quarter
Q4 FY2024Q3 FY2026
Net income
$1.2 billion
+36.0% on the year · +42.0% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$1.75
+37.8% on the year · +42.3% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 24 February 2026
Revenue
$24.6 billion
+2.9% on the year
FY2018FY2025
Net income
$3.6 billion
-7.3% on the year
FY2018FY2025
Diluted EPS
$5.05
-4.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsDanaher (DHR) reported revenue of $24.6 billion for fiscal 2025, the year ended 31 December 2025, up 2.9% on the year before. Net income was $3.6 billion and diluted earnings per share $5.05. Revenue was $23.9 billion in fiscal 2024, $23.9 billion in fiscal 2023, $26.6 billion in fiscal 2022 and $24.8 billion in fiscal 2021. Net income in the same years was $3.9 billion, $4.8 billion, $7.2 billion and $6.4 billion. Over the twelve months to 25 September 2026, Danaher reported revenue of $25.6 billion and net income of $4.3 billion. Revenue grew 2.0% a year, compounded, over the five years to fiscal 2025. Danaher declared $1.44 a share in dividends over the last four quarters and had 703 million shares outstanding at the latest filed count. At 25 September 2026 it carried $26.5 billion of debt and $5.7 billion of cash. At the close of 6 November 2026 the market cap of Danaher was $162.0 billion, 37.7 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE8.1%
ROCE6.5%
Operating margin20.4%
Net margin16.9%
FCF margin22.4%
Interest cover14.5x
Debt to equity0.49x
Cash conversion1.58x
Share count, last 12 months-0.4%
Sales CAGR, 3 years-2.7%
Profit CAGR, 3 years-20.6%
EPS, TTM$6.11

