DHR
DANAHER CORP /DE/
Other • CIK: 0000313616
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Market Cap
$163.15B
P/E (TTM)
45.2x
Rev Growth (TTM)
+2.9%
Net Margin (TTM)
14.7%
FCF Yield (TTM)
3.2%
FCF Margin (TTM)
21.4%
Filing Intelligence
6.0/10
10-K filed Feb 24, 2026 • FY 2025
Executive Summary
Significant decline in Life Sciences operating margin due to impairments and decreased sales. See detailed pass outputs for comprehensive analysis.
Key Concerns
- ●Operating profit margins declined by 130 basis points due to significant impairment charges and unfavorable cost structure impacts, though...
- ●The Biotechnology segment showed robust growth (+8.0%), driven by bioprocessing and consumables, while Life Sciences remained flat due to...
- ●The Diagnostics segment reported modest growth (+1.5%), supported by consumables, despite pricing pressures in China related to healthcare...
Key Strengths
- ●Overall revenue grew by 3.0%, with core sales up 2.0%, driven by strong performance in the Biotechnology and Diagnostics segments.
- ●Working capital usage increased, shifting from a cash generator in 2024 to a cash user in 2025, indicating a less efficient working capital...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.3B
Q4 '25
$1.7B+27%
Q3 '25
$1.4B+26%
FCF Margin
TTM21.4%
Q4 '2525.5%+13%
Sector: 0.0%Top 10%
OCF Margin26.1%
OCF/NI1.78x
CapEx Coverage5.6x
FCF Yield3.2%
FCF Growth (2Y)-11%
Cash Conversion Cycle
148 days
DSO: 54+DIO: 94−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.4%
Div Yield0.5%
+Buyback (TTM)1.9%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.5%
FCF Payout Ratio16.7%
Free Cash Flow (TTM)$5.3B
Stock Repurchases (TTM)$3.1B
Capital Return / FCF75.4%
Est. Dividends Paid (TTM)$878.0M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.6%
Stable
-0.0% YoY+0.3%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
16.2%
8Q: 17.5%
Asset Turnover
0.31x
8Q: 0.29x
Leverage (1+D/E)
1.35x
D/E: 0.35x
DuPont: 6.7% ≈ 5.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.67x
8Q:4.94x
-38.0%
Invested Cap Turn
0.35x
8Q:0.33x
+4.0%
CapEx Intensity
1.6%
8Q:1.6%
CapEx/Depreciation
1.54x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $24.6B | $6.8B↑13.0% | $6.1B↑2.0% | $5.9B↑3.4% | $5.7B↓12.2% | $6.5B↑12.8% | $5.8B↑1.0% | $5.7B↓0.9% | $5.8B |
Operating Income | $4.7B | $1.5B↑30.2% | $1.2B↑51.8% | $760.0M↓40.3% | $1.3B↓10.6% | $1.4B↑48.7% | $958.0M↓18.0% | $1.2B↓11.0% | $1.3B |
Net Income | $3.6B | $1.2B↑31.8% | $908.0M↑63.6% | $555.0M↓41.8% | $954.0M↓12.2% | $1.1B↑32.8% | $818.0M↓9.8% | $907.0M↓16.6% | $1.1B |
Operating Cash Flow | $6.4B | $2.1B↑27.4% | $1.7B↑24.2% | $1.3B↑3.0% | $1.3B↓35.7% | $2.0B↑33.4% | $1.5B↑6.8% | $1.4B↓18.5% | $1.7B |
Free Cash Flow | $5.3B | $1.7B↑27.4% | $1.4B↑25.7% | $1.1B↑3.4% | $1.1B↓29.9% | $1.5B↑23.7% | $1.2B↑7.5% | $1.1B↓22.0% | $1.4B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
45.2x
Volatile
8Q: 162.3x-4080%
Valuation Lenses
Earnings
45.2x
vs – sector
Cash Flow
33.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
8.0P/E per %ROIC
ROIC: 5.6%
Shareholder Returns
Dividend
0.5%
Buyback
1.9%
Total Yield
2.4%
Market Cap$163.15B
EV$177.67B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
71/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
7.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.6%
8Q:–
Flat
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 16.2%
Asset Turnover: 0.31x
Earnings Quality
Cash Conversion
1.78x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin59.1%
Capital Efficiency
Invested Capital Turnover0.35x
Working Capital
Cash Conversion Cycle148 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
48/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.9%
OpInc Growth YoY
5.4%
EPS Growth YoY
-4.5%
FCF 3Y CAGR
-10.8%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 13.7%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
59.1%
Operating
19.1%
Top 25% in sector
Net
14.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+6.7 pts
FCF: 21.4% | Net: 14.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $13.80B
Interest Coverage
–
Balance sheet risk & solvency analysis