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Danaher Corporation (DHR) stock

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NYSE: DHR NYSE Life Sciences Tools & Services Next results ~January 27, 2027

B+ Fundamentals grade

Danaher Corporation is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$81–$170 across our lower- and higher-growth cases (-1.6%–8.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 48% below it.

Price used: $227.97, November 2, 2026

Danaher Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Danaher files

10-Q filed October 21: Danaher

Revenue for the twelve months to September 2026 reached $25.6bn, a 5.5% gain on a year earlier and an acceleration from 4.6% a quarter earlier. Free cash flow margin improved to 22.4%, up from 20.7% a year ago. Our model value is little changed at $103 a share, well below the $230 market price. On that basis, the rating stays Sell. At $230, the market is effectively pricing in roughly 15.4% annual cash flow growth over five years. That assumption sits far above the 0.6% a year revenue growth the business has actually delivered, which is the gap behind our valuation.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Danaher stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.1bn, up 4.6% on a year earlier, faster than 4.0% a quarter earlier. Free-cash-flow margin rose to 21.8% from 20.2% a year earlier. Operating margin widened to 20.4% from 18.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $88.70 a share, against a share price of $226. At that price, our model says the market is pricing in about 15.6% a year of cash-flow growth for five years, faster than the 0.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Danaher Corporation's trailing-twelve-month revenue grew 5.5% year on year, with a free-cash-flow margin of 22.4%. Where it stands out: free-cash-flow margin of 22.4% ranks 4 of 54 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$81–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Long-term debt rising: Long-term debt rose 45% year over year, to 26% of total assets.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 22.4% of revenue turned into free cash flow, against a median of -1.3% for life sciences tools & services companies we cover.
  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $227.97 is 48% above our value per share of $120.
  • Insiders selling. 9 insiders sold $137M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$2.11 against an average estimate of $1.92: beat by 10.0%
Revenue
$6.55bn, up 8.3% on a year earlier
Share reaction
+2.5% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
non-GAAP core revenue excluding respiratory revenue growth 4% to 5% (fourth quarter 2026); respiratory revenue headwind to core revenue growth 150 (fourth quarter 2026)
Next report
October 21, 2026; average EPS estimate $2.48

Danaher's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week-2.1%
  • 1 month+6.5%
  • This year+0.2%
  • 1 year+6.6%
  • 5 years-15.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$25.6B
Operating margin
20.4%
Net margin
16.9%
EPS (TTM, diluted)
$6.11

Growth

Revenue growth
+5.5%
Change in growth rate
+1.0 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$5.7B
FCF margin
22.4%
Stock pay % of revenue
1.3%

Earnings

Last results
October 21, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Our research
  4. Results
  5. Guidance
  6. Announcement
  7. Leadership
  8. Leadership
  9. Announcement
  10. Leadership
  11. Dividend
  12. Insider trade
  13. Leadership
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Danaher Corporation valuation models and calculator

What the price is pricing in

The share price implies about 14.7% a year of cash-flow growth for five years.That is faster than the 0.6% a year revenue growth Danaher has delivered.

  • Priced in14.7%
  • Last 12 months5.5%
  • 3 years a year1.3%
  • 5 years a year0.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($230.81, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$120
Price used
$230.81close November 3, 2026
Implied change
▼ 49%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Danaher Corporation's free cash flow after stock-based pay with after-tax interest added back ($5.4B, FY2026 Q3 TTM), growing 6.9% and 5% in the next two years (forecasts, guidance and its record), then back to 3.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Danaher Corporation's free cash flow after stock-based pay ( $5.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Danaher Corporation as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$81–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$170–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$86 ~$59–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$88 ~$76–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$86–$220 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Danaher Corporation with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +10%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $81$121$174$243$333$450
8.5% $55$84$122$172$236$319
10% $40$62$91$129$178$241

