Danaher Corp

Industrials
Industrial Machinery/Components
www.danaher.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $170.50B
PE 44
Debt $18.72B
Cash $2.63B
EV $186.60B
FCF $5.01B

Earnings

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Sales & Net Margins

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Earnings	$3.89B
EBIT	$3.98B
ROE	8%
ROA	5%
FCF	$5.01B
Equity	$51.31B
Growth Stability	84%
PE	43.81
PEG	4.79
PB	3.32
P/FCF	34.03
P/S	8.51
Price/Cash	0.02
Debt/Equity	0.36
Debt/FCF	3.74
Net Margins	16%
Gross Margins	60%
Op. Margins	20%
Earnings CAGR	12%
Sales Growth YoY	-16%
Sales Growth QoQ	1%
Sales CAGR	6%
FCF CAGR	12%
Equity CAGR	11%
Earnings Stability	0.56
Earnings Growth YoY	-28%
Earnings Growth QoQ	-10%
Earnings CAGR 5Y	9%

Sales CAGR 5Y	6%
FCF CAGR 5Y	9%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	-15%
Sales CAGR 3Y	-15%
FCF CAGR 3Y	-13%
Equity CAGR 3Y	5%
Market Cap	$170.50B
Revenue	$20.03B
Dividend Yield	0%
Payout Ratio	20%
Assets	$80.62B
Total Debt	$18.72B
Cash	$2.63B
Shares Outstanding	722.2M
EV	186.6B
Earnings Score	78%
Moat Score	79%
Safety Score	89%
Final Score	82%
Working Capital	2.72B
Current Ratio	1.37
Gross Profit	$11.94B
Shares Growth 3y	1%
Equity Growth QoQ	3%
Equity Growth YoY	-2%

Assets & ROA

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Stockholders Equity & ROE

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Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Through a series of mergers, acquisitions, and divestitures, including the Fortive separation in 2016, Danaher now focuses primarily on manufacturing scientific instruments and consumables in three segments: life sciences, diagnostics, and environmental and applied solutions. In late 2019, Danaher separated from its dental business through an initial public offering process, and in early 2020, it acquired GE's Biopharma business, now called Cytiva, which added to its life sciences segment.

SEC Filings

Direct access to Danaher Corp (DHR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 27
- 10-Q Jun 28
- 10-Q Mar 29
2023
- 10-K Dec 31
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01

Sector Comparison

How does Danaher Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Danaher Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 12%

Stability 56%

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Danaher Corp Discounted Cash Flow

Fully customizable DCF calculator online for Danaher Corp .

Years

Calculation mode

= $119B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$5B	$5.6B	$6.3B	$7.1B	$8B	$9B	$10B	$11B	$13B	$14B	$16B	$162B
DCF		$5.1B	$5.2B	$5.3B	$5.5B	$5.6B	$5.7B	$5.8B	$6B	$6.1B	$6.2B	$62B
Value	$119B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	13%	16%	15%	14%	13%	16%	16%	21%	23%	20%	16%
ROA	-	7%	6%	6%	7%	5%	6%	9%	10%	6%	5%
ROE	-	14%	11%	9%	9%	10%	9%	14%	14%	9%	8%

Good Net Margins (16.23%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	4.29	5.07	3.75	2.91	6.62	3.91	3.14	2.75	3.48	3.74
Debt over Equity	0.15	0.58	0.64	0.41	0.35	0.72	0.53	0.49	0.4	0.38	0.36
Growth Stability	-	-	-	88%	95%	100%	100%	100%	100%	84%	84%

Neutral Debt/FCF ratio (3.74)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.36)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (84%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	3%	-18%	9%	9%	-10%	24%	32%	7%	-24%	6%
Earnings YoY growth	-	29%	-24%	-2%	6%	11%	19%	79%	13%	-33%	9%
Equity YoY growth	-	1%	-3%	14%	7%	7%	31%	14%	11%	7%	11%
FCF YoY growth	-	1%	-8%	-3%	18%	-1%	64%	30%	4%	-22%	9%