Danaher
DHR NYSE Life Sciences Tools & Services Financials FY2016–FY2025
Danaher's revenue rose 2.9% to $24.6 billion in fiscal 2025. Its operating margin was 19.1%, down from 20.4% a year earlier. Free cash flow was $5.3 billion, down 0.7%. It paid out $4.0 billion in dividends and buybacks, 75% of free cash flow. The diluted share count fell 2.9%.
What Danaher does
Danaher is a holding company of more than 15 operating companies that make tools for biotechnology, life sciences research and medical diagnostics. Its customers include drug makers, biotech firms, hospitals, laboratories, universities and research institutions. A large share of its sales are products that customers reorder, such as consumables, and it sells mostly through its own sales staff, plus distributors.
It reports three segments. Biotechnology, built around the Cytiva and Pall brands, sells equipment, supplies and services used to develop and make biological medicines, including vaccines and cell and gene therapies. Life Sciences sells instruments and supplies for studying DNA, proteins and cells, such as microscopes (Leica), mass spectrometers (Sciex), centrifuges (Beckman Coulter) and custom DNA products (IDT), plus filters for industrial uses. Diagnostics sells testing instruments and supplies (Beckman Coulter, Cepheid, Radiometer) to hospitals, doctors' offices and laboratories.
Danaher's growth has come from acquisitions, and it says it keeps looking for more. Its sales in the United States are 41% of the total. It had about 60,000 employees at the end of 2025, with operations in approximately 50 countries. It says its competitors range from regional specialists to large companies and that competition is increasing.
- Legal name
- DANAHER CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0000313616-26-000062
0000313616
Revenue and margins
Danaher had $24.6B of revenue in fiscal 2025, up 2.9% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $5.3B in fiscal 2025, 21.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Danaher returned $4.0B to shareholders in fiscal 2025, 75% of free cash flow. The diluted share count fell 2.9%.
Value Danaher yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$13.8B and divides by 716.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 37.7x · peers 34.7x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Danaher can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.6B | $6.0B | $5.9B | $2.1B | $4.6B |
| Debt incl. finance leases | $22.2B | $19.7B | $18.4B | $16.0B | $18.4B |
| Net debt / EBITDA | 2.3x | 1.4x | 1.7x | 1.9x | 1.9x |
| Debt / equity | 0.5x | 0.4x | 0.3x | 0.3x | 0.4x |
| Interest coverage | 27.6x | 36.9x | 18.2x | 17.5x | 17.7x |
| Current ratio | 1.4x | 1.9x | 1.7x | 1.4x | 1.9x |
| Quick ratio | 1.1x | 1.6x | 1.4x | 1.1x | 1.5x |
| Total assets | $83.2B | $84.4B | $84.5B | $77.5B | $83.5B |
| Total liabilities | $38.0B | $34.3B | $31.0B | $28.0B | $30.9B |
| Shareholders' equity | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
| Net debt (− = net cash) | $19.6B | $13.7B | $12.5B | $13.9B | $13.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$258M
8 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Rainer BlairPresident & CEO, Director | Sold | 58,255 | $218.63 | $12.7M | Form 4 |
| May 1, 2026 | Alan G SpoonDirector | Sold | 1,358 | $174.67 | $0.2M | Form 4 |
| Feb 19, 2026 | Gregory M MilosevichExecutive Vice President | Sold | 1,320 | $208.01 | $0.3M | Form 4 |
