Danaher (DHR) Financials

$190.11 -7.29 (-3.69%)

Closing price 03:59 PM Eastern

Extended Trading

$187.70 -2.41 (-1.27%)

As of 07:30 PM Eastern

Annual Income Statements for Danaher

This table shows Danaher's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3,357	2,554	2,492	2,651	2,940	3,510	6,269	7,103	4,743	3,899
Consolidated Net Income / (Loss)	3,357	2,554	2,492	2,651	3,008	3,646	6,433	7,209	4,764	3,899
Net Income / (Loss) Continuing Operations	1,747	2,153	2,172	2,406	2,432	3,646	5,447	6,328	4,221	3,899
Total Pre-Tax Income	2,039	2,611	2,543	2,962	3,305	4,495	6,511	7,146	5,044	4,646
Total Operating Income	2,162	2,735	2,572	3,055	3,269	4,231	6,377	7,536	5,202	4,863
Total Gross Profit	7,771	9,335	8,571	9,505	9,984	12,475	15,239	16,188	14,034	14,206
Total Revenue	14,434	16,882	15,519	17,049	17,911	22,284	24,802	26,643	23,890	23,875
Operating Revenue	14,434	16,882	15,519	17,049	17,911	22,284	24,802	26,643	23,890	23,875
Total Cost of Revenue	6,663	7,548	6,948	7,544	7,927	9,809	9,563	10,455	9,856	9,669
Operating Cost of Revenue	6,663	7,548	6,948	7,544	7,927	9,809	9,563	10,455	9,856	9,669
Total Operating Expenses	5,609	6,599	5,999	6,450	6,715	8,244	8,862	8,652	8,832	9,343
Selling, General & Admin Expense	4,748	5,624	5,043	5,391	5,589	6,896	7,364	7,124	7,329	7,759
Research & Development Expense	861	975	956	1,059	1,126	1,348	1,498	1,528	1,503	1,584
Total Other Income / (Expense), net	-123	-124	-29	-93	36	264	134	-390	-158	-217
Interest Expense	140	363	140	137	115	301	327	204	286	278
Interest & Investment Income	4.60	0.20	7.50	9.00	139	71	11	41	303	117
Other Income / (Expense), net	12	239	104	35	12	494	450	-227	-175	-56
Income Tax Expense	293	458	371	556	873	849	1,064	818	823	747
Net Income / (Loss) Discontinued Operations	1,611	400	320	245	576	0.00	986	881	543	0.00
Preferred Stock Dividends Declared	-	-	0.00	0.00	68	136	164	106	21	0.00
Basic Earnings per Share	$4.81	$3.69	$3.58	$3.78	$4.11	$4.97	$8.77	$9.80	$6.44	$5.33
Weighted Average Basic Shares Outstanding	698.10M	691.20M	695.80M	700.60M	715M	706.20M	714.60M	725.10M	736.50M	731M
Diluted Earnings per Share	$4.74	$3.65	$3.53	$3.74	$4.05	$4.89	$8.61	$9.66	$6.38	$5.29
Weighted Average Diluted Shares Outstanding	708.50M	699.80M	706.10M	710.20M	725.50M	718.70M	736.80M	737.10M	743.10M	737.20M
Weighted Average Basic & Diluted Shares Outstanding	698M	692.10M	696.10M	701.30M	696.24M	712.20M	715.35M	728.58M	739.70M	714.71M

This table shows Danaher's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025
Net Income / (Loss) Attributable to Common Shareholders	1,551	2,210	1,429	1,106	1,129	1,079	1,088	907	818	1,086	954
Consolidated Net Income / (Loss)	1,572	2,232	1,450	1,106	1,129	1,079	1,088	907	818	1,086	954
Net Income / (Loss) Continuing Operations	1,572	1,351	1,240	920	940	1,121	1,088	907	818	1,086	954
Total Pre-Tax Income	1,931	1,047	1,523	1,142	1,147	1,232	1,271	1,083	977	1,315	1,129
Total Operating Income	2,015	1,144	1,517	1,163	1,185	1,337	1,312	1,168	958	1,425	1,274
Total Gross Profit	4,584	2,178	3,662	3,318	3,275	3,779	3,487	3,428	3,401	3,890	3,511
Total Revenue	7,663	3,541	5,949	5,912	5,624	6,405	5,796	5,743	5,798	6,538	5,741
Operating Revenue	7,663	3,541	5,949	5,912	5,624	6,405	5,796	5,743	5,798	6,538	5,741
Total Cost of Revenue	3,079	1,363	2,287	2,594	2,349	2,626	2,309	2,315	2,397	2,648	2,230
Operating Cost of Revenue	3,079	1,363	2,287	2,594	2,349	2,626	2,309	2,315	2,397	2,648	2,230
Total Operating Expenses	2,569	1,034	2,145	2,155	2,090	2,442	2,175	2,260	2,443	2,465	2,237
Selling, General & Admin Expense	2,149	798	1,772	1,794	1,728	2,035	1,807	1,869	2,060	2,023	1,858
Research & Development Expense	420	236	373	361	362	407	368	391	383	442	379
Total Other Income / (Expense), net	-84	-97	6.00	-21	-38	-105	-41	-85	19	-110	-145
Interest Expense	42	57	66	65	70	85	65	65	87	61	72
Interest & Investment Income	9.00	29	48	59	79	117	60	39	4.00	14	6.00
Other Income / (Expense), net	-51	-69	24	-15	-47	-137	-36	-59	102	-63	-79
Income Tax Expense	359	-304	283	222	207	111	183	176	159	229	175
Basic Earnings per Share	$2.13	$3.05	$1.96	$1.50	$1.53	$1.47	$1.47	$1.23	$1.13	$1.49	$1.33
Weighted Average Basic Shares Outstanding	728.50M	725.10M	729.40M	737.30M	739.40M	736.50M	740.60M	737.60M	723M	731M	716.30M
Diluted Earnings per Share	$2.10	$3.05	$1.94	$1.49	$1.51	$1.47	$1.45	$1.22	$1.12	$1.49	$1.32
Weighted Average Diluted Shares Outstanding	737.40M	737.10M	737.20M	744.70M	745.90M	743.10M	748.60M	742.40M	729.40M	737.20M	720.80M
Weighted Average Basic & Diluted Shares Outstanding	727.96M	728.58M	737.90M	738.35M	738.93M	739.70M	740.69M	722.21M	722.28M	714.71M	715.67M

