# Danaher Corporation (DHR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DHR/thesis · /stocks/DHR/memo

## Financial Snapshot

---
ticker: DHR
step: 04
generated: 2026-05-12
source: quick-research
---

### Danaher Corporation (DHR) — Financial Snapshot

#### Income Statement Summary (post-Veralto spin-off Sept 2023)

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $23.9B | $23.9B | $24.6B | +3% |
| Non-GAAP Core Revenue Growth | -3% | flat | +2% | recovering |
| Non-GAAP Gross Margin | 60% | 60% | 60% | stable |
| Non-GAAP Operating Margin | 27% | 26% | 27% | recovering |
| Non-GAAP Adj. EPS | $7.58 | $7.46 | $7.80 | +5% |
| Free Cash Flow | $7.6B | ~$5.5B | $5.3B | -4% |

#### Segment Performance (FY2025)

| Segment | Revenue | Growth |
|---------|---------|--------|
| Biotechnology | ~$10B | +mid-single-digit (bioprocessing recovering) |
| Diagnostics | ~$8.5B | -low-single-digit (China VBP drag, COVID rolloff) |
| Life Sciences | ~$6.1B | flat |

#### Q1 2026 Highlights

| Metric | Q1 2026 | YoY |
|--------|---------|-----|
| Revenue | $6.0B | flat |
| Core Revenue Growth | +0.5% | |
| Bioprocessing Equipment Orders | +30%+ YoY | FIRST POSITIVE GROWTH IN ~2 YEARS |
| FCF Conversion | 146% | |
| Bioprocessing Consumables Growth | low double-digit | |

#### Key Product Detail

| Product | FY2025 Notes |
|---------|--------------|
| Cytiva (bioprocessing) | Equipment order recovery; consumables strong |
| Cepheid respiratory | ~$1.7B target FY26 (normal endemic season) |
| Cepheid GI Panel | New FDA clearance — growth vector |
| China Diagnostics | -high-single-digit; VBP $150M FY headwind |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$6.5B |
| Capital Expenditures | ~$1.2B |
| Free Cash Flow | $5.3B |
| Cash & Investments | ~$3B |
| Total Debt | ~$20B (pre-Masimo) |
| Net Debt/EBITDA | ~2.0x (pre-Masimo) |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~27x | EV/EBITDA: ~17x | Dividend Yield: ~0.6%
- ROIC: ~10% (pre-Masimo)
- FCF margin: ~22%

#### Growth Profile
Q1 2026 marked an inflection: bioprocessing equipment orders +30% YoY (first positive in nearly 2 years). Consumables low double-digit growth. Management raised FY26 EPS guidance on bioprocessing momentum. Q1 FCF conversion 146% — exceptional. Bear case "bioprocessing winter" appears to be ending. Diagnostics still drag (China VBP, normalized respiratory).

#### Forward Estimates
- **FY2026E Revenue:** ~$26B (+5-6%)
- **FY2026E Adj EPS:** ~$8.50 (+9%)
- **FY2027E EPS:** ~$9.50 (+12%)
- **FY2026 Bioprocessing core growth:** high-single-digit (mgmt guide)
- **Long-term EPS growth target:** 10-12%

#### Capital Return
- Dividend $1.16 annual (~$0.9B paid)
- Buybacks: $5-7B annual run rate (varies with M&A)
- Total return ~3-5%
- Masimo pending $9.9B acquisition will constrain near-term buybacks

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DHR/fundamental

## Navigation

- Overview: /stocks/DHR
- Financials (this page): /stocks/DHR/financials
- Thesis: /stocks/DHR/thesis
- Investment Memo: /stocks/DHR/memo
- Coverage universe: /stocks