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$50.04$65.66$78.81$88.11$131.77$191.51$284.52$230.40$227.55$226.76$227.56$227.97
Market value$35.5bn$46.0bn$55.6bn$62.6bn$95.6bn$137.6bn$209.6bn$169.8bn$169.1bn$167.2bn$163.0bn$161.7bn
+ Net debt (− = net cash)$12.1bn$11.3bn$9.9bn$9.0bn$1.8bn$15.2bn$19.6bn$13.7bn$12.5bn$13.9bn$13.8bn$20.8bn
Enterprise value$47.5bn$57.3bn$65.5bn$71.5bn$97.4bn$152.8bn$229.2bn$183.5bn$181.6bn$181.1bn$176.8bn$182.5bn
Multiples
Price / sales 2.5x2.7x3.0x3.1x5.3x6.2x8.5x6.4x7.1x7.0x6.6x6.3x
Price / earnings 10.6x18.0x22.3x23.6x31.8x37.8x32.6x23.6x35.5x42.9x45.1x37.3x
Price / free cash flow 10.8x15.7x19.1x18.2x28.8x25.4x29.5x22.9x29.2x31.6x31.0x28.2x
EV / EBITDA 15.6x14.8x17.8x16.9x21.9x25.4x27.2x19.0x24.7x32.4x32.5x30.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

73 /100

Strong moat

How hard Danaher's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.1% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 58.7%, moving by 3.5 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.6%; its worst year was 15.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.4% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 2.9% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (78 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.59 +10% $26.3bn +7%
Next $9.32 +9% $28.3bn +8%

Next year's EPS estimate has moved +0.4% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 2 analysts raised Danaher Corporation's forecast and 0 cut it.

Consensus EPS forecast Danaher Corporation, last 90 days
$8.50 $9.00 $9.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.51 Current fiscal year, 60 days ago: $8.51 Current fiscal year, 30 days ago: $8.51 Current fiscal year, 7 days ago: $8.51 Current fiscal year, Now: $8.59 $8.59 Next fiscal year, 90 days ago: $9.28 Next fiscal year, 60 days ago: $9.30 Next fiscal year, 30 days ago: $9.30 Next fiscal year, 7 days ago: $9.30 Next fiscal year, Now: $9.32 $9.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.51$9.28
60 days ago $8.51$9.30
30 days ago $8.51$9.30
7 days ago $8.51$9.30
Now $8.59$9.32

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.92 $2.11 +10.0%
Jun 2026 $1.84 $1.94 +5.3%
Mar 2026 $1.94 $2.06 +6.5%
Dec 2025 $2.19 $2.23 +2.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Total Company core sales growth (non-GAAP) Year Ending December 31, 2026 about 2.5% growth Non-GAAP
    “Total Company ~+3.0% ~+2.5%” source
  • non-GAAP core revenue excluding respiratory revenue fourth quarter 2026 4% growth to 5% growth Non-GAAP
    “For the fourth quarter 2026, the Company anticipates that non-GAAP core revenue excluding respiratory revenue will increase in the 4.0% to 5.0% range year-over-year.” source
  • core revenue growth fourth quarter 2026 about 3% growth Non-GAAP
    “We expect respiratory revenue to be an approximately 150 basis point headwind, resulting in core revenue growth of approximately 3.0%.” source
  • adjusted diluted net earnings per common share full year 2026 $8.57 to $8.62 Non-GAAP Raised
    “For full year 2026, the Company is increasing its full year adjusted diluted net earnings per common share guidance to a range of $8.57 to $8.62 versus previous guidance of $8.45 to $8.60.” source
  • Adjusted operating profit margin (non-GAAP) Year Ending December 31, 2026 about 29.5% Non-GAAP
    “Adjusted operating profit margin (non-GAAP) ~29.5 %” source
  • Life Sciences core sales growth (non-GAAP) Year Ending December 31, 2026 3% growth to 4% growth Non-GAAP
    “Life Sciences +4.0% - +5.0% +3.0% - +4.0%” source
Show 6 more items
  • Effective tax rate Year Ending December 31, 2026 about 17%
    “Effective tax rate ~17.0 % ~17.0 %” source
  • Corporate expense · Other Year Ending December 31, 2026 about $-355m
    “Corporate expense K ($ in millions) ~$(90) ~$(355)” source
  • respiratory revenue headwind to core revenue growth fourth quarter 2026 about 150 Non-GAAP
    “We expect respiratory revenue to be an approximately 150 basis point headwind, resulting in core revenue growth of approximately 3.0%.” source
  • Life Sciences core sales growth (non-GAAP) Three-Month Period Ending December 31, 2026 4% growth to 5% growth Non-GAAP
    “Life Sciences +4.0% - +5.0% +3.0% - +4.0%” source
  • Effective tax rate Three-Month Period Ending December 31, 2026 about 17%
    “Effective tax rate ~17.0 % ~17.0 %” source
  • Corporate expense · Other Three-Month Period Ending December 31, 2026 about $-90m
    “Corporate expense K ($ in millions) ~$(90) ~$(355)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Danaher Corporation's revenue by +6.9% next year and +5.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.4%, weight 70%) and the company's own record (+3.4%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy2083%
Hold417%
Sell00%

