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Danaher
(NYSE:DHR)
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Rating:73Outperform
Price Target:
$250.00
▲(15.76% Upside)
Action:Reiterated
Date:10/21/26
The score is driven primarily by strong financial quality and cash generation, supported by constructive technical trend signals. The latest earnings call adds confidence via raised EPS guidance and solid margin outlook, while the main drag is a premium valuation (high P/E and low yield) alongside slower recent growth and higher leverage versus prior years.
Positive Factors
Strong cash generation
Danaher’s substantial operating and free cash flow provides internal funding for innovation, acquisitions, debt service, and shareholder returns. Strong conversion of earnings into cash also supports resilience through cyclical laboratory and bioprocessing demand, while reducing reliance on external financing.
Negative Factors
Respiratory revenue volatility
Respiratory exposure remains a meaningful source of revenue volatility because demand is influenced by infection rates and flu-season variability. Continued weakness can suppress Diagnostics growth and make consolidated performance less representative of underlying trends in other businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Danaher’s substantial operating and free cash flow provides internal funding for innovation, acquisitions, debt service, and shareholder returns. Strong conversion of earnings into cash also supports resilience through cyclical laboratory and bioprocessing demand, while reducing reliance on external financing.
Read all positive factors
Danaher Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyDanaher (DHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$166.72B
Dividend Yield0.64%
Average Volume (3M)4.85M
Price to Earnings (P/E)38.7
Beta (1Y)0.81
Revenue Growth5.52%
EPS Growth25.53%
CountryUS
Employees59,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)6.12
Shares Outstanding703,530,800
10 Day Avg. Volume5,096,575
30 Day Avg. Volume4,845,258
Financial Highlights & Ratios
PEG Ratio-9.26
Price to Book (P/B)3.08
Price to Sales (P/S)6.59
P/FCF Ratio30.78
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue7.06
Enterprise Value/Gross Profit12.05
Enterprise Value/Ebitda25.51
Forecast
1Y Price Target
$258.00Price Target Upside19.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)8.58
Revenue Forecast (FY)$26.26B
Danaher Business Overview & Revenue Model
Company Description
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. Th...
How the Company Makes Money
Danaher makes money primarily by selling products and services to customers in life sciences research, biotechnology/biopharma manufacturing, and clinical diagnostics. A major portion of revenue comes from (1) capital equipment and instruments (e....
Danaher Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was broadly positive. Danaher delivered better-than-expected revenue, earnings, margins, and cash flow; raised full-year EPS guidance; reported improving trends across biotechnology, life sciences, and diagnostics; and highlighted strong orders, AI initiatives, and acquisition integration. The main challenges were respiratory-related revenue declines, North American weakness, academic and selected discovery-market softness, and a measured 4%-5% initial 2027 growth framework. Highlights significantly outweighed the lowlights.Positive Updates
Third-Quarter Results Exceeded Expectations
Danaher reported third-quarter sales of $6.6 billion, core revenue growth excluding respiratory revenue of 5.5%, and a nearly 30% adjusted operating profit margin. Results were ahead of expectations, reflecting improved end-market conditions and strong commercial and operational execution.
Negative Updates
Growth Has Not Consistently Reflected Portfolio Potential
The CEO acknowledged that growth over the past several years has not consistently reflected the full potential of Danaher's portfolio and said the company has an opportunity to accelerate sustainable core revenue growth and gain share more consistently.
Read all updates
Q3-2026 Updates
Positive
Negative
Third-Quarter Results Exceeded Expectations
Danaher reported third-quarter sales of $6.6 billion, core revenue growth excluding respiratory revenue of 5.5%, and a nearly 30% adjusted operating profit margin. Results were ahead of expectations, reflecting improved end-market conditions and strong commercial and operational execution.