This table details how cash moves in and out of Danaher's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2,215	173	-333	276	19,124	-13,877	-3,449	3,409	-131	-3,786
Net Cash From Operating Activities	3,802	3,522	3,478	4,022	3,952	6,208	8,358	8,519	7,164	6,688
Net Cash From Continuing Operating Activities	2,832	3,088	3,122	3,644	3,657	6,215	7,423	7,613	6,490	6,688
Net Income / (Loss) Continuing Operations	1,747	2,153	2,172	2,406	2,432	3,646	5,447	6,328	4,221	3,899
Consolidated Net Income / (Loss)	3,357	2,554	2,492	2,651	3,008	3,646	6,433	7,209	4,764	3,899
Net Income / (Loss) Discontinued Operations	1,611	400	320	245	576	0.00	986	881	543	0.00
Depreciation Expense	484	545	538	562	564	637	674	698	675	721
Amortization Expense	397	583	579	616	625	1,595	1,447	1,434	1,499	1,656
Non-Cash Adjustments To Reconcile Net Income	95	97	104	138	166	-242	416	566	565	610
Changes in Operating Assets and Liabilities, net	110	-291	-271	-78	-130	579	-561	-1,413	-470	-198
Net Cash From Discontinued Operating Activities	970	434	356	378	295	-7.00	935	906	674	0.00
Net Cash From Investing Activities	-14,951	-5,243	-843	-2,949	-1,238	-21,239	-12,987	-2,234	-7,081	-1,981
Net Cash From Continuing Investing Activities	-14,739	-5,173	-789	-2,874	-1,166	-21,239	-12,890	-2,145	-7,048	-1,981
Purchase of Property, Plant & Equipment	-513	-590	-571	-584	-636	-791	-1,240	-1,118	-1,383	-1,392
Acquisitions	-14,248	-4,880	-386	-2,173	-331	-20,971	-10,901	-582	-5,610	-558
Purchase of Investments	-87	0.00	0.00	-146	-241	-342	-925	-523	-172	-331
Sale of Property, Plant & Equipment	60	9.80	33	6.00	13	2.00	13	9.00	12	13
Sale and/or Maturity of Investments	43	265	138	22	0.00	13	126	18	61	253
Other Investing Activities, net	5.90	22	-2.40	1.00	29	24	37	51	44	34
Net Cash From Discontinued Investing Activities	-213	-70	-55	-75	-72	-	-97	-89	-33	0.00
Net Cash From Financing Activities	9,050	2,043	-3,099	-797	16,365	1,006	1,295	-2,570	-273	-8,385
Net Cash From Continuing Financing Activities	9,050	2,528	-3,099	-797	16,589	1,006	1,295	-2,570	154	-8,385
Repayment of Debt	3,472	-478	-4,507	-526	1,187	-5,962	-1,298	-1,060	-687	-1,805
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-5,979
Payment of Dividends	-354	-400	-443	-433	-527	-615	-742	-818	-821	-768
Issuance of Debt	5,683	3,241	1,782	66	12,113	4,033	3,249	-723	-1,006	5.00
Issuance of Common Equity	249	165	69	96	1,573	1,882	86	31	68	162
Other Financing Activities, net	-	-	-	0.00	643	-	0.00	0.00	2,600	0.00
Net Cash From Discontinued Financing Activities	0.00	-485	0.00	0.00	-224	-	-	0.00	-427	0.00
Effect of Exchange Rate Changes	-116	-149	131	-	-	148	-115	-306	59	-108

This table details how cash moves in and out of Danaher's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025
Net Change in Cash & Equivalents	1,166	845	1,384	1,196	3,702	-6,413	1,167	-4,657	253	-549	-85
Net Cash From Operating Activities	2,010	2,541	1,947	1,926	1,672	1,619	1,739	1,417	1,513	2,019	1,299
Net Cash From Continuing Operating Activities	2,010	1,635	1,806	1,646	1,447	1,591	1,739	1,417	1,513	2,019	1,299
Net Income / (Loss) Continuing Operations	1,572	1,351	1,240	920	940	1,121	1,088	907	818	1,086	954
Consolidated Net Income / (Loss)	1,572	2,232	1,450	1,106	1,129	1,079	1,088	907	818	1,086	954
Depreciation Expense	179	161	163	168	166	178	179	178	177	187	181
Amortization Expense	361	314	372	372	367	388	432	402	414	408	410
Non-Cash Adjustments To Reconcile Net Income	153	110	48	113	169	235	97	146	203	164	157
Changes in Operating Assets and Liabilities, net	-255	-301	-17	73	-195	-331	-57	-216	-99	174	-403
Net Cash From Investing Activities	-515	-816	-304	-431	-329	-6,017	-321	-360	-606	-694	-242
Net Cash From Continuing Investing Activities	-515	-727	-295	-421	-315	-6,017	-321	-360	-606	-694	-242
Purchase of Property, Plant & Equipment	-277	-295	-266	-329	-354	-434	-291	-287	-298	-516	-245
Purchase of Investments	-26	-169	-43	-101	-8.00	-20	-53	-74	-61	-143	-18
Sale of Property, Plant & Equipment	-	-	-	-	4.00	6.00	-	-	11	1.00	6.00
Sale and/or Maturity of Investments	1.00	-	1.00	3.00	29	28	9.00	-	242	2.00	5.00
Other Investing Activities, net	14	15	13	4.00	14	13	14	12	13	-5.00	10
Net Cash From Financing Activities	-230	-906	-262	-208	2,443	-2,246	-133	-5,715	-845	-1,692	-1,255
Net Cash From Continuing Financing Activities	-230	-906	-262	-208	2,443	-1,819	-133	-5,715	-845	-1,692	-1,255
Repayment of Debt	-14	-715	-20	-17	-16	-634	-23	-1,009	-62	-711	21
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-640	-809	-1,078
Payment of Dividends	-204	-203	-204	-218	-199	-200	-177	-200	-196	-195	-194
Issuance of Debt	-50	-4.00	-4.00	-3.00	2,603	-3,602	68	-53	-14	4.00	1.00
Issuance of Common Equity	38	16	-34	30	55	17	-1.00	77	67	19	-5.00
Effect of Exchange Rate Changes	-99	26	3.00	-91	-84	231	-118	1.00	191	-182	113
Cash Interest Paid	83	-	82	103	104	-	42	134	104	-	63
Cash Income Taxes Paid	469	-	228	466	476	-	222	396	315	-	201

This table presents Danaher's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	48,222	45,295	46,649	47,833	62,082	76,161	83,184	84,350	84,488	77,542
Total Current Assets	7,837	6,665	6,850	7,094	25,596	13,802	11,648	15,883	13,937	9,497
Cash & Equivalents	791	964	630	788	19,912	6,035	2,586	5,995	5,864	2,078
Accounts Receivable	2,985	3,186	3,522	3,030	3,191	4,045	4,631	4,102	3,922	3,537
Inventories, net	1,573	1,709	1,841	1,631	1,628	2,292	2,767	2,765	2,594	2,330
Prepaid Expenses	890	806	857	858	865	1,430	1,664	1,741	1,557	1,552
Plant, Property, & Equipment, net	2,303	2,354	2,455	2,250	2,302	3,262	3,790	3,709	4,553	4,990
Total Noncurrent Assets	38,083	36,276	37,344	38,489	34,184	59,097	67,746	64,758	65,998	63,055
Goodwill	21,015	23,827	25,139	22,581	22,713	35,420	41,184	37,276	41,608	40,497
Intangible Assets	10,545	11,818	11,667	10,283	9,750	21,282	22,843	19,821	20,746	18,568
Other Noncurrent Operating Assets	845	631	538	5,626	1,721	2,395	3,719	4,160	3,644	3,990
Total Liabilities & Shareholders' Equity	48,222	45,295	46,649	47,833	62,082	76,161	83,184	84,350	84,488	77,542
Total Liabilities	24,458	22,219	20,281	19,606	31,800	36,384	38,007	34,260	30,998	27,992
Total Current Liabilities	6,170	6,874	4,792	4,842	4,932	7,402	8,140	8,389	8,274	6,798
Short-Term Debt	845	2,595	195	52	212	11	8.00	591	1,695	505
Accounts Payable	1,392	1,485	1,510	1,495	1,515	2,049	2,569	1,856	1,766	1,753
Accrued Expenses	2,609	2,794	3,088	2,689	3,205	5,342	5,563	4,815	4,813	4,540
Total Noncurrent Liabilities	18,288	15,345	15,489	14,764	26,868	28,982	29,867	25,871	22,724	21,194
Long-Term Debt	12,025	9,674	10,327	9,689	21,517	21,193	22,168	19,086	16,707	15,500
Other Noncurrent Operating Liabilities	5,750	5,670	5,161	4,702	5,351	7,789	7,699	6,498	6,017	5,694
Total Equity & Noncontrolling Interests	23,764	23,077	26,368	28,227	30,282	39,777	45,177	50,090	53,490	49,550
Total Preferred & Common Equity	23,690	23,003	26,358	28,214	30,271	39,766	45,167	50,082	53,486	49,543
Total Common Equity	23,690	23,003	26,358	28,214	28,671	36,498	41,899	48,414	53,486	49,543
Common Stock	4,989	5,321	5,546	5,843	7,573	9,707	10,099	12,081	16,179	16,736
Retained Earnings	21,012	20,704	22,806	25,163	24,166	27,159	32,827	39,205	41,074	44,188
Accumulated Other Comprehensive Income / (Loss)	-2,311	-3,022	-1,994	-2,791	-3,068	-368	-1,027	-2,872	-1,748	-3,218
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-8,163
Noncontrolling Interest	74	74	9.60	12	11	11	10	8.00	4.00	7.00

