Upside case
Bull case
$362+104.3%
DHR would need investors to value it at roughly 43x earnings — about 22x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Danaher Corporation (DHR) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
43
analysts
30 bullish · 1 bearish · 43 covering DHR
Strong Buy
1
Buy
29
Hold
12
Sell
1
Strong Sell
0
Consensus Target
$231
+30.3% vs today
Scenario Range
$173 – $362
Model bear to bull value window
Coverage
43
Published analyst ratings
Valuation Context
21.0x
Forward P/E · Market cap $125.4B
DHR price targets
Three scenarios for where DHR stock could go
Current
~$177
Confidence
52 / 100
Updated
Jun 18, 2026
Where we are now
Current · $177
Bear
$173
Base
$275
Bull
$362
Market caseClosest to today
Base case
$275+55.0%
At 33x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$173-2.3%
If investor confidence fades or macro conditions deteriorate, a 0x multiple contraction could push DHR down roughly 2% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Danaher Corporation
DHR · NYSEHealthcareMedical - Diagnostics & ResearchDecember year-end
Danaher is a global science and technology innovator that designs, manufactures, and markets professional, medical, industrial, and commercial products and services. It generates revenue through three main segments: Life Sciences (~40% of sales), Diagnostics (~35%), and Environmental & Applied Solutions (~25%), selling instruments, consumables, software, and services to research, healthcare, and industrial customers. The company's competitive advantage stems from its Danaher Business System—a continuous improvement methodology that drives operational excellence and innovation across its diverse portfolio of businesses.
Market Cap
$125.4B
Revenue TTM
$24.8B
Net Income TTM
$3.7B
Net Margin
14.9%
DHR Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
+8.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.80/$1.64
Revenue
$5.9B/$5.8B
Q4 2025
EPS
$1.89/$1.72
Revenue
$6.1B/$6.0B
Q1 2026
EPS
$2.23/$2.16
Revenue
$6.8B/$6.8B
Q2 2026
EPS
$2.06/$1.94
Revenue
$6.0B/$6.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.80/$1.64 | +9.8% | $5.9B/$5.8B | +1.7% |
| Q4 2025 | $1.89/$1.72 | +9.9% | $6.1B/$6.0B | +0.9% |
| Q1 2026 | $2.23/$2.16 | +3.2% | $6.8B/$6.8B | +0.4% |
| Q2 2026 | $2.06/$1.94 | +6.2% | $6.0B/$6.0B | -0.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$25.6B
+3.5% YoY
FY2
$26.8B
+4.7% YoY
EPS Outlook
FY1
$6.91
+33.3% YoY
FY2
$7.69
+11.2% YoY
Trailing FCF (TTM)$5.3B
FCF Margin: 21.4%
Next Earnings
July 28, 2026
Expected EPS
$1.85
Expected Revenue
$6.1B
DHR beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
DHR Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $24.6B
Product Mix
Latest annual revenue by segment or product family
Revenue from Contract with Customer, Measurement, Recurring
81.9%
+3.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Other developed markets
82.0%
+7.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Revenue from Contract with Customer, Measurement, Recurring is the largest disclosed segment at 81.9% of FY 2025 revenue, up 3.9% YoY.
Other developed markets is the largest reported region at 82.0%, up 7.3% YoY.
DHR Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fair versus peers
Fair value est. $180 — implies +1.5% from today's price.
