Danaher Corporation (DHR)
NYSE:DHR
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Danaher
(NYSE:DHR)
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Rating:69Neutral
Price Target:
$196.00
▲(0.64% Upside)
Action:ReiteratedDate:04/30/26
DHR scores best on financial quality and the latest earnings call (strong cash generation, solid margins, raised EPS outlook), but the overall score is pulled down by clearly weak technicals (below key moving averages with negative MACD) and a relatively expensive valuation (P/E ~31 with a low yield).
Positive Factors
Strong free cash flow generation
Consistently high free cash flow that converts ~82% of net income provides durable financial flexibility to fund R&D, repay or refinance debt, pursue M&A (e.g., Masimo), and support buybacks/dividends. This underpins resilience across cycles and strategic optionality.
Negative Factors
China diagnostics pricing headwinds
Policy-driven price compression in China creates a persistent structural headwind for Diagnostics revenue and margins in a key geographic market. Prolonged VBP/reimbursement effects can reduce pricing power and slow recovery, forcing margin mitigation or strategic repricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistently high free cash flow that converts ~82% of net income provides durable financial flexibility to fund R&D, repay or refinance debt, pursue M&A (e.g., Masimo), and support buybacks/dividends. This underpins resilience across cycles and strategic optionality.
Read all positive factors
Danaher (DHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$126.66B
Dividend Yield0.53%
Average Volume (3M)3.71M
Price to Earnings (P/E)31.2
Beta (1Y)0.85
Revenue Growth4.02%
EPS Growth0.05%
CountryUS
Employees61,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)2.06
Shares Outstanding707,770,600
10 Day Avg. Volume3,358,750
30 Day Avg. Volume3,706,270
Financial Highlights & Ratios
PEG Ratio-9.18
Price to Book (P/B)3.08
Price to Sales (P/S)6.59
P/FCF Ratio30.78
Enterprise Value/Market Cap1.10
Enterprise Value/Revenue5.62
Enterprise Value/Gross Profit9.27
Enterprise Value/Ebitda20.83
Forecast
1Y Price Target
$233.74Price Target Upside20.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)8.44
Revenue Forecast (FY)$25.49B
Danaher Business Overview & Revenue Model
Company Description
Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company operates through three segments: Life Sciences, Diagnostics, and Environmental & Applied Solution...
How the Company Makes Money
Danaher makes money primarily by selling products and services across its Biotechnology and Diagnostics businesses. In Biotechnology, revenue is generated from tools and consumables used in bioprocessing (e.g., filtration, chromatography, single-u...
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 Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call highlighted solid execution: strong earnings growth (+9.5% adjusted EPS), margin expansion, robust free cash flow, a raised full-year EPS range, clear momentum in bioprocessing (consumables growth and >30% equipment order growth), and constructive China trends. Management acknowledged near-term headwinds—chiefly a ~25% drop in respiratory revenue, Diagnostics weakness in China from VBP/reimbursement, and seasonally lower Q2 margins—but provided unchanged core revenue guidance (3%–6%), articulated remediation (DBS and identified Masimo synergies), and emphasized balance sheet strength and active M&A. Overall, positives (earnings, cash generation, bioprocessing momentum, product wins, M&A synergies) materially outweigh the moderated but manageable negatives (respiratory seasonality, China policy headwinds and instrument softness).Positive Updates
Revenue and Top-Line
Sales were $6.0 billion in Q1 2026; core revenue was up 0.5% year-over-year, with the rest of the business (ex-respiratory) growing ~3% year-over-year after a ~2.5% headwind from a lighter respiratory season.
Negative Updates
Respiratory Revenue Weakness
Cepheid respiratory revenue declined approximately 25% year-over-year in Q1 due to a lighter-than-typical seasonal respiratory season, creating a ~2.5% headwind to core revenue for the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and Top-Line
Sales were $6.0 billion in Q1 2026; core revenue was up 0.5% year-over-year, with the rest of the business (ex-respiratory) growing ~3% year-over-year after a ~2.5% headwind from a lighter respiratory season.