This table presents Danaher's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025
Total Assets	81,030	84,350	85,040	84,902	87,734	84,488	83,402	78,555	80,615	77,542	79,116
Total Current Assets	14,250	15,883	16,532	17,461	21,205	13,937	14,372	9,609	10,060	9,497	9,525
Cash & Equivalents	5,150	5,995	7,379	8,575	12,277	5,864	7,031	2,374	2,627	2,078	1,993
Accounts Receivable	4,409	4,102	4,313	4,199	4,201	3,922	3,379	3,298	3,507	3,537	3,506
Inventories, net	3,236	2,765	3,383	3,183	3,024	2,594	2,645	2,671	2,678	2,330	2,532
Prepaid Expenses	1,455	1,741	1,457	1,504	1,703	1,557	1,317	1,266	1,248	1,552	1,494
Plant, Property, & Equipment, net	3,719	3,709	4,065	4,176	4,302	4,553	4,562	4,643	4,843	4,990	5,110
Total Noncurrent Assets	63,061	64,758	64,443	63,265	62,227	65,998	64,468	64,303	65,712	63,055	64,481
Goodwill	38,251	37,276	39,856	39,576	39,155	41,608	40,846	40,805	42,173	40,497	41,657
Intangible Assets	19,964	19,821	19,976	19,317	18,786	20,746	19,888	19,545	19,854	18,568	18,885
Other Noncurrent Operating Assets	4,846	4,160	4,611	4,372	4,286	3,644	3,734	3,953	3,685	3,990	3,939
Total Liabilities & Shareholders' Equity	81,030	84,350	85,040	84,902	87,734	84,488	83,402	78,555	80,615	77,542	79,116
Total Liabilities	34,037	34,260	33,554	33,178	35,319	30,998	29,955	28,653	29,310	27,992	28,259
Total Current Liabilities	8,002	8,389	8,730	8,404	9,367	8,274	7,778	6,701	7,339	6,798	6,645
Short-Term Debt	705	591	1,571	1,590	2,547	1,695	1,746	701	1,200	505	501
Accounts Payable	2,191	1,856	2,081	1,956	1,894	1,766	1,679	1,645	1,596	1,753	1,722
Accrued Expenses	5,106	4,815	5,078	4,858	4,926	4,813	4,353	4,355	4,543	4,540	4,422
Total Noncurrent Liabilities	26,035	25,871	24,824	24,774	25,952	22,724	22,177	21,952	21,971	21,194	21,614
Long-Term Debt	18,542	19,086	18,261	18,285	19,513	16,707	16,417	16,309	16,324	15,500	15,976
Other Noncurrent Operating Liabilities	7,493	6,498	6,563	6,489	6,439	6,017	5,760	5,643	5,647	5,694	5,638
Total Equity & Noncontrolling Interests	46,993	50,090	51,486	51,724	52,415	53,490	53,447	49,902	51,305	49,550	50,857
Total Preferred & Common Equity	46,985	50,082	51,478	51,716	52,407	53,486	53,442	49,897	51,299	49,543	50,849
Total Common Equity	45,317	48,414	49,810	51,716	52,407	53,486	53,442	49,897	51,299	49,543	50,849
Common Stock	11,994	12,081	12,139	13,948	14,094	16,179	14,224	9,815	9,313	16,736	16,854
Retained Earnings	37,177	39,205	40,437	41,344	42,272	41,074	41,962	42,673	43,296	44,188	44,913
Accumulated Other Comprehensive Income / (Loss)	-3,854	-2,872	-2,766	-3,576	-3,959	-1,748	-2,744	-2,591	-1,310	-3,218	-1,612
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-8,163	-9,306
Noncontrolling Interest	8.00	8.00	8.00	8.00	8.00	4.00	5.00	5.00	6.00	7.00	8.00