Monthly trend

  1. Oct 2026317424
  2. Sep 2026517325
  3. Aug 2026517426
  4. Jul 2026517426

Counts of recommendations published by analysts covering Danaher Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
1.76
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
10.8%
of shares
Employees
58,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.6%

$213.80 on October 31, 2025 to $227.97

ThenNowEffect
Revenue (last 12 months) $24.0bn $25.1bn +4.6%
Net margin 14.2% 15.9% +12.2%
P/E multiple 45.4x 40.5x −10.8%
Share count 724m 711m +1.9%

Biggest factor: net margin.

Last 3 years +17.3%

$194.42 on November 3, 2023 to $227.97

ThenNowEffect
Revenue (last 12 months) $25.4bn $25.1bn −1.3%
Net margin 24.9% 15.9% −36.0%
P/E multiple 22.7x 40.5x +78.5%
Share count 739m 711m +4.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DHR+49%−19%−1%−0%+0%+0%
Industry peers (median)+4%−53%−3%−15%−7%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DHR83%33%50%42%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DHR−14%−28%−24%−19%−30%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from September 3, 2021 to May 15, 2026. Getting back needed a 78% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$161.29 – $240.61
From 52-week high
−5.3%
vs 50-day average
+4.2%
vs 200-day average
+13.7%
Volatility (1 year)
30%
Beta vs S&P 500
0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.5%
After a week
6 up, 6 down
typical move ±6.9%
After a month
5 up, 6 down
typical move ±9.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +2.5% −0.7% +4.4% —
July 21, 2026 −10.9% +0.7% −1.0% +5.2%
April 21, 2026 −5.9% +0.4% −8.5% −12.5%
January 28, 2026 −6.8% −0.2% −6.9% −10.7%
January 12, 2026 −1.2% 0.0% −1.7% −7.7%
October 21, 2025 +4.7% −0.5% +4.1% +6.7%
July 22, 2025 +5.2% +0.9% +10.0% +12.4%
April 22, 2025 +6.1% +4.2% +7.6% +1.0%
January 29, 2025 −10.0% +0.1% −14.4% −16.2%
January 13, 2025 +1.1% +0.3% +3.8% −14.0%
October 22, 2024 −5.9% −1.0% −10.8% −14.3%
July 23, 2024 +5.9% −2.4% +9.7% +8.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Danaher Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 39% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DHR Danaher Corporation Grade B+ $229.3

Own 100 shares, sell the $250 call expiring December 18, 2026 (46 days) for $3.10 a share — $310 per contract.

Previous session · Bid $3.10, ask $3.60, quoted Mon 2 Nov, 17:21 New York time with DHR at $229.3. Option prices move with the shares: check the live chain at your broker before trading.

