DHRNYSEIndustrial Instruments For Measurement, Display, and ControlFiscal year ends December 31
DANAHER CORP /DE/
Financials through Q2 FY2026, quarter ended Jun 26, 2026Last filing: 10-Q on Jul 21, 2026
$224.43−4.61 (-2.01%)
Close on Oct 19, 2026
- Market cap
- $158.81B
- P/E (TTM)
- 39.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
59.1%+3.1 pts over 5 years
Operating margin
19.1%+0.1 pts over 5 years
Net margin
14.7%−1.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.9% | -2.7% | +2.0% | +5.5% | |
| Gross profit | +2.2% | -3.6% | +3.1% | +6.5% | |
| Operating income | -3.6% | -14.6% | +2.1% | +8.1% | |
| Net income | -7.3% | -20.6% | -0.2% | +0.7% | |
| EPS, diluted | -4.5% | -19.4% | +0.6% | +0.6% | |
| Free cash flow | -0.7% | -10.8% | -0.6% | +4.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.9% | 10.4% | 7.1% | |
| Return on assets | 5.5% | 5.3% | 4.5% | |
| Current ratio | 0.97 | 1.86 | 1.87 | |
| Debt to equity | 0.53 | 0.53 | 0.35 | |
| Net debt to EBITDA | 2.93× | 2.53× | – | |
| Interest coverage | 14.8× | 15.4× | 17.7× | |
| Inventory turnover | 4.6× | 5.0× | 4.2× | |
| Capex to revenue | 3.5% | 3.5% | 4.7% | |
| Diluted shares | 700M | 719M | 716M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Danaher generated $37.15B from operations and spent $19.38B on capital expenditure, dividends and share buybacks. 32% of that went back into the business.
Generated
$37.15B
Used
$19.38B
Capital expenditure$6.29B32%Dividends$4.03B21%Share buybacks$9.07B47%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.7%
×Asset turnover0.31×
×Equity multiplier1.58×
=Return on equity, FY20257.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.7% | 0.31× | 1.58× | 7.1% |
| FY2024 | 16.3% | 0.29× | 1.57× | 7.6% |
| FY2023 | 19.9% | 0.28× | 1.63× | 9.2% |
| FY2022 | 27.1% | 0.32× | 1.76× | 15.1% |
| FY2021 | 25.9% | 0.31× | 1.88× | 15.1% |
| FY2020 | 16.4% | 0.32× | 1.97× | 10.4% |
| FY2019 | 16.8% | 0.33× | 1.88× | 10.3% |
| FY2018 | 15.5% | 0.36× | 1.73× | 9.7% |
| FY2017 | 16.1% | 0.34× | 1.86× | 10.1% |
| FY2016 | 15.1% | 0.36× | 2.00× | 10.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$3.61B
- Cash generatingOperating cash flow above zero$6.42B
- Return on assets improvedROA up on the prior year4.6% → 4.7%
- Earnings backed by cashOperating cash flow above net income$6.42B vs $3.61B
- Less leverageLong-term debt to assets fell20.0% → 22.1%
- Better liquidityCurrent ratio rose1.40 → 1.87
- No dilutionShare count did not rise737M → 716M
- Gross margin improvedGross margin up on the prior year59.50% → 59.11%
- More efficientAsset turnover rose0.28 → 0.32