FirmAtlas

Company handbook · DHR · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17

DHR · CIK 313616 · LATEST FILING: 10-Q JUN '26 · FILED JUL 21, 2026

DANAHER CORPORATION

$229.04 −2.46 (−1.06%)

Close, Oct 16, 2026 · 52-week $161–243

↗ danaher.com

Danaher makes instruments, tests and supplies for labs and drug makers: diagnostic systems for hospital and clinic labs (Beckman Coulter, Cepheid, Radiometer, Leica Biosystems), tools used to develop and make biologic drugs (Cytiva, Pall), and research lab instruments (SCIEX, Leica Microsystems, Molecular Devices).

Business

SegmentsDiagnostics 40% · Life Sciences 30% · Biotechnology 30% (FY25)
ProductsRevenuefrom Contractwith Customer Measurement Recurring 82% · Revenuefrom Contractwith Customer Measurement Nonrecurring 18% (FY25)
RegionsNorth America 42% · High Growth Markets 29% · Western Europe 24% · Other Developed Markets 5% (FY25)
CustomersHospitals and reference labs, drug and biotech companies, and universities and research labs; sold mainly by its own sales forces, and through distributors
Cash useFY24–FY25: buybacks $9.1B · capex $2.5B · dividends $1.6B · acquisitions $558M
Reinvested 24% of operating cash flow · returned 101% of free cash flow

Last fiscal year

DANAHER CORPORATION reported revenue of $24.6B for the year ended Dec 31, 2025 (FY25), up 2.9% from FY24. Net income was $3.6B, operating cash flow $6.4B and free cash flow $5.3B. Source: 10-K filed Feb 24, 2026.

Market cap

$161.9B

P/E

40.4

EV/EBITDA

32.3x

P/B

3.1

Div yield

0.66%

ROIC

6.1%

Revenue 1Y

2.9%/yr

EPS 1Y

−4.5%/yr

Shares 1Y

−2%

Loading chart…

Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOJulie Sawyer Montgomery

HQWashington, DC

AuditorErnst & Young LLP

Employees60,000

Year endsDecember

Revenue by segment · FY25

Diagnostics40%

Life Sciences30%

Biotechnology30%

Compounded growth & averages

10Y

TTM

Share price

11.6%

−5.3%

2.9%

8.6%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$13.8B deployed

Capex $2.5B 18.4%

Acquisitions $558M 4.0%

Dividends $1.6B 11.9%

Buybacks $9.1B 65.6%

Operating cash flow over the period: $13.1B. Total debt changed by +$2.4B. R&D of $3.2B is already inside operating costs.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 3, 2026 Executive or director change 8-K Jul 21, 2026 Quarterly results 8-K Jun 3, 2026 New debt or obligation 8-K May 7, 2026 Executive or director change 8-K Apr 29, 2026 Material agreement 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

23,875

24,568+2.9%

25,107

YoY

+2.9%

Gross profit

14,206

14,523+2.2%

14,691

Gross margin

59.5%

59.1%−0.4 pp

—

Operating income

4,863

4,690−3.6%

5,127

Operating margin

20.4%

19.1%−1.3 pp

—

EBITDA

5,584

5,440−2.6%

—

EBITDA margin

23.4%

22.1%−1.2 pp

—

Interest expense

278

265−4.7%

—

Interest coverage

20.09x

20.53x+0.44x

—

Net income

3,899

3,614−7.3%

4,004

YoY

−7.3%

Net margin

16.3%

14.7%−1.6 pp

—

EPS (diluted, $)