This table displays calculated financial ratios and metrics derived from Danaher's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.18%	16.97%	-8.08%	9.86%	5.06%	24.42%	11.30%	7.42%	-10.33%	-0.06%
EBITDA Growth	5.88%	34.27%	-7.55%	12.53%	4.73%	55.64%	28.62%	5.51%	-23.73%	-0.24%
EBIT Growth	0.32%	36.77%	-10.04%	15.48%	6.18%	44.01%	44.49%	7.06%	-31.22%	-4.38%
NOPAT Growth	15.29%	21.80%	-2.59%	12.95%	-3.06%	42.67%	55.45%	25.09%	-34.77%	-6.25%
Net Income Growth	29.21%	-23.94%	-2.41%	6.38%	13.47%	21.21%	76.44%	12.06%	-33.92%	-18.16%
EPS Growth	29.21%	-23.00%	-3.29%	5.95%	8.29%	20.74%	76.44%	12.06%	-33.95%	-17.08%
Operating Cash Flow Growth	1.15%	-7.36%	-1.25%	15.65%	-1.74%	57.09%	34.63%	1.93%	-15.91%	-6.64%
Free Cash Flow Firm Growth	-411.93%	71.54%	118.56%	328.58%	460.63%	-352.86%	76.89%	345.99%	-111.51%	622.30%
Invested Capital Growth	35.12%	13.08%	5.46%	3.07%	-14.11%	71.18%	17.87%	-6.73%	9.31%	-3.86%
Revenue Q/Q Growth	23.36%	24.46%	-12.95%	1.46%	15.09%	9.28%	-11.63%	0.17%	13.62%	0.56%
EBITDA Q/Q Growth	30.99%	23.09%	-5.88%	0.65%	10.73%	15.35%	-5.77%	-0.90%	3.09%	2.73%
EBIT Q/Q Growth	30.21%	32.88%	-4.56%	0.76%	11.37%	16.72%	-6.75%	-0.91%	2.55%	3.49%
NOPAT Q/Q Growth	35.64%	39.18%	-10.60%	-0.19%	13.14%	17.39%	-6.12%	8.28%	-5.13%	-0.87%
Net Income Q/Q Growth	0.81%	2.34%	4.60%	-3.97%	21.29%	-0.92%	9.29%	6.56%	-19.49%	0.18%
EPS Q/Q Growth	0.81%	1.39%	3.22%	-5.08%	19.82%	-2.59%	9.29%	6.56%	-19.65%	-1.67%
Operating Cash Flow Q/Q Growth	-0.20%	-14.19%	5.64%	11.13%	-3.09%	21.76%	1.36%	2.50%	-11.40%	6.36%
Free Cash Flow Firm Q/Q Growth	50.48%	-123.21%	112.39%	128.04%	147.31%	-32.63%	4.83%	15.19%	-136.48%	5,780.77%
Invested Capital Q/Q Growth	-16.48%	12.34%	1.74%	-0.41%	-12.17%	1.54%	0.40%	-1.12%	6.16%	-4.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.84%	55.29%	55.23%	55.75%	55.74%	55.98%	61.44%	60.76%	58.74%	59.50%
EBITDA Margin	21.17%	24.30%	24.44%	25.03%	24.96%	31.22%	36.08%	35.44%	30.14%	30.09%
Operating Margin	14.98%	16.20%	16.58%	17.92%	18.25%	18.99%	25.71%	28.29%	21.77%	20.37%
EBIT Margin	15.07%	17.62%	17.24%	18.12%	18.32%	21.20%	27.53%	27.43%	21.04%	20.13%
Profit (Net Income) Margin	23.26%	15.13%	16.06%	15.55%	16.79%	16.36%	25.94%	27.06%	19.94%	16.33%
Tax Burden Percent	164.63%	97.79%	97.99%	89.50%	91.01%	81.11%	98.80%	100.88%	94.45%	83.92%
Interest Burden Percent	93.78%	87.80%	95.04%	95.86%	100.73%	95.13%	95.37%	97.77%	100.34%	96.65%
Effective Tax Rate	14.35%	17.54%	14.59%	18.77%	26.41%	18.89%	16.34%	11.45%	16.32%	16.08%
Return on Invested Capital (ROIC)	7.00%	6.96%	6.22%	6.74%	6.93%	7.89%	8.91%	10.66%	6.89%	6.30%
ROIC Less NNEP Spread (ROIC-NNEP)	59.90%	10.29%	9.00%	8.52%	17.92%	10.41%	15.23%	14.25%	10.48%	4.93%
Return on Net Nonoperating Assets (RNNOA)	7.22%	3.94%	3.86%	2.97%	3.36%	2.52%	6.23%	4.47%	2.31%	1.27%
Return on Equity (ROE)	14.22%	10.90%	10.08%	9.71%	10.28%	10.41%	15.14%	15.13%	9.20%	7.57%
Cash Return on Invested Capital (CROIC)	-22.87%	-5.32%	0.90%	3.72%	22.10%	-44.61%	-7.49%	17.63%	-2.01%	10.24%
Operating Return on Assets (OROA)	5.10%	6.36%	5.82%	6.54%	5.97%	6.84%	8.57%	8.73%	5.95%	5.93%
Return on Assets (ROA)	7.88%	5.46%	5.42%	5.61%	5.47%	5.27%	8.07%	8.61%	5.64%	4.81%
Return on Common Equity (ROCE)	14.18%	10.87%	10.06%	9.71%	10.00%	9.68%	13.98%	14.35%	9.05%	7.57%
Return on Equity Simple (ROE_SIMPLE)	14.17%	11.10%	9.45%	9.40%	9.94%	9.17%	14.24%	14.39%	8.91%	7.87%
Net Operating Profit after Tax (NOPAT)	1,852	2,256	2,197	2,482	2,406	3,432	5,335	6,673	4,353	4,081
NOPAT Margin	12.83%	13.36%	14.16%	14.56%	13.43%	15.40%	21.51%	25.05%	18.22%	17.09%
Net Nonoperating Expense Percent (NNEP)	-52.90%	-3.32%	-2.78%	-1.78%	-10.99%	-2.52%	-6.32%	-3.58%	-3.60%	1.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.57%	6.06%	6.23%
Cost of Revenue to Revenue	46.16%	44.71%	44.77%	44.25%	44.26%	44.02%	38.56%	39.24%	41.26%	40.50%
SG&A Expenses to Revenue	32.89%	33.31%	32.49%	31.62%	31.20%	30.95%	29.69%	26.74%	30.68%	32.50%
R&D to Revenue	5.97%	5.78%	6.16%	6.21%	6.29%	6.05%	6.04%	5.74%	6.29%	6.63%
Operating Expenses to Revenue	38.86%	39.09%	38.66%	37.83%	37.49%	37.00%	35.73%	32.47%	36.97%	39.13%
Earnings before Interest and Taxes (EBIT)	2,175	2,974	2,676	3,090	3,281	4,725	6,827	7,309	5,027	4,807
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,055	4,102	3,793	4,268	4,470	6,957	8,948	9,441	7,201	7,184
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.58	2.26	2.38	2.50	3.78	4.27	5.55	3.96	3.18	3.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.23	3.08	4.04	4.15	6.05	6.99	9.38	7.19	7.12	6.94
Price to Earnings (P/E)	18.18	20.35	25.17	26.66	36.84	44.35	37.11	26.96	35.89	42.52
Dividend Yield	0.61%	0.66%	0.62%	0.63%	0.45%	0.33%	0.26%	0.38%	0.43%	0.47%
Earnings Yield	5.50%	4.91%	3.97%	3.75%	2.71%	2.25%	2.69%	3.71%	2.79%	2.35%
Enterprise Value to Invested Capital (EV/IC)	2.41	1.84	2.00	2.13	3.48	3.17	3.95	3.42	2.77	2.83
Enterprise Value to Revenue (EV/Rev)	5.07	3.75	4.68	4.67	6.24	7.81	10.30	7.76	7.65	7.53
Enterprise Value to EBITDA (EV/EBITDA)	23.96	15.44	19.15	18.66	25.00	25.03	28.56	21.91	25.38	25.02
Enterprise Value to EBIT (EV/EBIT)	33.66	21.30	27.14	25.77	34.06	36.85	37.43	28.30	36.35	37.39
Enterprise Value to NOPAT (EV/NOPAT)	39.53	28.09	33.06	32.09	46.45	50.74	47.90	31.00	41.98	44.04
Enterprise Value to Operating Cash Flow (EV/OCF)	19.25	17.99	20.88	19.80	28.27	28.05	30.57	24.28	25.51	26.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	227.29	58.15	14.55	0.00	0.00	18.75	0.00	27.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.53	0.40	0.35	0.72	0.53	0.49	0.39	0.34	0.32
Long-Term Debt to Equity	0.51	0.42	0.39	0.34	0.71	0.53	0.49	0.38	0.31	0.31
Financial Leverage	0.12	0.38	0.43	0.35	0.19	0.24	0.41	0.31	0.22	0.26
Leverage Ratio	1.80	2.00	1.86	1.73	1.88	1.97	1.88	1.76	1.63	1.57
Compound Leverage Factor	1.69	1.75	1.77	1.66	1.89	1.88	1.79	1.72	1.64	1.52
Debt to Total Capital	35.13%	34.71%	28.52%	25.65%	41.78%	34.77%	32.93%	28.20%	25.60%	24.41%