At the close of 6 November 2026

Price$230.29
Market cap$162.0 billion
Stock P/E37.7x
Price to book3.0x
EV / EBITDA23.3x
Dividend yield0.6%
Market cap / sales6.3x
52-week high$242.05
52-week low$161.91
Price, 1 year9.3%
Price CAGR, 3 years5.1%
Price CAGR, 5 years-2.2%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Danaher Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
DHRgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022 †Q2 FY2022 †Q3 FY2022 †Q4 FY2022Q1 FY2023 †Q2 FY2023 †Q3 FY2023 †Q4 FY2023 †Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue8,1486,5266,5286,4557,1345,9495,9125,6246,4055,7965,7435,7986,5385,7415,9366,0536,8385,9516,2656,554
Cost of revenue3,2052,9833,0303,0793,4302,2872,5942,3492,6262,3092,3152,3972,6482,2302,4132,5302,8722,3602,6542,717
Gross profit4,9434,0584,0133,8914,2263,6623,3183,2753,7793,4873,4283,4013,8903,5113,5233,5233,9663,5913,6113,837
Gross margin61%62%61%60%59%62%56%58%59%60%60%59%59%61%59%58%58%60%58%59%
R&D495441431420453373361362407368391383442379403378438387412433
SG&A2,2942,0922,0852,1492,1901,7721,7941,7282,0351,8071,8692,0602,0231,8582,3601,9912,0261,8602,0722,159
Operating income2,1541,9311,8911,7171,9971,5171,1631,1851,3371,3121,1689581,4251,2747601,1541,5021,3441,1271,245
Operating margin26%30%29%27%28%26%20%21%21%23%20%17%22%22%13%19%22%23%18%19%
Interest expense56.054.051.042.064.066.067.073.0n/a65.065.087.061.072.071.067.055.063.0107135
Pre-tax income2,0852,0992,0691,9312,1931,5231,1421,1471,2321,2711,0839771,3151,1296551,0761,3731,2351,0781,132
Tax rate14%18%19%19%-2%19%19%18%9%14%16%16%17%16%15%16%14%17%19%-7%
Net income1,7881,7251,6801,5722,2101,4501,1061,1291,0791,0889078181,0869545559081,1971,0298701,235
Net margin22%26%26%24%31%24%19%20%17%19%16%14%17%17%9%15%18%17%14%19%
Diluted EPS$2.39$2.31$2.25$2.10$2.99$1.94$1.49$1.51$1.45$1.45$1.22$1.12$1.49$1.32$0.77$1.27$1.68$1.45$1.23$1.75
Operating cash flow2,3331,9682,0002,0102,5411,9471,9261,6721,6191,7391,4171,5132,0191,2991,3381,6622,1171,3221,5341,886
Capital expenditure420250296277329266341365402291287298516245248292371237269255
Free cash flow1,9131,7181,7041,7332,2121,6811,5851,3071,2171,4481,1301,2151,5031,0541,0901,3701,7461,0851,2651,631
Buybacksn/an/an/an/an/an/an/a0.0n/a0.04,5306408091,0780.02,0100.00.08940.0
Dividends paid191191220204203204218199200177200196195194229229226226283281
Shares outstanding715m716m727m728m728m729m738m739m739m741m724m722m719m716m716m706m707m708m703m703m
Filing10-K10-K10-K10-K10-K10-Q10-K10-K10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2007 †FY2008 †FY2009 †FY2010 †FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue11,02612,26310,51712,55016,09117,47518,28312,86714,43416,88215,51917,04917,91122,28424,80226,64323,89023,87524,56825,608
Cost of revenue5,9856,4755,4476,1467,9148,6338,9416,0176,6637,5486,9487,5447,9279,8099,56310,4559,8569,66910,04510,603
Gross profit5,0415,7885,0706,4048,1778,8429,3426,8507,7719,3358,5719,5059,98412,47515,23916,18814,03414,20614,52315,005
Gross margin45.7%47.2%48.2%51.0%50.8%50.6%51.1%53.2%53.8%55.3%55.2%55.8%55.7%56.0%61.4%60.8%58.7%59.5%59.1%58.6%
Research and development6016966007741,0191,0091,1047698619759561,0591,1261,3481,4981,5281,5031,5841,5981,670
Selling, general and administrative2,7133,3043,1153,6044,6084,9235,1174,0354,7485,6245,0435,3915,5886,8966,8177,1247,3297,7598,2358,117
Operating income1,7411,7871,4402,0502,6172,9803,1202,0452,1622,7352,5723,0553,2694,2316,3777,5365,2024,8634,6905,218
Operating margin15.8%14.6%13.7%16.3%16.3%17.1%17.1%15.9%15.0%16.2%16.6%17.9%18.3%19.0%25.7%28.3%21.8%20.4%19.1%20.4%
Interest expense11012611911714215314194.7140184140137108275231204286278265360
Pre-tax income1,6371,6711,3262,2302,4482,8303,4162,0862,0392,6112,5432,9623,3054,4956,5117,1465,0444,6464,2334,818
Income tax4234042395115136498264482934583715568738491,064818823747633529
Effective tax rate25.8%24.2%18.0%22.9%20.9%22.9%24.2%21.5%14.4%17.5%14.6%18.8%26.4%18.9%16.3%11.4%16.3%16.1%15.0%11.0%
Net income1,3701,3181,1521,7932,1722,3922,6952,5983,3572,5542,4922,6513,0083,6466,4337,2094,7643,8993,6144,331
Net margin12.4%10.7%11.0%14.3%13.5%13.7%14.7%20.2%23.3%15.1%16.1%15.5%16.8%16.4%25.9%27.1%19.9%16.3%14.7%16.9%
Diluted EPS$2.10$1.98$1.73$2.64$3.11$3.36$3.80$3.63$4.74$3.65$3.53$3.74$4.05$4.89$8.61$9.66$6.38$5.29$5.05$6.11
Filing10-K8-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025, 1 year left out

