NYSE · Healthcare

Danaher Corporation

DHR · Diagnostics & Research

$174.57

▼ -0.58 (-0.33%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Danaher Corporation at $174.57.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 59.1%

Operating Margin 19.1%

Net Income Margin 14.7%

Fin. Health C

Years to Pay Off Debt 5.4 yrs

Working Capital vs Long-Term Debt -$12.5B

Working Capital $5.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.35x

Cash Flow B

Free Cash Flow $5.3B

CapEx % of Net Income 32.0%

Owner Earnings $7.2B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $123.6B

Enterprise Value $138.0B

P/E (TTM) 33.77

Dividend Yield 0.78%

Exchange NYSE

Key Margins

Gross Profit 59.1%

Operating Margin 19.1%

Net Margin 14.7%

Company Info

Sector Healthcare

Industry Diagnostics & Research

Employees 58000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Danaher Corporation at $174.57.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $174.57, the stock trades at a 90% premium to its Graham Number of $91.84. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Danaher Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	59.1% ▼	59.5%	58.7%	60.8%	N/A
Operating Margin %	19.1% ▼	20.4%	21.8%	28.3%	N/A
Net Income %	14.7% ▼	16.3%	19.9%	27.1%	N/A
Diluted EPS	5.05 ▼	5.29	6.38	9.66	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$83.5B	$77.5B	$84.5B	$84.3B	N/A
Total Debt	$19.7B ↑	$17.1B	$19.5B	$20.6B	N/A
Working Capital	$5.9B ▲	$2.7B	$5.7B	$7.5B	N/A
Years to Pay Debt	5.45	4.40	4.10	2.86	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$5.3B ▼	$5.3B	$5.8B	$7.4B	N/A
Owner Earnings	$7.2B	$7.6B	$8.3B	$10.5B	N/A
CapEx % of Net Income	32.0%	35.7%	29.0%	15.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-34,200	-9,177	-29,666	-30,894
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,173,000	7,333,000	7,678,000	9,753,000
Total Unusual Items	-228,000	-57,000	-182,000	-271,000
Total Unusual Items Excluding Goodwill	-228,000	-57,000	-182,000	-271,000
Net Income From Continuing Operation Net Minority Interest	3,600,000	3,899,000	4,221,000	6,328,000
Reconciled Depreciation	2,447,000	2,352,000	2,166,000	2,132,000
Reconciled Cost Of Revenue	10,045,000	9,669,000	9,856,000	10,455,000
EBITDA	6,945,000	7,276,000	7,496,000	9,482,000
EBIT	4,498,000	4,924,000	5,330,000	7,350,000
Net Interest Income	-235,000	-161,000	17,000	-163,000
Interest Expense	265,000	278,000	286,000	204,000
Interest Income	30,000	117,000	303,000	41,000
Normalized Income	3,793,800	3,946,823	4,373,334	6,568,106
Net Income From Continuing And Discontinued Operation	3,614,000	3,899,000	4,764,000	7,209,000
Total Expenses	19,878,000	19,012,000	18,688,000	19,107,000
Total Operating Income As Reported	4,690,000	4,863,000	5,202,000	7,536,000
Diluted Average Shares	716,100	737,200	743,100	737,100
Basic Average Shares	712,700	731,000	736,500	725,100
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,614,000	3,899,000	4,743,000	7,103,000
Net Income Common Stockholders	3,614,000	3,899,000	4,743,000	7,103,000
Preferred Stock Dividends			21,000	106,000	164,000
Net Income	3,614,000	3,899,000	4,764,000	7,209,000
Net Income Including Noncontrolling Interests	3,614,000	3,899,000	4,764,000	7,209,000
Net Income Discontinuous Operations	14,000	0	543,000	881,000
Net Income Continuous Operations	3,600,000	3,899,000	4,221,000	6,328,000
Tax Provision	633,000	747,000	823,000	818,000
Pretax Income	4,233,000	4,646,000	5,044,000	7,146,000
Other Income Expense	-222,000	-56,000	-175,000	-227,000
Other Non Operating Income Expenses	6,000	1,000	7,000	44,000
Special Income Charges	20,000	0	0	0
Gain On Sale Of Ppe	11,000	0	0
Gain On Sale Of Business	9,000	0	0	0
Other Special Charges					96,000
Write Off			108,000	91,000	10,000
Gain On Sale Of Security	-248,000	-57,000	-182,000	-271,000
Net Non Operating Interest Income Expense	-235,000	-161,000	17,000	-163,000
Interest Expense Non Operating	265,000	278,000	286,000	204,000
Interest Income Non Operating	30,000	117,000	303,000	41,000
Operating Income	4,690,000	4,863,000	5,202,000	7,536,000
Operating Expense	9,833,000	9,343,000	8,832,000	8,652,000
Other Operating Expenses					547,000
Research And Development	1,598,000	1,584,000	1,503,000	1,528,000
Selling General And Administration	8,235,000	7,759,000	7,329,000	7,124,000
Gross Profit	14,523,000	14,206,000	14,034,000	16,188,000