Read all positive updates
Company Guidance
For the fourth quarter, Danaher expects core revenue growth excluding respiratory revenue to be in the 4%-5% range, respiratory revenue to be an approximately 150 basis point headwind, and adjusted operating profit margin to be approximately 29.5%. For full year 2026, adjusted diluted net EPS guidance is $8.57-$8.62 versus the prior range of $8.45-$8.60, representing double digit year-over-year EPS growth; bioprocessing remains expected to deliver mid-single digit core revenue growth. For 2027, 4%-5% core revenue growth excluding respiratory revenue is the right starting point as we sit today, with more quantitative and detailed guidance to be provided in January. Respiratory revenue is planned at $1.5 billion this year and is also the right starting point for next year, with a couple hundred million dollars of bookends around that number. Cytiva is expected to deliver sustainable high single digit long-term revenue growth, while reshoring could be a billion-dollar market opportunity in the U.S., mostly starting in 2028.Danaher Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.61B | 24.57B | 23.88B | 23.89B | 26.64B | 29.45B |
| Gross Profit | 15.01B | 14.97B | 14.21B | 14.03B | 16.19B | 17.95B |
| EBITDA | 7.09B | 6.95B | 7.28B | 7.50B | 9.48B | 10.01B |
| Net Income | 4.33B | 3.61B | 3.90B | 4.76B | 7.21B | 6.43B |
Balance Sheet | ||||||
| Total Assets | 93.28B | 83.46B | 77.54B | 84.49B | 84.35B | 83.18B |
| Cash, Cash Equivalents and Short-Term Investments | 5.68B | 4.62B | 2.08B | 5.86B | 6.00B | 2.59B |
| Total Debt | 26.48B | 18.42B | 17.15B | 19.54B | 20.62B | 23.27B |
| Total Liabilities | 39.66B | 30.93B | 27.99B | 31.00B | 34.26B | 38.01B |
| Stockholders Equity | 53.62B | 52.53B | 49.54B | 53.49B | 50.08B | 45.17B |
Cash Flow | ||||||
| Free Cash Flow | 5.73B | 5.26B | 5.30B | 5.78B | 7.37B | 7.06B |
| Operating Cash Flow | 6.86B | 6.42B | 6.69B | 7.16B | 8.52B | 8.36B |
| Investing Cash Flow | -11.08B | -1.20B | -1.98B | -7.08B | -2.23B | -12.99B |
| Financing Cash Flow | 8.32B | -2.96B | -8.38B | -273.00M | -2.57B | 1.29B |
Danaher Technical Analysis
Positive
215.97
Price Trends
218.31
Positive
206.03
Positive
200.49
Positive
Market Momentum
5.01
Negative
65.22
Neutral
81.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHR, the sentiment is Positive. The current price of 215.97 is below the 20-day moving average (MA) of 225.74, below the 50-day MA of 218.31, and above the 200-day MA of 200.49, indicating a bullish trend. The MACD of 5.01 indicates Negative momentum. The RSI at 65.22 is Neutral, neither overbought nor oversold. The STOCH value of 81.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DHR.
Danaher Risk Analysis
Danaher disclosed 43 risk factors in its most recent earnings report. Danaher reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Danaher Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $262.22B | 37.34 | 13.31% | 0.26% | 8.27% | 9.59% | |
75 Outperform | $51.07B | 35.59 | 20.47% | 0.56% | 8.60% | 19.07% | |
75 Outperform | $45.38B | 40.45 | 71.96% | ― | 12.77% | 18.22% | |
75 Outperform | $34.44B | 38.59 | -1199.91% | ― | 6.91% | 12.43% | |
73 Outperform | $166.72B | 38.72 | 8.18% | 0.64% | 5.52% | 25.53% | |
61 Neutral | $47.17B | 119.42 | 1.88% | ― | 52.47% | -63.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
DHR
Danaher
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8.62%
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Danaher Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Danaher enhances board with new director appointments
Positive
Oct 13, 2026
On October 9, 2026, Danaher’s board expanded to thirteen members and appointed long-time executive Daniel L. Comas and biotechnology leader Dr. Robert M. Hershberg as directors, with Hershberg joining the Science and Technology Committee. Th...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Danaher Announces New CEO and Leadership Transition Plan
Positive
Aug 3, 2026
Danaher announced on August 3, 2026 that Executive Vice President Julie Sawyer Montgomery will become president and chief executive officer and join the board on October 1, 2026, succeeding Rainer Blair, who will step down as CEO and director and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.