FY2009FY2010FY2011FY2012FY2013FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Diagnosticsn/an/an/an/an/a4,8325,0385,8406,2586,5617,4039,84410,8499,5779,7879,94140.5%
Life Sciencesn/an/an/an/an/a3,3155,3665,7106,4716,9515,3006,3887,0367,1417,3297,33429.9%
Biotechnologyn/an/an/an/an/an/an/an/an/an/a5,2768,5708,7587,1726,7597,29329.7%
Businesses contributed to Apex joint venture attributable to periods prior to contribution608316n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Dental1,6571,8252,0112,0232,0952,7372,785n/an/an/an/an/an/an/an/an/an/a
Environmental2,4192,7382,9403,0643,317n/an/an/an/an/an/an/an/an/an/an/an/a
Environmental & Applied Solutionsn/an/an/an/an/a3,5503,6933,9694,3204,3994,305n/an/an/an/an/an/a
Industrial Technologies2,1272,5413,1213,3083,432n/an/an/an/an/an/an/an/an/an/an/an/a
Life Sciences & Diagnostics1,4852,2984,6276,4856,856n/an/an/an/an/an/an/an/an/an/an/an/a
Test & Measurement2,2212,8333,3913,3812,582n/an/an/an/an/an/an/an/an/an/an/an/a
Sales between segments, taken outn/an/an/a-786n/an/an/an/an/an/an/an/an/an/an/an/an/a
Diagnostics FY2015 to FY2025Life Sciences FY2015 to FY2025Biotechnology FY2020 to FY2025Environmental & Applied Solutions FY2015 to FY2020Dental FY2009 to FY2016Life Sciences & Diagnostics FY2009 to FY2013Industrial Technologies FY2009 to FY2013Environmental FY2009 to FY2013Test & Measurement FY2009 to FY2013Businesses contributed to Apex joint venture attributable to periods prior to contribution FY2009 to FY2010
12.6FY201018.3FY201214.4FY201515.5FY201717.9FY201924.8FY202123.9FY202324.6FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Sales between segments, taken out is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2009 to FY2025, 1 year left out

The operating profit each segment reports. Costs Danaher does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2009FY2010FY2011FY2012FY2013FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Diagnosticsn/an/an/an/an/a7467868721,0741,1341,5382,3133,4362,4062,6252,65026.7%
Life Sciencesn/an/an/an/an/a3298191,0041,2291,4019721,2931,4141,2098795207.1%
Biotechnologyn/an/an/an/an/an/an/an/an/an/a1,0823,0743,0081,9091,6851,86425.6%
Businesses contributed to Apex joint venture attributable to periods prior to contribution63.941.5n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Dental216203236293305370419n/an/an/an/an/an/an/an/an/an/a
Environmental471564623652696n/an/an/an/an/an/an/an/an/an/an/an/a
Environmental & Applied Solutionsn/an/an/an/an/a8678709159881,052979n/an/an/an/an/an/a
Industrial Technologies298513655686723n/an/an/an/an/an/an/an/an/an/an/an/a
Life Sciences & Diagnostics1802284028611,010n/an/an/an/an/an/an/an/an/an/an/an/a
Test & Measurement301573751701515n/an/an/an/an/an/an/an/an/an/an/an/a
Diagnostics FY2015 to FY2025Life Sciences & Diagnostics FY2009 to FY2013Life Sciences FY2015 to FY2025Industrial Technologies FY2009 to FY2013Biotechnology FY2020 to FY2025Dental FY2009 to FY2016Environmental FY2009 to FY2013Environmental & Applied Solutions FY2015 to FY2020Test & Measurement FY2009 to FY2013Businesses contributed to Apex joint venture attributable to periods prior to contribution FY2009 to FY2010
2,123FY20103,194FY20122,312FY20152,790FY20173,587FY20196,680FY20215,524FY20235,034FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Diagnostics40%53%
Life Sciences30%10%
Biotechnology30%37%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2009 to FY2025, 1 year left out

