Danaher CorporationDHR
NYSE•Healthcare•Diagnostics & Research
Danaher Corporation designs, manufactures, and markets professional, medical, research, and industrial products and services in the United States, China, and internationally. The company operates through Biotechnology, Life Sciences, and Diagnostics segments. The Biotechnology segment provides technologies, consumables, services, and solutions that advance, accelerate, and integrate the development and manufacture of therapeutics; cell line and cell culture media development services; cell culture media, process liquids and buffers for manufacturing, chromatography resins, filtration technologies, and aseptic fill finish; single-use hardware, consumables, and services, such as the design and installation of full manufacturing suites; lab filtration, separation, and purification; lab-scale protein purification and analytical tools; reagents, membranes, and services for diagnostic and assay development; and healthcare filtration solutions. The Life Sciences segment provides mass spectrometers; bioanalytical measurement systems; flow cytometry, genomics, lab automation, centrifugation, liquid handling automation instruments, antibodies and reagents, and particle counting and characterization; genome sample preparation; microscopes; protein consumables; filtration products; and genomic medicines, such as custom nucleic acid products, and plasmid DNA, RNA, and proteins under the ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX, and SCIEX brands. The Diagnostics segment offers clinical instruments, consumables, software, and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was incorporated in 1969 and is headquartered in Washington, the District Of Columbia.
Danaher Corporation (DHR) reported trailing twelve months revenue of $24.78B as of March 2026, a 4.0% increase year-over-year. Quarterly revenue reached $5.95B, reflecting continued top-line momentum.
Danaher Corporation generated $3.69B in TTM net income, with quarterly EBITDA of $1.97B. The operating margin expanded from 22.2% to 22.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (22.6%) and net margin (17.3%) indicates moderate non-operating costs. Net margin has improved from 16.6% a year ago, signaling stronger bottom-line efficiency.
DHR trades at a P/E of 36.1x (a premium multiple) and a P/S of 5.4x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company generated $1.08B in free cash flow over the trailing twelve months, a 2.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $83.54B in total assets with $17.56B in long-term debt against $52.95B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~19.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~7.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 5.5% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation