Danaher Corporation (DHR) Key Metrics
DHR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $161.01B
- Enterprise value
- $177.96B
- P/E (TTM)
- 40.8 10-yr median 34.8
- Forward P/E
- 23.8
- PEG ratio
- 1.32
- Price / sales
- 6.4 10-yr median 6.4
- Price / book
- 3.0 10-yr median 3.2
- EV / EBITDA
- 23.5 10-yr median 22.8
- Dividend yield
- 0.70% $1.60 a year
- Beta
- 0.80
DHR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDHR valuation Price multiples at each fiscal year-end price.
DHR returns How much profit the business earns on the capital it uses.
DHR per-share figures Results divided by the shares outstanding at year-end.
DHR financial health Debt, liquidity and how easily interest is covered.
DHR efficiency & capital use Working capital cycle and where the cash goes.
DHR valuation history
DHR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DHR cash returned to shareholders
DHR price vs earnings per share
DHR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $162.76B | $169.22B | $171.91B | $173.41B | $214.87B | $141.51B | $98.70B | $64.92B | $58.09B | $48.28B |
| Enterprise value | $176.57B | $184.29B | $185.58B | $188.04B | $235.56B | $157.66B | $101.31B | $73.87B | $67.99B | $59.59B |
| P/E ratio | 45.0 | 43.4 | 36.2 | 24.1 | 33.4 | 38.8 | 38.6 | 24.5 | 23.3 | 18.9 |
| Price / sales | 6.6 | 7.1 | 7.2 | 6.5 | 7.3 | 6.4 | 5.5 | 3.8 | 3.2 | 2.9 |
| Price / book | 3.1 | 3.4 | 3.2 | 3.5 | 4.8 | 3.6 | 3.3 | 2.3 | 2.2 | 2.1 |
| Price / free cash flow | 30.9 | 32.0 | 29.7 | 23.5 | 30.4 | 26.1 | 29.8 | 18.9 | 20.0 | 16.5 |
| Price / operating cash flow | 25.4 | 25.3 | 24.0 | 20.4 | 25.7 | 22.8 | 25.0 | 16.1 | 16.7 | 13.7 |
| EV / sales | 7.2 | 7.7 | 7.8 | 7.1 | 8.0 | 7.1 | 5.7 | 4.3 | 3.7 | 3.5 |
| EV / EBITDA | 25.4 | 25.3 | 35.7 | 19.8 | 23.5 | 24.1 | 22.0 | 17.3 | 15.7 | 15.2 |
| EV / free cash flow | 33.6 | 34.8 | 32.1 | 25.5 | 33.3 | 29.1 | 30.6 | 21.5 | 23.4 | 20.3 |
| Earnings yield | 2.2% | 2.3% | 2.8% | 4.2% | 3.0% | 2.6% | 2.6% | 4.1% | 4.3% | 5.3% |
| Free cash flow yield | 3.2% | 3.1% | 3.4% | 4.2% | 3.3% | 3.8% | 3.4% | 5.3% | 5.0% | 6.1% |
| Dividend yield | 0.5% | 0.5% | 0.5% | 0.5% | 0.3% | 0.4% | 0.8% | 0.7% | 0.7% | 0.8% |
| Shareholder yield (dividends + buybacks) | 2.4% | 4.0% | 0.5% | 0.5% | 0.3% | 0.4% | 0.8% | 0.7% | 0.7% | 0.8% |
| Share price at fiscal year-end | $228.92 | $229.55 | $231.34 | $235.27 | $291.63 | $196.90 | $136.04 | $91.40 | $82.27 | $69.00 |
| Per share | ||||||||||
| Revenue per share | $34.55 | $32.39 | $32.15 | $36.15 | $39.97 | $31.01 | $24.69 | $24.01 | $25.96 | $24.12 |
| Earnings per share | $5.08 | $5.29 | $6.38 | $9.78 | $8.73 | $5.07 | $3.52 | $3.73 | $3.53 | $3.65 |
| Operating cash flow per share | $9.02 | $9.07 | $9.64 | $11.56 | $11.34 | $8.64 | $5.45 | $5.66 | $4.93 | $5.03 |
| Free cash flow per share | $7.40 | $7.18 | $7.78 | $9.99 | $9.59 | $7.54 | $4.57 | $4.84 | $4.12 | $4.19 |
| Cash per share | $6.49 | $2.82 | $7.89 | $8.13 | $3.51 | $8.40 | $27.45 | $1.11 | $0.89 | $1.38 |
| Book value per share | $73.89 | $67.20 | $71.98 | $67.94 | $61.30 | $55.33 | $41.72 | $39.73 | $37.33 | $32.87 |
| Tangible book value per share | −$11.86 | −$12.92 | −$11.93 | −$9.52 | −$25.60 | −$23.56 | −$3.02 | −$6.55 | −$14.80 | −$18.07 |
| Dividends per share | $1.23 | $1.04 | $1.10 | $1.11 | $1.01 | $0.86 | $1.03 | $0.61 | $0.54 | $0.57 |
| Capex per share | $1.63 | $1.89 | $1.86 | $1.56 | $1.76 | $1.10 | $0.88 | $0.82 | $0.81 | $0.84 |
| Debt per share | $25.90 | $23.26 | $26.29 | $27.97 | $31.59 | $30.86 | $31.05 | $13.71 | $14.90 | $17.53 |