FY2009FY2010FY2011FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Recurringn/an/an/an/an/an/an/an/an/an/an/a19,13520,87618,68219,36620,12781.9%
Nonrecurringn/an/an/an/an/an/an/an/an/an/an/a5,6675,7675,2084,5094,44118.1%
All other152n/an/a771n/an/an/an/an/an/an/an/an/an/an/an/an/a
Analytical and physical instrumentation4,3655,2065,9215,4441,9682,0142,0892,2332,4372,4642,443n/an/an/an/an/an/a
Defense126n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Dental productsn/an/an/an/a2,1932,7372,785n/an/an/an/an/an/an/an/an/an/a
Mechanics and related hand tools844591n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Medical and dental products3,1424,1236,6548,958n/an/an/an/an/an/an/an/an/an/an/an/an/a
Motion and industrial automation controls1,1071,5181,6771,559n/an/an/an/an/an/an/an/an/an/an/an/an/a
Othern/a294677n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Product Identification7808181,1621,5521,6111,5721,6411,7741,9261,9351,862n/an/an/an/an/an/a
Research and medical productsn/an/an/an/a7,0958,11110,36711,51212,68613,51217,979n/an/an/an/an/an/a
Recurring FY2021 to FY2025Nonrecurring FY2021 to FY2025Research and medical products FY2014 to FY2020Analytical and physical instrumentation FY2009 to FY2020Product Identification FY2009 to FY2020Dental products FY2014 to FY2016Medical and dental products FY2009 to FY2013Motion and industrial automation controls FY2009 to FY2013All other FY2009 to FY2013Other FY2010 to FY2011Mechanics and related hand tools FY2009 to FY2010Defense FY2009
12.6FY201018.3FY201314.4FY201515.5FY201717.9FY201924.8FY202123.9FY202324.6FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2009 to FY2025, 6 years left out

