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Danaher Corporation key statistics and ratios

In fiscal 2025, Danaher Corporation had return on equity of 7.1%, an operating margin of 19.1%, debt equal to 35.1% of equity and a current ratio of 1.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin48.2%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%
Operating margin13.7%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 margin11.0%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 margin15.5%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%
Return on equity9.9%14.2%14.2%13.3%13.0%11.4%14.3%10.9%10.1%9.7%10.3%10.4%15.1%15.1%9.2%7.6%7.1%8.2%
Return on assets5.9%8.6%8.3%7.6%8.0%7.3%7.9%5.5%5.4%5.6%5.5%5.3%8.1%8.6%5.6%4.8%4.5%4.9%
Asset turnover0.540.600.620.580.540.360.340.360.400.420.330.320.310.320.280.290.310.29
Current ratio1.891.831.501.802.011.751.270.971.431.475.191.861.431.891.681.401.871.63
Debt to equity26.8%21.9%37.2%34.5%17.6%18.1%54.3%53.3%39.9%34.5%71.8%53.3%49.1%39.3%34.4%32.3%35.1%49.4%
Interest cover (operating income ÷ interest)12.1x17.5x18.5x20.1x22.1x21.6x15.5x14.8x18.4x22.3x30.3x15.4x27.6x36.9x18.2x17.5x17.7x14.5x
Effective tax rate18.0%22.9%20.9%23.6%24.2%21.5%14.4%17.5%14.6%18.8%26.4%18.9%16.3%11.4%16.3%16.1%15.0%11.0%
R&D as % of revenue5.7%6.2%6.3%6.2%6.0%6.0%6.0%5.8%5.2%5.3%6.3%6.0%6.0%5.7%6.3%6.6%6.5%6.5%
SG&A as % of revenue29.6%28.7%28.6%28.4%28.0%31.4%32.9%33.3%27.5%27.1%31.2%30.9%27.5%26.7%30.7%32.5%33.5%31.7%
Capital spending as % of revenue1.7%1.5%2.1%2.5%2.9%3.6%3.6%3.5%3.1%2.9%3.6%3.5%5.0%4.2%5.8%5.8%4.7%4.4%
Free cash flow ÷ net income141.1%105.6%105.5%123.6%113.1%126.7%98.0%114.8%116.7%129.7%110.2%148.6%110.6%102.7%121.3%135.8%145.5%132.2%
Dividends ÷ net income3.6%2.9%2.8%3.6%1.9%8.8%10.5%15.7%15.2%16.3%17.5%16.9%11.5%11.3%17.2%19.7%24.3%23.5%
Dividends and buybacks ÷ free cash flow2.6%2.8%2.7%24.9%1.7%6.9%10.8%13.6%13.0%12.6%15.9%11.4%10.4%11.1%14.2%127.4%75.4%33.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Danaher Corporation's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Danaher Corporation.