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DANAHER CORP /DE/ (DHR) financial health, profit and balance sheet · Scorvest

DHR · NYSE · United States · Industrial Instruments For Measurement, Display, And Control

DANAHER CORP /DE/

Washington, DC · Fiscal year ends in December · Figures in USD

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In shortDANAHER CORP /DE/ is profitable, generates cash and carries moderate debt, with revenue growing (+2.9% last year).

Financial health

Solid

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability58

Operating marginShare of each sale left after running the business, before interest and tax.	19.1%	80/100
Net marginShare of each sale left as profit after every cost, interest and tax.	14.7%	79/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	7.1%	35/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	5.6%	37/100

Weight in the score: 25%

Balance sheet82

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.87×	89/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.35×	92/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	2.54×	42/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	17.70×	100/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	4.46	86/100

Weight in the score: 25%

Cash generation100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	21.4%	100/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	1.46×	100/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability72
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 2 of 5 33/100
Revenue growth volatility 8.3% 81/100
Operating margin volatility 3.8% 74/100
Weight in the score: 20%
Growth1
Revenue growth, 3-year average -2.7% 2/100
EPS growth, 3-year average -19.4% 0/100
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	2 of 5	33/100
Revenue growth volatility	8.3%	81/100
Operating margin volatility	3.8%	74/100

Revenue growth, 3-year average	-2.7%	2/100
EPS growth, 3-year average	-19.4%	0/100

Fiscal year 2025 · change vs prior year

Revenue: $24.6B; ▲ 2.9%
Net income: $3.6B; ▼ 7.3%
Free cash flow: $5.3B; ▼ 0.7%
Operating margin: 19.1%; −1.3 pts
Cash & investments: $4.6B; –
Total debt: $18.4B; ▲ 15.1%
Diluted EPS: $5.05; ▼ 4.5%
Return on equity: 7.1%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	24,802	26,643	23,890	23,875	24,568
Cost of revenue	9,563	10,455	9,856	9,669	10,045
Gross profit	15,239	16,188	14,034	14,206	14,523
Research & development	1,498	1,528	1,503	1,584	1,598
Selling, general & admin	6,817	7,124	7,329	7,759	8,235
Operating income	6,377	7,536	5,202	4,863	4,690
Interest expense	231	204	286	278	265
Pre-tax income	6,511	7,146	5,044	4,646	4,233
Income tax	1,064	818	823	747	633
Net income	6,433	7,209	4,764	3,899	3,614
Diluted EPS	$8.61	$9.66	$6.38	$5.29	$5.05
Diluted shares (millions)	737	737	743	737	716

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Risk checks

Altman Z'' score

4.46 Safe zone

Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: failed

Sources

10-QPeriod ending Sep 25, 2026Filed Oct 21, 2026Open the report ↗
10-QPeriod ending Jun 26, 2026Filed Jul 21, 2026Open the report ↗
10-QPeriod ending Mar 27, 2026Filed Apr 21, 2026Open the report ↗
10-KPeriod ending Dec 31, 2025Filed Feb 24, 2026Open the report ↗
10-QPeriod ending Sep 26, 2025Filed Oct 21, 2025Open the report ↗
10-QPeriod ending Jun 27, 2025Filed Jul 22, 2025Open the report ↗
10-QPeriod ending Mar 28, 2025Filed Apr 22, 2025Open the report ↗
10-KPeriod ending Dec 31, 2024Filed Feb 20, 2025Open the report ↗