FY2009FY2010FY2011FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
North American/an/an/a6,4707,0129,0119,79811,7309,96110,29510,35642.2%
High-growth marketsn/an/an/a5,4435,7306,6517,7707,7097,1916,8707,02228.6%
Western Europen/an/an/a4,0614,0575,3235,8775,8595,4685,4575,93824.2%
Other developed marketsn/an/an/a1,0751,1121,2991,3571,3451,2701,2531,2525.1%
China5627491,133n/an/an/an/an/an/an/an/an/a
Germany8029291,189n/an/an/an/an/an/an/an/an/a
Japan410603809n/an/an/an/an/an/an/an/an/a
Other3,7794,5666,171n/an/an/an/an/an/an/an/an/a
United States4,9645,7036,788n/an/an/an/an/an/an/an/an/a
North America FY2018 to FY2025High-growth markets FY2018 to FY2025Western Europe FY2018 to FY2025Other developed markets FY2018 to FY2025United States FY2009 to FY2011Other FY2009 to FY2011Germany FY2009 to FY2011China FY2009 to FY2011Japan FY2009 to FY2011
10.5FY200916.1FY201117.9FY201924.8FY202123.9FY202324.6FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2007 †FY2008 †FY2009 †FY2010 †FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow1,6461,8591,8012,0842,6263,4153,5853,7583,8023,5223,4784,0223,9526,2088,3588,5197,1646,6886,4166,859
Capital expenditure1621871751913344465384655135905715846367911,2401,1181,3831,3921,1561,132
Free cash flow1,4841,6721,6251,8932,2922,9693,0473,2933,2892,9322,9073,4383,3165,4177,1187,4015,7815,2965,2605,727
Free cash flow margin13.5%13.6%15.5%15.1%14.2%17.0%16.7%25.6%22.8%17.4%18.7%20.2%18.5%24.3%28.7%27.8%24.2%22.2%21.4%22.4%
Cash from investing-3,446-567-943-2,289-5,847-1,888-552-3,444-14,951-5,243-843-2,949-1,238-21,239-12,987-2,234-7,081-1,981-1,196-11,080
Cash from financing1,712-1,1224071172,089-388-1,606-2189,0502,043-3,098-79716,3661,0061,295-2,570-273-8,385-2,9618,379
Depreciation and amortisationn/a3333323886357998517188811,1281,1171,1781,1901,7752,0622,1322,1662,3522,4472,630
Share-based compensation73.386.087.388.195.610411084.7104130127138159187184295306288298329
Buybacks11774.20.0n/a0.06480.00.0n/an/an/an/an/an/an/a0.00.05,9793,088894
Dividends paid34.338.341.752.261.386.452.12283544003784335276157428188217688781,016
Diluted shares, weighted659m672m671m683m701m713m711m716m708m700m706m710m726m719m737m737m743m737m716m707m
Shares outstanding at period endn/a637m645m656m688m688m698m704m687m692m697m702m696m711m715m728m739m719m707m703m
Filing10-K8-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2007 †FY2008 †FY2009 †FY2010 †FY2011FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equityn/a9,80911,63013,71116,90519,01622,38523,37823,69023,00326,35828,21430,27139,76645,16750,08253,48649,54352,53453,621
Non-controlling interestn/an/an/a61.867.067.466.171.773.774.09.612.311.011.010.08.04.07.07.012.0
Short-term borrowingsn/an/an/a40.8n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Debtn/a2,6192,9332,8255,3055,3433,4993,47312,87012,26910,5229,74021,72921,20422,17619,67718,40216,00518,41826,482
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a0.06397858897729549681,079n/a
Other liabilitiesn/a5,0625,0325,5797,6728,5148,72210,06811,5889,9509,7599,8669,43214,39514,94213,81111,64211,01911,42613,166
Total liabilities and equityn/a17,49019,59522,21729,94932,94134,67236,99248,22245,29546,64947,83262,08276,16183,18484,35084,48877,54283,46493,281
Owned
Fixed assetsn/a1,1091,1131,1302,1012,1412,1841,6662,3032,3542,2232,2502,3023,2623,5303,7094,5534,9905,5315,773
Goodwill8,9658,9349,45210,39414,47415,46214,71711,57521,01523,82721,76922,58122,71235,42038,68237,27641,60840,49743,15147,315
Intangible assetsn/a2,5192,6563,3085,8406,3445,8987,06010,54511,81811,66710,2839,75021,28222,84319,82120,74618,56817,81721,052
Investmentsn/an/an/a257287330n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Securities held for sale or to maturityn/an/an/an/an/an/an/an/an/an/a45.438.334.027.020.011.05.00.0n/an/a
Cash and equivalents2393931,7221,6335371,6793,1153,00679196463078819,9126,0352,5865,9955,8642,0784,6155,682
Receivablesn/a1,8951,8522,0983,0503,2673,2923,4462,9853,1863,5223,0303,1914,0454,6314,1023,9223,5373,9134,126
Inventoryn/a1,1429541,1661,7811,8131,7341,7831,5731,7091,8411,6311,6282,2922,7672,7652,5942,3302,4893,134
Other assetsn/a1,4981,8472,2321,8791,9053,7328,4579,0101,4374,9517,2312,5513,7988,12510,6715,1965,5425,9486,199
Total assetsn/a17,49019,59522,21729,94932,94134,67236,99248,22245,29546,64947,83262,08276,16183,18484,35084,48877,54283,46493,281
Filing10-K8-K10-K10-K10-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.5%2.0%-2.7%5.5%
Profit growth, compounded0.7%-0.2%-20.6%23.6%
Return on equity, average10.1%10.5%7.9%6.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Danaher's revenue in fiscal 2025?

Danaher (DHR) reported revenue of $24.6 billion for fiscal 2025, the year ended 31 December 2025, up 2.9% on the year before.

How much did Danaher earn in fiscal 2025?

Net income was $3.6 billion for fiscal 2025, and diluted earnings per share $5.05.

What is Danaher's P/E ratio?

At the close of 6 November 2026, Danaher traded at 37.7 times its earnings over the twelve months to 25 September 2026.

What is Danaher's market cap?

The market cap of Danaher was $162.0 billion at the close of 6 November 2026.

Does Danaher pay a dividend?

Yes. Danaher declared $1.44 a share in dividends over the four quarters to 25 September 2026.