| Shares outstanding | 711.0M | 737.2M | 743.1M | 737.1M | 736.8M | 718.7M | 725.5M | 710.2M | 706.1M | 699.8M |
| Change in shares outstanding | −3.6% | −0.8% | +0.8% | +0.0% | +2.5% | −0.9% | +2.2% | +0.6% | +0.9% | −1.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.1% | 7.6% | 9.2% | 15.1% | 15.1% | 10.4% | 8.7% | 9.7% | 10.1% | 10.9% |
| Return on invested capital (ROIC) | 6.7% | 6.6% | 7.4% | 10.2% | 11.0% | 7.9% | 7.1% | 6.8% | 7.5% | 7.0% |
| Return on assets (ROA) | 4.5% | 4.8% | 5.6% | 8.6% | 8.1% | 5.3% | 4.7% | 5.6% | 5.4% | 5.5% |
| Return on tangible assets | 16.1% | 21.1% | 21.4% | 26.5% | 33.6% | 18.7% | 8.6% | 17.7% | 25.3% | 26.5% |
| Free cash flow margin | 21.4% | 22.2% | 24.2% | 27.7% | 24.0% | 24.3% | 18.5% | 20.2% | 15.9% | 17.4% |
| Income quality (OCF / net income) | 1.78 | 1.72 | 1.51 | 1.18 | 1.30 | 1.70 | 1.55 | 1.52 | 1.40 | 1.38 |
| Financial health | ||||||||||
| Total debt | $18.42B | $17.15B | $19.54B | $20.62B | $23.27B | $22.18B | $22.53B | $9.74B | $10.52B | $12.27B |
| Cash & short-term investments | $4.62B | $2.08B | $5.86B | $6.00B | $2.59B | $6.04B | $19.91B | $787.8M | $630.3M | $963.7M |
| Net debt | $13.80B | $15.07B | $13.67B | $14.62B | $20.69B | $16.14B | $2.61B | $8.95B | $9.89B | $11.31B |
| Debt / equity | 0.35 | 0.35 | 0.37 | 0.41 | 0.52 | 0.56 | 0.74 | 0.35 | 0.40 | 0.53 |
| Debt / assets | 0.22 | 0.22 | 0.23 | 0.24 | 0.28 | 0.29 | 0.36 | 0.20 | 0.23 | 0.27 |
| Net debt / EBITDA | 1.99 | 2.07 | 2.63 | 1.54 | 2.07 | 2.47 | 0.57 | 2.09 | 2.28 | 2.88 |
| Current ratio | 1.87 | 1.40 | 1.68 | 1.89 | 1.43 | 1.86 | 5.19 | 1.47 | 1.43 | 0.97 |
| Quick ratio | 1.51 | 1.05 | 1.37 | 1.56 | 1.09 | 1.55 | 4.86 | 1.13 | 1.05 | 0.72 |
| Interest coverage | 19.4 | 18.6 | 18.2 | 36.4 | 33.4 | 15.8 | 31.0 | 22.4 | 19.4 | 16.2 |
| Working capital | $5.95B | $2.70B | $5.66B | $7.49B | $3.51B | $6.40B | $20.66B | $2.25B | $2.06B | −$208.9M |
| Invested capital | $66.34B | $64.61B | $67.16B | $64.70B | $65.85B | $55.91B | $32.88B | $37.17B | $36.25B | $34.31B |
| Tangible asset value | −$8.43B | −$9.52B | −$8.86B | −$7.01B | −$18.85B | −$16.93B | −$2.18B | −$4.64B | −$10.44B | −$12.57B |
| Net current asset value | −$18.17B | −$18.50B | −$17.06B | −$18.38B | −$26.36B | −$22.58B | −$6.20B | −$12.51B | −$13.43B | −$15.55B |
| Graham number | $91.93 | $89.43 | $101.67 | $122.28 | $109.74 | $79.47 | $57.52 | $57.76 | $54.45 | $51.95 |
| Graham net-net per share | −$31.13 | −$29.11 | −$27.40 | −$31.32 | −$40.66 | −$35.61 | −$11.88 | −$22.06 | −$22.79 | −$25.74 |
| Capital allocation | ||||||||||
| Dividends paid | $878.0M | $768.0M | $821.0M | $818.0M | $742.0M | $615.0M | $750.7M | $433.4M | $378.3M | $399.8M |
| Share buybacks (net) | $3.09B | $5.98B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 24.3% | 19.7% | 17.3% | 11.3% | 11.5% | 16.9% | 29.4% | 16.3% | 15.2% | 15.7% |
| Dividends + buybacks / free cash flow | 75.4% | 127.4% | 14.2% | 11.1% | 10.5% | 11.4% | 22.6% | 12.6% | 13.0% | 13.6% |
| Capex / revenue | 4.7% | 5.8% | 5.8% | 4.3% | 4.4% | 3.5% | 3.5% | 3.4% | 3.1% | 3.5% |
| Capex / operating cash flow | 18.0% | 20.8% | 19.3% | 13.5% | 15.5% | 12.7% | 16.1% | 14.5% | 16.4% | 16.7% |
| Capex / depreciation | 0.47 | 0.59 | 0.64 | 0.52 | 0.60 | 0.45 | 0.53 | 0.50 | 0.46 | 0.52 |
| Stock-based compensation / revenue | 1.2% | 1.2% | 1.3% | 1.3% | 0.7% | 0.8% | 0.9% | 0.9% | 0.8% | 0.8% |
| R&D / revenue | 6.5% | 6.6% | 6.3% | 5.7% | 5.9% | 6.0% | 6.3% | 6.2% | 6.2% | 5.8% |