| Nov 25, 2025 | Mitchell P RalesChairman of Exec. Committee, Director | Sold | 40,625 | $230.38 | $9.4M | Form 4 |
| Nov 18, 2025 | Teri ListDirector | Sold | 3,298 | $226.50 | $0.7M | Form 4 |
| Nov 12, 2025 | Brian W EllisSenior Vice President - GC | Sold | 21,776 | $219.22 | $4.8M | Form 4 |
| Nov 12, 2025 | Mitchell P RalesChairman of Exec. Committee, Director | Sold | 437,000 | $218.69 | $95.6M | Form 4 |
| Nov 11, 2025 | Matthew McGrewEVP & Chief Financial Officer | Sold | 16,172 | $214.62 | $3.5M | Form 4 |
| Nov 10, 2025 | Georgeann CoucharaSVP, Human Resources | Sold | 5,174 | $210.41 | $1.1M | Form 4 |
| Oct 31, 2025 | Mitchell P RalesChairman of Exec. Committee, Director | Sold | 600,000 | $216.06 | $130M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✓ | ✓ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 4 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | −2.8% | −3.4% | −3.5% |
| Altman Z'' | 4.25 | 4.37 | 4.46 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Danaher DHR | $162.9B | 2.9% | 19.1% | 21.4% | 6.1% | 37.7x | 7 | |
| IQVIA IQV | $47.4B | 5.9% | 13.4% | 12.6% | 9.5% | 34.7x | 5 | Compare → |
| Thermo Fisher Scientific TMO | $250.0B | 3.9% | 17.4% | 14.1% | 9.1% | 36.3x | 7 | Compare → |
| Agilent Technologies A | $49.0B | 6.7% | 21.3% | 16.6% | 16.5% | 34.1x | 5 | Compare → |
| Avantor AVTR | $11.7B | −3.4% | −3.8% | 7.6% | −2.1% | — | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $16.9B | $18.3B | $19.9B | $17.9B | $22.3B | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Gross profit | $9.3B | $8.6B | $9.5B | $10.0B | $12.5B | $15.2B | $16.2B | $14.0B | $14.2B | $14.5B |
| Research and development | $975M | $956M | $1.1B | $1.1B | $1.3B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B |
| Operating income | $2.7B | $2.6B | $3.1B | $3.3B | $4.2B | $6.4B | $7.5B | $5.2B | $4.9B | $4.7B |
| Interest expense | $184M | $140M | $137M | $108M | $275M | $231M | $204M | $286M | $278M | $265M |
| Pretax income | $2.6B | $2.5B | $3.0B | $3.3B | $4.5B | $6.5B | $7.1B | $5.0B | $4.6B | $4.2B |
| Income tax | $458M | $371M | $556M | $873M | $849M | $1.1B | $818M | $823M | $747M | $633M |
| Net income | $2.6B | $2.5B | $2.7B | $3.0B | $3.6B | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| Diluted EPS | $3.65 | $3.53 | $3.74 | $4.05 | $4.89 | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
| Diluted shares | 0.70B | 0.71B | 0.71B | 0.73B | 0.72B | 0.74B | 0.74B | 0.74B | 0.74B | 0.72B |
| Cash flow | ||||||||||
| Cash from operations | $3.5B | $3.5B | $4.0B | $4.0B | $6.2B | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Capital expenditure | $590M | $571M | $584M | $636M | $791M | $1.2B | $1.1B | $1.4B | $1.4B | $1.2B |
| Free cash flow | $2.9B | $2.9B | $3.4B | $3.3B | $5.4B | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Depreciation and amortization | $1.1B | $1.1B | $1.2B | $1.2B | $1.8B | $2.1B | $2.1B | $2.2B | $2.4B | $2.4B |
| Stock-based compensation | $130M | $127M | $138M | $159M | $187M | $184M | $295M | $306M | $288M | $298M |
| Acquisitions | $4.9B | $386M | $2.2B | $331M | $21.0B | $10.9B | $582M | $5.6B | $558M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $6.0B | $3.1B |
| Dividends paid | $400M | $378M | $433M | $527M | $615M | $742M | $818M | $821M | $768M | $878M |
| Dividends and buybacks | $400M | $378M | $433M | $527M | $615M | $742M | $818M | $821M | $6.7B | $4.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $964M | $630M | $788M | $19.9B | $6.0B | $2.6B | $6.0B | $5.9B | $2.1B | $4.6B |