Cost Of Revenue	10,045,000	9,669,000	9,856,000	10,455,000
Total Revenue	24,568,000	23,875,000	23,890,000	26,643,000
Operating Revenue	24,568,000	23,875,000	23,890,000	26,643,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	180,000	165,200	141,300	141,000
Preferred Shares Number		1,720	1,720	1,720	3,370
Ordinary Shares Number	706,900	719,100	739,200	728,300
Share Issued	886,900	884,300	880,500	869,300
Net Debt	13,803,000	13,927,000	12,538,000	13,682,000
Total Debt	19,696,000	17,146,000	19,536,000	20,616,000
Tangible Book Value	-8,434,000	-9,522,000	-8,868,000	-8,683,000
Invested Capital	70,952,000	65,548,000	71,888,000	68,091,000
Working Capital	5,949,000	2,699,000	5,663,000	7,494,000
Net Tangible Assets	-8,434,000	-9,522,000	-8,868,000	-7,015,000
Capital Lease Obligations	1,278,000	1,141,000	1,134,000	939,000
Common Stock Equity	52,534,000	49,543,000	53,486,000	48,414,000
Preferred Stock Equity				1,668,000	3,268,000
Total Capitalization	70,950,000	65,043,000	70,193,000	69,168,000
Total Equity Gross Minority Interest	52,541,000	49,550,000	53,490,000	50,090,000
Minority Interest	7,000	7,000	4,000	8,000
Stockholders Equity	52,534,000	49,543,000	53,486,000	50,082,000
Gains Losses Not Affecting Retained Earnings	-207,000	-3,218,000	-1,748,000	-2,872,000
Other Equity Adjustments	-207,000	-3,218,000	-1,748,000	-2,872,000
Treasury Stock	11,353,000	8,163,000	2,019,000
Retained Earnings	46,891,000	44,188,000	41,074,000	39,205,000
Additional Paid In Capital	17,194,000	16,727,000	16,170,000	12,072,000
Capital Stock	9,000	9,000	9,000	1,677,000
Common Stock	9,000	9,000	9,000	9,000
Preferred Stock		0	0	1,668,000	3,268,000
Total Liabilities Net Minority Interest	30,923,000	27,992,000	30,998,000	34,260,000
Total Non Current Liabilities Net Minority Interest	24,116,000	21,194,000	22,724,000	25,871,000
Other Non Current Liabilities	184,000	214,000	228,000	261,000
Liabilities Heldfor Sale Non Current			0	287,000
Employee Benefits	968,000	849,000	798,000	690,000
Non Current Pension And Other Postretirement Benefit Plans	608,000	560,000	544,000	492,000
Tradeand Other Payables Non Current	3,231,000	3,425,000	3,782,000	4,548,000
Non Current Deferred Liabilities	231,000	232,000	249,000	221,000
Non Current Deferred Revenue	231,000	232,000	249,000	221,000
Long Term Debt And Capital Lease Obligation	19,495,000	16,468,000	17,661,000	19,858,000
Long Term Capital Lease Obligation	1,079,000	968,000	954,000	772,000
Long Term Debt	18,416,000	15,500,000	16,707,000	19,086,000
Long Term Provisions	7,000	6,000	6,000	6,000
Current Liabilities	6,807,000	6,798,000	8,274,000	8,389,000
Other Current Liabilities	1,368,000	1,083,000	1,172,000	2,230,000
Current Deferred Liabilities	1,353,000	1,299,000	1,465,000	1,456,000
Current Deferred Revenue	1,353,000	1,299,000	1,465,000	1,456,000
Current Debt And Capital Lease Obligation	201,000	678,000	1,875,000	758,000
Current Capital Lease Obligation	199,000	173,000	180,000	167,000
Current Debt	2,000	505,000	1,695,000	591,000
Other Current Borrowings	2,000	505,000	1,695,000	591,000
Pensionand Other Post Retirement Benefit Plans Current	1,247,000	1,157,000	1,184,000	1,222,000
Current Provisions	187,000	185,000	155,000	171,000
Payables And Accrued Expenses	2,451,000	2,396,000	2,423,000	2,552,000
Payables	2,451,000	2,396,000	2,423,000	2,552,000
Other Payable	75,000	75,000	75,000	75,000
Total Tax Payable	532,000	568,000	582,000	621,000
Accounts Payable	1,844,000	1,753,000	1,766,000	1,856,000
Total Assets	83,464,000	77,542,000	84,488,000	84,350,000
Total Non Current Assets	70,708,000	68,045,000	70,551,000	68,467,000
Other Non Current Assets	4,209,000	3,990,000	3,644,000	7,661,000
Goodwill And Other Intangible Assets	60,968,000	59,065,000	62,354,000	57,097,000
Other Intangible Assets	17,817,000	18,568,000	20,746,000	19,821,000
Goodwill	43,151,000	40,497,000	41,608,000	37,276,000
Net PPE	5,531,000	4,990,000	4,553,000	3,709,000
Accumulated Depreciation	-4,767,000	-4,101,000	-3,826,000	-3,433,000
Gross PPE	10,298,000	9,091,000	8,379,000	7,142,000
Other Properties	2,144,000	1,883,000	1,794,000	1,669,000
Machinery Furniture Equipment	4,867,000	4,430,000	4,106,000	3,477,000
Buildings And Improvements	3,054,000	2,548,000	2,269,000	1,795,000
Land And Improvements	233,000	230,000	210,000	201,000
Current Assets	12,756,000	9,497,000	13,937,000	15,883,000