| SG&A / revenue | 33.5% | 32.5% | 36.3% | 32.0% | 27.8% | 30.9% | 31.2% | 38.0% | 33.0% | 33.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 61.7 | 69.0 | 74.1 | 72.0 | 63.5 | 66.2 | 65.0 | 71.0 | 66.8 | 66.7 |
| Days of inventory on hand | 91.6 | 92.9 | 80.1 | 96.6 | 80.3 | 72.9 | 75.0 | 84.0 | 80.0 | 79.9 |
| Days payables outstanding | 68.4 | 66.4 | 54.1 | 77.2 | 73.3 | 66.3 | 69.3 | 72.7 | 67.5 | 70.0 |
| Cash conversion cycle (days) | 84.9 | 95.5 | 100.1 | 91.3 | 70.5 | 72.8 | 70.8 | 82.3 | 79.3 | 76.6 |
| Receivables turnover | 5.92 | 5.29 | 4.93 | 5.07 | 5.75 | 5.52 | 5.61 | 5.14 | 5.47 | 5.47 |
| Payables turnover | 5.34 | 5.50 | 6.75 | 4.73 | 4.98 | 5.51 | 5.27 | 5.02 | 5.41 | 5.21 |
| Inventory turnover | 3.98 | 3.93 | 4.56 | 3.78 | 4.55 | 5.00 | 4.86 | 4.34 | 4.56 | 4.57 |
| Asset turnover | 0.31 | 0.29 | 0.28 | 0.32 | 0.37 | 0.32 | 0.33 | 0.36 | 0.40 | 0.36 |
| Average receivables | $4.15B | $4.51B | $4.85B | $5.25B | $5.13B | $4.04B | $3.19B | $3.32B | $3.35B | $3.09B |
| Average payables | $1.80B | $1.76B | $1.81B | $2.21B | $2.31B | $1.78B | $1.50B | $1.50B | $1.50B | $1.44B |
| Average inventory | $2.41B | $2.46B | $2.68B | $2.77B | $2.53B | $1.96B | $1.63B | $1.74B | $1.78B | $1.64B |
| Intangibles / total assets | 73.0% | 76.2% | 73.8% | 67.7% | 77.0% | 74.5% | 52.3% | 68.7% | 78.9% | 78.7% |
Computed from DHR's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DHR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Danaher traded at 45.0 times earnings, against a 10-year median of 34.8. Based on the latest twelve months, the trailing P/E is 40.8 and the forward P/E is 23.8. Danaher earned a return on equity of 7.1% and a return on invested capital of 6.7% in fiscal 2025. It ended the year with $18.4 billion of debt and $4.6 billion in cash and short-term investments, net debt of $13.8 billion. It returned $4.0 billion to shareholders: $878.0 million in dividends and $3.1 billion in share buybacks, 75% of free cash flow.
See the DHR income statement, the DHR chart for price history, or the DHR stock overview for the latest quote and news.
DHR key metrics FAQ
What is Danaher's P/E ratio?
Danaher's trailing P/E ratio is 40.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 23.8. At the end of fiscal 2025 it was 45.0, compared with a 10-year median of 34.8.
What is Danaher's EV/EBITDA?
Danaher's enterprise value was 25.4 times EBITDA at the end of fiscal 2025 (enterprise value $176.6 billion, EBITDA $6.9 billion); the current EV/EBITDA is 23.5.
What is Danaher's return on equity?
Danaher's return on equity (ROE) was 7.1% in fiscal 2025: net income of $3.6 billion on average shareholders' equity of $51.0 billion.
What is Danaher's ROIC?
Danaher's return on invested capital was 6.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Danaher have?
Danaher had total debt of $18.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.35 and $13.8 billion of net debt (1.99 times EBITDA).
What is Danaher's dividend yield?
Danaher's forward dividend yield is 0.70%. Danaher paid $878.0 million in dividends in fiscal 2025 ($1.23 per share), a payout ratio of 24.3%.
Does Danaher buy back its shares?
Yes. Danaher spent $3.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed −3.6% over the year, to 711.0M..
What is Danaher's free cash flow yield?
Danaher generated $5.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.2% on its market value at year-end ($162.8 billion).
What is Danaher's current ratio?
Danaher's current ratio was 1.87 at the end of fiscal 2025: current assets were 1.87 times current liabilities.