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Danaher
(NYSE:DHR)
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Rating:68Neutral
Price Target:
$195.00
▲(0.13% Upside)
Action:Reiterated
Date:07/22/26
DHR scores as a solid but not cheap setup: strong financial quality and cash generation support the score, reinforced by a positive earnings update with raised EPS guidance and strong free-cash-flow conversion. Offsetting factors are weak technical positioning (below major moving averages) and a rich valuation (high P/E with low yield).
Positive Factors
Strong Free Cash Flow
Consistent, high free cash flow generation provides durable funding for reinvestment, M&A, and shareholder returns. Over 80% FCF conversion of earnings supports sustained capital deployment and reduces reliance on external financing, bolstering long-term financial resilience.
Negative Factors
Slower Revenue & Margin Normalization
A multi-year step-down in top-line growth and normalized profitability reduces earnings leverage and long-term return on invested capital. Slower revenue expansion constrains organic growth optionality and means future EPS gains may rely more on M&A or aggressive cost actions to restore prior margin levels.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Consistent, high free cash flow generation provides durable funding for reinvestment, M&A, and shareholder returns. Over 80% FCF conversion of earnings supports sustained capital deployment and reduces reliance on external financing, bolstering long-term financial resilience.
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
$126.70B
Dividend Yield0.8%
Average Volume (3M)4.66M
Price to Earnings (P/E)34.5
Beta (1Y)0.76
Revenue Growth4.56%
EPS Growth19.34%
CountryUS
Employees61,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)5.65
Shares Outstanding707,770,600
10 Day Avg. Volume6,398,326
30 Day Avg. Volume4,656,802
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$227.22Price Target Upside16.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)8.46
Revenue Forecast (FY)$25.72B
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 by selling a mix of (1) capital equipment and instruments, (2) recurring consumables and reagents, (3) software, and (4) services such as maintenance, calibration, training, and other support tied to its installed base. A signi...
Danaher Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: revenue and core growth accelerated sequentially (core ex-respiratory +4.5%), EPS grew ~8% and guidance was raised, cash generation was strong (Q2 FCF $1.3B, YTD conversion 124%), and life sciences and diagnostics showed solid performance with several product and M&A catalysts (Masimo closed early and is accretive; StatLab acquisition announced). Key challenges include bioprocessing shipment timing that pushed just over $100M into next year, respiratory-related headwinds (notably in Q3), modest margin pressure (down 20 bps), and continued softness in academic funding. On balance the positive operational execution, cash generation, guidance raise, and strategic M&A/repurchases outweigh the near-term timing and respiratory headwinds.Positive Updates
Revenue and Core Growth
Q2 sales of $6.3 billion; core revenue up 3% year-over-year. Core growth excluding respiratory was up 4.5%, a 150 basis point acceleration versus Q1, indicating improving underlying demand.
Negative Updates
Bioprocessing Shipment Timing and Revenue Pushouts
Bioprocessing consumables revenue came in below expectations due to a few large chromatography resin shipments being delayed by customers. Management quantified the Q2 impact at roughly $50–$60 million and said a little over $100 million of revenue shifted from Q2/Q3 into 2027, reducing near-term bioprocessing growth (bioprocessing grew low single digits in Q2 versus prior expectations of higher growth).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Core Growth
Q2 sales of $6.3 billion; core revenue up 3% year-over-year. Core growth excluding respiratory was up 4.5%, a 150 basis point acceleration versus Q1, indicating improving underlying demand.
