Danaher Corporation

DHRUS

Danaher Corporation is a diversified global technology and science company that specializes in developing, manufacturing, and distributing a wide array of professional, medical, industrial, and commercial products and services across the world. The organization is structured into three primary operating segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions. Within the Life Sciences segment, Danaher provides advanced instrumentation and solutions crucial for scientific research and development. This encompasses equipment like mass spectrometers, flow cytometry, genomics, lab automation, centrifugation, particle counting and characterization tools, and microscopes, alongside genomics consumables and technologies vital for Gene and Cell Therapy. Additionally, it delivers bioprocess technologies, consumables, and related services, as well as sophisticated filtration, separation, and purification systems. Its diverse clientele includes pharmaceutical, biopharmaceutical, food and beverage, medical, and life sciences companies, in addition to universities, medical schools, research institutions, and various industrial manufacturers. The Diagnostics segment is dedicated to furnishing essential tools for healthcare. Its offerings range from comprehensive systems for chemistry, immunoassay, microbiology, and automation to products for hematology, molecular, acute care, and pathology diagnostics. This segment equips hospitals, physicians' offices, reference laboratories, and other critical care settings with clinical instruments, reagents, consumables, software, and support services for accurate patient diagnosis and management. The Environmental & Applied Solutions segment addresses a broad spectrum of industrial and resource management requirements. It supplies instrumentation, consumables, software, services, and disinfection systems critical for the analysis, treatment, and management of various water types—including ultra-pure, potable, industrial, waste, ground, source, and ocean water—across residential, commercial, industrial, and natural resource applications. Furthermore, this segment delivers instruments, software, services, and consumables tailored for color and appearance management, packaging design and quality assurance, packaging converting, printing, marking, coding, and traceability applications for consumer, pharmaceutical, and industrial products. Established in 1969, the company was initially known as Diversified Mortgage Investors, Inc., before officially rebranding as Danaher Corporation in 1984. Its corporate headquarters are located in Washington, D.C.

Founded1969IPO year1978As of2026-08-04
Market Cap
$138.50B
Enterprise Value
$160.71B
EV / LTM Revenue
6.5x
EV / NTM Revenue
5.8x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
5.8x
Gross Profit
10.0x
EBITDA
18.3x
Classification
Sector
Medical Devices & Diagnostics
Sub-sector
Life-Science Instruments & Consumables
Listing
DHR
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY3%-17%-5%3%7%8%
Revenue$29.45B$30.24B$25.14B$23.88B$24.57B$26.25B$28.36B
Gross Profit$17.95B$18.24B$14.76B$14.21B$14.96B
Gross Profit Margin61.0%60.3%58.7%59.5%60.9%
EBITDA$10.01B$10.34B$7.66B$7.28B$6.95B$8.39B$9.06B
EBITDA Margin34.0%34.2%30.5%30.5%28.3%31.9%31.9%
EBIT$8.05B$8.39B$5.54B$5.18B$5.12B$6.06B$6.55B
Net Income$6.43B$7.21B$4.76B$3.90B$3.61B$6.03B$6.58B
Free Cash Flow$7.06B$7.37B$5.78B$5.30B$5.26B
FCF Margin24.0%24.4%23.0%22.2%21.4%
Short-Term Debt$215M$758M$1.88B$678M$2M
Long-Term Debt$22.17B$19.09B$16.71B$15.50B$18.42B
Cash & Cash Equivalents$2.59B$6.00B$5.86B$2.08B$4.62B
Net Debt$19.80B$13.85B$12.72B$14.10B$13.80B
Net Debt / EBITDA2.0x1.3x1.7x1.9x2.0x
Rule of 4027.0%6.1%17.2%24.3%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.