Danaher Corp
DHR—
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Danaher Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 42.9B is 84% of equity (51.1B) - tangible book value is NEGATIVE (-10B), creating material impairment risk[Goodwill]
- Operating margin TTM 19% vs industry median 2% - 9.5x advantage from Danaher Business System driving pricing power[Operating Margin TTM]
- FCF of 5B TTM (21% margin) with 2B buybacks - returning capital while maintaining 0.33 debt/equity[Free Cash Flow TTM]
Watch Triggers
- ROIC TTM: Falls below 4% — Would signal goodwill impairment risk and failed acquisition integration
- Gross Margin TTM: Drops below 55% — Indicates pricing power erosion or bioprocessing competition intensifying
- Free Cash Flow TTM: Falls below 4B — Constrains M&A capacity and buyback program sustainability
Bull Case
Premium profitability (19% op margin vs 2% median) with 60% gross margins creates durable moat - Danaher Business System enables consistent margin expansion through acquisitions
Operating Margin TTMGross Margin TTM
FCF conversion of 80% (5B FCF on 6.3B operating CF) funds M&A without leverage - debt/equity 0.33 leaves acquisition firepower
Free Cash Flow TTMDebt to Equity
Bear Case
P/E of 44x vs industry median 35x with negative tangible book value (-10B) - premium valuation assumes flawless execution on 43B goodwill
PE RatioTangible Book Value
Asset turnover 0.30x vs industry 0.79x reflects capital-heavy model - ROIC of 5.1% barely exceeds cost of capital
Asset Turnover TTMROIC TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Bioprocessing recovery to drive mid-single-digit organic growth by 2026
1-3ymed
- Destocking cycle ending at biopharma customers
- R&D spend of 1.6B TTM sustaining innovation pipeline
- Recurring consumables model rebuilding momentum
Gross margin 60% TTM supports pricingEBITDA 6.9B provides investment capacityNet margin 14% vs industry 0.1%
Valuation Context
Caveats
Public Strategies Rankings
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DHR Fundamentals
Health Care and Social Assistance → Ambulatory Health Care Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$135.83B | — | ||
$150.91B | — | ||
38 | — | ||
$24.57B | +2.9% | — | |
$5.05 | -1.0% | — | |
19.1% | -1.3% | — | |
14.7% | -1.6% | — | |
$5.26B | -0.7% | — | |
7.08% | -0.5% | — | |
Beta 5Y (Monthly) | unknown | — |
DHR Dividend History
105 dividends
2026
$0.400003/27/26$0.4000
2025
$1.280012/26/25$0.3200
09/26/25$0.3200
06/27/25$0.3200
03/28/25$0.3200
2024
$1.080012/27/24$0.2700
09/27/24$0.2700
06/28/24$0.2700
03/27/24$0.2700
2023
$1.050012/28/23$0.2400
10/11/23$0.2700
06/29/23$0.2700
03/30/23$0.2700
2022
$1.000012/29/22$0.2500
09/29/22$0.2500
06/23/22$0.2500
03/24/22$0.2500
2021
$0.840012/29/21$0.2100
09/29/21$0.2100
06/24/21$0.2100
03/25/21$0.2100
2020
$0.720012/24/20$0.1800
09/25/20$0.1800
06/25/20$0.1800
03/26/20$0.1800
2019
$0.680012/26/19$0.1700
09/26/19$0.1700
06/27/19$0.1700
03/28/19$0.1700
2018
$0.640012/27/18$0.1600
09/27/18$0.1600
06/28/18$0.1600
03/28/18$0.1600
2017
$0.560012/28/17$0.1400
09/28/17$0.1400
06/28/17$0.1400
03/29/17$0.1400
2016
$0.570012/28/16$0.1250
09/28/16$0.1250
06/01/16$0.1600
03/22/16$0.1600
2015
$0.540012/17/15$0.1350
09/30/15$0.1350
06/24/15$0.1350
03/25/15$0.1350
2014
$0.400012/23/14$0.1000
09/24/14$0.1000
06/25/14$0.1000
03/26/14$0.1000
2013
$0.100012/26/13$0.0250
09/25/13$0.0250
06/26/13$0.0250
03/26/13$0.0250
2012
$0.100012/12/12$0.0250
09/26/12$0.0250
06/27/12$0.0250
03/28/12$0.0250
2011
$0.090012/28/11$0.0250
09/28/11$0.0250
06/22/11$0.0200
03/23/11$0.0200
2010
$0.080012/29/10$0.0200
09/22/10$0.0200
06/23/10$0.0200
03/24/10$0.0200
2009
$0.065012/29/09$0.0200
09/23/09$0.0150
06/24/09$0.0150
03/25/09$0.0150
2008
$0.060012/23/08$0.0150
09/24/08$0.0150
06/25/08$0.0150
03/26/08$0.0150
2007
$0.055012/27/07$0.0150
09/26/07$0.0150
06/27/07$0.0150
03/28/07$0.0100
2006
$0.040012/27/06$0.0100
09/27/06$0.0100
06/28/06$0.0100
03/29/06$0.0100
2005
$0.035012/28/05$0.0100
