Danaher Corporation
- Open
- 202.00
- Day high
- 204.11
- Day low
- 201.11
- Prev close
- 203.83
- Volume
- 6.0M
- Mkt cap
- $142.3B
- P/E (TTM)
- 38.7
- EPS (TTM)
- $5.19
- P/B
- 2.7
- P/S
- 5.7
- Yield
- 0.72%
- Per share
- $1.44
- ▼Insiders net selling -$237K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Danaher Corporation (DHR) is a Healthcare company listed on NYSE. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Danaher Corporation (DHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 21, 2026 | $1.94 | $2.06 | +6.2% | $6.0B | -0.5% |
| Jan 28, 2026 | $2.16 | $2.23 | +3.2% | $6.8B | +0.4% |
| Oct 21, 2025 | $1.72 | $1.89 | +9.9% | $6.1B | +0.9% |
| Jul 22, 2025 | $1.64 | $1.80 | +9.8% | $5.9B | +1.7% |
| Apr 22, 2025 | $1.63 | $1.88 | +15.3% | $5.7B | +3.0% |
| Jan 29, 2025 | $2.14 | $2.14 | +0.0% | $6.5B | +1.4% |
| Oct 22, 2024 | $1.57 | $1.71 | +8.9% | $5.8B | +3.8% |
| Jul 23, 2024 | $1.57 | $1.72 | +9.6% | $5.7B | +2.8% |
| Jan 30, 2024 | $1.90 | $2.09 | +10.0% | $2.7B | -51.9% |
| Jul 25, 2023 | $2.00 | $2.05 | +2.5% | $7.2B | +12.9% |
| Jan 24, 2023 | $2.54 | $2.87 | +13.0% | $8.4B | +5.9% |
| Oct 20, 2022 | $2.26 | $2.56 | +13.3% | $7.7B | +7.1% |
DHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | FILLER LINDAdirector | Tax | 1,181 | $200.79 |
| Jul 16, 2026 | Zerhouni Elias A.director | Tax | 1,181 | $200.79 |
| Jul 16, 2026 | Bouda Christopherofficer: VP, Chief Accounting Officer | Tax | 60 | $200.79 |
| Jul 16, 2026 | FILLER LINDAdirector | Option | 3,298 | $71.88 |
| Jul 16, 2026 | Zerhouni Elias A.director | Option | 3,298 | $71.88 |
| May 19, 2026 | Sanders A Shanedirector | Grant | 1,699 | $161.91 |
| May 19, 2026 | FILLER LINDAdirector | Grant | 680 | — |
| May 19, 2026 | Couchara Georgeannofficer: SVP, Human Resources | Tax | 281 | $161.91 |
| May 19, 2026 | SPOON ALAN Gdirector | Grant | 1,699 | $161.91 |
| May 19, 2026 | Dewan Ferozdirector | Grant | 1,699 | $161.91 |
| May 19, 2026 | List Teridirector | Grant | 680 | — |
| May 19, 2026 | Lamanna Charles Wdirector | Grant | 1,699 | $161.91 |
| May 19, 2026 | Zerhouni Elias A.director | Grant | 680 | — |
| May 19, 2026 | Stevens Raymond Cdirector | Grant | 1,699 | $161.91 |
| May 19, 2026 | FILLER LINDAdirector | Grant | 1,699 | $161.91 |
Source: DHR SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full DHR insider & 13F page →Danaher Corporation company profile
Overview
Danaher Corporation (NYSE:DHR) is a diversified life sciences and diagnostics company founded in 1969 and headquartered in Washington, D.C. Originally established as Diversified Mortgage Investors, Inc., the company underwent a significant transformation and changed its name to Danaher Corporation in 1984. Over the decades, Danaher has evolved from a diversified industrial conglomerate into a focused life sciences powerhouse through strategic acquisitions and divestitures. The company went public in 1978 and has since built a portfolio of leading brands serving the biotechnology, life sciences research, and clinical diagnostics markets worldwide.
Business
Danaher operates as a global science and technology company that develops, manufactures, and markets professional products and services primarily for the life sciences and healthcare industries. The company's operations are organized into three main business segments: Biotechnology Segment represents the largest portion of Danaher's business, generating approximately 40-45% of total revenues. This segment includes bioprocessing technologies used in the manufacturing of biologic drugs such as monoclonal antibodies, vaccines, and cell and gene therapies. Key products include bioreactors, filtration systems, chromatography columns, and single-use technologies that pharmaceutical and biotechnology companies use to produce life-saving medicines. The segment also encompasses discovery and medical technologies including flow cytometry instruments for cell analysis, mass spectrometers for drug discovery, and microscopy systems for research applications. Life Sciences Segment accounts for roughly 25-30% of revenues and provides research tools and consumables to pharmaceutical companies, biotechnology firms, academic institutions, and government laboratories. This includes genomics consumables such as synthetic DNA building blocks (oligonucleotides), laboratory automation systems that streamline research workflows, particle counting and characterization instruments, and centrifugation equipment used to separate biological samples. Diagnostics Segment generates approximately 25-30% of revenues and focuses on clinical testing solutions for hospitals, laboratories, and healthcare providers. This segment offers clinical chemistry analyzers that test blood and other bodily fluids, immunoassay systems that detect specific proteins or antibodies, molecular diagnostics platforms including Cepheid's rapid PCR testing systems, and hematology instruments for blood cell analysis. The segment became particularly prominent during the COVID-19 pandemic due to strong demand for respiratory testing. The company's products are essential infrastructure in modern healthcare and life sciences research, enabling everything from drug discovery and development to routine medical testing and pandemic response.