Upside to Fair Value
1.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DHR
35.2x
vs
S&P 500
24.4x
+44% premium
vs Healthcare Trailing P/E
DHR
35.2x
vs
Healthcare
22.1x
+59% premium
vs DHR 5Y Avg P/E
Today
35.2x
vs
5Y Average
36.7x
In line with benchmark
Forward PE
21.0x
S&P 500
18.8x
+12%
Healthcare
18.3x
+15%
5Y Avg
—
—
Trailing PE
35.2x
S&P 500
24.4x
+44%
Healthcare
22.1x
+59%
5Y Avg
36.7x
-4%
PEG Ratio
34.64x
S&P 500
1.66x
+1987%
Healthcare
1.59x
+2078%
5Y Avg
—
—
EV/EBITDA
18.4x
S&P 500
15.2x
+21%
Healthcare
14.2x
+29%
5Y Avg
23.0x
-20%
Price/FCF
23.8x
S&P 500
20.7x
+15%
Healthcare
18.5x
+29%
5Y Avg
29.3x
-19%
Price/Sales
5.1x
S&P 500
3.1x
+65%
Healthcare
2.6x
+94%
5Y Avg
6.9x
-26%
Dividend Yield
0.70%
S&P 500
1.91%
-64%
Healthcare
1.50%
-54%
5Y Avg
0.46%
+52%
| Metric | DHR | S&P 500 | Healthcare | 5Y Avg DHR |
|---|---|---|---|---|
| Forward PE | 21.0x | 18.8x+12% | 18.3x+15% | — |
| Trailing PE | 35.2x | 24.4x+44% | 22.1x+59% | 36.7x |
| PEG Ratio | 34.64x | 1.66x+1987% | 1.59x+2078% | — |
| EV/EBITDA | 18.4x | 15.2x+21% | 14.2x+29% | 23.0x-20% |
| Price/FCF | 23.8x | 20.7x+15% | 18.5x+29% | 29.3x-19% |
| Price/Sales | 5.1x | 3.1x+65% | 2.6x+94% | 6.9x-26% |
| Dividend Yield | 0.70% | 1.91% | 1.50% | 0.46% |
DHR trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDHR Financial Health
Verdict
Strong
DHR generates $5.3B in free cash flow at a 21.4% margin — returns 3.2% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$24.8B
Revenue Growth
TTM vs prior year
+4.0%
Gross Margin
Gross profit as a share of revenue
60.7%
Operating Margin
Operating income divided by revenue
21.0%
Net Margin
Net income divided by revenue
14.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$5.19
Free Cash Flow (TTM)
Cash generation after capex
$5.3B
FCF Margin
FCF as share of revenue — the primary cash quality signal
21.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.9%
ROA
Return on assets, trailing twelve months
4.5%
Cash & Equivalents
Liquid assets on the balance sheet
$4.6B
Net Debt
Total debt minus cash
$13.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
2.6× FCF
~2.6 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
7.1%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.2%
Dividend
0.7%
Buyback
2.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$3.1B
Dividend / Share
Annualized trailing dividend per share
$1.23
Payout Ratio
Share of earnings distributed as dividends
24.3%
Shares Outstanding
Declining as buybacks retire shares
708M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDHR Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
Medium
Earnings volatility
Despite beating Q1 2026 EPS estimates, Danaher's stock remains subject to potential earnings fluctuations in the diagnostics and life sciences sectors.
High Risk
Sector competition
As a global leader in life sciences and diagnostics, Danaher faces intense competition which could pressure margins and market share.
Medium
Valuation de-rating
Analysts project significant upside but also highlight potential downside risks if valuation multiples contract from current levels.
Lower
Regulatory risks
Operating in healthcare and diagnostics exposes Danaher to evolving global regulations that could impact product development and commercialization.
High Risk
Economic sensitivity
Danaher's performance is tied to pharmaceutical R&D spending, which may decline during economic downturns.
Medium
Execution risk
The company's growth depends on successful innovation and integration of new technologies in a rapidly evolving industry.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DHR Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Life sciences leadership
Danaher is a leading global innovator in life sciences and diagnostics, committed to improving human health through science and technology.
Bioprocessing recovery momentum
The company has shown strong bioprocessing recovery, contributing to a 14.14% stock price appreciation since previous coverage.
Conservative guidance upside
Management's conservative 2026 guidance sets a baseline that could be exceeded, with projected high-single-digit EPS growth and 3-6% core revenue growth.
Aggressive share buybacks
Danaher's aggressive buyback strategy supports shareholder value and stock price appreciation.
Healthcare innovation focus
The company's focus on solving global health challenges through biotechnology and diagnostics positions it for long-term growth.
Resilient fundamentals
Danaher's fundamentals remain resilient, underpinned by its leading position in diagnostics and life sciences.