Other Current Assets	1,739,000	1,552,000	1,557,000	1,741,000
Assets Held For Sale Current			0	1,280,000
Prepaid Assets					1,664,000
Inventory	2,489,000	2,330,000	2,594,000	2,765,000
Finished Goods	1,287,000	1,145,000	1,282,000	1,359,000
Work In Process	469,000	465,000	459,000	422,000
Raw Materials	733,000	720,000	853,000	984,000
Receivables	3,913,000	3,537,000	3,922,000	4,102,000
Accounts Receivable	3,913,000	3,537,000	3,922,000	4,102,000
Allowance For Doubtful Accounts Receivable	-114,000	-113,000	-120,000	-92,000
Gross Accounts Receivable	4,027,000	3,650,000	4,042,000	4,194,000
Cash Cash Equivalents And Short Term Investments	4,615,000	2,078,000	5,864,000	5,995,000
Cash And Cash Equivalents	4,615,000	2,078,000	5,864,000	5,995,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	5,260,000	5,296,000	5,781,000	7,401,000
Repurchase Of Capital Stock	-3,088,000	-5,979,000	0	0
Repayment Of Debt	-500,000	-1,674,000	-620,000	-965,000
Issuance Of Debt	1,556,000	0	0	0
Issuance Of Capital Stock	85,000	162,000	68,000	31,000
Capital Expenditure	-1,156,000	-1,392,000	-1,383,000	-1,118,000
End Cash Position	4,615,000	2,078,000	5,864,000	5,995,000
Beginning Cash Position	2,078,000	5,864,000	5,995,000	2,586,000
Effect Of Exchange Rate Changes	278,000	-108,000	59,000	-306,000
Changes In Cash	2,259,000	-3,678,000	-190,000	3,715,000
Financing Cash Flow	-2,961,000	-8,385,000	-273,000	-2,570,000
Cash Flow From Continuing Financing Activities	-2,961,000	-8,385,000	-273,000	-2,570,000
Net Other Financing Charges	-125,000	-131,000	2,533,000	-95,000
Cash Dividends Paid	-878,000	-768,000	-1,248,000	-818,000
Net Common Stock Issuance	-3,003,000	-5,817,000	68,000	31,000
Common Stock Payments	-3,088,000	-5,979,000	0	0
Common Stock Issuance	85,000	162,000	68,000	31,000
Net Issuance Payments Of Debt	1,045,000	-1,669,000	-1,626,000	-1,688,000
Net Short Term Debt Issuance	-11,000	5,000	-1,006,000	-723,000
Net Long Term Debt Issuance	1,056,000	-1,674,000	-620,000	-965,000
Long Term Debt Payments	-500,000	-1,674,000	-620,000	-965,000
Long Term Debt Issuance	1,556,000	0	0	0
Investing Cash Flow	-1,196,000	-1,981,000	-7,081,000	-2,234,000
Cash From Discontinued Investing Activities	0	0	-33,000	-89,000
Cash Flow From Continuing Investing Activities	-1,196,000	-1,981,000	-7,048,000	-2,145,000
Net Other Investing Changes	33,000	34,000	44,000	51,000
Net Investment Purchase And Sale	-115,000	-78,000	-111,000	-505,000
Sale Of Investment	12,000	253,000	61,000	18,000
Purchase Of Investment	-127,000	-331,000	-172,000	-523,000
Net Business Purchase And Sale	9,000	-558,000	-5,610,000	-582,000
Sale Of Business	9,000	0	0	0
Purchase Of Business	0	-558,000	-5,610,000	-582,000
Net PPE Purchase And Sale	-1,123,000	-1,379,000	-1,371,000	-1,109,000
Sale Of PPE	33,000	13,000	12,000	9,000
Purchase Of PPE	-1,156,000	-1,392,000	-1,383,000	-1,118,000
Operating Cash Flow	6,416,000	6,688,000	7,164,000	8,519,000
Cash From Discontinued Operating Activities	0	0	674,000	906,000
Cash Flow From Continuing Operating Activities	6,416,000	6,688,000	6,490,000	7,613,000
Change In Working Capital	-719,000	-198,000	-470,000	-1,413,000
Change In Other Working Capital	-440,000	-483,000	-1,204,000	-582,000
Change In Payables And Accrued Expense	50,000	-467,000	-192,000	79,000
Change In Accrued Expense	41,000	-486,000	-43,000	97,000
Change In Payable	9,000	19,000	-149,000	-18,000
Change In Account Payable	9,000	19,000	-149,000	-18,000
Change In Prepaid Assets	-55,000	274,000	419,000	-73,000
Change In Inventory	-58,000	147,000	185,000	-448,000
Change In Receivables	-216,000	331,000	322,000	-389,000
Changes In Account Receivables	-216,000	331,000	322,000	-389,000
Other Non Cash Items		25,000	8,000		601,000
Stock Based Compensation	298,000	288,000	306,000	295,000
Asset Impairment Charge	562,000	265,000	77,000	0
Depreciation Amortization Depletion	2,447,000	2,352,000	2,166,000	2,132,000
Depreciation And Amortization	2,447,000	2,352,000	2,166,000	2,132,000
Amortization Cash Flow	1,697,000	1,631,000	1,491,000	1,434,000
Amortization Of Intangibles	1,697,000	1,631,000	1,491,000	1,434,000
Depreciation	750,000	721,000	675,000	698,000
Operating Gains Losses	228,000	57,000	182,000	271,000
Gain Loss On Investment Securities	228,000	57,000	182,000	271,000
Gain Loss On Sale Of Business			182,000	271,000	-406,000
Net Income From Continuing Operations	3,600,000	3,899,000	4,221,000	6,328,000