Short-Term Debt to Total Capital	2.31%	7.34%	0.53%	0.14%	0.41%	0.02%	0.01%	0.85%	2.36%	0.77%
Long-Term Debt to Total Capital	32.82%	27.37%	28.00%	25.52%	41.37%	34.75%	32.91%	27.36%	23.24%	23.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	3.08%	5.36%	4.85%	2.39%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.20%	0.21%	0.03%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	64.67%	65.08%	71.45%	74.31%	55.12%	59.85%	62.21%	69.39%	74.40%	75.57%
Debt to EBITDA	4.21	2.99	2.77	2.28	4.86	3.05	2.48	2.08	2.56	2.23
Net Debt to EBITDA	3.95	2.76	2.61	2.10	0.41	2.18	2.19	1.45	1.74	1.94
Long-Term Debt to EBITDA	3.94	2.36	2.72	2.27	4.81	3.05	2.48	2.02	2.32	2.16
Debt to NOPAT	6.95	5.44	4.79	3.93	9.03	6.18	4.16	2.95	4.23	3.92
Net Debt to NOPAT	6.52	5.01	4.50	3.61	0.76	4.42	3.67	2.05	2.88	3.41
Long-Term Debt to NOPAT	6.49	4.29	4.70	3.90	8.94	6.18	4.16	2.86	3.84	3.80
Altman Z-Score	2.60	2.63	3.12	3.53	3.45	3.66	4.84	4.71	4.53	4.91
Noncontrolling Interest Sharing Ratio	0.31%	0.32%	0.17%	0.04%	2.77%	6.98%	7.72%	5.20%	1.62%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	0.97	1.43	1.47	5.19	1.86	1.43	1.89	1.68	1.40
Quick Ratio	0.61	0.60	0.87	0.79	4.68	1.36	0.89	1.20	1.18	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,051	-1,722	320	1,370	7,678	-19,415	-4,486	11,035	-1,270	6,632
Operating Cash Flow to CapEx	840.18%	607.42%	646.19%	695.85%	634.35%	786.82%	681.17%	768.17%	522.54%	484.99%
Free Cash Flow to Firm to Interest Expense	-43.28	-4.74	2.28	10.00	66.77	-64.50	-13.72	54.09	-4.44	23.86
Operating Cash Flow to Interest Expense	27.19	9.70	24.82	29.36	34.37	20.62	25.56	41.76	25.05	24.06
Operating Cash Flow Less CapEx to Interest Expense	23.96	8.10	20.98	25.14	28.95	18.00	21.81	36.32	20.26	19.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.36	0.34	0.36	0.33	0.32	0.31	0.32	0.28	0.29
Accounts Receivable Turnover	4.49	5.47	4.63	5.20	5.76	6.16	5.72	6.10	5.95	6.40
Inventory Turnover	3.97	4.60	3.91	4.35	4.86	5.00	3.78	3.78	3.68	3.93
Fixed Asset Turnover	6.45	7.25	6.45	7.25	7.87	8.01	7.03	7.11	5.78	5.00
Accounts Payable Turnover	4.14	5.25	4.64	5.02	5.27	5.50	4.14	4.73	5.44	5.50
Days Sales Outstanding (DSO)	81.31	66.71	78.88	70.13	63.39	59.26	63.84	59.82	61.30	57.02
Days Inventory Outstanding (DIO)	91.92	79.37	93.26	84.00	75.04	72.93	96.55	96.57	99.23	92.94
Days Payable Outstanding (DPO)	88.12	69.56	78.67	72.70	69.31	66.31	88.13	77.24	67.07	66.42
Cash Conversion Cycle (CCC)	85.12	76.52	93.47	81.43	69.12	65.88	72.26	79.14	93.46	83.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	30,405	34,382	36,260	37,372	32,099	54,946	64,767	60,405	66,028	63,477
Invested Capital Turnover	0.55	0.52	0.44	0.46	0.52	0.51	0.41	0.43	0.38	0.37
Increase / (Decrease) in Invested Capital	7,903	3,978	1,878	1,112	-5,273	22,847	9,821	-4,362	5,623	-2,551
Enterprise Value (EV)	73,198	63,355	72,631	79,634	111,737	174,128	255,524	206,879	182,751	179,732
Market Capitalization	61,044	51,976	62,730	70,669	108,309	155,680	232,656	191,521	170,209	165,798
Book Value per Share	$34.57	$33.26	$37.89	$40.25	$39.92	$51.38	$58.63	$66.51	$72.38	$68.59
Tangible Book Value per Share	($11.48)	($18.28)	($15.02)	($6.63)	($5.28)	($28.44)	($30.97)	($11.93)	($12.00)	($13.18)
Total Capital	36,634	35,346	36,890	37,967	52,011	60,981	67,353	69,767	71,892	65,555
Total Debt	12,870	12,269	10,522	9,740	21,729	21,204	22,176	19,677	18,402	16,005
Total Long-Term Debt	12,025	9,674	10,327	9,689	21,517	21,193	22,168	19,086	16,707	15,500
Net Debt	12,080	11,305	9,892	8,953	1,817	15,169	19,590	13,682	12,538	13,927
Capital Expenditures (CapEx)	453	580	538	578	623	789	1,227	1,109	1,371	1,379
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,721	1,422	1,622	1,516	964	376	930	2,090	1,494	1,126
Debt-free Net Working Capital (DFNWC)	2,512	2,386	2,252	2,304	20,876	6,411	3,516	8,085	7,358	3,204
Net Working Capital (NWC)	1,666	-209	2,058	2,252	20,664	6,400	3,508	7,494	5,663	2,699
Net Nonoperating Expense (NNE)	-1,506	-298	-295	-169	-602	-214	-1,098	-536	-411	182
Net Nonoperating Obligations (NNO)	6,641	11,305	9,892	9,145	1,817	15,169	19,590	10,315	12,538	13,927
Total Depreciation and Amortization (D&A)	881	1,128	1,117	1,178	1,189	2,232	2,121	2,132	2,174	2,377
Debt-free, Cash-free Net Working Capital to Revenue	11.92%	8.42%	10.45%	8.89%	5.38%	1.69%	3.75%	7.84%	6.25%	4.72%
Debt-free Net Working Capital to Revenue	17.40%	14.13%	14.51%	13.51%	116.55%	28.77%	14.18%	30.35%	30.80%	13.42%
Net Working Capital to Revenue	11.54%	-1.24%	13.26%	13.21%	115.37%	28.72%	14.14%	28.13%	23.70%	11.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$3.36	$3.65	$4.42	$7.79	$8.71	$6.44	$5.33
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	788.66M	804.87M	794.97M	804.42M	816.24M	736.50M	731M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$3.32	$3.60	$4.34	$7.65	$8.58	$6.38	$5.29
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	799.47M	816.69M	809.04M	829.41M	829.75M	743.10M	737.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.65	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	790.10M	783.75M	801.73M	805.27M	820.16M	739.70M	714.71M
Normalized Net Operating Profit after Tax (NOPAT)	1,852	2,256	2,197	2,482	2,406	3,432	5,335	6,673	4,353	4,081
Normalized NOPAT Margin	12.83%	13.36%	14.16%	14.56%	13.43%	15.40%	21.51%	25.05%	18.22%	17.09%
Pre Tax Income Margin	14.13%	15.47%	16.39%	17.37%	18.45%	20.17%	26.25%	26.82%	21.11%	19.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.56	8.19	19.10	22.55	28.53	15.70	20.88	35.83	17.58	17.29
NOPAT to Interest Expense	13.25	6.21	15.68	18.11	20.92	11.40	16.31	32.71	15.22	14.68
EBIT Less CapEx to Interest Expense	12.32	6.59	15.26	18.34	23.11	13.08	17.13	30.39	12.78	12.33
NOPAT Less CapEx to Interest Expense	10.01	4.61	11.84	13.89	15.50	8.78	12.56	27.28	10.43	9.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	10.55%	15.66%	17.76%	16.33%	17.52%	16.87%	11.53%	11.35%	17.23%	19.70%
Augmented Payout Ratio	10.55%	15.66%	17.76%	16.33%	17.52%	16.87%	11.53%	11.35%	17.23%	173.04%

