D 
Danaher DHR · USD
Health Care · Health Care Equipment & Supplies · US listing · 🇺🇸 United States
S&P 500
235.14
+2.12%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$24.57bn
FY2016FY2025
Net income
$3.61bn
FY2016FY2025
Free cash flow
$5.26bn
FY2016FY2025
Shareholders' equity
$52.53bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.57bn | $23.88bn | $23.89bn | $26.64bn | $29.45bn | $22.28bn | $17.91bn | $17.05bn | $18.33bn | $16.88bn |
| Gross profit | $14.97bn | $14.21bn | $14.03bn | $16.19bn | $17.95bn | $12.47bn | $9.98bn | $9.51bn | $10.23bn | $9.38bn |
| Research and development | $1.60bn | $1.58bn | $1.50bn | $1.53bn | $1.74bn | $1.35bn | $1.13bn | $1.06bn | $1.13bn | $975.1m |
| Operating income | $5.14bn | $5.18bn | $5.20bn | $7.54bn | $8.05bn | $4.52bn | $3.36bn | $3.07bn | $3.15bn | $2.99bn |
| Net income | $3.61bn | $3.90bn | $4.74bn | $7.21bn | $6.43bn | $3.65bn | $2.56bn | $2.65bn | $2.49bn | $2.55bn |
| Diluted earnings per share | 5.08 | 5.29 | 6.36 | 9.67 | 8.71 | 5.03 | 3.52 | 3.73 | 3.52 | 3.64 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $83.46bn | $77.54bn | $84.49bn | $84.35bn | $83.18bn | $76.16bn | $62.08bn | $47.83bn | $46.65bn | $45.30bn |
| Cash and short-term investments | $4.62bn | $2.08bn | $5.86bn | $6.00bn | $2.59bn | $6.04bn | $19.91bn | $787.8m | $630.3m | $963.7m |
| Total liabilities | $30.93bn | $27.99bn | $31.00bn | $34.26bn | $38.01bn | $36.38bn | $31.80bn | $19.61bn | $20.28bn | $22.22bn |
| Debt | $18.42bn | $16.00bn | $18.40bn | $19.68bn | $22.18bn | $21.20bn | $21.73bn | $9.74bn | $10.52bn | $12.27bn |
| Shareholders' equity | $52.53bn | $49.54bn | $53.49bn | $50.08bn | $45.17bn | $39.77bn | $30.27bn | $28.21bn | $26.36bn | $23.00bn |
| Shares outstanding | 711m | 737m | 746m | 746m | 738m | 725m | 726m | 711m | 708m | 702m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $6.42bn | $6.69bn | $7.16bn | $8.52bn | $8.36bn | $6.21bn | $3.95bn | $4.02bn | $3.48bn | $3.52bn |
| Capital spending | −$1.16bn | −$1.39bn | −$1.38bn | −$1.15bn | −$1.29bn | −$791.0m | −$635.5m | −$584.0m | −$570.7m | −$589.6m |
| Free cash flow | $5.26bn | $5.30bn | $5.78bn | $7.37bn | $7.06bn | $5.42bn | $3.32bn | $3.44bn | $2.91bn | $2.93bn |
| Dividends paid | −$878.0m | −$768.0m | −$821.0m | −$818.0m | −$742.0m | −$615.0m | −$750.7m | −$433.4m | −$378.3m | −$399.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.26bn | $5.95bn | $6.84bn | $6.05bn | $5.94bn | $5.74bn | $6.54bn | $5.80bn |
| Gross profit | $3.61bn | $3.59bn | $3.97bn | $3.52bn | $3.52bn | $3.53bn | $3.89bn | $3.40bn |
| Operating income | $1.13bn | $1.34bn | $1.50bn | $1.15bn | $760.0m | $1.29bn | $1.75bn | $1.04bn |
| Net income | $870.0m | $1.03bn | $1.20bn | $908.0m | $555.0m | $954.0m | $1.09bn | $818.0m |
| Diluted earnings per share | 1.23 | 1.45 | 1.68 | 1.28 | 0.77 | 1.32 | 1.47 | 1.11 |