5.29

5.05−4.5%

5.64

YoY

−4.5%

Balance sheet

FY24 FY25

TTM

Total assets

77,542

83,464+7.6%

92,367

Cash & short-term investments

2,078

4,615+122.1%

—

Accounts receivable

3,537

3,913+10.6%

—

Inventory

2,330

2,489+6.8%

—

Net PP&E

4,990

5,531+10.8%

—

Other assets

64,607

66,916+3.6%

—

Total liabilities

27,999

30,930+10.5%

39,786

Total debt

16,005

18,418+15.1%

26,558

Other liabilities

11,994

12,512+4.3%

—

Shareholders’ equity

49,543

52,534+6.0%

52,581

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

6,688

6,416−4.1%

6,635

Net income

3,899

3,614−7.3%

—

Depreciation & amortization

721

750+4.0%

—

Stock-based compensation

288

298+3.5%

—

Working capital & other

1,780

1,754−1.5%

—

Cash from investing

(1,981)

(1,196)n/m

—

Capex

(1,392)

(1,156)n/m

—

PP&E sold

33+153.8%

—

Acquisitions

(558)

0n/m

—

Investments bought

(331)

(127)n/m

—

Investments sold / matured

253

12−95.3%

—

Other investing

42+23.5%

—

Cash from financing

(8,385)

(2,961)n/m

—

Dividends

(768)

(878)n/m

—

Buybacks

(5,979)

(3,088)n/m

—

Shares issued

259

154−40.5%

—

Other financing

(1,897)

851n/m

—

Net change in cash

(3,786)

2,537n/m

—

Free cash flow (OCF − capex)

5,296

5,260−0.7%

5,466

Where the cash went

FY24 FY25

TTM

Operating cash flow

6,688

6,416−4.1%

6,635

Reinvested in the business

1,950

1,156−40.7%

—

% of operating cash flow

29.2%

18.0%

Capex

1,392

1,156−17.0%

1,169

Acquisitions

558

0−100.0%

—

R&D (memo, already in costs)

1,584

1,598+0.9%

—

Free cash flow

5,296

5,260−0.7%

5,466

YoY

−0.7%

Returned to shareholders

6,747

3,966−41.2%

—

% of free cash flow

127.4%

75.4%

Dividends

768

878+14.3%

—

Buybacks

5,979

3,088−48.4%

—

Change in total debt

—

2,413

—

Cash left over

—

3,707

—

FCF conversion (FCF ÷ net income)

135.8%

145.5%+9.7 pp

—

Owner earnings

—

2,673

—

Owner earnings margin

—

10.9%

—

Buyback yield

3.6%

1.9%−1.7 pp

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

6.4%

6.1%−0.3 pp

—

ROIC (operating)

37.6%

35.0%−2.6 pp

—

Net debt / EBITDA

2.49x

2.54x+0.04x

—

Debt / equity

0.32x

0.35x+0.03x

—

ROE

7.9%

6.9%−1.0 pp

—

ROA

5.0%

4.3%−0.7 pp

—

ROCE

6.9%

6.1%−0.8 pp

—

NOPAT

4,081

3,989−2.3%

—

Invested capital (operating)

10,857

11,933+9.9%

—

Invested capital (all)

63,470

66,337+4.5%

—

Reinvestment rate

—

27.0%

—

Debtor days

58+4 d

—

Inventory days

90+2 d

—

Income

Sep '25

Dec '25

Mar '26

Jun '26

Revenue

6,053

6,838

5,951

6,265

vs year-ago quarter

Gross profit

3,523

3,966

3,591

3,611

Gross margin

58.2%

58.0%

60.3%

57.6%

Operating income

1,154

1,502

1,344

1,127

Net income

908

1,197

1,029

870

vs year-ago quarter

Net margin

15.0%

17.5%

17.3%

13.9%

EPS (diluted, $)

1.27

1.69

1.45

1.23

vs year-ago quarter

Balance sheet

Sep '25

Dec '25

Mar '26

Jun '26

Total assets

79,897

83,464

83,544

92,367

Cash & equivalents

1,528

4,615

5,701

4,348

Total debt

16,856

18,418

18,484

26,558

Shareholders’ equity

51,071

52,534

52,949

52,581

Cash flow

Sep '25

Dec '25

Mar '26

Jun '26

Operating cash flow

1,662

2,117

1,322

1,534

Capex

292

371

237

269

Free cash flow

1,370

1,746

1,085

1,265

vs year-ago quarter