Peers: Measuring and Control Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Danaher Corp. DHR$162.0 billion37.698.1%20.4%5.5%0.490.6%
AMETEK Inc. AME$52.4 billion32.2513.9%26.0%14.3%0.570.6%
Roper Technologies Inc. ROP$47.2 billion18.8113.5%28.0%9.2%0.510.8%
Keysight Technologies, Inc. KEYS$46.3 billion37.3319.2%20.3%25.5%0.38n/a
Fortive Corp. FTV$19.5 billion31.1411.0%19.6%7.0%0.590.4%
MKS Inc. MKSI$13.0 billion22.8018.3%18.2%24.6%1.150.5%
Cognex Corp. CGNX$8.0 billion33.3714.1%25.0%15.8%0.000.7%
Ralliant Corp. RAL$7.5 billionn/a-73.4%-48.3%n/a0.710.3%
Sensata Technologies Holding plc ST$5.7 billion15.7212.0%15.1%4.1%0.781.2%
Mesa Laboratories Inc. MLAB$718 million152.762.5%9.0%3.0%0.760.5%
Senseonics Holdings, Inc. SENS$454 millionn/a-121.1%-223.2%90.6%0.62n/a
Hurco Companies Inc. HURC$132 millionn/a-3.4%-2.8%-1.9%n/an/a
All 49 in Measuring and Control Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Thermo Fisher Scientific Inc. TMO$257.5 billion36.6512.9%17.9%8.3%0.760.3%
KLA Corp. KLAC$180.5 billion34.6280.6%n/a15.8%0.880.6%
Danaher Corp. DHR$162.0 billion37.698.1%20.4%5.5%0.490.6%
Trane Technologies plc TT$88.0 billion28.3834.6%17.9%10.3%0.461.0%
AMETEK Inc. AME$52.4 billion32.2513.9%26.0%14.3%0.570.6%
Agilent Technologies, Inc. A$49.3 billion34.4019.6%22.2%8.6%0.540.6%
Roper Technologies Inc. ROP$47.2 billion18.8113.5%28.0%9.2%0.510.8%
Keysight Technologies, Inc. KEYS$46.3 billion37.3319.2%20.3%25.5%0.38n/a
Waters Corp. WAT$45.0 billion114.141.1%7.1%52.5%0.33n/a
Rockwell Automation, Inc. ROK$41.7 billion35.2134.4%22.7%11.3%0.931.5%
Coherent Corp. COHR$38.0 billion40.018.5%12.5%30.8%0.35n/a
Mettler Toledo International Inc. MTD$37.3 billion37.301,202.8%n/a6.5%26.06n/a
Teradyne, Inc. TER$34.1 billion25.0537.2%32.1%74.9%0.000.2%
Illumina, Inc. ILMN$32.2 billion36.6728.5%21.2%5.8%0.57n/a
Veralto Corp. VLTO$28.5 billion28.9831.0%21.8%6.4%0.900.4%
Fortive Corp. FTV$19.5 billion31.1411.0%19.6%7.0%0.590.4%
Revvity, Inc. RVTY$17.3 billion73.893.3%12.3%4.1%0.450.2%
MKS Inc. MKSI$13.0 billion22.8018.3%18.2%24.6%1.150.5%
Trimble Inc. TRMB$12.4 billionn/a-3.2%16.5%6.9%0.31n/a
Avantor, Inc. AVTR$10.5 billion30.935.8%7.3%0.9%0.63n/a
Bio-Rad Laboratories, Inc. BIO$10.3 billion10.0613.5%-2.4%1.4%0.16n/a
Bruker Corp. BRKR$9.4 billionn/a-5.4%-2.0%2.2%0.74n/a
Onto Innovation Inc. ONTO$8.5 billion65.106.9%12.0%8.1%0.00n/a
Cognex Corp. CGNX$8.0 billion33.3714.1%25.0%15.8%0.000.7%
10x Genomics, Inc. TXG$7.8 billionn/a-8.0%-11.7%-3.6%0.00n/a
Ralliant Corp. RAL$7.5 billionn/a-73.4%-48.3%n/a0.710.3%
Sensata Technologies Holding plc ST$5.7 billion15.7212.0%15.1%4.1%0.781.2%
Vontier Corp. VNT$5.7 billion17.3028.4%19.4%0.3%1.570.2%
Badger Meter Inc. BMI$4.5 billion36.4719.4%18.8%-2.2%0.001.0%
Mirion Technologies, Inc. MIR$4.4 billion149.581.6%6.0%19.6%0.67n/a
Itron, Inc. ITRI$4.3 billion15.9016.5%13.7%-3.6%0.95n/a
Alamar Biosciences, Inc. ALMR$1.9 billionn/a-18.1%-42.1%n/a0.00n/a
Cohu Inc. COHU$1.9 billionn/a-2.9%-2.4%34.0%0.38n/a
Aehr Test Systems AEHR$1.7 billion1,338.881.0%-5.6%26.8%0.00n/a
Allient Inc. ALNT$1.4 billion36.6811.4%9.8%12.6%0.530.2%
Transcat Inc. TRNS$953 millionn/an/an/an/a0.38n/a
Cytek Biosciences, Inc. CTKB$765 millionn/a-25.3%-21.1%5.5%0.00n/a
Mesa Laboratories Inc. MLAB$718 million152.762.5%9.0%3.0%0.760.5%
Pacific Biosciences of California, Inc. PACB$703 millionn/an/a-81.3%4.4%n/a0.0%
Frequency Electronics Inc. FEIM$661 million241.042.2%2.5%6.3%0.00n/a
Senseonics Holdings, Inc. SENS$454 millionn/a-121.1%-223.2%90.6%0.62n/a
908 Devices Inc. MASS$402 millionn/an/an/an/a0.00n/a
Quantum-Si Inc. QSI$291 millionn/a-53.1%-7,474.5%-60.2%0.00n/a
Nautilus Biotechnology, Inc. NAUT$284 millionn/an/an/an/a0.00n/a
Intest Corp. INTT$173 million38.593.4%3.3%16.6%0.05n/a
Hurco Companies Inc. HURC$132 millionn/a-3.4%-2.8%-1.9%n/an/a
Kewaunee Scientific Corp. KEQU$97 million12.1411.0%5.4%5.3%0.25n/a
Seer, Inc. SEER$90 millionn/a-30.1%-498.2%-12.7%0.000.0%
Rapid Micro Biosystems, Inc. RPID$32 millionn/a-288.5%-141.5%16.1%1.08n/a
11 companies share its SEC industry code (Industrial Instruments For Measurement, Display, And Control); the rest are the names nearest in size in its wider industry, Measuring and Control Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on DHR