  • If DHR ends below $250: you keep your shares and the $310 — 1.4% extra on the position, 10.7% a year at that pace.
  • If it ends above $250: your shares are sold at $250, a total return of 10.4% including the premium — at or above our value of ~$120.
$2.4k $0 −$4.5k Break-even $226.2 Price $229.3 ← Our value ~$120
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$310
Annualised
10.7%
Break-even
$226.2
Max gain
$2,380.5
Chance of selling
~26%

Collar

Own the shares, buy the $210 put and sell the $250 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.40 a share ($40.00 per contract of 100 shares).
  • Worst case at expiry: -8.6%, if the shares fall below $210 (-8.4% from today).
  • Best case at expiry: +8.9%, if the shares rise above $250 (+9.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $120: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Danaher Corporation in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Danaher Corporation
$23B $24B $25B $26B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $23.9B Revenue (TTM), FY24 Q1: $23.7B Revenue (TTM), FY24 Q2: $23.6B Revenue (TTM), FY24 Q3: $23.7B Revenue (TTM), FY24 Q4: $23.9B Revenue (TTM), FY25 Q1: $23.8B Revenue (TTM), FY25 Q2: $24B Revenue (TTM), FY25 Q3: $24.3B Revenue (TTM), FY25 Q4: $24.6B Revenue (TTM), FY26 Q1: $24.8B Revenue (TTM), FY26 Q2: $25.1B Revenue (TTM), FY26 Q3: $25.6B $25.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $23.9B
FY24 Q1 $23.7B
FY24 Q2 $23.6B
FY24 Q3 $23.7B
FY24 Q4 $23.9B
FY25 Q1 $23.8B
FY25 Q2 $24B
FY25 Q3 $24.3B
FY25 Q4 $24.6B
FY26 Q1 $24.8B
FY26 Q2 $25.1B
FY26 Q3 $25.6B
Revenue growth, TTM YoY Danaher Corporation
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -10.3% Revenue growth, TTM YoY, FY24 Q1: -8.9% Revenue growth, TTM YoY, FY24 Q2: -7.4% Revenue growth, TTM YoY, FY24 Q3: -3.6% Revenue growth, TTM YoY, FY24 Q4: -0.1% Revenue growth, TTM YoY, FY25 Q1: 0.3% Revenue growth, TTM YoY, FY25 Q2: 1.9% Revenue growth, TTM YoY, FY25 Q3: 2.2% Revenue growth, TTM YoY, FY25 Q4: 2.9% Revenue growth, TTM YoY, FY26 Q1: 4.0% Revenue growth, TTM YoY, FY26 Q2: 4.6% Revenue growth, TTM YoY, FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -10.3%
FY24 Q1 -8.9%
FY24 Q2 -7.4%
FY24 Q3 -3.6%
FY24 Q4 -0.1%
FY25 Q1 0.3%
FY25 Q2 1.9%
FY25 Q3 2.2%
FY25 Q4 2.9%
FY26 Q1 4.0%
FY26 Q2 4.6%
FY26 Q3 5.5%
Operating margin (TTM) Danaher Corporation
18% 19% 20% 21% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 21.8% Operating margin (TTM), FY24 Q1: 21.1% Operating margin (TTM), FY24 Q2: 21.2% Operating margin (TTM), FY24 Q3: 20.1% Operating margin (TTM), FY24 Q4: 20.4% Operating margin (TTM), FY25 Q1: 20.3% Operating margin (TTM), FY25 Q2: 18.4% Operating margin (TTM), FY25 Q3: 19.0% Operating margin (TTM), FY25 Q4: 19.1% Operating margin (TTM), FY26 Q1: 19.2% Operating margin (TTM), FY26 Q2: 20.4% Operating margin (TTM), FY26 Q3: 20.4% 20.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 21.8%
FY24 Q1 21.1%
FY24 Q2 21.2%
FY24 Q3 20.1%
FY24 Q4 20.4%
FY25 Q1 20.3%
FY25 Q2 18.4%
FY25 Q3 19.0%
FY25 Q4 19.1%
FY26 Q1 19.2%
FY26 Q2 20.4%
FY26 Q3 20.4%
FCF margin (TTM) Danaher Corporation
20% 21% 22% 23% 24% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 24.2% FCF margin (TTM), FY24 Q1: 23.4% FCF margin (TTM), FY24 Q2: 21.6% FCF margin (TTM), FY24 Q3: 21.0% FCF margin (TTM), FY24 Q4: 22.2% FCF margin (TTM), FY25 Q1: 20.6% FCF margin (TTM), FY25 Q2: 20.2% FCF margin (TTM), FY25 Q3: 20.7% FCF margin (TTM), FY25 Q4: 21.4% FCF margin (TTM), FY26 Q1: 21.4% FCF margin (TTM), FY26 Q2: 21.8% FCF margin (TTM), FY26 Q3: 22.4% 22.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 24.2%
FY24 Q1 23.4%
FY24 Q2 21.6%
FY24 Q3 21.0%
FY24 Q4 22.2%
FY25 Q1 20.6%
FY25 Q2 20.2%
FY25 Q3 20.7%
FY25 Q4 21.4%
FY26 Q1 21.4%
FY26 Q2 21.8%
FY26 Q3 22.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Danaher took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $24.6B
  2. Cost of revenue $10B · 40.9%
  3. Gross profit $14.5B · 59.1%
  4. Research and development $1.6B · 6.5%
  5. Selling, general and admin $8.2B · 33.5%
  6. Operating income $4.7B · 19.1%
  7. Income tax $633M · 2.6%
  8. Interest and other $443M · 1.8%
  9. Net income $3.6B · 14.7%

