DANAHER CORP /DE/ DHR
Danaher is a global science and technology innovator committed to accelerating the power of science and technology to improve human health. Danaher is comprised of more than 15 operating companies with leadership positions in the biotechnology, life sciences and diagnostics sectors, organized under three segments (Biotechnology, Life Sciences and Diagnostics). United by the DANAHER BUSINESS SYSTEM ("DBS"), our businesses are also typically characterized by a high level of products and services that are sold on a recurring basis, primarily through a direct sales model and to a geographically diverse customer base. Our business' research and development, manufacturing, sales, distribution, service and administrative facilities are located in approximately 50 countries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.57B | $23.88B | $23.89B | $26.64B | $24.80B | $22.28B | $17.91B | $17.05B | $15.52B | $16.88B |
| Cost of revenue | $10.04B | $9.67B | $9.86B | $10.46B | $9.56B | $9.81B | $7.93B | $7.54B | $6.95B | $7.55B |
| Gross profit | $14.52B | $14.21B | $14.03B | $16.19B | $15.24B | $12.47B | $9.98B | $9.51B | $8.57B | $9.33B |
| R&D | $1.60B | $1.58B | $1.50B | $1.53B | $1.50B | $1.35B | $1.13B | $1.06B | $956.4M | $975.1M |
| SG&A | $8.23B | $7.76B | $7.33B | $7.12B | $6.82B | $6.90B | $5.59B | $5.39B | $5.04B | $5.62B |
| Operating income | $4.69B | $4.86B | $5.20B | $7.54B | $6.38B | $4.23B | $3.27B | $3.06B | $2.57B | $2.74B |
| Interest expense | $265.0M | $278.0M | $286.0M | $204.0M | $231.0M | $275.0M | $108.0M | $137.0M | $140.1M | $184.4M |
| Pre-tax income | $4.23B | $4.65B | $5.04B | $7.15B | $6.51B | $4.50B | $3.31B | $2.96B | $2.54B | $2.61B |
| Income tax | $633.0M | $747.0M | $823.0M | $818.0M | $1.06B | $849.0M | $873.0M | $556.0M | $371.0M | $457.9M |
| Net income | $3.61B | $3.90B | $4.76B | $7.21B | $6.43B | $3.65B | $3.01B | $2.65B | $2.49B | $2.55B |
| EPS, basic | 5.07 | 5.33 | 6.44 | 9.80 | 8.77 | 4.97 | 4.11 | 3.78 | 3.58 | 3.69 |
| EPS, diluted | 5.05 | 5.29 | 6.38 | 9.66 | 8.61 | 4.89 | 4.05 | 3.74 | 3.53 | 3.65 |
| Shares, diluted (wtd. avg.) | $716.1M | $737.2M | $743.1M | $737.1M | $736.8M | $718.7M | $725.5M | $710.2M | $706.1M | $699.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.62B | $2.08B | $5.86B | $6.00B | $2.59B | $6.04B | $19.91B | $788.0M | $630.0M | $963.7M |
| Receivables | $3.91B | $3.54B | $3.92B | $4.10B | $4.63B | $4.04B | $3.19B | $3.03B | $3.52B | $3.19B |
| Inventory | $2.49B | $2.33B | $2.59B | $2.77B | $2.77B | $2.29B | $1.63B | $1.63B | $1.84B | $1.71B |
| Total current assets | $12.76B | $9.50B | $13.94B | $15.88B | $11.65B | $13.80B | $25.60B | $7.09B | $6.85B | $6.67B |
| Property, plant and equipment | $5.53B | $4.99B | $4.55B | $3.71B | $3.53B | $3.26B | $2.30B | $2.25B | $2.22B | $2.35B |
| Goodwill | $43.15B | $40.50B | $41.61B | $37.28B | $38.68B | $35.42B | $22.71B | $22.58B | $21.77B | $23.83B |
| Other intangibles | $17.82B | $18.57B | $20.75B | $19.82B | $22.84B | $21.28B | $9.75B | $10.28B | $11.67B | $11.82B |
| Total assets | $83.46B | $77.54B | $84.49B | $84.35B | $83.18B | $76.16B | $62.08B | $47.83B | $46.65B | $45.30B |
| Short-term debt | $2.0M | $505.0M | $1.70B | $591.0M | $8.0M | $11.0M | $212.0M | $51.8M | $194.7M | $2.59B |
| Total current liabilities | $6.81B | $6.80B | $8.27B | $8.39B | $8.14B | $7.40B | $4.93B | $4.84B | $4.79B | $6.87B |
| Long-term debt | $18.42B | $15.50B | $16.71B | $19.09B | $22.17B | $21.19B | $21.52B | $9.69B | $10.33B | $9.67B |
| Retained earnings | $46.89B | $44.19B | $41.07B | $39.20B | $32.83B | $27.16B | $24.17B | $25.16B | $22.81B | $20.70B |
| Total equity | $52.53B | $49.54B | $53.49B | $50.09B | $45.18B | $39.78B | $30.28B | $28.23B | $26.37B | $23.00B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.42B | $6.69B | $7.16B | $8.52B | $8.36B | $6.21B | $3.95B | $4.02B | $3.48B | $3.52B |
| Depreciation and amortisation | $750.0M | $721.0M | $675.0M | $698.0M | $2.06B | $1.77B | $1.19B | $1.18B | $1.12B | $1.13B |
| Stock-based compensation | $298.0M | $288.0M | $306.0M | $295.0M | $184.0M | $187.0M | $159.0M | $138.0M | $127.1M | $129.8M |
| Capital expenditure | $1.16B | $1.39B | $1.38B | $1.12B | $1.24B | $791.0M | $636.0M | $584.0M | $570.7M | $589.6M |
| Investing cash flow | -$1.20B | -$1.98B | -$7.08B | -$2.23B | -$12.99B | -$21.24B | -$1.24B | -$2.95B | -$843.4M | -$5.24B |
| Financing cash flow | -$2.96B | -$8.38B | -$273.0M | -$2.57B | $1.29B | $1.01B | $16.36B | -$797.0M | -$3.10B | $2.04B |
| Dividends paid | $878.0M | $768.0M | $821.0M | $818.0M | $742.0M | $615.0M | $527.0M | $433.0M | $378.3M | $399.8M |
| Buybacks | $3.09B | $5.98B | $0 | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000313616-26-000062.
Others in SIC 3823
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| KEYS | Keysight Technologies, Inc. | $55.71B | 66.6x | 8.0% |
| AME | AMETEK INC/ | $54.50B | 37.1x | 6.6% |
| ROP | ROPER TECHNOLOGIES INC | $40.28B | 28.7x | 12.3% |
| MKSI | MKS INC | $17.60B | 59.6x | 9.6% |
| FTV | Fortive Corp | $17.36B | 32.9x | 1.9% |
| CGNX | COGNEX CORP | $10.47B | 91.5x | 8.7% |
| RAL | Ralliant Corp | $7.02B | — | -4.0% |
| ST | Sensata Technologies Holding plc | $6.27B | 205.1x | -5.8% |