Danaher Corporation (DHR) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Diagnostics & Research
EV/EBITDA
↑
18.12
↓-21% vs avg
5yr avg: 23.03
30Y Low6.5·High25.9
P/FCF
↑
23.50
↓-20% vs avg
5yr avg: 29.32
30Y Low7.7·High32.0
P/B Ratio
↓
2.36
↓-34% vs avg
5yr avg: 3.59
30Y Low1.3·High4.8
ROE
↓
7.1%
↑-35% vs avg
5yr avg: 10.8%
30Y Low7%·High30%
Debt/EBITDA
↑
2.43
+3% vs avg
5yr avg: 2.35
30Y Low0.6·High4.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DHR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Danaher Corporation trades at 34.6x earnings, 6% below its 5-year average of 36.7x, sitting at the 83rd percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 56%. On a free-cash-flow basis, the stock trades at 23.5x P/FCF, 20% below the 5-year average of 29.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $123.6B | $162.8B | $169.2B | $171.9B | $173.4B | $214.9B | $141.5B | $98.7B | $64.9B | $58.1B | $48.3B |
| Enterprise Value | $137.4B | $176.6B | $184.3B | $185.6B | $188.0B | $235.6B | $157.7B | $101.3B | $73.9B | $68.0B | $59.6B |
| P/E Ratio → | 34.65 | 45.42 | 43.39 | 36.26 | 24.41 | 33.87 | 40.27 | 39.66 | 24.51 | 23.31 | 18.90 |
| P/S Ratio | 5.03 | 6.62 | 7.09 | 7.20 | 6.51 | 7.30 | 6.35 | 5.51 | 3.81 | 3.17 | 2.86 |
| P/B Ratio | 2.36 | 3.10 | 3.42 | 3.21 | 3.46 | 4.76 | 3.56 | 3.26 | 2.30 | 2.20 | 2.09 |
| P/FCF | 23.50 | 30.94 | 31.95 | 29.74 | 23.54 | 30.42 | 26.13 | 29.76 | 18.88 | 19.98 | 16.47 |
| P/OCF | 19.26 | 25.37 | 25.30 | 24.00 | 20.36 | 25.71 | 22.80 | 24.98 | 16.14 | 16.71 | 13.71 |
P/E links to full P/E history page with 30-year chart
DHR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Danaher Corporation's enterprise value stands at 18.1x EBITDA, 21% below its 5-year average of 23.0x. The Healthcare sector median is 14.0x, placing the stock at a 29% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.19 | 7.72 | 7.77 | 7.06 | 8.00 | 7.08 | 5.66 | 4.33 | 3.71 | 3.53 |
| EV / EBITDA | 18.12 | 23.28 | 24.45 | 24.93 | 19.45 | 23.05 | 25.90 | 22.26 | 17.39 | 15.50 | 14.48 |
| EV / EBIT | 26.75 | 39.25 | 37.43 | 34.80 | 25.57 | 30.05 | 33.07 | 29.68 | 23.84 | 21.92 | 21.32 |
| EV / FCF | — | 33.57 | 34.80 | 32.10 | 25.52 | 33.35 | 29.11 | 30.55 | 21.49 | 23.39 | 20.32 |
DHR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Danaher Corporation earns an operating margin of 20.9%. Operating margins have compressed from 22.1% to 20.9% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 7.1% is modest. ROIC of 5.9% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | 60.9% | 59.5% | 58.7% | 60.8% | 61.0% | 56.0% | 55.7% | 55.8% | 55.8% | 55.6% |
| Operating Margin | 20.9% | 20.9% | 21.7% | 22.1% | 28.3% | 27.3% | 19.4% | 18.8% | 18.0% | 17.2% | 17.7% |
| Net Profit Margin | 14.7% | 14.7% | 16.3% | 19.9% | 27.1% | 21.8% | 16.4% | 14.3% | 15.5% | 13.6% | 15.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 7.6% | 9.2% | 15.1% | 15.1% | 10.4% | 8.7% | 9.7% | 10.1% | 10.9% |
| ROA | 4.5% | 4.5% | 4.8% | 5.6% | 8.6% | 8.1% | 5.3% | 4.7% | 5.6% | 5.4% | 5.5% |
| ROIC | 5.9% | 5.9% | 5.9% | 6.0% | 8.7% | 9.9% | 7.3% | 7.2% | 6.3% | 6.7% | 6.4% |
| ROCE | 7.0% | 7.0% | 7.1% | 6.9% | 10.0% | 11.2% | 6.8% | 6.7% | 7.2% | 7.8% | 7.4% |
DHR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Danaher Corporation carries a Debt/EBITDA ratio of 2.4x, which is manageable (22% below the sector average of 3.1x). Net debt stands at $13.8B ($18.4B total debt minus $4.6B cash). Interest coverage of 17.0x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.35 | 0.37 | 0.41 | 0.52 | 0.56 | 0.74 | 0.35 | 0.40 | 0.53 |
| Debt / EBITDA | 2.43 | 2.43 | 2.28 | 2.62 | 2.13 | 2.28 | 3.64 | 4.95 | 2.29 | 2.40 | 2.98 |
| Net Debt / Equity | — | 0.26 | 0.30 | 0.26 | 0.29 | 0.46 | 0.41 | 0.09 | 0.32 | 0.38 | 0.49 |
| Net Debt / EBITDA | 1.82 | 1.82 | 2.00 | 1.84 | 1.51 | 2.02 | 2.65 | 0.57 | 2.11 | 2.25 | 2.75 |
| Debt / FCF | — | 2.62 | 2.85 | 2.36 | 1.98 | 2.93 | 2.98 | 0.79 | 2.60 | 3.40 | 3.86 |
