DANAHER CORP /DE/
DHR· NYSE· Industrial Instruments For Measurement, Display, and Control
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 21.4%
- ROIC, 5 yr avg
- 7.6%
- Revenue, 5 yr CAGR
- +2.0%
We record prices for the companies we cover; DHR is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 716.1M
- Revenue
- $24.6B
- Free cash flow
- $5.3B
- Owner earnings
- $5.0B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 59.1%
- Operating
- 19.1%
- Net
- 14.7%
- Free cash flow
- 21.4%
- Owner earnings
- 20.2%
- Stock pay
- 1.2%
Returns
- ROIC, FY2025
- 6.0%
- ROIC, 5 yr avg
- 7.6%
- ROE, FY2025
- 6.9%
- ROE, 5 yr avg
- 10.5%
Growth (CAGR)
- Revenue, 3 yr
- -2.7%
- Revenue, 5 yr
- 2.0%
- Revenue, 9 yr
- 4.3%
- Diluted EPS, 3 yr
- -19.4%
- Diluted EPS, 5 yr
- 0.6%
- Diluted EPS, 9 yr
- 3.7%
- Free cash flow, 3 yr
- -10.8%
- Free cash flow, 5 yr
- -0.6%
- Free cash flow, 9 yr
- 6.7%
Financial health · FY2025
- Cash and investments
- $4.6B
- Total debt
- $18.4B
- Net debt
- $13.8B
- Debt/Equity
- 0.4x
- Debt/FCF
- 3.5x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 24.3%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -0.1%
Financials: ten years from the 10-Ks
Revenue
$24.6B
+4.3% a year over 9 years
FY2016FY2025
Margins
Gross59.1%Operating19.1%Net14.7%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$5.3BOwner earnings$5.0B
Free cash flow +6.7% a year
FY2016FY2025
Diluted shares
716.1M
+2.3% over 9 years, net dilution
FY2016FY2025
Return on invested capital
6.0%
FY2025
FY2016FY2025
Net debt (below zero)
-$13.8B
$13.8B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $16.9B | $15.5B | $17.0B | $17.9B | $22.3B | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Revenue growth | 17.0% | -8.1% | 9.9% | 5.1% | 24.4% | 11.3% | 7.4% | -10.3% | -0.1% | 2.9% |
| Gross margin | 55.3% | 55.2% | 55.8% | 55.7% | 56.0% | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% |
| Operating margin | 16.2% | 16.6% | 17.9% | 18.3% | 19.0% | 25.7% | 28.3% | 21.8% | 20.4% | 19.1% |
| Net income | $2.6B | $2.5B | $2.7B | $3.0B | $3.6B | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| Net margin | 15.1% | 16.1% | 15.5% | 16.8% | 16.4% | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
| Diluted EPS | $3.65 | $3.53 | $3.74 | $4.05 | $4.89 | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
| Return on invested capital? | 7.1% | 6.1% | 6.7% | 7.5% | 6.2% | 8.2% | 10.6% | 6.8% | 6.5% | 6.0% |
| Cash | ||||||||||
| Operating cash flow | $3.5B | $3.5B | $4.0B | $4.0B | $6.2B | $8.4B | $8.5B | $7.2B | $6.7B | $6.4B |
| Capital expenditure | $589.6M | $570.7M | $584.0M | $636.0M | $791.0M | $1.2B | $1.1B | $1.4B | $1.4B | $1.2B |
| Free cash flow | $2.9B | $2.9B | $3.4B | $3.3B | $5.4B | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Stock-based compensation | $129.8M | $127.1M | $138.0M | $159.0M | $187.0M | $184.0M | $295.0M | $306.0M | $288.0M | $298.0M |
| Owner earnings? | $2.8B | $2.8B | $3.3B | $3.2B | $5.2B | $6.9B | $7.1B | $5.5B | $5.0B | $5.0B |
| Free cash flow per share | $4.19 | $4.12 | $4.84 | $4.57 | $7.54 | $9.66 | $10.04 | $7.78 | $7.18 | $7.35 |
| Capital allocation | ||||||||||
| Dividends paid | $399.8M | $378.3M | $433.0M | $527.0M | $615.0M | $742.0M | $818.0M | $821.0M | $768.0M | $878.0M |
| Share repurchases | – | – | – | – | – | – | $0 | $0 | $6.0B | $3.1B |
| Diluted shares | 699.8M | 706.1M | 710.2M | 725.5M | 718.7M | 736.8M | 737.1M | 743.1M | 737.2M | 716.1M |
| Share count change? | -1.2% | 0.9% | 0.6% | 2.2% | -0.9% | 2.5% | 0.0% | 0.8% | -0.8% | -2.9% |
| Balance sheet | ||||||||||
| Cash and equivalents | $963.7M | $630.3M | $787.8M | $19.9B | $6.0B | $2.6B | $6.0B | $5.9B | $2.1B | $4.6B |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $9.7B | $10.3B | $9.7B | $21.5B | $21.2B | $22.2B | $19.1B | $16.7B | $15.5B | $18.4B |
| Net debt | $8.7B | $9.7B | $8.9B | $1.6B | $15.2B | $19.6B | $13.1B | $10.8B | $13.4B | $13.8B |
| Shareholders' equity | $23.0B | $26.4B | $28.2B | $30.3B | $39.8B | $45.2B | $50.1B | $53.5B | $49.5B | $52.5B |
Latest filings
| 2026-10-21 | 10-Q | Quarterly report |
| 2026-10-21 | 8-K | Earnings release |
| 2026-07-21 | 8-K | Earnings release |
| 2026-07-21 | 10-Q | Quarterly report |
| 2026-04-21 | 8-K | Earnings release |
| 2026-04-21 | 10-Q | Quarterly report |
| 2026-03-25 | DEF 14A | Proxy statement |
| 2026-02-24 | 10-K | Annual report |
| 2026-01-28 | 8-K | Earnings release |
| 2026-01-12 | 8-K | Earnings release |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