This table displays calculated financial ratios and metrics derived from Danaher's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/29/2023	12/31/2023	3/29/2024	6/28/2024	9/27/2024	12/31/2024	3/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.00%	1.26%	-22.62%	-23.73%	-26.61%	80.88%	-2.57%	-2.86%	3.09%	2.08%	-0.95%
EBITDA Growth	24.14%	-5.26%	-23.59%	-36.78%	-33.27%	13.94%	-9.10%	0.06%	-1.20%	10.82%	-5.35%
EBIT Growth	35.82%	-5.87%	-28.39%	-45.80%	-42.06%	11.63%	-17.20%	-3.40%	-6.85%	13.50%	-6.35%
NOPAT Growth	50.10%	55.63%	-30.81%	-47.67%	-40.80%	-17.59%	-9.07%	4.40%	-17.41%	-3.26%	-4.15%
Net Income Growth	35.75%	24.83%	-15.94%	-34.17%	-28.18%	-51.66%	-24.97%	-17.99%	-27.55%	0.65%	-12.32%
EPS Growth	35.75%	24.83%	-15.94%	-34.17%	-28.18%	-51.80%	-25.26%	-18.12%	-25.83%	1.36%	-8.97%
Operating Cash Flow Growth	-1.18%	8.92%	-1.07%	-3.70%	-16.82%	-36.28%	-10.68%	-26.43%	-9.51%	24.71%	-25.30%
Free Cash Flow Firm Growth	154.36%	165.80%	120.81%	111.79%	-102.71%	-175.48%	-71.90%	-190.52%	-2,239.59%	184.60%	-34.89%
Invested Capital Growth	-5.30%	-6.73%	-0.75%	0.55%	1.81%	9.31%	1.00%	2.40%	6.44%	-3.86%	1.18%
Revenue Q/Q Growth	-1.14%	-53.79%	68.00%	-0.62%	-4.87%	13.89%	12.41%	-0.91%	0.96%	12.76%	-12.19%
EBITDA Q/Q Growth	-6.22%	-38.10%	33.94%	-18.69%	-1.01%	5.69%	30.32%	-10.49%	-2.25%	18.53%	-8.74%
EBIT Q/Q Growth	-7.27%	-45.26%	43.35%	-25.50%	-0.87%	5.45%	34.74%	-13.09%	-4.42%	28.49%	-12.26%
NOPAT Q/Q Growth	-8.38%	-10.01%	-16.33%	-24.14%	3.65%	25.27%	9.17%	-12.90%	-18.00%	46.72%	-8.52%
Net Income Q/Q Growth	-6.43%	41.98%	-35.04%	-23.72%	2.08%	-4.43%	0.83%	-16.64%	-9.81%	32.76%	-12.15%
EPS Q/Q Growth	-6.43%	41.98%	-35.04%	-23.72%	2.08%	-2.65%	-1.36%	-15.86%	-8.20%	33.04%	-11.41%
Operating Cash Flow Q/Q Growth	0.50%	26.42%	-23.38%	-1.08%	-13.19%	-3.17%	7.41%	-18.52%	6.77%	33.44%	-35.66%
Free Cash Flow Firm Q/Q Growth	200.71%	15.44%	-70.55%	-65.57%	-123.12%	-3,119.73%	110.52%	-210.91%	-497.58%	216.43%	-91.56%
Invested Capital Q/Q Growth	-2.54%	-1.12%	5.85%	-1.43%	-1.31%	6.16%	-2.19%	-0.06%	2.58%	-4.12%	2.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.82%	61.51%	61.56%	56.12%	58.23%	59.00%	60.16%	59.69%	58.66%	59.50%	61.16%
EBITDA Margin	32.68%	43.77%	34.90%	28.55%	29.71%	27.57%	32.56%	29.41%	28.48%	29.93%	31.11%
Operating Margin	26.30%	32.31%	25.50%	19.67%	21.07%	20.87%	22.64%	20.34%	16.52%	21.80%	22.19%
EBIT Margin	25.63%	30.36%	25.90%	19.42%	20.23%	18.74%	22.02%	19.31%	18.28%	20.83%	20.82%
Profit (Net Income) Margin	20.51%	63.03%	24.37%	18.71%	20.07%	16.85%	18.77%	15.79%	14.11%	16.61%	16.62%
Tax Burden Percent	81.41%	213.18%	95.21%	96.85%	98.43%	87.58%	85.60%	83.75%	83.73%	82.59%	84.50%
Interest Burden Percent	98.32%	97.40%	98.83%	99.48%	100.79%	102.67%	99.61%	97.66%	92.17%	96.55%	94.48%
Effective Tax Rate	18.59%	-29.04%	18.58%	19.44%	18.05%	9.01%	14.40%	16.25%	16.27%	17.41%	15.50%
Return on Invested Capital (ROIC)	9.07%	17.75%	8.06%	5.82%	5.89%	7.18%	7.16%	6.29%	5.12%	6.64%	6.88%
ROIC Less NNEP Spread (ROIC-NNEP)	8.68%	22.80%	9.46%	7.05%	7.21%	5.97%	6.86%	5.74%	5.24%	5.95%	5.92%
Return on Net Nonoperating Assets (RNNOA)	3.37%	7.16%	2.95%	1.96%	1.73%	1.32%	1.54%	1.47%	1.25%	1.53%	1.45%
Return on Equity (ROE)	12.44%	24.90%	11.01%	7.78%	7.62%	8.50%	8.70%	7.76%	6.36%	8.17%	8.33%
Cash Return on Invested Capital (CROIC)	15.26%	17.63%	10.29%	7.82%	5.65%	-2.01%	5.61%	4.35%	0.18%	10.24%	5.04%
Operating Return on Assets (OROA)	8.34%	9.66%	7.66%	5.37%	5.04%	5.30%	6.20%	5.57%	5.16%	6.14%	6.10%
Return on Assets (ROA)	6.67%	20.05%	7.21%	5.18%	5.00%	4.77%	5.29%	4.55%	3.98%	4.90%	4.87%
Return on Common Equity (ROCE)	11.76%	23.61%	10.45%	7.65%	7.49%	8.36%	8.56%	7.76%	6.36%	8.16%	8.33%
Return on Equity Simple (ROE_SIMPLE)	14.40%	0.00%	13.47%	12.30%	11.29%	0.00%	8.24%	8.42%	7.59%	0.00%	7.40%
Net Operating Profit after Tax (NOPAT)	1,640	1,476	1,235	937	971	1,217	1,123	978	802	1,177	1,077
NOPAT Margin	21.41%	41.69%	20.76%	15.85%	17.27%	18.99%	19.38%	17.03%	13.83%	18.00%	18.75%
Net Nonoperating Expense Percent (NNEP)	0.39%	-5.05%	-1.41%	-1.24%	-1.32%	1.20%	0.30%	0.55%	-0.13%	0.69%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	-	2.12%	-	-	-	1.69%	-	-	-	1.80%	1.60%
Cost of Revenue to Revenue	40.18%	38.49%	38.44%	43.88%	41.77%	41.00%	39.84%	40.31%	41.34%	40.50%	38.84%
SG&A Expenses to Revenue	28.04%	22.54%	29.79%	30.35%	30.73%	31.77%	31.18%	32.54%	35.53%	30.94%	32.36%
R&D to Revenue	5.48%	6.66%	6.27%	6.11%	6.44%	6.35%	6.35%	6.81%	6.61%	6.76%	6.60%
Operating Expenses to Revenue	33.52%	29.20%	36.06%	36.45%	37.16%	38.13%	37.53%	39.35%	42.14%	37.70%	38.97%
Earnings before Interest and Taxes (EBIT)	1,964	1,075	1,541	1,148	1,138	1,200	1,276	1,109	1,060	1,362	1,195
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,504	1,550	2,076	1,688	1,671	1,766	1,887	1,689	1,651	1,957	1,786
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.11	3.96	3.67	3.41	3.48	3.18	3.45	3.71	3.88	3.35	2.89
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.01	7.19	7.33	7.64	8.67	7.12	7.77	7.85	8.38	6.94	6.18
Price to Earnings (P/E)	28.08	26.96	26.67	28.00	31.02	35.89	41.87	44.03	51.11	42.52	39.08
Dividend Yield	0.37%	0.38%	0.41%	0.44%	0.42%	0.43%	0.41%	0.42%	0.48%	0.47%	0.55%
Earnings Yield	3.56%	3.71%	3.75%	3.57%	3.22%	2.79%	2.39%	2.27%	1.96%	2.35%	2.56%
Enterprise Value to Invested Capital (EV/IC)	3.31	3.42	3.08	2.98	3.09	2.77	3.03	3.09	3.23	2.83	2.47
Enterprise Value to Revenue (EV/Rev)	7.60	7.76	7.90	8.13	9.13	7.65	8.23	8.47	9.01	7.53	6.78
Enterprise Value to EBITDA (EV/EBITDA)	21.23	21.91	22.36	24.00	27.49	25.38	27.88	28.48	30.58	25.02	22.82
Enterprise Value to EBIT (EV/EBIT)	27.42	28.30	29.37	32.76	39.17	36.35	41.05	42.28	46.03	37.39	34.20
Enterprise Value to NOPAT (EV/NOPAT)	32.81	31.00	32.15	35.67	41.84	41.98	46.07	46.59	51.94	44.04	40.07
Enterprise Value to Operating Cash Flow (EV/OCF)	24.33	24.28	23.15	22.27	23.74	25.51	28.10	30.98	34.01	26.87	25.87
Enterprise Value to Free Cash Flow (EV/FCFF)	21.11	18.75	29.79	38.18	55.16	0.00	54.25	72.03	1,896.05	27.10	49.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.39	0.39	0.38	0.42	0.34	0.34	0.34	0.34	0.32	0.32
Long-Term Debt to Equity	0.39	0.38	0.35	0.35	0.37	0.31	0.31	0.33	0.32	0.31	0.31
Financial Leverage	0.39	0.31	0.31	0.28	0.24	0.22	0.22	0.26	0.24	0.26	0.25
Leverage Ratio	1.81	1.76	1.72	1.70	1.70	1.63	1.61	1.61	1.62	1.57	1.56
Compound Leverage Factor	1.78	1.71	1.70	1.69	1.71	1.67	1.60	1.57	1.50	1.52	1.47
Debt to Total Capital	29.06%	28.20%	27.81%	27.76%	29.62%	25.60%	25.36%	25.42%	25.46%	24.41%	24.47%