These metrics estimate what Danaher Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$91.84

Margin of Safety

Market Cap ÷ Company Value

1.35

P/B Ratio

2.35

Warren's Owner Earnings

$7.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$24.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.87x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.78%

vs Uninterrupted dividends

❌ Earnings Growth

-47.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

33.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.35x P/B (P/E×P/B: 79.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-25.67

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$73.63

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	32.0%	35.7%	29.0%	15.5%	N/A
Repurchase of Capital Stock	-$3.1B	-$6.0B	$0M	$0M	N/A
Free Cash Flow	$5.3B ▼	$5.3B ▼	$5.8B ▼	$7.4B •	N/A •
Warren's Owner Earnings	$7.2B	$7.6B	$8.3B	$10.5B	N/A

Peers & Industry

No auto-detected peers for Diagnostics & Research. You can manually compare DHR against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

10.78%

High — management has strong skin in the game

Return on Equity (ROE)

6.9%

Weak — poor returns on equity

Return on Assets (ROA)

4.3%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+14.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Steven Rales

Co-Founder & Chairman

Age 74

Rainer Blair

President, CEO & Director

Age 61

Pay: $6,116,253

0.169% of net income

Mitchell Rales

Co-Founder & Director

Age 68

Matthew McGrew

Executive Vice President

Age 53

Pay: $3,174,924

0.088% of net income

Christopher Paul Riley

Executive VP of Biotechnology Group & CEO of Cytiva

Age 51

Pay: $2,536,072

0.070% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.62%	60,978,360
Blackrock Inc.	7.35%	52,037,352
State Street Corporation	3.91%	27,681,334
JPMORGAN CHASE & CO	3.05%	21,585,526
FMR, LLC	2.76%	19,506,729
Capital International Investors	2.58%	18,246,008
Price (T.Rowe) Associates Inc	2.26%	15,973,240
Wellington Management Group, LLP	2.13%	15,076,796

Risk Analysis

Beta (Market Risk)

0.84

Low volatility — more stable than the market

Short Interest

1.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.37x

Conservative balance sheet — low financial risk

Current Ratio