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Danaher Corporation

DHR Clue Score38
United States Fiscal year ends December CIK 0000313616
$219.81 +1.08% Close, 9 Oct 2026
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Price $219.81 −26.42% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue16.88Operating income2.74Net income2.55EPS, diluted3.65Fiscal year 2017Revenue15.52 −8.1%Operating income2.57Net income2.49 −2.4%EPS, diluted3.53 −3.3%Fiscal year 2018Revenue17.05 +9.9%Operating income3.06Net income2.65 +6.4%EPS, diluted3.74 +5.9%Fiscal year 2019Revenue17.91 +5.1%Operating income3.27Net income3.01 +13.5%EPS, diluted4.05 +8.3%Fiscal year 2020Revenue22.28 +24.4%Operating income4.23Net income3.65 +21.2%EPS, diluted4.89 +20.7%Fiscal year 2021Revenue24.80 +11.3%Operating income6.38Net income6.43 +76.4%EPS, diluted8.61 +76.1%Fiscal year 2022Revenue26.64 +7.4%Operating income7.54Net income7.21 +12.1%EPS, diluted9.66 +12.2%Fiscal year 2023Revenue23.89 −10.3%Operating income5.20Net income4.76 −33.9%EPS, diluted6.38 −34.0%Fiscal year 2024Revenue23.88 −0.1%Operating income4.86Net income3.90 −18.2%EPS, diluted5.29 −17.1%Fiscal year 2025Revenue24.57 +2.9%Operating income4.69Net income3.61 −7.3%EPS, diluted5.05 −4.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 16.88 15.52 17.05 17.91 22.28 24.80 26.64 23.89 23.88 24.57
Growth −8.1% +9.9% +5.1% +24.4% +11.3% +7.4% −10.3% −0.1% +2.9%
Operating income 2.74 2.57 3.06 3.27 4.23 6.38 7.54 5.20 4.86 4.69
Net income 2.55 2.49 2.65 3.01 3.65 6.43 7.21 4.76 3.90 3.61
Growth −2.4% +6.4% +13.5% +21.2% +76.4% +12.1% −33.9% −18.2% −7.3%
EPS, diluted 3.65 3.53 3.74 4.05 4.89 8.61 9.66 6.38 5.29 5.05
Growth −3.3% +5.9% +8.3% +20.7% +76.1% +12.2% −34.0% −17.1% −4.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin55.3%Operating margin16.2%Net margin15.1%Free cash flow margin17.4%Fiscal year 2017Gross margin55.2%Operating margin16.6%Net margin16.1%Free cash flow margin18.7%Fiscal year 2018Gross margin55.8%Operating margin17.9%Net margin15.5%Free cash flow margin20.2%Fiscal year 2019Gross margin55.7%Operating margin18.3%Net margin16.8%Free cash flow margin18.5%Fiscal year 2020Gross margin56.0%Operating margin19.0%Net margin16.4%Free cash flow margin24.3%Fiscal year 2021Gross margin61.4%Operating margin25.7%Net margin25.9%Free cash flow margin28.7%Fiscal year 2022Gross margin60.8%Operating margin28.3%Net margin27.1%Free cash flow margin27.8%Fiscal year 2023Gross margin58.7%Operating margin21.8%Net margin19.9%Free cash flow margin24.2%Fiscal year 2024Gross margin59.5%Operating margin20.4%Net margin16.3%Free cash flow margin22.2%Fiscal year 2025Gross margin59.1%Operating margin19.1%Net margin14.7%Free cash flow margin21.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 55.3% 55.2% 55.8% 55.7% 56.0% 61.4% 60.8% 58.7% 59.5% 59.1%
Operating margin 16.2% 16.6% 17.9% 18.3% 19.0% 25.7% 28.3% 21.8% 20.4% 19.1%
Net margin 15.1% 16.1% 15.5% 16.8% 16.4% 25.9% 27.1% 19.9% 16.3% 14.7%
Free cash flow margin 17.4% 18.7% 20.2% 18.5% 24.3% 28.7% 27.8% 24.2% 22.2% 21.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow3.52Capital expenditure−0.59Free cash flow2.93Dividends paid−0.40Fiscal year 2017Operating cash flow3.48Capital expenditure−0.57Free cash flow2.91 −0.9%Dividends paid−0.38Fiscal year 2018Operating cash flow4.02Capital expenditure−0.58Free cash flow3.44 +18.3%Dividends paid−0.43Fiscal year 2019Operating cash flow3.95Capital expenditure−0.64Free cash flow3.32 −3.5%Dividends paid−0.53Fiscal year 2020Operating cash flow6.21Capital expenditure−0.79Free cash flow5.42 +63.4%Dividends paid−0.62Fiscal year 2021Operating cash flow8.36Capital expenditure−1.24Free cash flow7.12 +31.4%Dividends paid−0.74Fiscal year 2022Operating cash flow8.52Capital expenditure−1.12Free cash flow7.40 +4.0%Buybacks0.00Dividends paid−0.82Fiscal year 2023Operating cash flow7.16Capital expenditure−1.38Free cash flow5.78 −21.9%Buybacks0.00Dividends paid−0.82Fiscal year 2024Operating cash flow6.69Capital expenditure−1.39Free cash flow5.30 −8.4%Buybacks−5.98Dividends paid−0.77Fiscal year 2025Operating cash flow6.42Capital expenditure−1.16Free cash flow5.26 −0.7%Buybacks−3.09Dividends paid−0.88
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.52 3.48 4.02 3.95 6.21 8.36 8.52 7.16 6.69 6.42
Capital expenditure −0.59 −0.57 −0.58 −0.64 −0.79 −1.24 −1.12 −1.38 −1.39 −1.16
Free cash flow 2.93 2.91 3.44 3.32 5.42 7.12 7.40 5.78 5.30 5.26
Growth −0.9% +18.3% −3.5% +63.4% +31.4% +4.0% −21.9% −8.4% −0.7%
Buybacks n/a n/a n/a n/a n/a n/a 0.00 0.00 −5.98 −3.09
Dividends paid −0.40 −0.38 −0.43 −0.53 −0.62 −0.74 −0.82 −0.82 −0.77 −0.88