Connected medical equipment
Danaher's solutions in connected medical equipment streamline workflows in dental, lab automation, and radiology, enhancing efficiency.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DHR Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$177.17
52W Range Position
20%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$160.93
+10.1% from the low
52-Week High
$242.80
-27.0% from the high
1 Month
+8.12%
3 Month
-7.48%
YTD
-23.1%
1 Year
-8.9%
3Y CAGR
-5.5%
5Y CAGR
-4.9%
10Y CAGR
+10.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DHR vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
21.0x
vs 24.5x median
-14% below peer median
Revenue Growth
+3.5%
vs +6.1% median
-42% below peer median
Net Margin
14.9%
vs 11.9% median
+25% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DHR DHR Danaher Corporation | $125.4B | 21.0x | +3.5% | 14.9% | Buy | +30.3% |
TMO TMO Thermo Fisher Scientific Inc. | $172.7B | 18.7x | +6.1% | 15.2% | Buy | +29.1% |
A A Agilent Technologies, Inc. | $35.9B | 21.0x | +2.7% | 19.6% | Buy | +21.8% |
WAT WAT Waters Corporation | $23.2B | 24.5x | +18.4% | 11.9% | Hold | +11.2% |
BIO BIO Bio-Rad Laboratories, Inc. | $7.6B | 31.2x | +1.9% | 6.5% | Buy | +13.9% |
BRK BRKR Bruker Corporation | $8.7B | 27.0x | +8.8% | -0.3% | Buy | -16.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
DHR Dividend and Capital Return
DHR returns capital mainly through $3.1B/year in buybacks (2.5% buyback yield), with a modest 0.70% dividend — combining for 3.2% total shareholder yield. The dividend has grown for 9 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
3.2%
Dividend + buyback return per year
Buyback Yield
2.5%
Dividend Yield
0.70%
Payout Ratio
24.3%
How DHR Splits Its Return
Div 0.70%
Buyback 2.5%
Dividend 0.70%Buybacks 2.5%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.23
Growth Streak
Consecutive years of dividend increases
9Y
3Y Div CAGR
13.0%
5Y Div CAGR
14.9%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$3.1B
Estimated Shares Retired
17M
Approx. Share Reduction
2.5%
Shares Outstanding
Current diluted share count from the screening snapshot
708M
At 2.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.80 | — | — | — |
| 2025 | $1.28 | +18.5% | 1.9% | 2.4% |
| 2024 | $1.08 | +9.2% | 3.5% | 4.0% |
| 2023 | $0.99 | +11.5% | 0.0% | 0.5% |
| 2022 | $0.89 | +19.0% | 0.0% | 0.5% |
FAQ
7 questionsDHR Investor Questions
Common questions answered from live analyst data and company financials.
01Is Danaher Corporation (DHR) stock a buy or sell in 2026?
Danaher Corporation (DHR) is rated Buy by Wall Street analysts as of 2026. Of 43 analysts covering the stock, 30 rate it Buy or Strong Buy, 12 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $231, implying +30.3% from the current price of $177. The bear case scenario is $173 and the bull case is $362.
02What is the DHR stock price target for 2026?
The Wall Street consensus price target for DHR is $231 based on 43 analyst estimates. The high-end target is $265 (+49.6% from today), and the low-end target is $200 (+12.9%). The base case model target is $275.
03Is Danaher Corporation (DHR) stock overvalued in 2026?
DHR trades at 21.0x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals fair versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Danaher Corporation (DHR) stock in 2026?
The primary risks for DHR in 2026 are: (1) Sector competition — As a global leader in life sciences and diagnostics, Danaher faces intense competition which could pressure margins and market share. (2) Economic sensitivity — Danaher's performance is tied to pharmaceutical R&D spending, which may decline during economic downturns. (3) Earnings volatility — Despite beating Q1 2026 EPS estimates, Danaher's stock remains subject to potential earnings fluctuations in the diagnostics and life sciences sectors. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Danaher Corporation's revenue and earnings forecast?
Analyst consensus estimates DHR will report consensus revenue of $25.6B (+3.5% year-over-year) and EPS of $6.91 (+33.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $26.8B in revenue.
06When does Danaher Corporation (DHR) report its next earnings?
Danaher Corporation is expected to report its next earnings on approximately 2026-07-28. Consensus expects EPS of $1.85 and revenue of $6.1B. Over recent quarters, DHR has beaten EPS estimates 92% of the time.
07How much free cash flow does Danaher Corporation generate?
Danaher Corporation (DHR) generated $5.3B in free cash flow over the trailing twelve months — a free cash flow margin of 21.4%. DHR returns capital to shareholders through dividends (0.7% yield) and share repurchases ($3.1B TTM).