DHR
DANAHER CORP /DE/
Other • CIK: 0000313616
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Market Cap
$132.48B
P/E (TTM)
37.9x
Rev Growth (TTM)
+2.2%
Net Margin (TTM)
14.4%
FCF Yield (TTM)
3.8%
FCF Margin (TTM)
20.7%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.0B
Q3 '25
$1.4B+26%
Q2 '25
$1.1B+3%
FCF Margin
TTM20.7%
Q3 '2522.6%+23%
Sector: 4.1%Top 25%
OCF Margin26.0%
OCF/NI1.80x
CapEx Coverage4.9x
FCF Yield3.8%
FCF Growth (2Y)-11%
Cash Conversion Cycle
149 days
DSO: 54+DIO: 95−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.6%
Div Yield0.6%
+Buyback (TTM)2.9%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.6%
FCF Payout Ratio16.9%
Free Cash Flow (TTM)$5.0B
Stock Repurchases (TTM)$3.9B
Capital Return / FCF94.6%
Est. Dividends Paid (TTM)$847.0M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.5%
Stable
-0.0% YoY-1.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
15.9%
8Q: 17.5%
Asset Turnover
0.30x
8Q: 0.29x
Leverage (1+D/E)
1.33x
D/E: 0.33x
DuPont: 6.5% ≈ 5.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.73x
8Q:4.94x
-102.8%
Invested Cap Turn
0.35x
8Q:0.33x
Flat
CapEx Intensity
1.9%
8Q:1.6%
CapEx/Depreciation
1.75x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $24.3B | $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↓9.5% | $6.4B |
Operating Income | $4.6B | $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↓1.9% | $1.3B |
Net Income | $3.5B | $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↑0.8% | $1.1B |
Operating Cash Flow | $6.3B | $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↑7.4% | $1.6B |
Free Cash Flow | $5.0B | $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↑22.2% | $1.2B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
37.9x
Volatile
8Q: 164.2x+895%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
37.9x
vs – sector
Cash Flow
33.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
6.9P/E per %ROIC
ROIC: 5.5%
Shareholder Returns
Dividend
0.6%
Buyback
2.9%
Total Yield
3.6%
Market Cap$132.48B
EV–
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)Below Avg
6.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.5%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 15.9%
Asset Turnover: 0.30x
Earnings Quality
Cash Conversion
1.80x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin59.5%
Capital Efficiency
Invested Capital Turnover0.35x
Working Capital
Cash Conversion Cycle149 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.2%
OpInc Growth YoY
20.5%
EPS Growth YoY
-7.3%
FCF 3Y CAGR
-11.0%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 13.2%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
59.5%
Operating
19.0%
Above Avg in sector
Net
14.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+6.2 pts
FCF: 20.7% | Net: 14.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $15.33B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.33x
Balance sheet risk & solvency analysis