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.96Total debt9.67Net cash (debt)−8.71Shareholders’ equity23.00Debt to equity0.42Fiscal year 2017Cash0.63Total debt10.33Net cash (debt)−9.70Shareholders’ equity26.36Debt to equity0.39Fiscal year 2018Cash0.79Total debt9.69Net cash (debt)−8.90Shareholders’ equity28.21Debt to equity0.34Fiscal year 2019Cash19.91Total debt21.52Net cash (debt)−1.60Shareholders’ equity30.27Debt to equity0.71Fiscal year 2020Cash6.04Total debt21.19Net cash (debt)−15.16Shareholders’ equity39.77Debt to equity0.53Fiscal year 2021Cash2.59Total debt22.17Net cash (debt)−19.58Shareholders’ equity45.17Debt to equity0.49Fiscal year 2022Cash6.00Total debt19.09Net cash (debt)−13.09Shareholders’ equity50.08Debt to equity0.38Fiscal year 2023Cash5.86Total debt16.71Net cash (debt)−10.84Shareholders’ equity53.49Debt to equity0.31Fiscal year 2024Cash2.08Total debt15.50Net cash (debt)−13.42Shareholders’ equity49.54Debt to equity0.31Fiscal year 2025Cash4.62Total debt18.42Net cash (debt)−13.80Shareholders’ equity52.53Debt to equity0.35
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.96 0.63 0.79 19.91 6.04 2.59 6.00 5.86 2.08 4.62
Total debt 9.67 10.33 9.69 21.52 21.19 22.17 19.09 16.71 15.50 18.42
Net cash (debt) −8.71 −9.70 −8.90 −1.60 −15.16 −19.58 −13.09 −10.84 −13.42 −13.80
Shareholders’ equity 23.00 26.36 28.21 30.27 39.77 45.17 50.08 53.49 49.54 52.53
Debt to equity 0.42 0.39 0.34 0.71 0.53 0.49 0.38 0.31 0.31 0.35

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
16.88 15.52 17.05 17.91 22.28 24.80 26.64 23.89 23.88 24.57
Growth −8.1% +9.9% +5.1% +24.4% +11.3% +7.4% −10.3% −0.1% +2.9%
7.55 6.95 7.54 7.93 9.81 9.56 10.46 9.86 9.67 10.05
9.33 8.57 9.51 9.98 12.48 15.24 16.19 14.03 14.21 14.52
Growth −8.2% +10.9% +5.0% +24.9% +22.2% +6.2% −13.3% +1.2% +2.2%
0.98 0.96 1.06 1.13 1.35 1.50 1.53 1.50 1.58 1.60
5.62 5.04 5.39 5.59 6.90 6.82 7.12 7.33 7.76 8.24
2.74 2.57 3.06 3.27 4.23 6.38 7.54 5.20 4.86 4.69
Growth −6.0% +18.8% +7.0% +29.4% +50.7% +18.2% −31.0% −6.5% −3.6%
2.61 2.54 2.96 3.31 4.50 6.51 7.15 5.04 4.65 4.23
0.46 0.37 0.56 0.87 0.85 1.06 0.82 0.82 0.75 0.63
2.55 2.49 2.65 3.01 3.65 6.43 7.21 4.76 3.90 3.61
Growth −2.4% +6.4% +13.5% +21.2% +76.4% +12.1% −33.9% −18.2% −7.3%
Per share
3.69 3.58 3.78 4.11 4.97 8.77 9.80 6.44 5.33 5.07
3.65 3.53 3.74 4.05 4.89 8.61 9.66 6.38 5.29 5.05
Growth −3.3% +5.9% +8.3% +20.7% +76.1% +12.2% −34.0% −17.1% −4.5%
691.2 695.8 700.6 715.0 706.2 714.6 725.1 736.5 731.0 712.7
699.8 706.1 710.2 725.5 718.7 736.8 737.1 743.1 737.2 716.1
Growth +0.9% +0.6% +2.2% −0.9% +2.5% +0.0% +0.8% −0.8% −2.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 2.0% a year over five years, and earnings per share grew 0.6% a year.
  • The share count barely moved in five years.
  • Operating margin is flat at 19.1%.
  • Profitable in every one of the 10 years on file.