Danaher (DHR) Financials

$189.02 +4.48 (+2.43%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$189.91 +0.89 (+0.47%)

As of 05/27/2025 06:16 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,899	4,743	7,103	6,269	3,510	2,940	2,651	2,492	2,554	3,357
Consolidated Net Income / (Loss)	3,899	4,764	7,209	6,433	3,646	3,008	2,651	2,492	2,554	3,357
Net Income / (Loss) Continuing Operations	3,899	4,221	6,328	5,447	3,646	2,432	2,406	2,172	2,153	1,747
Total Pre-Tax Income	4,646	5,044	7,146	6,511	4,495	3,305	2,962	2,543	2,611	2,039
Total Operating Income	4,863	5,202	7,536	6,377	4,231	3,269	3,055	2,572	2,735	2,162
Total Gross Profit	14,206	14,034	16,188	15,239	12,475	9,984	9,505	8,571	9,335	7,771
Total Revenue	23,875	23,890	26,643	24,802	22,284	17,911	17,049	15,519	16,882	14,434
Operating Revenue	23,875	23,890	26,643	24,802	22,284	17,911	17,049	15,519	16,882	14,434
Total Cost of Revenue	9,669	9,856	10,455	9,563	9,809	7,927	7,544	6,948	7,548	6,663
Operating Cost of Revenue	9,669	9,856	10,455	9,563	9,809	7,927	7,544	6,948	7,548	6,663
Total Operating Expenses	9,343	8,832	8,652	8,862	8,244	6,715	6,450	5,999	6,599	5,609
Selling, General & Admin Expense	7,759	7,329	7,124	7,364	6,896	5,589	5,391	5,043	5,624	4,748
Research & Development Expense	1,584	1,503	1,528	1,498	1,348	1,126	1,059	956	975	861
Total Other Income / (Expense), net	-217	-158	-390	134	264	36	-93	-29	-124	-123
Interest Expense	278	286	204	327	301	115	137	140	363	140
Interest & Investment Income	117	303	41	11	71	139	9.00	7.50	0.20	4.60
Other Income / (Expense), net	-56	-175	-227	450	494	12	35	104	239	12
Income Tax Expense	747	823	818	1,064	849	873	556	371	458	293
Net Income / (Loss) Discontinued Operations	0.00	543	881	986	0.00	576	245	320	400	1,611
Preferred Stock Dividends Declared	0.00	21	106	164	136	68	0.00	0.00	-	-
Basic Earnings per Share	$5.33	$6.44	$9.80	$8.77	$4.97	$4.11	$3.78	$3.58	$3.69	$4.81
Weighted Average Basic Shares Outstanding	731M	736.50M	725.10M	714.60M	706.20M	715M	700.60M	695.80M	691.20M	698.10M
Diluted Earnings per Share	$5.29	$6.38	$9.66	$8.61	$4.89	$4.05	$3.74	$3.53	$3.65	$4.74
Weighted Average Diluted Shares Outstanding	737.20M	743.10M	737.10M	736.80M	718.70M	725.50M	710.20M	706.10M	699.80M	708.50M
Weighted Average Basic & Diluted Shares Outstanding	714.71M	739.70M	728.58M	715.35M	712.20M	696.24M	701.30M	696.10M	692.10M	698M

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

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

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

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

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

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

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

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

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

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

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 5/28/2025 by MarketBeat.com Staff

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Danaher (DHR) Financials

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