Read all positive updates
Company Guidance
Management guided third-quarter revenue growth of approximately 2%–3% (including an ~250‑basis‑point year‑over‑year respiratory testing headwind, implying roughly 5% core growth ex‑respiratory), expects to exit Q4 at a mid‑single‑digit core revenue growth rate and reiterated full‑year 2026 core revenue growth of 3%–4%; they raised full‑year adjusted diluted EPS to $8.45–$8.60 (from $8.35–$8.55) and forecast a Q3 adjusted operating profit margin of ~26.5%. For context, Q2 sales were $6.3 billion with core revenue up 3% (core ex‑respiratory 4.5%, a 150‑bp acceleration from Q1), gross margin 57.6%, adjusted operating margin 27.1% (down 20 bps), adjusted diluted EPS $1.94 (up ~8% YoY), Q2 free cash flow $1.3 billion and H1 free cash flow $2.4 billion (YTD FCF-to-net‑income conversion 124%). Management also noted capital deployment actions—~$900 million to repurchase 5 million shares—an early June close of Masimo (H1 high‑single‑digit revenue growth, expected immediately accretive), a pending StatLab deal (~$250 million 2025 revenue, >85% recurring, expected high‑single‑digit long‑term growth and accretive in its first full year), and segment details including biotechnology core +2.5% (bioprocessing low‑single digits with roughly $50–60 million Q2 impact and a little north of $100 million shifted into next year), Life Sciences core +5.5%, Diagnostics core +2% (ex‑respiratory +5%), and core revenues in high‑growth markets +>10% (China mid‑single digits).Danaher Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.11B | 24.57B | 23.88B | 23.89B | 26.64B | 29.45B |
| Gross Profit | 14.69B | 14.97B | 14.21B | 14.03B | 16.19B | 17.95B |
| EBITDA | 6.43B | 6.95B | 7.28B | 7.50B | 9.48B | 10.01B |
| Net Income | 4.00B | 3.61B | 3.90B | 4.76B | 7.21B | 6.43B |
Balance Sheet | ||||||
| Total Assets | 92.37B | 83.46B | 77.54B | 84.49B | 84.35B | 83.18B |
| Cash, Cash Equivalents and Short-Term Investments | 4.35B | 4.62B | 2.08B | 5.86B | 6.00B | 2.59B |
| Total Debt | 26.56B | 18.42B | 17.15B | 19.54B | 20.62B | 23.27B |
| Total Liabilities | 39.79B | 30.93B | 27.99B | 31.00B | 34.26B | 38.01B |
| Stockholders Equity | 52.58B | 52.53B | 49.54B | 53.49B | 50.08B | 45.17B |
Cash Flow | ||||||
| Free Cash Flow | 5.47B | 5.26B | 5.30B | 5.78B | 7.37B | 7.06B |
| Operating Cash Flow | 6.63B | 6.42B | 6.69B | 7.16B | 8.52B | 8.36B |
| Investing Cash Flow | -11.09B | -1.20B | -1.98B | -7.08B | -2.23B | -12.99B |
| Financing Cash Flow | 5.86B | -2.96B | -8.38B | -273.00M | -2.57B | 1.29B |
Danaher Technical Analysis
Negative
194.75
Price Trends
183.22
Negative
186.04
Negative
203.38
Negative
Market Momentum
1.84
Positive
38.18
Neutral
44.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHR, the sentiment is Negative. The current price of 194.75 is above the 20-day moving average (MA) of 194.71, above the 50-day MA of 183.22, and below the 200-day MA of 203.38, indicating a bearish trend. The MACD of 1.84 indicates Positive momentum. The RSI at 38.18 is Neutral, neither overbought nor oversold. The STOCH value of 44.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DHR.
Danaher Risk Analysis
Danaher disclosed 42 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $194.53B | 28.87 | 13.26% | 0.30% | 5.36% | 6.54% | |
72 Outperform | $43.58B | 39.90 | 70.87% | ― | 13.08% | 25.40% | |
71 Outperform | $37.52B | 26.70 | 20.84% | 0.72% | 9.11% | 22.77% | |
69 Neutral | $36.09B | 47.02 | 8.04% | ― | 26.39% | -28.79% | |
68 Neutral | $126.70B | 34.55 | 7.06% | 0.53% | 4.56% | 19.34% | |
64 Neutral | $26.23B | 29.96 | -610.32% | ― | 6.78% | 6.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
DHR
Danaher
192.50
-8.82
-4.38%
A
Agilent
139.74
20.35
17.04%
IDXX
Idexx Laboratories
539.37
-10.61
-1.93%
MTD
Mettler-Toledo
1,331.87
71.12
5.64%
TMO
Thermo Fisher
572.32
99.02
20.92%
WAT
Waters
382.41
83.94
28.12%
Danaher Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Danaher Completes Multi-Tranche Swiss Franc Notes Offering
Positive
Jun 3, 2026
On June 3, 2026, Danaher and its wholly owned subsidiary DH Masi Finance Inc. completed a private placement of senior unsecured notes totaling CHF 2.38 billion to institutional accredited investors, with maturities ranging from 2031 to 2056 and fi...
Executive/Board ChangesShareholder Meetings
Danaher Shareholders Back Directors, Pay Plan and Auditor
Positive
May 7, 2026
At Danaher Corporation’s annual meeting of shareholders held on May 5, 2026, investors elected eleven directors to serve terms expiring in 2027, with each nominee receiving substantial majority support. Shareholders also ratified Ernst Youn...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Danaher Issues Euro Notes to Finance Masimo Acquisition
Positive
Apr 29, 2026
On April 29, 2026, Danaher issued €3 billion in euro-denominated senior notes across four tranches, including floating-rate notes due 2028 and fixed-rate notes maturing between 2030 and 2038, as general unsecured senior indebtedness under it...
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.