| Cash from operations | $1.53bn | $1.32bn | $2.12bn | $1.66bn | $1.34bn | $1.30bn | $2.02bn | $1.51bn |
| Capital spending | −$269.0m | −$237.0m | −$371.0m | −$292.0m | −$248.0m | −$245.0m | −$516.0m | −$298.0m |
| Free cash flow | $1.26bn | $1.08bn | $1.75bn | $1.37bn | $1.09bn | $1.05bn | $1.50bn | $1.22bn |
| Total assets | $92.37bn | $83.54bn | $83.46bn | $79.90bn | $81.62bn | $79.12bn | $77.54bn | $80.61bn |
| Cash and short-term investments | $4.35bn | $5.70bn | $4.62bn | $1.53bn | $2.96bn | $1.99bn | $2.08bn | $2.63bn |
| Debt | $1.41bn | $18.48bn | $18.42bn | $16.86bn | $18.55bn | $17.58bn | $16.18bn | $18.82bn |
| Shareholders' equity | $52.58bn | $52.95bn | $52.53bn | $51.07bn | $52.33bn | $50.85bn | $49.54bn | $51.30bn |
Financial ratios
Data as of 6 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 60.9% | 59.5% | 58.7% | 60.8% | 61.0% | 56.0% |
| Operating margin | 20.9% | 21.7% | 21.8% | 28.3% | 27.3% | 20.3% |
| Net margin | 14.7% | 16.3% | 19.9% | 27.1% | 21.8% | 16.4% |
| Return on equity | 6.9% | 7.9% | 8.9% | 14.4% | 14.2% | 9.2% |
| Return on assets | 4.3% | 5.0% | 5.6% | 8.5% | 7.7% | 4.8% |
| Free cash flow yield | 5.1% | 5.3% | 5.5% | 6.2% | 6.3% | 4.7% |
| Revenue growth | 2.9% | -0.1% | -10.3% | -9.5% | 32.2% | 24.4% |
| Earnings growth | -7.3% | -17.8% | -34.2% | 12.1% | 76.4% | 42.6% |
| Current ratio | 1.87x | 1.40x | 1.68x | 1.89x | 1.43x | 1.86x |
| Debt to equity | 0.35x | 0.33x | 0.35x | 0.40x | 0.50x | 0.54x |
| Equity ratio | 62.9% | 63.9% | 63.3% | 59.4% | 54.3% | 52.2% |
| Interest coverage | 19.38x | 18.65x | 18.19x | 36.41x | 33.40x | 16.54x |
| R&D as a share of sales | 6.5% | 6.6% | 6.3% | 5.7% | 5.9% | 6.0% |
| Buybacks as a share of market value | 3.6% | 1.2% | -0.1% | -1.0% | -1.9% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.7% | 2.0% | 5.5% |
| Operating income | -12.0% | 2.6% | 7.8% |
| Net income | -20.6% | -0.2% | 3.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.2% | 60.0% | 59.6% | 58.2% |
| Operating margin | 21.3% | 23.3% | 23.6% | 21.5% |
| Net margin | 15.5% | 19.7% | 19.6% | 18.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 45.0 | 43.4 | 36.4 | 27.5 | 37.8 | 44.1 | 43.6 | 27.7 | 26.4 | 21.4 |
| Price to sales | 6.6 | 7.1 | 7.2 | 7.4 | 8.3 | 7.2 | 6.2 | 4.3 | 3.6 | 3.2 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$48.83bn$146.94bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -2% | -0% | -11% | -18% | 39% | 48% | 55% | 4% | 20% | -14% |
Dividends and splits
Per share, in the currency the company pays
Paid for 33 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.20 | 1.28 | 1.08 | 1.05 | 1.00 | 0.84 | 0.72 | 0.68 |
- 1-to-1 reverse split · 12 Dec 2019
- 2-for-1 split · 14 Jun 2010
- 2-for-1 split · 21 May 2004
- 2-for-1 split · 1 Jun 1998
- 2-for-1 split · 23 Jan 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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