Shares of revenue. Source: Danaher's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.5 12.6 16.1 18.3 18.3 12.9 14.4 16.9 18.3 19.9 17.9 22.3 24.8 26.6 23.9 23.9 24.6 25.6
Gross profit 5.1 6.4 8.2 9.4 9.3 6.8 7.8 9.3 8.6 9.5 10.0 12.5 15.2 16.2 14.0 14.2 14.5 15.0
EBITDA 1.8 2.4 3.3 4.0 4.0 2.8 3.0 3.9 3.7 4.2 4.5 6.0 8.4 9.7 7.4 5.6 5.4 6.0
Operating income 1.4 2.0 2.6 3.2 3.1 2.0 2.2 2.7 2.6 3.1 3.3 4.2 6.4 7.5 5.2 4.9 4.7 5.2
Net income 1.2 1.8 2.2 2.4 2.7 2.6 3.4 2.6 2.5 2.7 3.0 3.6 6.4 7.2 4.8 3.9 3.6 4.3
Diluted EPS $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
Growth (year on year)
Revenue −17.2% +19.3% +28.2% +13.5% +0.1% −29.6% +12.2% +17.0% +8.6% +8.5% −10.0% +24.4% +11.3% +7.4% −10.3% −0.1% +2.9% +5.5%
EBITDA −19.8% +37.6% +33.4% +23.1% −0.8% −30.4% +10.1% +27.0% −4.5% +14.7% +5.3% +34.7% +40.5% +14.6% −23.8% −24.2% −2.6% +12.2%
Operating income −23.0% +42.4% +27.7% +20.9% −1.4% −34.5% +5.7% +26.5% −6.0% +18.8% +7.0% +29.4% +50.7% +18.2% −31.0% −6.5% −3.6% +13.1%
Net income −12.6% +55.7% +21.2% +10.1% +12.7% −3.6% +29.2% −23.9% −2.4% +6.4% +13.5% +21.2% +76.4% +12.1% −33.9% −18.2% −7.3% +23.6%
Diluted EPS −12.6% +52.6% +17.8% +8.0% +13.1% −4.5% +30.6% −23.0% −3.3% +5.9% +8.3% +20.7% +76.1% +12.2% −34.0% −17.1% −4.5% +25.6%
Margins
Gross margin 48.2% 51.0% 50.8% 51.6% 51.1% 53.2% 53.8% 55.3% 46.8% 47.8% 55.7% 56.0% 61.4% 60.8% 58.7% 59.5% 59.1% 58.6%
EBITDA margin 16.8% 19.4% 20.2% 21.9% 21.7% 21.5% 21.1% 22.9% 20.1% 21.3% 24.9% 27.0% 34.0% 36.3% 30.8% 23.4% 22.1% 23.5%
Operating margin 13.7% 16.3% 16.3% 17.3% 17.1% 15.9% 15.0% 16.2% 14.0% 15.4% 18.3% 19.0% 25.7% 28.3% 21.8% 20.4% 19.1% 20.4%
Net margin 11.0% 14.3% 13.5% 13.1% 14.7% 20.2% 23.3% 15.1% 13.6% 13.3% 16.8% 16.4% 25.9% 27.1% 19.9% 16.3% 14.7% 16.9%
