Danaher Corporation (DHR) Stock Analysis
Healthcare · Diagnostics & Research · NYSE
Danaher Corporation (DHR) posted $24.57B in revenue for fiscal 2025 (up 2.9% year over year), at a 14.7% net margin, and has compounded revenue about 2.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Danaher Corporation
Danaher Corporation has grown revenue from $16.88B to $24.57B over the last 10 fiscal years, compounding about 2% a year. The most recent year was up 2.9%, roughly in line with its longer-run pace.
Net margin sits at 14.7%, down 1.6 points year over year on a 59.1% gross margin. It carries about $18.42B of total debt.
At today's valuation the market is pricing in roughly 11.3% annual free-cash-flow growth — versus the -0.6% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Danaher Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Danaher Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.88B | $18.33B | $19.89B | $17.91B | $22.28B | $24.80B | $31.47B | $23.89B | $23.88B | $24.57B |
| Gross profit | $9.33B | $8.57B | $9.51B | $9.98B | $12.47B | $15.24B | $16.19B | $14.03B | $14.21B | $14.52B |
| Net income | $2.55B | $2.49B | $2.65B | $3.01B | $3.65B | $6.43B | $7.10B | $4.74B | $3.90B | $3.61B |
| Net margin | 15.1% | 13.6% | 13.3% | 16.8% | 16.4% | 25.9% | 22.6% | 19.9% | 16.3% | 14.7% |
Source: Danaher Corporation SEC filings (10-K). 19 years of history available in the interactive view.
Danaher Corporation: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 22.6% to 14.7% over ~3 years — profitability is compressing.
What growth is priced into DHR stock?
At today's market cap of $137.07B, Danaher Corporation is priced for free-cash-flow growth of about 11.3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.26B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.6%/yr over the last five fiscal years and revenue 2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Danaher Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Danaher Corporation financial history by metric
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About Danaher Corporation
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 — frequently asked questions
What is Danaher Corporation's revenue?
Danaher Corporation (DHR) reported revenue of $24.57B for fiscal year 2025, up 2.9% from the prior year, according to its SEC filings.
Is Danaher Corporation profitable?
Yes. DHR earned net income of $3.61B in fiscal 2025, a net margin of 14.7%.
What is DHR's P/E ratio?
Danaher Corporation trades at a price-to-earnings ratio of about 34.7 based on the latest data in our nightly-refreshed cache.
How fast is Danaher Corporation growing?
DHR's revenue grew at roughly 2.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Danaher Corporation have?
As of fiscal year 2025, DHR carried roughly $18.42B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Danaher Corporation's gross margin?
DHR's gross margin was 59.1% in fiscal 2025 — gross profit of $14.52B on revenue of $24.57B.
What is Danaher Corporation's market cap?
Danaher Corporation (DHR) has a market capitalization of about $137.07B, based on the latest data in our nightly-refreshed cache.
When does Danaher Corporation's fiscal year end?
DHR's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into DHR stock?
At today's market cap of $137.07B, Danaher Corporation is priced for free-cash-flow growth of about 11.3% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.26B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.6%/yr over the last five fiscal years and revenue 2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Danaher Corporation's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.