Danaher Corp (DHR)
Health Care · Life Sciences Tools & Services · US stock · S&P 500 component
$229.75
▼ -4.11 (1.76%)
Fair valueFair
$207 −10.0% to fair value
$103fair band $176–$251$310
Day's range
$228.17 – $238.13
52-week range
$160.93 – $242.80
About Danaher Corp
Tools for life sciences research, diagnostics and biopharmaceutical production come from Danaher, a science and technology company. Its businesses include Cytiva, which supplies bioprocessing equipment, Beckman Coulter and Cepheid in diagnostics, and Leica Microsystems and SCIEX in research instruments. Customers include biopharma manufacturers, hospitals, clinical laboratories and universities. The company is organised into biotechnology, life sciences and diagnostics groups.
Revenue of $25.1 billion over the last twelve months comes from instruments, recurring consumables and reagents, and service. Revenue has changed at -2.7% a year across the last three years. The operating margin is 20.4%, the business earns 6% on the capital invested in it, and net debt is 4.6 times EBITDA. The dividend yield is 0.7%. On the site's X-Ray Score it receives 30 out of 100.
Price chart
52-wk range $160.93 – $242.80Volume 7,066,457Daily, split-adjusted
Vitals
Market cap$162.6B
52-week range$160.93 – $242.80
Volume (last day)7,066,457
P/E (TTM)40.9
EBIT / EV yield2.8%
Free-cash-flow yield3.4%
Dividend yield0.7%
Revenue (TTM)$25.1B
Net income (TTM)$4.0B
Operating margin20.4%
Return on capital5.6%
Debt incl. leases$27.9B
Cash & securities$4.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$207middle half of models $190 – $230
Fair
−10.0% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $230
Undervalued < $176Fair $176 – $251Overvalued > $251
P/E multiple
$227
P/B multiple
$261
P/S multiple
$243
EV/EBITDA multiple
$226
EV/EBIT multiple
$223
EV/revenue multiple
$233
10-year DCF, EBITDA exit
$178
5-year DCF, EBITDA exit
$201
10-year DCF, revenue exit
$173
5-year DCF, revenue exit
$201
10-year DCF, growth exit · not used
$63
5-year DCF, growth exit · not used
$63
Dividend discount, stable · not used
$44
Dividend discount, multi-stage · not used
$54
Earnings power value
$108
Growth the price implies
25.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
29/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.8%
Free-cash-flow yield3.4%
Fair value vs price0.9×
Growth
Weak
14/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-2.7%
EPS growth (3y)-19.4%
Growth consistency70%
Profitability
Weak
34/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital5.6%
Operating margin20.4%
Gross profitability15.9%
Financial health
Weak
40/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA4.6×
Interest cover17.6×
Dividends
Weak
37/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.7%
Dividends vs free cash flow20%
Dividend growth2.4%
Quarterly results: last 6 quarters
-0.9%
Mar '25
+3.4%
Jun '25
+4.4%
Sep '25
+4.6%
Dec '25
+3.7%
Mar '26
+5.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.3B, diluted EPS $1.23.
Compare with peers
MTD Mettler Toledo Interna...47 TECH BIO-TECHNE Corp45 IQV Iqvia Holdings Inc.43 A Agilent Technologies,...40Other Life Sciences Tools & Services companies by X-Ray Score.
SWOT analysis: Danaher Corp
Strengthsinside the company
- Operating profit covers interest 18x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital is only 5.6% (median 9.1% for industry peers), so the business earns little above its cost of capital.
- Revenue has fallen 2.7% a year over three years while industry peers grew 0.7%.
- Earnings per share have declined 19.4% a year over three years.
- Net debt is 4.6x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DHR with peers and sector
Medians of 8 Life Sciences Tools & Services peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): TMO 34, A 40, IQV 43, WAT 33, ILMN 39, MTD 47.