| Total debt | $12.3B | $10.5B | $9.7B | $21.7B | $21.2B | $22.2B | $19.7B | $18.4B | $16.0B | $18.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $6.7B | $6.9B | $7.1B | $25.6B | $13.8B | $11.6B | $15.9B | $13.9B | $9.5B | $12.8B |
| Current liabilities | $6.9B | $4.8B | $4.8B | $4.9B | $7.4B | $8.1B | $8.4B | $8.3B | $6.8B | $6.8B |
| Inventory | $1.7B | $1.8B | $1.6B | $1.6B | $2.3B | $2.8B | $2.8B | $2.6B | $2.3B | $2.5B |
| Property and equipment, net | $2.4B | $2.2B | $2.3B | $2.3B | $3.3B | $3.5B | $3.7B | $4.6B | $5.0B | $5.5B |
| Total assets | $45.3B | $46.6B | $47.8B | $62.1B | $76.2B | $83.2B | $84.4B | $84.5B | $77.5B | $83.5B |
| Total liabilities | $22.2B | $20.3B | $19.6B | $31.8B | $36.4B | $38.0B | $34.3B | $31.0B | $28.0B | $30.9B |
| Shareholders' equity | $23.0B | $26.4B | $28.2B | $30.3B | $39.8B | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
| Margins | ||||||||||
| Gross margin | 55.3% | 46.8% | 47.8% | 55.7% | 56.0% | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% |
| Operating margin | 16.2% | 14.0% | 15.4% | 18.3% | 19.0% | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| EBITDA margin | 22.9% | 20.1% | 21.3% | 24.9% | 27.0% | 34.0% | 36.3% | 30.8% | 30.2% | 29.1% |
| Net margin | 15.1% | 13.6% | 13.3% | 16.8% | 16.4% | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
| FCF margin | 17.4% | 15.9% | 17.3% | 18.5% | 24.3% | 28.7% | 27.8% | 24.2% | 22.2% | 21.4% |
| Returns | ||||||||||
| Return on capital | — | 6.2% | 6.8% | 6.9% | 7.9% | 8.9% | 10.4% | 6.7% | 6.3% | 6.1% |
| Return on capital employed | 6.8% | 6.4% | 7.2% | 6.5% | 6.7% | 8.9% | 10.0% | 6.8% | 6.6% | 6.4% |
| Return on equity | 10.9% | 10.1% | 9.7% | 10.3% | 10.4% | 15.2% | 15.1% | 9.2% | 7.6% | 7.1% |
| Return on assets | 5.5% | 5.4% | 5.6% | 5.5% | 5.3% | 8.1% | 8.6% | 5.6% | 4.8% | 4.5% |
| Growth | ||||||||||
| Revenue growth | 17.0% | 8.6% | 8.5% | −10.0% | 24.4% | 11.3% | 7.4% | −10.3% | −0.1% | 2.9% |
| Net income growth | −23.9% | −2.4% | 6.4% | 13.5% | 21.2% | 76.4% | 12.1% | −33.9% | −18.2% | −7.3% |
| EPS growth | −23.0% | −3.3% | 6.0% | 8.3% | 20.7% | 76.1% | 12.2% | −34.0% | −17.1% | −4.5% |
| FCF growth | −10.9% | −0.9% | 18.3% | −3.6% | 63.4% | 31.4% | 4.0% | −21.9% | −8.4% | −0.7% |
| Share count change | −1.2% | 0.9% | 0.6% | 2.2% | −0.9% | 2.5% | 0.0% | 0.8% | −0.8% | −2.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.9x | 2.7x | 2.1x | 0.4x | 2.5x | 2.3x | 1.4x | 1.7x | 1.9x | 1.9x |
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.7x | 0.5x | 0.5x | 0.4x | 0.3x | 0.3x | 0.4x |
| Interest coverage | 14.8x | 18.4x | 22.3x | 30.3x | 15.4x | 27.6x | 36.9x | 18.2x | 17.5x | 17.7x |
| Current ratio | 1.0x | 1.4x | 1.5x | 5.2x | 1.9x | 1.4x | 1.9x | 1.7x | 1.4x | 1.9x |
| Quick ratio | 0.7x | 1.1x | 1.1x | 4.9x | 1.6x | 1.1x | 1.6x | 1.4x | 1.1x | 1.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.5% | 3.1% | 2.9% | 3.6% | 3.6% | 5.0% | 4.2% | 5.8% | 5.8% | 4.7% |
| Stock comp / revenue | 0.8% | 0.7% | 0.7% | 0.9% | 0.8% | 0.7% | 1.1% | 1.3% | 1.2% | 1.2% |
| Payouts / FCF | 13.6% | 13.0% | 12.6% | 15.9% | 11.4% | 10.4% | 11.1% | 14.2% | 127.4% | 75.4% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 8.0 | 6.0 | 6.0 | 6.0 | 6.0 | 4.0 | 6.0 | 7.0 |
| Altman Z'' | 3.0 | 3.6 | 4.0 | 4.8 | 3.2 | 3.3 | 4.2 | 4.3 | 4.4 | 4.5 |
| Accruals ratio | −2.1% | −2.1% | −2.9% | −1.7% | −3.7% | −2.4% | −1.6% | −2.8% | −3.4% | −3.5% |
Source: SEC EDGAR XBRL filings (CIK 0000313616). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.