DHR
Danaher Corporation · Health Care · Life Sciences Tools & Services
$215.11
52w 160.93 – 242.80
20y monthly, adjusted
Mkt cap
$151.2B
P/E
41.8
P/FCF
28.7
FCF yield
3.5%
ROE
6.9%
Shldr yield
2.6%
div 0.6% + bb 2.0%
What today's price assumes
At $151.2B, the market is pricing in 12.6% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 4.8% per year — the price asks for acceleration beyond the historical record.
Simple DCF per-share range: $114 · $121 · $151 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 14.1× across 19 years, DHR would trade near $129/share (25th–75th percentile: $55–$208); it trades at 23.6× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
−2.7%
Rev 5y
+2.0%
Rev 10y
+5.5%
EPS 5y
+0.6%
EPS 10y
+0.6%
FCF 5y
−0.6%
FCF 10y
+4.8%
Fundamentals
Fiscal 2007–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $6.3B | +5.5% | $870.0M | +56.8% | 1.23 | $1.5B |
| Q1'26 | $6.0B | +3.7% | $1.0B | +7.9% | 1.45 | $1.3B |
| Q4'25 * | $6.8B | +4.6% | $1.2B | +10.2% | 1.69 | $2.1B |
| Q3'25 | $6.1B | +4.4% | $908.0M | +11.0% | 1.27 | $1.7B |
| Q2'25 | $5.9B | +3.4% | $555.0M | −38.8% | 0.77 | $1.3B |
| Q1'25 | $5.7B | −0.9% | $954.0M | −12.3% | 1.32 | $1.3B |
| Q4'24 * | $6.5B | +2.1% | $1.1B | +0.6% | 1.50 | $2.0B |
| Q3'24 | $5.8B | +3.1% | $818.0M | −27.5% | 1.12 | $1.5B |
| Q2'24 | $5.7B | −2.9% | $907.0M | −18.0% | 1.22 | $1.4B |
| Q1'24 | $5.8B | −2.6% | $1.1B | −25.0% | 1.45 | $1.7B |
| Q4'23 | $6.4B | −10.2% | $1.1B | −51.2% | 1.45 | $1.6B |
| Q3'23 | $5.6B | −12.9% | $1.1B | −28.2% | 1.51 | $1.7B |
| Q2'23 | $5.9B | −9.4% | $1.1B | −34.2% | 1.49 | $1.9B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | −2.7% | +2.0% | +5.5% | +4.6% |
| Operating cash flow | −9.0% | +0.7% | +5.4% | +7.8% |
| Free cash flow | −10.8% | −0.6% | +4.8% | +7.0% |
| EPS (diluted) | −19.4% | +0.6% | +0.6% | +4.4% |
| Equity | +1.6% | +5.7% | +8.3% | +9.4% |
| LT debt | −1.2% | −2.8% | +4.4% | +13.4% |
| Diluted shares | −1.0% | −0.1% | +0.1% | +0.3% |
| Stock price | −2.3% | −5.2% | +12.1% | +17.8% |
$100, 3 years ago
$93vs $176 in SPY
-2.3% vs 20.7%/yr
$100, 5 years ago
$77vs $181 in SPY
-5.2% vs 12.6%/yr
$100, 10 years ago
$314vs $412 in SPY
12.1% vs 15.2%/yr
$100, 15 years ago
$1,166vs $813 in SPY
17.8% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$0.39
$8.5B created / $21.9B retained
Last 10 years
$3.86
$131.0B created / $33.9B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
9.0%
OCF ÷ (equity + debt)
OCF / EV yield
3.9%
MC vs 10× OCF
2.36
≤1 = priced under 10× OCF
Debt / FCF
3.5y
SBC / FCF
5.7%
Owner earnings
$5.0B
OCF − capex − SBC
OE yield
3.3%
Share count 5y
+0.4%
per year; negative = buybacks
Capital intensity
22.5%
net PP&E ÷ revenue
Sales efficiency
$0.99
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 30.7% of operating cash flow at an incremental return of 1.8% — an organically fundable growth rate of about 0.6% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
15 of 27 checks pass · 56%. Checks with structurally missing inputs are excluded.
