DHR
SP100NYSEDanaher Corporation
Healthcare · Diagnostics & Research · United States
Danaher Corporation designs, manufactures, and markets professional, medical, research, and industrial products and services in the United States, China, and internationally. The company operates through Biotechnology, Life Sciences, and Diagnostics segments. The Biotechnology segment provides technologies, consumables, services, and solutions that advance, accelerate, and integrate the development and manufacture of therapeutics; cell line and cell culture media development services; cell culture media, process liquids and buffers for manufacturing, chromatography resins, filtration technologies, and aseptic fill finish; single-use hardware, consumables, and services, such as the design and installation of full manufacturing suites; lab filtration, separation, and purification; lab-scale protein purification and analytical tools; reagents, membranes, and services for diagnostic and assay development; and healthcare filtration solutions. The Life Sciences segment provides mass spectrometers; bioanalytical measurement systems; flow cytometry, genomics, lab automation, centrifugation, liquid handling automation instruments, antibodies and reagents, and particle counting and characterization; genome sample preparation; microscopes; protein consumables; filtration products; and genomic medicines, such as custom nucleic acid products, and plasmid DNA, RNA, and proteins under the ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX, and SCIEX brands. The Diagnostics segment offers clinical instruments, consumables, software, and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was incorporated in 1969 and is headquartered in Washington, the District Of Columbia.
www.danaher.com ↗Shares trade at a premium 38.3× trailing earnings, easing to 21.5× on forward estimates. Profitability shows a net margin of 14.9% and return on equity of 7.1%. Leverage is modest at 1.8× net debt/EBITDA. Revenue grew 3.7% year-on-year. It yields 0.8% in dividends. The mean analyst target of USD242.35 sits 22.4% above the current price (Strong Buy, 23 analysts).
business model
Danaher is a science and technology company focused on life sciences, diagnostics, and biotechnology, operating through a portfolio of businesses managed with the Danaher Business System (a lean operating and continuous-improvement model). It emphasizes recurring revenue from consumables, reagents, and services attached to installed instruments. Growth combines organic innovation with acquisitions.
revenue segments
The three segments are Biotechnology (bioprocessing tools and consumables, e.g., Cytiva), Life Sciences (instruments and reagents for research, including Beckman Coulter Life Sciences, SCIEX, Leica Microsystems), and Diagnostics (clinical and molecular diagnostics, including Beckman Coulter Diagnostics, Radiometer, Cepheid, Leica Biosystems). A large portion of revenue is recurring consumables and service.
key dependencies
The business depends on biopharma R&D and manufacturing spending, academic and clinical lab budgets, molecular diagnostics demand, and the installed base that drives consumables pull-through. It relies on continued innovation, regulatory clearances, and successful M&A integration under the Danaher Business System.
competitors
Competitors include Thermo Fisher Scientific, Sartorius, Agilent Technologies, Merck KGaA (MilliporeSigma), Roche, and Abbott in various diagnostics and life-science niches. It competes across instruments, consumables, and bioprocessing.
moat
Danaher's advantages include high recurring consumable and service revenue, deep customer integration and switching costs, regulatory and validation barriers in diagnostics and bioprocessing, breadth of technology, and the disciplined Danaher Business System driving operational excellence and capital allocation.
risks
Risks include cyclicality in biopharma capital spending and bioprocessing demand (post-pandemic destocking), exposure to China and academic funding, integration risk from acquisitions, foreign-exchange effects, and regulatory or reimbursement changes in diagnostics.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $24.57B | $23.88B | $23.89B | $26.64B | — |
| Cost of revenue | $10.04B | $9.67B | $9.86B | $10.46B | — |
| Gross profit | $14.52B | $14.21B | $14.03B | $16.19B | — |
| Operating expense | $9.83B | $9.34B | $8.83B | $8.65B | — |
| R&D | $1.60B | $1.58B | $1.50B | $1.53B | — |
| Operating income | $4.69B | $4.86B | $5.20B | $7.54B | — |
| Interest expense | $265.00M | $278.00M | $286.00M | $204.00M | — |
| Pretax income | $4.23B | $4.65B | $5.04B | $7.15B | — |
| Tax provision | $633.00M | $747.00M | $823.00M | $818.00M | — |
| Net income | $3.61B | $3.90B | $4.76B | $7.21B | — |
| EBITDA | $6.95B | $7.28B | $7.50B | $9.48B | — |
| Diluted EPS | $5.05 | $5.29 | $6.38 | $9.66 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $83.46B | $77.54B | $84.49B | $84.35B | — |
| Current assets | $12.76B | $9.50B | $13.94B | $15.88B | — |
| Cash & equivalents | $4.62B | $2.08B | $5.86B | $6.00B | — |
| Inventory | $2.49B | $2.33B | $2.59B | $2.77B | — |
| Total liabilities | $30.92B | $27.99B | $31.00B | $34.26B | — |
| Current liabilities | $6.81B | $6.80B | $8.27B | $8.39B | — |
| Total debt | $19.70B | $17.15B | $19.54B | $20.62B | — |
| Long-term debt | $18.42B | $15.50B | $16.71B | $19.09B | — |
| Shareholders' equity | $52.53B | $49.54B | $53.49B | $50.08B | — |
| Retained earnings | $46.89B | $44.19B | $41.07B | $39.20B | — |
| Working capital | $5.95B | $2.70B | $5.66B | $7.49B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $6.42B | $6.69B | $7.16B | $8.52B | — |
| Investing cash flow | -$1.20B | -$1.98B | -$7.08B | -$2.23B | — |
| Financing cash flow | -$2.96B | -$8.38B | -$273.00M | -$2.57B | — |
| Capital expenditure | -$1.16B | -$1.39B | -$1.38B | -$1.12B | — |
| Free cash flow | $5.26B | $5.30B | $5.78B | $7.40B | — |
| Dividends paid | -$878.00M | -$768.00M | -$1.25B | -$818.00M | — |
| Share buybacks | -$3.09B | -$5.98B | $0.00 | $0.00 | — |
| End cash position | $4.62B | $2.08B | $5.86B | $6.00B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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