Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Danaher Corporation

DHR stock analysis · Health Care · Life Sciences Tools & Services

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$190.48HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$133.9B

Price × SEC outstanding shares. Shares measured 2026-06-26. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$113.66

Equity cash-flow scenario · SEC outstanding shares at 2026-06-26 · -40.3% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

17.8%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-21.4%

6 industry peers · median 29.1×

How this is calculated ↗
Valuation

Historical multiples

37.0×

7 annual observations · snapshot P/E 37.0× · 0.0% versus history

How this is calculated ↗
Valuation

Free cash flow yield

3.9%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

5.7%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

47/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

7.6%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-3.5%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

-0.1%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 8.5B2020-12-31: cfo $6,208,000,000.002020-12-31: capex $791,000,000.0020202021-12-31: cfo $8,358,000,000.002021-12-31: capex $1,240,000,000.0020212022-12-31: cfo $8,519,000,000.002022-12-31: capex $1,118,000,000.0020222023-12-31: cfo $7,164,000,000.002023-12-31: capex $1,383,000,000.0020232024-12-31: cfo $6,688,000,000.002024-12-31: capex $1,392,000,000.0020242025-12-31: cfo $6,416,000,000.002025-12-31: capex $1,156,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$142.56$155.55$169.51
10.0%$104.47$113.66$123.53
12.0%$82.42$89.43$96.95

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3124.6B3.6B6.4B1.2B83.5B
2024-12-3123.9B3.9B6.7B1.4B77.5B
2023-12-3123.9B4.8B7.2B1.4B84.5B
2022-12-3126.6B7.2B8.5B1.1B84.4B
2021-12-3124.8B6.4B8.4B1.2B83.2B
2020-12-3122.3B3.6B6.2B791M76.2B
2019-12-3117.9B3B4B636M62.1B
2018-12-3117B2.7B4B584M47.8B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue24.6BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-24
netIncome3.6BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-24
Parent/common earnings proxy3.6BNetIncomeLossAvailableToCommonStockholdersBasic2026-02-24
cfo6.4BNetCashProvidedByUsedInOperatingActivities2026-02-24
capex1.2BPaymentsToAcquirePropertyPlantAndEquipment2026-02-24
operatingIncome4.7BOperatingIncomeLoss2026-02-24
assets83.5BAssets2026-02-24
equity52.5BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-24
Parent book equity proxy52.5BStockholdersEquity2026-02-24
debt18.4BLongTermDebt2026-02-24
shortDebtNot reported under a supported tag
cash4.6BCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents2026-02-24
shares716.1MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-24
dividends878MPaymentsOfDividends2026-02-24
buybacks3.1BPaymentsForRepurchaseOfCommonStock2026-02-24
issuanceNot reported under a supported tag