Revenue model
Danaher generates revenue through multiple complementary business models that create recurring and predictable cash flows. The company emphasizes that over 80% of its revenues are recurring in nature, providing significant business stability. Product Sales Model: Danaher sells sophisticated scientific instruments, analyzers, and equipment to customers who make substantial upfront capital investments. These include bioprocessing equipment for drug manufacturing, laboratory automation systems, diagnostic analyzers, and research instruments. The company typically achieves pricing increases of 75-100 basis points annually across its portfolio. Consumables and Services Model: The more significant and stable revenue stream comes from ongoing consumables, reagents, and service contracts tied to the installed base of instruments. Once customers purchase Danaher's equipment, they require continuous supplies of specialized consumables, maintenance services, and software updates. This creates a "razor-and-blade" dynamic where initial equipment sales generate long-term recurring revenue streams. Customer Base: Danaher serves a diverse mix of end customers including large pharmaceutical companies (representing about 75% of bioprocessing revenues), contract development and manufacturing organizations (CDMOs), biotechnology companies, academic research institutions, hospitals, clinical laboratories, and government agencies. The customer diversity provides some protection against sector-specific downturns. Several factors influence Danaher's profitability margins. Positive margin drivers include the company's pricing power due to mission-critical products, operational efficiency improvements through the Danaher Business System, economies of scale from market-leading positions, and the high-margin nature of consumables and services. Margin pressures can arise from inflationary cost increases for raw materials and labor, competitive dynamics in certain segments, customer consolidation leading to pricing pressure, regulatory changes affecting healthcare spending, and economic downturns that reduce research and development budgets at customer organizations. The company's geographic diversification also exposes it to foreign exchange fluctuations and varying regional economic conditions.
Competitive moat
Danaher possesses a moderately strong competitive moat built on several interconnected advantages, though the strength varies across its business segments. The company's primary moat stems from high customer switching costs created by its installed base of sophisticated scientific instruments. Once laboratories and manufacturing facilities integrate Danaher's equipment into their workflows, replacing these systems requires significant capital investment, retraining, regulatory revalidation, and operational disruption. This creates substantial customer stickiness, particularly in regulated environments like pharmaceutical manufacturing and clinical diagnostics. The company benefits from network effects and ecosystem lock-in where customers become dependent on Danaher's integrated solutions, consumables, and service support. The technical complexity and mission-critical nature of many applications make customers reluctant to switch vendors. Additionally, Danaher's scale advantages in research and development, manufacturing, and global service networks create barriers for smaller competitors. However, the moat faces several challenges. Technological disruption represents a constant threat, as new technologies could potentially obsolete existing platforms. Large, well-funded competitors including Thermo Fisher Scientific, Abbott Laboratories, and Roche Diagnostics possess similar scale and capabilities. In some segments, particularly bioprocessing, customer concentration among large pharmaceutical companies gives buyers significant negotiating power. The company also faces regulatory risks in healthcare markets and cyclical pressures from research funding fluctuations. The competitive landscape varies by segment, with diagnostics facing intense price competition and commoditization pressures, while bioprocessing benefits from stronger barriers to entry due to regulatory requirements and technical complexity. Overall, Danaher's moat is solid but not impregnable, requiring continuous innovation and strategic execution to maintain competitive advantages.
Risks & safety
Danaher demonstrates a strong financial position with adequate margin of safety, though valuation metrics suggest limited upside at current levels. • Financial Strength: Strong balance sheet with $2.1 billion cash, current ratio of 1.40, and manageable debt-to-equity ratio of 0.32. Free cash flow generation of $5.3 billion annually provides substantial financial flexibility. • Solvency Risk: Minimal solvency concerns given strong cash generation, diversified revenue base, and access to capital markets. The company maintains investment-grade credit profile. • Valuation Metrics: Current P/E ratio of 38.6x appears elevated relative to historical norms and growth prospects. EV/EBITDA of 22.6x suggests premium valuation. Price-to-book ratio of 2.9x reflects asset-light business model but limits downside protection. • Other Considerations: Over 80% recurring revenue provides earnings stability. However, exposure to cyclical research funding and biotech industry creates some volatility risk. Geographic diversification offers some protection but also creates currency exposure.
Recent development
Over the past several years, Danaher has executed a significant strategic transformation focused on becoming a pure-play life sciences and diagnostics company. The most notable development was the spin-off of Veralto in September 2023, which separated the Environmental & Applied Solutions segment to allow Danaher to concentrate entirely on higher-growth, higher-margin life sciences markets. The company has made substantial capacity investments in bioprocessing, deploying over $2 billion since 2020 to expand manufacturing capabilities for single-use technologies and consumables. This positions Danaher to capitalize on the growing biologics manufacturing market. Key product launches include Cytiva's Xcellerex X-platform bioreactor systems and Sefia cell therapy manufacturing platform, representing next-generation bioprocessing technologies. Strategic acquisitions have strengthened Danaher's capabilities, most notably the acquisition of Abcam in December 2023, which expanded the company's presence in the proteomics research market. The acquisition of Genedata added workflow software capabilities for drug discovery applications. Innovation initiatives span all segments, with recent launches including Beckman Coulter's DxI 9000 immunoassay analyzer for high-throughput clinical testing, Leica's STELLARIS confocal microscope platform with advanced imaging capabilities, and IDT's expansion of synthetic biology offerings. The company has also invested heavily in artificial intelligence applications to accelerate research and development processes and improve diagnostic decision support. Throughout this period, Danaher has maintained its focus on the Danaher Business System, a continuous improvement methodology that drives operational efficiency and innovation across the organization. The company has also emphasized sustainability initiatives, committing to science-based greenhouse gas emission reduction targets.
DHR company profile · for informational purposes only — not investment advice.
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