Explain this page
Arphra AIPlain-English read on Danaher Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
ATop tier
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin60.9%
Operating margin20.9%
Net margin14.7%
ROE6.9%
ROA4.3%
ROIC6.6%
Liquidity & leverage
Current ratio1.87×
Quick ratio1.51×
Debt / equity0.35×
Net debt / EBITDA1.99×
Interest coverage19×
Efficiency & per-share
Asset turnover0.29×
Inventory days95
Days sales out.58
FCF / share$7.40
Book value / share$73.90
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $167.8B | $161.92B | — | — | — | — |
| Enterprise value | — | — | — | $182.87B | $175.72B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 7.66 | 7.15 | — | — | — | — |
| EV / FCF | — | — | — | 34.53 | 33.41 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +2.32% | +2.23% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.16% | +3.25% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +60.95% | +60.76% | +58.74% | +59.50% | +60.93% | +59.32% | +59.53% | +59.70% | +59.81% |
| Operating margin | +27.33% | +28.29% | +22.10% | +21.71% | +20.91% | +21.43% | +21.69% | +22.02% | +21.30% |
| EBITDA margin | +33.98% | +35.60% | +31.39% | +30.48% | +28.27% | +30.72% | +30.68% | +30.89% | +30.41% |
| EBIT margin | +26.62% | +27.60% | +22.32% | +20.62% | +18.31% | +20.84% | +20.05% | +20.52% | +20.21% |
| Pre-tax margin | +25.80% | +26.82% | +21.11% | +19.46% | +17.23% | +18.78% | +19.19% | +19.71% | +19.08% |
| Net margin | +21.84% | +27.06% | +19.94% | +16.33% | +14.71% | +16.78% | +16.69% | +16.56% | +16.99% |
| Cost structure | |||||||||
| Cost of revenue / sales | +39.05% | +39.24% | +41.26% | +40.50% | +39.07% | +39.76% | +41.46% | +40.31% | +40.51% |
| R&D intensity | +5.91% | +5.74% | +6.29% | +6.63% | +6.50% | +6.37% | +6.52% | +6.49% | +6.64% |
| SG&A intensity | +27.71% | +26.74% | +30.36% | +31.15% | +33.52% | +31.05% | +31.14% | +31.64% | +31.24% |
| Effective tax rate | +16.46% | +11.45% | +16.32% | +16.08% | +14.62% | +15.92% | +15.98% | +15.73% | +16.02% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +14.24% | +14.39% | +8.91% | +7.87% | +6.88% | +7.58% | +7.59% | +7.65% | +8.09% |
| Return on assets (ROA) | +7.73% | +8.55% | +5.64% | +5.03% | +4.33% | +5.05% | +4.82% | +5.00% | +5.00% |
| Return on capital (ROC) | +11.76% | +10.66% | +7.23% | +7.77% | +7.24% | +7.25% | +7.31% | +7.51% | +7.46% |
| Return on invested capital (ROIC) | +9.40% | +10.20% | +6.52% | +5.85% | +5.09% | +5.68% | +5.63% | +5.65% | +5.95% |
| Asset turnover | +35.41% | +31.59% | +28.28% | +30.79% | +29.44% | +30.10% | +28.90% | +30.16% | +29.44% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +21.84% | +27.06% | +19.94% | +16.33% | +14.71% | +16.78% | +16.69% | +16.56% | +16.99% |
| Asset turnover (× revenue / assets) | +35.41% | +31.59% | +28.28% | +30.79% | +29.44% | +30.10% | +28.90% | +30.16% | +29.44% |
| Equity multiplier (× assets / equity) | +184.13% | +168.40% | +157.95% | +156.49% | +158.85% | +150.02% | +157.46% | +153.18% | +161.62% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.35 | 0.32 | 0.28 | 0.31 | 0.29 | 0.30 | 0.29 | 0.30 | 0.29 |
| Fixed-asset turnover | 6.10 | 5.80 | 4.26 | 3.93 | 4.44 | — | — | — | — |
| Inventory turnover | 4.16 | 3.78 | 3.80 | 4.15 | 3.86 | — | — | — | — |
| Receivables turnover | 5.41 | 5.26 | 5.15 | 5.44 | 6.28 | — | — | — | — |
| Payables turnover | 4.48 | 5.63 | 5.58 | 5.52 | 5.20 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 67.45 | 69.38 | 70.85 | 67.11 | 58.13 | — | — | — | — |
| Days inventory outstanding (DIO) | 87.81 | 96.53 | 96.06 | 87.96 | 94.65 | — | — | — | — |
| Days payables outstanding (DPO) | 81.53 | 64.80 | 65.40 | 66.17 | 70.13 | — | — | — | — |
| Cash conversion cycle | 73.74 | 101.11 | 101.51 | 88.90 | 82.66 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.30 | 1.18 | 1.50 | 1.72 | 1.78 | 1.70 | 1.68 | 1.71 | 1.63 |
| FCF / Net income | 1.10 | 1.02 | 1.21 | 1.36 | 1.46 | 1.31 | 1.33 | 1.40 | 1.33 |
| FCF margin | +23.98% | +27.65% | +24.20% | +22.18% | +21.41% | +22.03% | +22.26% | +23.12% | +22.68% |