Free-cash-flow margin 15.5% 15.1% 14.2% 16.2% 16.7% 25.6% 22.8% 17.4% 15.9% 17.3% 18.5% 24.3% 28.7% 27.8% 24.2% 22.2% 21.4% 22.4%
Cash flow
Cash from operations 1.8 2.1 2.6 3.4 3.6 3.8 3.8 3.5 3.5 4.0 4.0 6.2 8.4 8.5 7.2 6.7 6.4 6.9
Capital spending 0.2 0.2 0.3 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.8 1.2 1.1 1.4 1.4 1.2 1.1
Free cash flow 1.6 1.9 2.3 3.0 3.0 3.3 3.3 2.9 2.9 3.4 3.3 5.4 7.1 7.4 5.8 5.3 5.3 5.7
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3
Free cash flow after stock pay 1.5 1.8 2.2 2.8 2.9 3.2 3.2 2.8 2.8 3.3 3.2 5.2 6.9 7.1 5.5 5.0 5.0 5.4
Balance sheet
Cash 1.7 1.6 0.5 1.7 3.1 3.0 0.8 1.0 0.6 0.8 19.9 6.0 2.6 6.0 5.9 2.1 4.6 5.7
Total debt 3.1 3.0 6.3 6.6 3.9 4.2 12.9 12.3 10.5 9.7 21.7 21.2 22.2 19.7 18.4 16.0 18.4 26.5
Net debt (negative = net cash) 1.4 1.4 5.7 4.9 0.8 1.2 12.1 11.3 9.9 9.0 1.8 15.2 19.6 13.7 12.5 13.9 13.8 20.8
Diluted shares 671m 683m 701m 713m 711m 716m 709m 700m 706m 710m 726m 719m 737m 737m 743m 737m 716m 709m
Returned to shareholders
Dividends 0.0 0.1 0.1 0.1 0.1 0.2 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.8 0.8 0.9 1.0
Buybacks 0.0 — 0.0 0.6 0.0 0.0 — — — — — — — 0.0 0.0 6.0 3.1 0.9
Total returned 0.0 0.1 0.1 0.7 0.1 0.2 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.8 0.8 6.7 4.0 1.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 25, 2026
What it owns · $93.3bn
Short-term assets $14.8bnLonger-term assets $78.5bn
What it owes, and who funded it · $62.7bn
Short-term liabilities $9.1bnShareholders' equity $53.6bn
  • Short-term assets cover short-term liabilities $14.8bn of assets due within a year against $9.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.7bn of cash against $26.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.9bn of operating cash flow against $26.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.2bn against $360m of interest.

