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Danaher
(NYSE:DHR)
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Rating:72Outperform
Price Target:
$219.00
▲(14.36% Upside)
Action:Upgraded
Date:08/04/26
DHR scores as a solid but not cheap setup: financial performance is supported by strong free-cash-flow generation and durable margins, and the latest earnings call reinforced improving core momentum with a raised EPS outlook. The main constraints on the score are elevated valuation (high P/E with low yield) and only moderate technical confirmation (still below the 200-day average), with near-term headwinds from respiratory mix and bioprocessing shipment timing.
Positive Factors
Strong free cash flow
Consistent, high free cash flow (TTM ~$5.5B; strong YTD conversion) provides durable funding for R&D, targeted M&A, debt servicing, and shareholder returns. Reliable FCF underpins strategic flexibility and de-risks capital allocation over the next several quarters.
Negative Factors
Modest revenue growth
Top-line growth has been tepid (low single digits TTM) while ROE and margins have normalized from prior peaks. Slower organic growth limits operating leverage and constrains faster EPS expansion absent continued M&A or higher-margin product mix shifts.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Consistent, high free cash flow (TTM ~$5.5B; strong YTD conversion) provides durable funding for R&D, targeted M&A, debt servicing, and shareholder returns. Reliable FCF underpins strategic flexibility and de-risks capital allocation over the next several quarters.
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
$145.83B
Dividend Yield0.7%
Average Volume (3M)5.30M
Price to Earnings (P/E)36.4
Beta (1Y)0.83
Revenue Growth4.56%
EPS Growth19.34%
CountryUS
Employees59,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)5.65
Shares Outstanding702,986,100
10 Day Avg. Volume8,426,496
30 Day Avg. Volume5,303,897
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
$219.78Price Target Upside14.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)8.5
Revenue Forecast (FY)$26.31B
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 | 7.15B | 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
Positive
191.50
Price Trends
191.82
Positive
186.49
Positive
202.63
Positive
Market Momentum
3.90
Negative
59.77
Neutral
89.03
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 191.5 is below the 20-day moving average (MA) of 197.73, below the 50-day MA of 191.82, and below the 200-day MA of 202.63, indicating a bullish trend. The MACD of 3.90 indicates Negative momentum. The RSI at 59.77 is Neutral, neither overbought nor oversold. The STOCH value of 89.03 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 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $223.70B | 32.39 | 13.35% | 0.32% | 7.23% | 7.47% | |
75 Outperform | $46.22B | 40.07 | 71.96% | ― | 12.77% | 18.22% | |
75 Outperform | $28.80B | 32.30 | -1199.91% | ― | 6.91% | 12.43% | |
72 Outperform | $145.83B | 36.44 | 7.66% | 0.75% | 4.56% | 19.34% | |
71 Outperform | $42.22B | 29.71 | 20.84% | 0.59% | 9.11% | 22.77% | |
61 Neutral | $40.75B | 103.52 | 1.88% | ― | 26.39% | -28.79% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
DHR
Danaher
205.79
-1.82
-0.88%
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TMO
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Danaher Corporate Events
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 ...
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...
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.