Growth & Consistency
2/7
- fail
Revenue growth
2.0% · 5y CAGR ≥ 5%
- fail
EPS growth
0.6% · 5y CAGR ≥ 5%
- fail
FCF growth
-0.6% · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
6 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
0.7% vs 2.0% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
5/7
- pass
Net margin
14.7% · ≥ 8%
- pass
Operating margin
19.1% · ≥ 10%
- pass
Gross margin stable or rising
59.1% vs 60.8% · no drop > 2 pts over 3y
- fail
Return on equity
6.9% · ≥ 12%
- fail
Cash ROIC
9.0% · ≥ 12%
- pass
FCF margin
21.4% · ≥ 5%
- pass
Earnings back their cash
OCF $6.4B vs NI $3.6B · OCF ≥ net income (latest FY)
Balance Sheet
3/5
- fail
Debt payable from cash flow
3.5y · LT debt ≤ 3× FCF
- fail
Cash cushion
25% · cash ≥ 50% of LT debt
- pass
Leverage
0.35 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$52.5B · equity > 0 and grew over ~5y
- pass
Interest burden
6% · interest ≤ 15% of operating income
Capital Allocation
3/4
- pass
Share count flat or shrinking
0.4% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
6% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
75% · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
2 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/4
- pass
FCF yield
3.5% · ≥ 3%
- fail
Earnings multiple
41.8 · P/E ≤ 25
- fail
Price asks less than history delivered
12.6% vs 4.8% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
2.6% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 24,568 | 14,523 | 4,690 | 3,614 | 5.05 | 6,416 | 1,156 | 5,260 | 878 | 3,088 | 298 | 4,615 | 18,416 | 52,534 | 716 |
| 2024 | 23,875 | 14,206 | 4,863 | 3,899 | 5.29 | 6,688 | 1,392 | 5,296 | 768 | 5,979 | 288 | 2,078 | 15,500 | 49,543 | 737 |
| 2023 | 23,890 | 14,034 | 5,202 | 4,764 | 6.38 | 7,164 | 1,383 | 5,781 | 821 | 0 | 306 | 5,864 | 16,707 | 53,486 | 743 |
| 2022 | 26,643 | 16,188 | 7,536 | 7,209 | 9.66 | 8,519 | 1,118 | 7,401 | 818 | 0 | 295 | 5,995 | 19,086 | 50,082 | 737 |
| 2021 | 24,802 | 15,239 | 6,377 | 6,433 | 8.61 | 8,358 | 1,240 | 7,118 | 742 | — | 184 | 2,586 | 22,168 | 45,167 | 737 |
| 2020 | 22,284 | 12,475 | 4,231 | 3,646 | 4.89 | 6,208 | 791 | 5,417 | 615 | — | 187 | 6,035 | 21,193 | 39,766 | 719 |
| 2019 | 17,911 | 9,984 | 3,269 | 3,008 | 4.05 | 3,952 | 636 | 3,316 | 527 | — | 159 | 19,912 | 21,517 | 30,271 | 726 |
| 2018 | 17,049 | 9,505 | 3,055 | 2,651 | 3.74 | 4,022 | 584 | 3,438 | 433 | — | 138 | 788 | 9,689 | 28,214 | 710 |
| 2017 | 15,519 | 8,571 | 2,572 | 2,492 | 3.53 | 3,478 | 571 | 2,907 | 378 | — | 127 | 630 | 10,327 | 26,358 | 706 |
| 2016 | 16,882 | 9,335 | 2,735 | 2,554 | 3.65 | 3,522 | 590 | 2,932 | 400 | — | 130 | 964 | 9,674 | 23,003 | 700 |
| 2015 | 14,434 | 7,771 | 2,162 | 3,357 | 4.74 | 3,802 | 513 | 3,289 | 354 | — | 104 | 791 | 12,025 | 23,690 | 709 |
| 2014 | 12,867 | 6,850 | 2,045 | 2,598 | 3.63 | 3,758 | 465 | 3,293 | 228 | 0 | 85 | 3,006 | 3,402 | 23,378 | 716 |
| 2013 | 18,283 | 9,342 | 3,121 | 2,695 | 3.80 | 3,585 | 538 | 3,047 | 52 | 0 | 110 | 3,115 | 3,437 | 22,385 | 711 |
| 2012 | 18,260 | 9,414 | 3,165 | 2,392 | 3.36 | 3,415 | 458 | 2,957 | 86 | 648 | 110 | 1,679 | 5,288 | 19,017 | 713 |
| 2011 | 16,091 | 8,177 | 2,617 | 2,172 | 3.11 | 2,626 | 335 | 2,292 | 61 | 0 | 96 | 537 | 5,207 | 16,905 | 701 |
| 2010 | 12,550 | 6,405 | 2,050 | 1,793 | 2.64 | 2,084 | 191 | 1,893 | 52 | — | 88 | 1,633 | 2,784 | 13,711 | 683 |
| 2009 | 10,517 | 5,070 | 1,440 | 1,152 | 1.73 | 1,801 | 175 | 1,625 | 42 | 0 | 87 | 1,722 | 2,889 | 11,630 | 671 |
| 2008 | 12,697 | 5,940 | 1,869 | 1,318 | 1.98 | 1,859 | 194 | 1,665 | 38 | 74 | 86 | 393 | 2,553 | 9,809 | 672 |
| 2007 | 11,026 | — | 1,741 | 1,370 | 2.06 | 1,646 | 162 | 1,484 | 34 | 117 | 73 | 239 | — | — | 672 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.