From Danaher Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$894M
Dividends (TTM)
$1B
Returned to shareholders
33%
of free cash flow
Buybacks, last 3 fiscal years
$9.1B
Diluted share count
−1.6%
year over year
Total shareholder yield
1.2%
dividends 0.6% + buybacks 0.6% of market value
Dividend payout ratio
24%
of net income paid out
R&D spending
6.5%
of revenue
Sales & admin spending
31.7%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated DHR IQV TMO ICLR A AVTR Median
Revenue, last 12 months $25.6bn $17.3bn $47.4bn $8.3bn $7.4bn $6.6bn $229m
Revenue growth, last 12 months 5.5% 8.8% 8.3% 0.8% 8.6% 0.9% 6.9%
Revenue growth, 3-year average 1.3% 5.2% 2.9% 83.5% 1.8% −1.9% 2.9%
Revenue growth, latest quarter 8.3% 8.0% 9.1% — 8.1% 4.6% 8.5%
Gross margin 58.6% — 44.4% 28.6% 53.8% 31.6% 51.9%
Operating margin 20.4% 12.8% 17.9% 5.4% 22.2% 7.3% −14.3%
Operating margin, 3-year average 19.8% 13.4% 17.3% 10.5% 22.1% 6.9% −22.4%
Net margin 16.9% 8.1% 14.9% 2.8% 19.5% 5.1% −16.1%
Cash from operations / revenue 26.8% 15.8% 19.7% 12.6% 21.8% 8.8% 1.3%
Free-cash-flow margin 22.4% 12.0% 16.0% 10.4% 17.2% 6.6% −2.2%
Free-cash-flow margin, 3-year average 21.3% 12.9% 16.1% 14.4% 18.3% 8.5% 0.6%
Stock pay / revenue 1.3% 1.7% 0.7% 1.2% 1.8% 0.7% 4.4%
Change in share count −1.6% −3.9% −1.6% −4.9% −0.9% −0.6% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 5.5% 6.9% 32 of 54
Change in growth rate Growth +1.0pp +0.4pp 23 of 54
Gross margin Profitability 58.6% 52.0% 15 of 45
Operating margin Profitability 20.4% -14.3% 6 of 52
Net margin Profitability 16.9% -12.2% 7 of 54
Free-cash-flow margin Cash generation 22.4% -1.3% 4 of 54
Stock pay as % of revenue Cash generation 1.3% 4.4% 8 of 53
Long-term debt as % of assets Balance sheet 26.1% 26.3% 17 of 35
Change in share count Balance sheet -1.6% 1.0% 12 of 46
Days sales outstanding Balance sheet 59 days 62 days 22 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Revenuefrom Contractwith Customer Measurement Recurring $20.1B 81.9% ▲ 3.9%
Revenuefrom Contractwith Customer Measurement Nonrecurring $4.4B 18.1% ▼ 1.5%
Geography
Region Revenue Share YoY
North America $10.4B 42.2% ▲ 0.6%
High Growth Markets $7B 28.6% ▲ 2.2%
Western Europe $5.9B 24.2% ▲ 8.8%
Other Developed Markets $1.3B 5.1% ▼ 0.1%