Short-Term Debt to Total Capital	1.06%	0.85%	2.20%	2.22%	3.42%	2.36%	2.44%	1.05%	1.74%	0.77%	0.74%
Long-Term Debt to Total Capital	27.99%	27.36%	25.61%	25.54%	26.20%	23.24%	22.93%	24.37%	23.72%	23.64%	23.73%
Preferred Equity to Total Capital	2.52%	2.39%	2.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Common Equity to Total Capital	68.41%	69.39%	69.84%	72.23%	70.37%	74.40%	74.63%	74.57%	74.53%	75.57%	75.52%
Debt to EBITDA	2.02	2.08	2.25	2.54	3.16	2.56	2.59	2.43	2.51	2.23	2.33
Net Debt to EBITDA	1.48	1.45	1.42	1.45	1.40	1.74	1.59	2.09	2.13	1.94	2.04
Long-Term Debt to EBITDA	1.95	2.02	2.08	2.34	2.79	2.32	2.34	2.33	2.33	2.16	2.26
Debt to NOPAT	3.12	2.95	3.24	3.78	4.81	4.23	4.28	3.97	4.26	3.92	4.09
Net Debt to NOPAT	2.29	2.05	2.03	2.15	2.13	2.88	2.62	3.41	3.62	3.41	3.59
Long-Term Debt to NOPAT	3.01	2.86	2.98	3.48	4.25	3.84	3.87	3.80	3.97	3.80	3.96
Altman Z-Score	4.43	4.47	4.39	4.31	4.21	4.39	4.83	5.03	5.20	4.76	4.31
Noncontrolling Interest Sharing Ratio	5.48%	5.20%	5.06%	1.71%	1.69%	1.62%	1.60%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.89	1.89	2.08	2.26	1.68	1.85	1.43	1.37	1.40	1.43
Quick Ratio	1.19	1.20	1.34	1.52	1.76	1.18	1.34	0.85	0.84	0.83	0.83
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,057	5,838	1,719	592	-137	-4,406	483	-536	-3,202	3,728	315
Operating Cash Flow to CapEx	725.63%	861.36%	731.95%	585.41%	477.71%	378.27%	597.59%	493.73%	527.18%	392.04%	543.51%
Free Cash Flow to Firm to Interest Expense	120.41	102.42	26.05	9.11	-1.96	-51.84	7.43	-8.24	-36.80	61.11	4.37
Operating Cash Flow to Interest Expense	47.86	44.58	29.50	29.63	23.89	19.05	26.75	21.80	17.39	33.10	18.04
Operating Cash Flow Less CapEx to Interest Expense	41.26	39.40	25.47	24.57	18.89	14.01	22.28	17.38	14.09	24.66	14.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.32	0.30	0.28	0.25	0.28	0.28	0.29	0.28	0.29	0.29
Accounts Receivable Turnover	6.18	6.10	5.71	5.29	4.88	5.95	6.17	6.29	6.16	6.40	6.92
Inventory Turnover	3.47	3.78	3.02	2.90	2.75	3.68	3.28	3.28	3.38	3.93	3.70
Fixed Asset Turnover	7.23	7.11	6.32	5.79	5.24	5.78	5.50	5.34	5.19	5.00	4.93
Accounts Payable Turnover	4.79	4.73	4.40	4.26	4.21	5.44	5.25	5.33	5.53	5.50	5.64
Days Sales Outstanding (DSO)	59.03	59.82	63.90	69.04	74.73	61.30	59.14	58.05	59.25	57.02	52.75
Days Inventory Outstanding (DIO)	105.23	96.57	120.71	126.06	132.95	99.23	111.37	111.30	107.87	92.94	98.52
Days Payable Outstanding (DPO)	76.18	77.24	82.99	85.64	86.76	67.07	69.47	68.46	66.02	66.42	64.72
Cash Conversion Cycle (CCC)	88.08	79.14	101.62	109.47	120.93	93.46	101.04	100.89	101.10	83.54	86.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	61,090	60,405	63,939	63,024	62,198	66,028	64,579	64,538	66,202	63,477	65,341
Invested Capital Turnover	0.42	0.43	0.39	0.37	0.34	0.38	0.37	0.37	0.37	0.37	0.37
Increase / (Decrease) in Invested Capital	-3,417	-4,362	-484	345	1,108	5,623	640	1,514	4,004	-2,551	762
Enterprise Value (EV)	202,236	206,879	196,738	187,621	191,989	182,751	195,464	199,702	213,829	179,732	161,615
Market Capitalization	186,463	191,521	182,609	176,313	182,198	170,209	184,327	185,061	198,926	165,798	147,123
Book Value per Share	$62.30	$66.51	$68.37	$70.09	$70.98	$72.38	$72.16	$67.37	$71.03	$68.59	$71.15
Tangible Book Value per Share	($17.73)	($11.93)	($13.76)	($9.73)	($7.50)	($12.00)	($9.85)	($14.11)	($14.85)	($13.18)	($13.56)
Total Capital	66,240	69,767	71,318	71,599	74,475	71,892	71,610	66,912	68,829	65,555	67,334
Total Debt	19,247	19,677	19,832	19,875	22,060	18,402	18,163	17,010	17,524	16,005	16,477
Total Long-Term Debt	18,542	19,086	18,261	18,285	19,513	16,707	16,417	16,309	16,324	15,500	15,976
Net Debt	14,097	13,682	12,453	11,300	9,783	12,538	11,132	14,636	14,897	13,927	14,484
Capital Expenditures (CapEx)	277	295	266	329	350	428	291	287	287	515	239
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,803	2,090	1,994	2,072	2,108	1,494	1,309	1,235	1,294	1,126	1,388
Debt-free Net Working Capital (DFNWC)	6,953	8,085	9,373	10,647	14,385	7,358	8,340	3,609	3,921	3,204	3,381
Net Working Capital (NWC)	6,248	7,494	7,802	9,057	11,838	5,663	6,594	2,908	2,721	2,699	2,880
Net Nonoperating Expense (NNE)	68	-756	-215	-169	-158	138	35	71	-16	91	123
Net Nonoperating Obligations (NNO)	14,097	10,315	12,453	11,300	9,783	12,538	11,132	14,636	14,897	13,927	14,484
Total Depreciation and Amortization (D&A)	540	475	535	540	533	566	611	580	591	595	591
Debt-free, Cash-free Net Working Capital to Revenue	6.78%	7.84%	8.01%	8.98%	10.03%	6.25%	5.51%	5.24%	5.45%	4.72%	5.83%
Debt-free Net Working Capital to Revenue	26.14%	30.35%	37.64%	46.16%	68.42%	30.80%	35.14%	15.31%	16.52%	13.42%	14.19%
Net Working Capital to Revenue	23.49%	28.13%	31.33%	39.27%	56.30%	23.70%	27.78%	12.34%	11.46%	11.30%	12.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.89	$2.71	$1.74	$1.33	$1.53	$1.47	$1.47	$1.23	$1.13	$1.49	$1.33
Adjusted Weighted Average Basic Shares Outstanding	820.07M	816.24M	821.08M	829.98M	739.40M	736.50M	740.60M	737.60M	723M	731M	716.30M
Adjusted Diluted Earnings per Share	$1.87	$2.71	$1.72	$1.32	$1.51	$1.47	$1.45	$1.22	$1.12	$1.49	$1.32
Adjusted Weighted Average Diluted Shares Outstanding	830.09M	829.75M	829.86M	838.31M	745.90M	743.10M	748.60M	742.40M	729.40M	737.20M	720.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$2.71	$0.00	$0.00	$0.00	$1.47	$0.00	$0.00	$0.00	$1.49	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	819.47M	820.16M	830.65M	831.16M	738.93M	739.70M	740.69M	722.21M	722.28M	714.71M	715.67M
Normalized Net Operating Profit after Tax (NOPAT)	1,640	801	1,235	937	971	1,217	1,123	978	802	1,177	1,077
Normalized NOPAT Margin	21.41%	22.62%	20.76%	15.85%	17.27%	18.99%	19.38%	17.03%	13.83%	18.00%	18.75%
Pre Tax Income Margin	25.20%	29.57%	25.60%	19.32%	20.39%	19.24%	21.93%	18.86%	16.85%	20.11%	19.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	46.76	18.86	23.35	17.66	16.26	14.12	19.63	17.06	12.18	22.33	16.60
NOPAT to Interest Expense	39.06	25.90	18.71	14.41	13.87	14.31	17.28	15.05	9.22	19.29	14.95
EBIT Less CapEx to Interest Expense	40.17	13.68	19.32	12.60	11.26	9.08	15.15	12.65	8.89	13.89	13.28
NOPAT Less CapEx to Interest Expense	32.46	20.72	14.68	9.35	8.87	9.28	12.80	10.63	5.92	10.85	11.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.91%	11.35%	11.98%	13.03%	13.93%	17.23%	27.74%	28.62%	30.83%	19.70%	20.85%
Augmented Payout Ratio	11.91%	11.35%	11.98%	13.03%	13.93%	17.23%	27.74%	28.62%	30.83%	173.04%	208.29%