| Metric | DHR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 30 | 40 | 49 |
| Valuation | 29 | 23 | 55 |
| Growth | 14 | 30 | 48 |
| Profitability | 33 | 49 | 51 |
| Financial health | 39 | 43 | 48 |
| Dividends | 37 | 50 | 52 |
Sector leaders: highest X-Ray Score in Health Care
DHR ranks #56 of 60 in Health Care and #8 of 9 in Life Sciences Tools & Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DHR
Each factor is rated by where DHR stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 10 Average · 12 Bad of 23
Growth: 0 · 0 · 3
Profitability: 0 · 3 · 2
Financial strength: 0 · 2 · 2
Valuation: 0 · 1 · 4
Cash flow: 1 · 2 · 1
Efficiency: 0 · 2 · 0
| Factor | DHR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −2.7% | Bad beats 8% | +5.5% | – | – |
| Revenue growth, last year | +2.9% | Bad beats 24% | +7.1% | +2.9% | ≈ In line |
| EPS growth, 3 years a year | −19.4% | Bad beats 12% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 58.5% | Average beats 39% | 65.0% | 59.5% | ≈ In line |
| Operating margin | 20.4% | Average beats 64% | 16.4% | 21.8% | ≈ In line |
| Net margin | 15.9% | Average beats 66% | 11.1% | 19.9% | ▼ Worse |
| Return on invested capital | 5.6% | Bad beats 23% | 12.2% | – | – |
| Return on equity | 7.6% | Bad beats 29% | 13.7% | 8.9% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 4.6x | Bad beats 11% | 2.0x | 2.3x | ▼ Worse |
| Interest cover | 17.6x | Average beats 62% | 9.4x | 18.2x | ≈ In line |
| Current ratio | 1.65 | Average beats 57% | 1.52 | 1.68 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 25% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 40.6x | Bad beats 25% | 28.2x | 36.1x | ▼ Worse |
| Price / book | 3.1x | Average beats 63% | 3.7x | 3.4x | ≈ In line |
| Price / sales | 6.5x | Bad beats 28% | 3.7x | 7.1x | ≈ In line |
| EV / EBITDA | 36.3x | Bad beats 11% | 17.6x | 27.8x | ▼ Worse |
| Free cash flow yield | 3.4% | Bad beats 32% | 4.4% | 3.3% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 21.8% | Good beats 68% | 16.3% | 24.2% | ▼ Worse |
| Cash from operations / net income | 1.66 | Average beats 62% | 1.61 | 1.50 | ▲ Better |
| Free cash flow growth, 3 years a year | −10.8% | Bad beats 13% | +4.3% | – | – |
| Accruals (lower is better) | −2.8% | Average beats 35% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 3.2x | Average beats 57% | 2.9x | 3.8x | ▼ Worse |
| Days sales outstanding | 58 days | Average beats 64% | 62 days | 58 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 0 Good · ● 5 Average · ● 11 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 29/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Operating income | $6.4B | $7.5B | $5.2B | $4.9B | $4.7B |
| Net income | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| Operating cash flow | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Operating margin | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| Free cash flow | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Diluted EPS | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 3 neutral · 1 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 226.1 | Bullish |
| EMA 10 | 226.4 | Bullish |
| SMA 20 | 222.9 | Bullish |
| EMA 20 | 223.1 | Bullish |
| SMA 50 | 215.3 | Bullish |
| EMA 50 | 215.6 | Bullish |
| SMA 100 | 203.4 | Bullish |
| EMA 100 | 208.2 | Bullish |
| SMA 200 | 200.5 | Bullish |
| EMA 200 | 204.5 | Bullish |
Oscillators (daily)
| RSI (14) | 59.35 | Neutral |
| MACD (12, 26) | 4.30 | Bullish |
| Momentum (12) | 6.56 | Bullish |
| Stochastic %K (14) | 68.28 | Neutral |
| Williams %R (14) | -31.72 | Neutral |
| CCI (20) | 143.3 | Bearish |
Pivot points (classic, last session)
S3 215.9 | S2 222.1 | S1 225.9 | Pivot 232.0 | R1 235.9 | R2 242.0 | R3 245.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.52 USD
Yield on today's price
0.66%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.3200 | |
| 0.3200 | |
| 0.3200 | |
| 0.3200 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 | |
| 0.2400 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DHR
| ETF | Share of the fund |
|---|---|
| EAGL The 2023 ETF Series | 5.18% |
| MOAT VanEck Morningstar Wide Moat | 2.41% |
| XLV Health Care Select Sector SPDR | 2.09% |
| IYH iShares U.S. Healthcare | 2.03% |
| VHT Vanguard Health Care | 1.84% |
| FHLC Fidelity MSCI Health Care Index | 1.80% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 1.59% |
| IXJ iShares Global Healthcare | 1.56% |
The eight funds with the largest weight in DHR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DHR stock splits
DHR has split its stock 4 times since 1995. The latest was a 2-for-1 split on 14 Jun 2010.
Full DHR stock split history →DHR SEC filings
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change; Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.