From Danaher Corporation's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$110B
Institutions reporting
2,101
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
128 / 191

Top buyers and sellers, Q2 2026: 800 institutions bought and 1,209 sold ; the biggest buyer was FMR LLC (+7.0M shares) and the biggest seller Jpmorgan Chase & Co (−4.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $10.5B 55.1M 9.5% ▲ 6.7%
Vanguard Capital Management LLC $7.9B 41.4M 7.2% ▲ 0.6%
FMR LLC $5.6B 29.5M 5.1% ▲ 31.1%
State Street Corp $5.4B 28.5M 4.9% ▲ 2.0%
Wellington Management Group LLP $3.1B 16.3M 2.8% ▲ 10.4%
Capital International Investors $3B 15.5M 2.7% ▲ 10.6%
Geode Capital Management, LLC $2.7B 14.3M 2.5% ▲ 1.0%
Vanguard Portfolio Management LLC $2.7B 14.2M 2.5% ▲ 1.8%
Jpmorgan Chase & Co $2.3B 12.2M 2.1% ▼ 28.0%
Price T Rowe Associates Inc $2.2B 11.5M 2.0% ▼ 25.4%
Morgan Stanley $2.2B 11.3M 2.0% ▲ 1.2%
Capital Research Global Investors $2.1B 10.8M 1.9% ▲ 21.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Danaher Corporation's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $137M 21 trades by 9 insiders · 0% under pre-set plans
Net ▼ $137M net selling
Insider Date Trade Shares Price Value
Mcgrew Matthew Executive Vice President October 28, 2026 Sell 15,603 $236.09 $3.7M
Mcgrew Matthew Executive Vice President October 28, 2026 Sell 14,151 $235.35 $3.3M
Bouda Christopher VP, Chief Accounting Officer October 28, 2026 Sell 3,253 $234.58 $763,094
Bouda Christopher VP, Chief Accounting Officer October 28, 2026 Sell 4,345 $234.54 $1M
Blair Rainer President & CEO August 21, 2026 Sell 7,755 $219.35 $1.7M
Blair Rainer President & CEO August 21, 2026 Sell 39,193 $218.73 $8.6M
Blair Rainer President & CEO August 21, 2026 Sell 11,307 $217.77 $2.5M
Spoon Alan G Director May 1, 2026 Sell 1,358 $174.67 $237,207
Milosevich Gregory M Executive Vice President February 19, 2026 Sell 1,320 $208.01 $274,575
Rales Mitchell P Chairman of Exec. Committee November 25, 2025 Sell 4,726 $231.19 $1.1M
Rales Mitchell P Chairman of Exec. Committee November 25, 2025 Sell 35,899 $230.27 $8.3M
List Teri Director November 18, 2025 Sell 3,298 $226.50 $746,997

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 93 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 4 sales of Danaher Corporation shares.

  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded September 2, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded August 31, 2026, filed September 25, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 21, 2026
  • April 21, 2026
  • January 28, 2026
  • January 12, 2026
  • October 21, 2025

Recent SEC filings

Data status

When each part of this page on Danaher Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Danaher Corporation in brief

What does Danaher Corporation do?
Danaher Corporation is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Danaher Corporation's stock ticker?
Danaher Corporation trades under the ticker DHR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Danaher Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Danaher Corporation reported revenue of $25.6B, 5.5% higher than a year earlier, according to its SEC filings.
What is Danaher Corporation's free cash flow?
Danaher Corporation's free-cash-flow margin is 22.4% of revenue over the trailing twelve months, ranking 4 of the 54 life sciences tools & services companies we cover.
What is Danaher Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Danaher Corporation's free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$81–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Danaher Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Danaher Corporation buying back stock, and does it pay a dividend?
Danaher Corporation spent $894M on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Danaher Corporation's market cap?
On November 2, 2026, Danaher Corporation's market capitalisation was about $162B, with a price-to-earnings ratio of 37.3 and net debt of $20.8B. Market figures come from third-party market data and may be delayed.
Does Danaher Corporation pay a dividend?
Yes: Danaher Corporation paid $1B in dividends over the trailing twelve months, a dividend yield of 0.63% and a payout ratio of 23.5%.
How much debt does Danaher Corporation have?
Danaher Corporation's debt-to-equity ratio is 49.4%, from its latest balance sheet (47.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Danaher Corporation's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Danaher Corporation are IQVIA, Thermo Fisher Scientific, Icon PLC, Agilent Technologies and Avantor, Inc. The side-by-side comparison below sets their revenue, margins and growth against Danaher Corporation's.
Are insiders buying or selling Danaher Corporation stock?
Over the last 12 months, Danaher Corporation's directors and officers reported 0 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is Danaher Corporation's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Danaher Corporation announces its own schedule.