Danaher vs Icon
Danaher is the larger business, with $24.57bn of revenue in fiscal 2025 against $8.25bn for Icon (3.0 times as much). Danaher grew faster (2.9% against 0.8%). Danaher kept more of each dollar of sales as profit: a net margin of 14.7% against 2.8%. Danaher carries less debt relative to equity (35.1% against 37.2%).
| Latest fiscal year | DanaherDHR, 2025 | IconICLR, 2025 |
|---|---|---|
| Revenue | $24.57bn | $8.25bn |
| Revenue growth | 2.9% | 0.8% |
| Net income | $3.61bn | $229m |
| Operating margin | 19.1% | 5.4% |
| Net margin | 14.7% | 2.8% |
| Return on equity | 7.1% | 2.5% |
| Free cash flow | $5.26bn | $862m |
| Cash | $4.62bn | $647m |
| Total debt | $18.42bn | $3.42bn |
| Debt to equity | 35.1% | 37.2% |
| Dividend per share | — | — |
| Dividend yield | 0.6% | — |
| Share buybacks | $3.09bn | $750m |
| Employees | 60,000 | — |
| Market value | $161.77bn | $15.75bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 73 (Strong) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 21 sales | 0 buys, 42 sales |