Danaher
DHR NYSE· Life Sciences Tools & Services
Last close · Oct 26, 2026
$232.97
KIRA · Stoqly’s AI analyst, in plain words
- Danaher had $24.6B of revenue in fiscal 2025, up 2.9% on the year before. Over five years, revenue changed +2.0% a year on average.
- Its operating margin was 19.1%, down 1.3 pts: of every 100 in sales, about 19 is left after running the business.
- Danaher made $3.6B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 3.7% a year.
- Free cash flow was $5.3B in fiscal 2025, 21.4% of revenue.
- Danaher returned $4.0B to shareholders in fiscal 2025, 75% of free cash flow. The diluted share count fell 2.9%.
- Danaher owes $13.8B more than it holds in cash, about 1.9 years of operating profit.
Market cap
$164.7B
P/E
38.1x
Revenue
$24.6B
Net income
$3.6B
Free cash flow
$5.3B
Operating margin
19.1%
Danaher in 30 seconds · fiscal 2025
Are sales growing?
+2.9%
Only a little. Sales grew 2.9% last year.
Does it make a profit?
14.7%
Yes. It keeps 14.7% of every sale as profit.
Does profit turn into cash?
21.4%
Yes. 21.4% of sales ends up as free cash.
Is debt under control?
1.9x
Keep an eye on it. Repaying its debt would take 1.9 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
38.1x
One share costs 38.1 times its yearly profit per share. Typical for its sector: 27.9x.
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.
Biggest risks, in its own words
- Weak economic conditions or slow growth in the markets it sells into, including healthcare and pharmaceutical customers.
- Strong competition that could lower demand and force it to cut prices.
- Acquisitions that may not be completed at its past pace or may not work out as planned.
- Product defects, manufacturing problems and strict regulation of its medical and diagnostic products.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Legal name
- DANAHER CORPORATION
- CIK
- 0000313616
Danaher · DHR
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Revenue growth | 11.3% | 7.4% | −10.3% | −0.1% | 2.9% |
| Gross margin | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% |
| Operating margin | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| Net income | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| Net margin | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
| Diluted EPS | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
| Cash | |||||
| Cash from operations | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Capital expenditure | $1.2B | $1.1B | $1.4B | $1.4B | $1.2B |
| Free cash flow | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| FCF margin | 28.7% | 27.8% | 24.2% | 22.2% | 21.4% |
| Dividends paid | $742M | $818M | $821M | $768M | $878M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $6.0B | $3.1B |
| Share count change | 2.5% | 0.0% | 0.8% | −0.8% | −2.9% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
| Net debt / EBITDA | 2.3x | 1.4x | 1.7x | 1.9x | 1.9x |
| Current ratio | 1.4x | 1.9x | 1.7x | 1.4x | 1.9x |
| Interest coverage | 27.6x | 36.9x | 18.2x | 17.5x | 17.7x |
| Returns and quality | |||||
| Return on capital | 8.9% | 10.4% | 6.7% | 6.3% | 6.1% |
| Return on equity | 15.2% | 15.1% | 9.2% | 7.6% | 7.1% |
| Piotroski F-score | 6 | 6 | 4 | 6 | 7 |
| Altman Z'' | 3.3 | 4.2 | 4.3 | 4.4 | 4.5 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$258M
8 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Danaher · DHR
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $164.7B | 2.9% | 19.1% | 21.4% | 6.1% | 38.1x | 7 |
| IQVIA IQV | $46.5B | 5.9% | 13.4% | 12.6% | 9.5% | 33.9x | 5 |
| Thermo Fisher Scientific TMO | $254.1B | 3.9% | 17.4% | 14.1% | 9.1% | 36.8x | 7 |
| Agilent Technologies A | $49.8B | 6.7% | 21.3% | 16.6% | 16.5% | 34.7x | 5 |
| Avantor AVTR | $11.7B | −3.4% | −3.8% | 7.6% | −2.1% | — | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $232.97 a share, the company is worth $164.7B: 38.1 times its earnings of the last four quarters.
Danaher grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 3 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000313616). Data updated October 21, 2026. For information only — not investment advice. Check the original filings before relying on any figure.