Read all positive updates
Company Guidance
Danaher reiterated full‑year 2026 core revenue guidance of 3%–6% and raised adjusted diluted net EPS to $8.35–$8.55 (from $8.35–$8.50), assuming a slightly lower respiratory revenue outlook of ~$1.6–$1.7 billion; they expect Q2 core revenue to be up low single digits with an adjusted operating profit margin of ~26.5%. In Q1 the company reported $6.0 billion of sales, core revenue +0.5% (including a 2.5% headwind from respiratory), gross margin of 60.3%, adjusted operating margin of 30.2% (up 60 bps), adjusted EPS of $2.06 (+9.5%), $1.1 billion of free cash flow (105% FCF-to-net‑income conversion), and management expects >$5 billion of free cash flow for 2026; they said roughly a ~300‑basis‑point headwind (China diagnostics, respiratory and Life Sciences comps) should abate by year‑end, enabling an exit to mid‑single‑digit core growth, and noted the pending Masimo deal is expected to be accretive in the first full year and deliver high‑single‑digit ROIC by year five.Danaher Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.78B | 24.57B | 23.88B | 23.89B | 26.64B | 29.45B |
| Gross Profit | 15.04B | 14.97B | 14.21B | 14.03B | 16.19B | 17.95B |
| EBITDA | 6.69B | 6.95B | 7.28B | 7.50B | 9.48B | 10.01B |
| Net Income | 3.69B | 3.61B | 3.90B | 4.76B | 7.21B | 6.43B |
Balance Sheet | ||||||
| Total Assets | 83.54B | 83.46B | 77.54B | 84.49B | 84.35B | 83.18B |
| Cash, Cash Equivalents and Short-Term Investments | 5.70B | 4.62B | 2.08B | 5.86B | 6.00B | 2.59B |
| Total Debt | 18.48B | 18.42B | 17.15B | 19.54B | 20.62B | 23.27B |
| Total Liabilities | 30.59B | 30.93B | 27.99B | 31.00B | 34.26B | 38.01B |
| Stockholders Equity | 52.95B | 52.53B | 49.54B | 53.49B | 50.08B | 45.17B |
Cash Flow | ||||||
| Free Cash Flow | 5.29B | 5.26B | 5.30B | 5.78B | 7.37B | 7.06B |
| Operating Cash Flow | 6.44B | 6.42B | 6.69B | 7.16B | 8.52B | 8.36B |
| Investing Cash Flow | -1.20B | -1.20B | -1.98B | -7.08B | -2.23B | -12.99B |
| Financing Cash Flow | -1.66B | -2.96B | -8.38B | -273.00M | -2.57B | 1.29B |
Danaher Technical Analysis
Neutral
194.75
Price Trends
199.08
Negative
214.14
Negative
208.89
Negative
Market Momentum
-0.63
Negative
50.16
Neutral
60.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHR, the sentiment is Neutral. The current price of 194.75 is above the 20-day moving average (MA) of 191.13, below the 50-day MA of 199.08, and below the 200-day MA of 208.89, indicating a neutral trend. The MACD of -0.63 indicates Negative momentum. The RSI at 50.16 is Neutral, neither overbought nor oversold. The STOCH value of 60.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $126.66B | 31.22 | 7.06% | 0.53% | 4.02% | 0.05% | |
67 Neutral | $44.54B | 51.15 | 69.78% | ― | 10.42% | 22.38% | |
67 Neutral | $177.99B | 26.66 | 13.26% | 0.30% | 5.36% | 6.54% | |
66 Neutral | $32.65B | 31.05 | 19.73% | 0.72% | 8.14% | 4.17% | |
66 Neutral | $25.95B | 33.06 | -487.21% | ― | 3.98% | 3.77% | |
66 Neutral | $30.36B | 35.17 | 28.52% | ― | 6.99% | 0.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
DHR
Danaher
178.95
-16.41
-8.40%
A
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560.80
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MTD
Mettler-Toledo
1,276.61
220.03
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TMO
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478.96
60.61
14.49%
WAT
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Danaher Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
Danaher Establishes New $5 Billion Revolving Credit Facility
Positive
Apr 17, 2026
On April 16, 2026, Danaher Corporation entered into a new $5.0 billion 364-day revolving credit facility with Bank of America as administrative agent and a syndicate of lenders, expiring April 15, 2027. The unsecured facility, which can be convert...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Danaher to Acquire Masimo, Expanding Diagnostics Portfolio
Positive
Feb 17, 2026
On February 17, 2026, Danaher announced a definitive agreement to acquire Masimo Corporation, a specialty diagnostics company known for pulse oximetry and patient monitoring solutions used primarily in acute care settings. Danaher will pay $180 pe...
Executive/Board Changes
Danaher Announces Retirement of Board Member Jessica Mega
Neutral
Feb 10, 2026
On February 5, 2026, Danaher Corporation announced that board member Jessica L. Mega retired from its Board of Directors, effective the same day, citing increased commitments related to her other professional obligations. The company emphasized th...
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.