| Interest Coverage | 16.97 | 16.97 | 17.71 | 18.45 | 35.52 | 32.53 | 17.47 | 31.44 | 22.64 | 19.06 | 15.16 |
DHR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.87x means Danaher Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.51x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.68x to 1.87x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.87 | 1.87 | 1.40 | 1.68 | 1.89 | 1.43 | 1.86 | 5.19 | 1.47 | 1.43 | 0.97 |
| Quick Ratio | 1.51 | 1.51 | 1.05 | 1.37 | 1.56 | 1.09 | 1.55 | 4.86 | 1.13 | 1.05 | 0.72 |
| Cash Ratio | 0.68 | 0.68 | 0.31 | 0.71 | 0.71 | 0.32 | 0.82 | 4.04 | 0.16 | 0.13 | 0.14 |
| Asset Turnover | — | 0.29 | 0.31 | 0.28 | 0.32 | 0.35 | 0.29 | 0.29 | 0.36 | 0.39 | 0.37 |
| Inventory Turnover | 3.86 | 3.86 | 4.15 | 3.80 | 3.78 | 4.16 | 4.28 | 4.87 | 4.62 | 4.40 | 4.39 |
| Days Sales Outstanding | — | 58.13 | 67.11 | 70.85 | 69.38 | 67.45 | 78.79 | 66.60 | 66.62 | 70.13 | 68.88 |
DHR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Danaher Corporation returns 3.2% to shareholders annually — split between a 0.7% dividend yield and 2.5% buyback yield. The payout ratio of 24.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.5% | 0.5% | 0.5% | 0.5% | 0.3% | 0.4% | 0.5% | 0.7% | 0.7% | 0.8% |
| Payout Ratio | 24.3% | 24.3% | 19.7% | 17.2% | 11.3% | 11.5% | 16.9% | 20.6% | 16.3% | 15.2% | 15.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.2% | 2.3% | 2.8% | 4.1% | 3.0% | 2.5% | 2.5% | 4.1% | 4.3% | 5.3% |
| FCF Yield | 4.3% | 3.2% | 3.1% | 3.4% | 4.2% | 3.3% | 3.8% | 3.4% | 5.3% | 5.0% | 6.1% |
| Buyback Yield | 2.5% | 1.9% | 3.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 2.4% | 4.0% | 0.5% | 0.5% | 0.3% | 0.4% | 0.5% | 0.7% | 0.7% | 0.8% |
| Shares Outstanding | — | $711M | $737M | $743M | $737M | $737M | $719M | $726M | $710M | $706M | $700M |
Peer Comparison
Compare DHR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DHRYou | $124B | 34.6 | 18.1 | 23.5 | 60.9% | 20.9% | 7.1% | 5.9% | 2.4 |
 TMO | $173B | 26.3 | 18.8 | 27.6 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
 A | $33B | 25.7 | 19.7 | 28.9 | 52.4% | 21.3% | 20.6% | 13.5% | 1.9 |
 WAT | $20B | 31.8 | 19.3 | 37.8 | 57.8% | 28.2% | 29.3% | 20.3% | 1.3 |
 BIO | $7B | 9.2 | 16.7 | 18.5 | 52.0% | 10.5% | 10.8% | 2.6% | 3.2 |
 BRKR | $6B | 50.0 | 17.9 | 42.4 | 49.0% | 7.5% | 7.0% | 6.1% | 5.1 |
 MTD | $26B | 30.9 | 23.1 | 31.2 | 57.5% | 27.8% | — | 40.0% | 1.9 |
 IDXX | $45B | 43.0 | 31.2 | 42.6 | 61.8% | 31.6% | 66.2% | 42.5% | 0.7 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
 IQV | $30B | 22.5 | 12.9 | 14.6 | 26.3% | 14.0% | 21.4% | 8.7% | 4.7 |
 QGEN | $7B | 89.5 | 25.8 | 13.8 | 48.9% | 4.9% | 2.3% | 1.6% | 4.7 |
| Healthcare Median | — | 22.2 | 14.0 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full DHR Stock Analysis
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Start ComparisonDHR — Frequently Asked Questions
Quick answers to the most common questions about buying DHR stock.
What is Danaher Corporation's P/E ratio?
Danaher Corporation's current P/E ratio is 34.6x. The historical average is 21.4x. This places it at the 83th percentile of its historical range.
What is Danaher Corporation's EV/EBITDA?
Danaher Corporation's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
What is Danaher Corporation's ROE?
Danaher Corporation's return on equity (ROE) is 7.1%. The historical average is 13.8%.
Is DHR stock overvalued?
Based on historical data, Danaher Corporation is trading at a P/E of 34.6x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Danaher Corporation's dividend yield?
Danaher Corporation's current dividend yield is 0.71% with a payout ratio of 24.3%.
What are Danaher Corporation's profit margins?
Danaher Corporation has 60.9% gross margin and 20.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Danaher Corporation have?
Danaher Corporation's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.