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DHR

Danaher Corporation

US$211.74-6.36% (-US$14.37)
Day's range
US$219.69 – US$226.11
Day's volume
US$1.1bn
52-week range
US$161.29 – US$240.61

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DHR in numbers

Market cap
US$155.7bn
P/E
37.18
P/B
2.83
Dividend yield (12m)
0.72%

The 12-month dividend yield of DHR is 0.72%, above its 5-year average of 0.40%.

DHR price history

02/10/202501/10/2026
Compare with

DHR risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+3.62%+17.42%-17.77%
Volatility (annualised)19.10%20.10%22.29%
Largest drawdown-21.66%-35.02%-37.35%
Positive months7/1217/3627/60

How much did investing in DHR return?

US$1,000.00 invested on 01/10/2021 would be worth US$785.87 today.

Value today in DHR
US$785.87
Return over the period
-21.41%
Return per year
-4.71%
In the S&P 500
US$1,664.67

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

DHR fundamentals

Valuation

  • P/E
    37.18
  • P/B
    2.83
  • EV/EBITDA
    —
  • EV/EBIT
    35.28
  • EV/Revenue
    7.20
  • P/EBIT
    30.38
  • P/S
    6.20
  • P/OCF
    23.47
  • P/FCF
    28.49
  • Earnings yield
    2.83%
  • PEG ratio
    —
  • Earnings per share
    US$5.70
  • Book value per share
    US$74.80

Debt

  • Net debt
    US$25.1bn
  • Net debt/EBITDA
    —
  • Net debt/Equity
    0.48
  • Debt/Equity
    0.48
  • Current ratio
    1.65
  • Quick ratio
    1.25
  • Cash ratio
    —

Efficiency

  • Gross margin
    58.51%
  • EBITDA margin
    —
  • Operating margin
    20.42%
  • Net margin
    15.95%
  • Asset turnover
    0.27

Profitability

  • ROE
    7.61%
  • ROA
    4.33%
  • ROIC
    5.53%
  • Payout
    26.69%

Growth

  • Revenue CAGR (5 years)
    -1.24%
  • Earnings CAGR (5 years)
    -6.53%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is DHR's fair price?

Two classic value formulas, with today's numbers. The current price is US$211.74.

Graham's fair price
US$97.91
53.76% below the price

√(22.50 × US$5.70 × US$74.80)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$16.06
92.41% below the price

US$0.96 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

DHR indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E44.7942.0835.9226.8236.5943.3935.5227.30
P/B3.083.313.203.865.213.983.532.57
EV/EBITDA——25.4921.9830.5229.8724.3319.20
Dividend yield0.54%0.46%0.42%0.36%0.25%0.32%0.44%0.60%
Earnings per shareUS$5.11US$5.46US$6.44US$9.89US$8.99US$5.12US$4.32US$3.78
Book value per shareUS$74.29US$69.32US$72.31US$68.74US$63.14US$55.84US$43.48US$40.20
ROE6.88%7.87%8.91%14.39%14.24%9.17%9.94%9.40%
ROIC5.62%6.27%6.20%9.65%7.92%5.63%7.55%6.69%
Gross margin59.11%59.50%58.74%60.76%61.44%55.98%55.74%55.75%
EBITDA margin——30.84%36.29%34.03%26.95%24.89%24.83%
Net margin14.71%16.33%19.94%27.06%25.94%16.36%16.79%15.55%
Net debt/EBITDA——2.271.972.633.530.362.10

DHR financial statements

Line202520242023202220212020
Net revenueUS$24.6bnUS$23.9bnUS$23.9bnUS$26.6bnUS$24.8bnUS$22.3bn
Cost of sales-US$10bn-US$9.7bn-US$9.9bn-US$10.5bn-US$9.6bn-US$9.8bn
Gross profitUS$14.5bnUS$14.2bnUS$14bnUS$16.2bnUS$15.2bnUS$12.5bn
EBITDA——US$7.4bnUS$9.7bnUS$8.4bnUS$6bn
EBITUS$4.7bnUS$4.9bnUS$5.2bnUS$7.5bnUS$6.4bnUS$4.2bn
Net finance result——————
Profit before taxUS$4.2bnUS$4.6bnUS$5bnUS$7.1bnUS$6.5bnUS$4.5bn
Income tax-US$633m-US$747m-US$823m-US$818m-US$1.1bn-US$849m
Net incomeUS$3.6bnUS$3.9bnUS$4.8bnUS$7.2bnUS$6.4bnUS$3.6bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does DHR pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend29/09/202630/10/2026US$0.40

Dividend yield per year

  • 0.59%2017
  • 0.60%2018
  • 0.44%2019
  • 0.32%2020
  • 0.25%2021
  • 0.36%2022
  • 0.42%2023
  • 0.46%2024
  • 0.54%2025
  • 0.51%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend25/06/202631/07/2026US$0.40
Dividend26/03/202624/04/2026US$0.40
Dividend25/12/202530/01/2026US$0.32
Dividend25/09/202531/10/2025US$0.32
Dividend26/06/202525/07/2025US$0.32
Dividend27/03/202525/04/2025US$0.32
Dividend26/12/202431/01/2025US$0.27
Dividend26/09/202425/10/2024US$0.27
Dividend27/06/202426/07/2024US$0.27
Dividend26/03/202426/04/2024US$0.27
Dividend27/12/202326/01/2024US$0.24
Dividend10/10/202327/10/2023US$0.27
See all 39 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend28/06/202328/07/2023US$0.24
Dividend29/03/202328/04/2023US$0.24
Dividend28/12/202227/01/2023US$0.22
Dividend28/09/202228/10/2022US$0.22
Dividend22/06/202229/07/2022US$0.22
Dividend23/03/202229/04/2022US$0.22
Dividend28/12/202128/01/2022US$0.19
Dividend28/09/202129/10/2021US$0.19
Dividend23/06/202130/07/2021US$0.19
Dividend24/03/202130/04/2021US$0.19
Dividend23/12/202029/01/2021US$0.16
Dividend24/09/202030/10/2020US$0.16
Dividend24/06/202031/07/2020US$0.16
Dividend25/03/202024/04/2020US$0.16
Dividend25/12/201931/01/2020US$0.15
Dividend25/09/201925/10/2019US$0.15
Dividend26/06/201926/07/2019US$0.15
Dividend27/03/201926/04/2019US$0.15
Dividend26/12/201825/01/2019US$0.14
Dividend26/09/201826/10/2018US$0.14
Dividend27/06/201827/07/2018US$0.14
Dividend27/03/201827/04/2018US$0.14
Dividend27/12/201726/01/2018US$0.12
Dividend27/09/201727/10/2017US$0.12
Dividend27/06/201728/07/2017US$0.12
Dividend28/03/201728/04/2017US$0.12
Dividend27/12/201627/01/2017US$0.11

About Danaher

Sector
Manufacturing

Questions about DHR

How much is DHR today?

DHR is at US$211.74 (-6.36% on the day), last traded on 01/10/2026.

How much did DHR pay in dividends in 2025?

DHR paid US$1.23 per share in 2025, a dividend yield of 0.54%.

When is the next DHR dividend?

The next announced payment is US$0.40 per share on 30/10/2026.

What are the P/E and P/B of DHR?

DHR trades at a P/E of 37.18 and a P/B of 2.83.

How much did DHR return in 12 months?

DHR returned 3.62% in 12 months, with annualised volatility of 19.10% and a largest drawdown of -21.66%.