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Diversified life-sciences and diagnostics company (bioprocessing, genomics tools, diagnostics) built through disciplined operational M&A.
Diversified life-sciences and diagnostics company (bioprocessing, genomics tools, diagnostics) built through disciplined operational M&A.
Sells instruments and tests that customers use repeatedly, so consumables and services recur once instruments are in place. It applies the Danaher Business System, a continuous-improvement method, to companies it buys, such as Cytiva in 2020, and spun off Fortive in 2016 and Veralto in 2023.
Moat: wide (switching costs, installed base, IP / patents). Installed base of bioprocessing/diagnostic instruments generates recurring, high-margin consumables revenue.
Headquarters: Washington, D.C., USA · Founded: 1969 · Employees: 60,000
Size Danaher (DHR) is a United States Health Care company (Medical Specialties) with a market value of $162B, the 77th largest of 3,117 United States companies the cockpit tracks. Shares closed at $230.25 on 6 Nov 2026.
Performance Over six months the shares gained 34.8%, against +27.7% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 16 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +9.8%); the operating margin is 20.9% (peer median 19.9%).
Valuation It trades at 25.3× forward earnings against a peer median of 26.1× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (8.2% WACC).
Backlog Backlog (remaining performance obligations) was $7.40B at 25 Sep 2026, up 51% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit Danaher has 8 bonds outstanding ($6.73B), rated A- by the agencies and trading like AA+ at a weighted spread of 79 bp.
Short interest Short interest is 1.2% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $25.6B | $24.6B | $23.9B | $23.9B | $26.6B |
| Revenue growth | — | +3% | 0% | -10% | — |
| Gross profit | $15.1B | $14.6B | $14.2B | $14.0B | $16.2B |
| EBITDA | $7.99B | $7.70B | $7.54B | $7.45B | $9.67B |
| Net income | $4.33B | $3.61B | $3.90B | $4.76B | $7.21B |
| Free cash flow | $5.73B | $5.26B | $5.30B | $5.78B | $7.40B |
| Capital expenditure | $1.13B | $1.16B | $1.39B | $1.38B | $1.12B |
| Total debt | $27.8B | $19.7B | $17.1B | $19.5B | $20.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Sartorius Stedim Biotech DIM.PA | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% |
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | +11.6% | 4th lowest of 16 |
| 6-month return | +34.8% | +27.7% | 5th highest of 16 |
| Distance from 52-week high | -4.8% | -12.2% | 6th highest of 16 |
| Revenue growth (TTM) | +5.5% | +9.8% | 3rd lowest of 16 |
| Operating margin | 20.9% | 19.9% | 8th highest of 16 |
| Forward P/E | 25.3× | 26.1× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 20.5% | 17.1% | 6th most demanding of 16 |
| Growth delivered (Del g) | +2.0% | +9.7% | lowest of 16 |
| Hurdle (Req g minus delivered) | +18.5 pp | +4.8 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -2.6 pp | +2.1 pp | 3rd lowest of 16 |
| EV / EBITDA | 23.0× | 21.1× | 8th cheapest of 15 |
| Net debt / EBITDA | 2.8× | 1.9× | 5th most indebted of 15 |
| Bond spread | 79 bp | 64 bp | 2nd widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
Danaher has 8 bonds outstanding with $6.73B face value. The agencies rate it A-; its bonds trade like AA+. Weighted yield 4.77%, a spread of 79 bp over government bonds.
Danaher reported $7.40B of remaining performance obligations at 25 Sep 2026, up 51% from a year earlier and down 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.