| OCF margin | +28.38% | +31.97% | +29.99% | +28.01% | +26.12% | +28.60% | +28.04% | +28.25% | +27.62% |
| CapEx / Revenue | +4.39% | +4.32% | +5.79% | +5.83% | +4.71% | +5.35% | +5.53% | +5.43% | +5.51% |
| CapEx / D&A | 0.60 | 0.52 | 0.64 | 0.59 | 0.47 | — | — | — | — |
| Stock-based comp / Revenue | +0.62% | +1.11% | +1.28% | +1.21% | +1.21% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 8.61 | 9.64 | 6.38 | 5.29 | 5.04 | 8.44 | 9.10 | 9.96 | 10.83 |
| EPS · basic | 8.77 | 9.80 | 6.44 | 5.33 | 5.07 | 8.61 | 9.24 | 10.08 | 10.93 |
| Book value / share | 61.32 | 67.96 | 71.98 | 67.21 | 73.90 | 80.14 | 84.36 | 87.61 | 90.74 |
| Tangible BV / share | -25.58 | -9.51 | -11.93 | -12.91 | -11.85 | 80.14 | 84.36 | 87.61 | 90.74 |
| Sales / share | 39.97 | 36.15 | 32.15 | 32.39 | 34.55 | 36.19 | 38.39 | 40.48 | 43.17 |
| Operating CF / share | 11.34 | 11.56 | 9.64 | 9.07 | 9.02 | 10.35 | 10.76 | 11.43 | 11.93 |
| Free cash flow / share | 9.59 | 9.99 | 7.78 | 7.18 | 7.40 | 7.97 | 8.54 | 9.36 | 9.79 |
| Dividends / share | 1.01 | 1.11 | 1.10 | 1.04 | 1.23 | 1.20 | 1.27 | 1.40 | 1.47 |
| Payout ratio | +11.53% | +11.35% | +17.23% | +19.70% | +24.29% | +19.77% | +19.88% | +20.87% | +20.07% |
| Retention ratio | +88.47% | +88.65% | +82.77% | +80.30% | +75.71% | +80.23% | +80.12% | +79.13% | +79.93% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -9.54% | -10.33% | -0.06% | +2.90% | +3.79% | +6.10% | +6.85% | +6.33% | +0.54% |
| Gross profit · YoY | — | -9.83% | -13.31% | +1.23% | +5.38% | +1.05% | +6.47% | +7.16% | +6.53% | +0.30% |
| Profit | ||||||||||
| Operating income · YoY | — | -6.39% | -29.95% | -1.80% | -0.91% | +6.39% | +7.37% | +8.48% | +2.84% | -2.55% |
| EBITDA · YoY | — | -5.22% | -20.94% | -2.97% | -4.55% | +12.79% | +5.98% | +7.58% | +4.68% | -0.85% |
| Net income · YoY | — | +12.06% | -33.92% | -18.16% | -7.31% | +18.42% | +5.51% | +6.03% | +9.12% | -2.57% |
| Operating | ||||||||||
| EBIT · YoY | — | -6.20% | -27.47% | -7.67% | -8.65% | +18.16% | +2.09% | +9.32% | +4.73% | -2.87% |
| R&D · YoY | — | -12.28% | -1.64% | +5.39% | +0.88% | +1.58% | +8.71% | +6.37% | +8.73% | +2.00% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +11.96% | -33.82% | -17.08% | -4.73% | +67.45% | +7.84% | +9.47% | +8.67% | +2.91% |
| EPS · basic · YoY | — | +11.74% | -34.29% | -17.24% | -4.88% | +69.78% | +7.36% | +9.09% | +8.43% | +2.79% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $23.27B | $20.62B | $19.54B | $17.15B | $18.42B | $18.87B | $20.77B | $22.16B | $23.12B |
| Net debt | $20.69B | $14.62B | $13.67B | $15.07B | $13.8B | $14.5B | $15.97B | $17.25B | $17.64B |
| Net debt / EBITDA | 2.07 | 1.54 | 1.82 | 2.07 | 1.99 | 1.85 | 1.92 | 1.93 | 1.89 |
| Debt / equity | 0.52 | 0.41 | 0.37 | 0.35 | 0.35 | 0.33 | 0.35 | 0.35 | 0.36 |
| Debt / assets | +27.98% | +24.44% | +23.12% | +22.11% | +22.07% | +22.27% | +22.19% | +23.12% | +22.14% |
| Equity / assets | +54.31% | +59.38% | +63.31% | +63.90% | +62.95% | +66.66% | +63.51% | +65.28% | +61.87% |
| Coverage | |||||||||
| EBITDA / interest expense | 41.52 | 45.82 | 25.95 | 26.17 | 26.21 | 26.76 | 26.47 | 27.39 | 26.77 |
| Operating income / interest | 33.40 | 36.41 | 18.27 | 18.65 | 19.38 | 18.67 | 18.71 | 19.52 | 18.75 |
| Interest expense | $241M | $207M | $289M | $278M | $265M | $292.74M | $313.61M | $326.06M | $349.13M |
| Liquidity | |||||||||
| Current ratio | 1.43 | 1.89 | 1.68 | 1.40 | 1.87 | — | — | — | — |
| Quick ratio | 0.99 | 1.32 | 1.27 | 0.95 | 1.25 | — | — | — | — |
| Cash ratio | 0.32 | 0.71 | 0.71 | 0.31 | 0.68 | — | — | — | — |
| Working capital | $3.51B | $7.49B | $5.66B | $2.7B | $5.95B | — | — | — | — |
| Working capital / revenue | +11.91% | +28.13% | +23.70% | +11.30% | +24.21% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 7.15x | 7.66x |
| Earnings yield | 2.2% | 2.3% |
| FCF yield | 3.2% | 3.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 6.9% | 7.9% |
| ROA | 4.3% | 5.0% |
| ROIC | 5.7% | 6.1% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 1.99 | 2.07 |
| Interest coverage | — | — |
| Current ratio | 1.87x | 1.40x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).