Dividends$1.44 a share over the four quarters to 25 September 2026, a 0.63% yield
Filings26 in twelve months: 13 current reports (8-K), about 5 results of operations; 5 other events; 4 officer or director change; 2 new financial obligation; 2 material agreement
Planned insider sales12 Form 144 notices in twelve months, $165.3 million; latest 28 October 2026
Options tapeput/call 0.56 by open interest at the 6 November 2026 close; the straddle prices a 3.7% move to 13 November 2026
13F holders2,128 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading21 sales and 0 purchases on Form 4 in twelve months
Congress2 House trades disclosed in six months
Short interest8.1 million shares short, 1.91 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q25 September 202621 October 2026EDGAR
10-Q26 June 202621 July 2026EDGAR
10-Q27 March 202621 April 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q26 September 202521 October 2025EDGAR
10-Q27 June 202522 July 2025EDGAR
10-Q28 March 202522 April 2025EDGAR
10-K31 December 202420 February 2025EDGAR
10-Q27 September 202422 October 2024EDGAR
10-Q28 June 202423 July 2024EDGAR

Reading about a stock somewhere else? Our free Chrome extension, GreekSoup Stock Ticker Lookup: Earnings, Insider Trades, 13F Holders, shows the latest quarter against a year ago, insider trades and 13F holders when you hover a $ticker such as $AAPL.