Frequently Asked Questions About Danaher's Financials

When does Danaher's fiscal year end?

According to the most recent income statement we have on file, Danaher's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Danaher's net income changed over the last 9 years?

Danaher's net income appears to be on an upward trend, with a most recent value of $3.90 billion in 2024, rising from $3.36 billion in 2015. The previous period was $4.76 billion in 2023. View Danaher's forecast to see where analysts expect Danaher to go next.

What is Danaher's operating income?

Danaher's total operating income in 2024 was $4.86 billion, based on the following breakdown:

Total Gross Profit: $14.21 billion
Total Operating Expenses: $9.34 billion

How has Danaher revenue changed over the last 9 years?

Over the last 9 years, Danaher's total revenue changed from $14.43 billion in 2015 to $23.88 billion in 2024, a change of 65.4%.

How much debt does Danaher have?

Danaher's total liabilities were at $27.99 billion at the end of 2024, a 9.7% decrease from 2023, and a 14.4% increase since 2015.

How much cash does Danaher have?

In the past 9 years, Danaher's cash and equivalents has ranged from $630.30 million in 2017 to $19.91 billion in 2019, and is currently $2.08 billion as of their latest financial filing in 2024.

How has Danaher's book value per share changed over the last 9 years?

Over the last 9 years, Danaher's book value per share changed from 34.57 in 2015 to 68.59 in 2024, a change of 98.4%.

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This page (NYSE:DHR) was last updated on 5/6/2025 by MarketBeat.com Staff

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Danaher (DHR) Financials

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