09/28/05$0.0100
06/22/05$0.0075
03/22/05$0.0075
2004
$0.028712/29/04$0.0075
09/22/04$0.0075
06/23/04$0.0075
03/24/04$0.0063
2003
$0.025012/23/03$0.0063
09/24/03$0.0063
06/25/03$0.0063
03/26/03$0.0063
2002
$0.022512/24/02$0.0063
09/25/02$0.0063
06/26/02$0.0050
03/26/02$0.0050
2001
$0.020012/26/01$0.0050
09/26/01$0.0050
06/27/01$0.0050
03/28/01$0.0050
2000
$0.017512/27/00$0.0050
09/27/00$0.0050
06/28/00$0.0037
03/29/00$0.0037
DHR Stock Splits
2 stock splits
06/14/100.5:1 split
05/21/040.5:1 split
DHR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/24/26 | 12/31/25 | 10-K | |
10/21/25 | 09/26/25 | 10-Q | |
07/22/25 | 06/27/25 | 10-Q | |
04/22/25 | 03/28/25 | 10-Q | |
02/20/25 | 12/31/24 | 10-K | |
10/22/24 | 09/27/24 | 10-Q | |
07/23/24 | 06/28/24 | 10-Q | |
04/23/24 | 03/29/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
10/24/23 | 09/29/23 | 10-Q | |
07/25/23 | 06/30/23 | 10-Q | |
04/25/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
10/20/22 | 09/30/22 | 10-Q | |
07/21/22 | 07/01/22 | 10-Q | |
04/21/22 | 04/01/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/21/21 | 10/01/21 | 10-Q | |
07/22/21 | 07/02/21 | 10-Q | |
04/22/21 | 04/02/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
10/22/20 | 10/02/20 | 10-Q | |
07/23/20 | 07/03/20 | 10-Q | |
05/06/20 | 04/03/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
10/24/19 | 09/27/19 | 10-Q | |
07/18/19 | 06/28/19 | 10-Q | |
04/18/19 | 03/29/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
10/18/18 | 09/28/18 | 10-Q | |
07/19/18 | 06/29/18 | 10-Q | |
04/19/18 | 03/30/18 | 10-Q | |
02/21/18 | 12/31/17 | 10-K | |
10/19/17 | 09/29/17 | 10-Q | |
07/20/17 | 06/30/17 | 10-Q | |
04/20/17 | 03/31/17 | 10-Q | |
02/22/17 | 12/31/16 | 10-K | |
10/20/16 | 09/30/16 | 10-Q | |
07/25/16 | 07/01/16 | 10-Q | |
04/21/16 | 04/01/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/22/15 | 10/02/15 | 10-Q | |
07/23/15 | 07/03/15 | 10-Q | |
04/23/15 | 04/03/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
10/16/14 | 09/26/14 | 10-Q | |
07/17/14 | 06/27/14 | 10-Q | |
04/16/14 | 03/28/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
10/17/13 | 09/27/13 | 10-Q | |
07/18/13 | 06/28/13 | 10-Q | |
04/18/13 | 03/29/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
10/18/12 | 09/28/12 | 10-Q | |
07/19/12 | 06/29/12 | 10-Q | |
04/19/12 | 03/30/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
10/20/11 | 09/30/11 | 10-Q | |
07/27/11 | 07/01/11 | 10-Q | |
04/21/11 | 04/01/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
10/21/10 | 10/01/10 | 10-Q | |
07/22/10 | 07/02/10 | 10-Q | |
04/22/10 | 04/02/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
10/22/09 | 10/02/09 | 10-Q | |
07/23/09 | 06/30/09 | 10-Q | |
04/23/09 | 03/31/09 | 10-Q | |
02/25/09 | 12/31/08 | 10-K | |
10/16/08 | 09/30/08 | Unknown | -- |
07/17/08 | 06/30/08 | Unknown | -- |
04/17/08 | 03/30/08 | Unknown | -- |
02/21/08 | 12/31/07 | 10-K | |
10/18/07 | 09/30/07 | Unknown | -- |
07/19/07 | 06/30/07 | Unknown | -- |
04/19/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
10/19/06 | 09/30/06 | Unknown | -- |
07/20/06 | 06/30/06 | 10-Q | |
04/20/06 | 03/30/06 | Unknown | -- |
03/15/06 | 12/31/05 | 10-K | |
10/20/05 | 09/30/05 | 10-Q | |
07/21/05 | 06/30/05 | Unknown | -- |
04/21/05 | 03/30/05 | Unknown | -- |
03/07/05 | 12/31/04 | 10-K | |
10/21/04 | 09/30/04 | 8-K | |
07/22/04 | 06/30/04 | Unknown | -- |
04/22/04 | 03/30/04 | Unknown | -- |
03/10/04 | 12/31/03 | 10-K | |
10/16/03 | 09/30/03 | 4 | |
07/17/03 | 06/30/03 | Unknown | -- |
04/17/03 | 03/30/03 | Unknown | -- |
03/28/03 | 12/31/02 | 10-K | |
10/17/02 | 09/30/02 | Unknown | -- |
07/18/02 | 06/30/02 | Unknown | -- |
04/18/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K405 | |
10/18/01 | 09/30/01 | Unknown | -- |
07/19/01 | 06/30/01 | Unknown | -- |
04/19/01 | 03/31/01 | 10-Q | |
03/29/01 | 12/31/00 | 10-K405 | |
10/19/00 | 09/30/00 | Unknown | -- |
07/20/00 | 06/30/00 | 10-Q | |
04/19/00 | 03/30/00 | Unknown | -- |