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DHR · NYSE

Danaher Corporation

Diagnostics & Research · United States

USD 235.31-0.3% daily changeQuote 2026-11-11 · USD
Market cap (USD)
US$165.55B
Trailing P/E
38.96x
Forward P/E
25.25x
Quarterly revenue growth
8.3%
Trailing net margin
16.9%
Indicated dividend yield
0.7%

Snapshot 2026-11-11 · Latest financial period 2026-09-25 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2027-01-27 (provider estimate; issuer confirmation unavailable here).

Company background

Danaher Corporation designs, manufactures, and markets professional, medical, research, and industrial products and services in the United States, China, and internationally. The company operates through Biotechnology, Life Sciences, and Diagnostics segments. The Biotechnology segment provides technologies, consumables, services, and solutions that advance, accelerate, and integrate the development and manufacture of therapeutics; cell line and cell culture media development services; cell culture media, process liquids and buffers for manufacturing, chromatography resins, filtration technologies, and aseptic fill finish; single-use hardware, consumables, and services, such as the design and installation of full manufacturing suites; lab filtration, separation, and purification; lab-scale protein purification and analytical tools; reagents, membranes, and services for diagnostic and assay development; and healthcare filtration solutions. The Life Sciences segment provides mass spectrometers; bioanalytical measurement systems; flow cytometry, genomics, lab automation, centrifugation, liquid handling automation instruments, antibodies and reagents, and particle counting and characterization; genome sample preparation; microscopes; protein consumables; filtration products; and genomic medicines, such as custom nucleic acid products, and plasmid DNA, RNA, and proteins under the ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX, and SCIEX brands. The Diagnostics segment offers clinical instruments, consumables, software, and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was incorporated in 1969 and is headquartered in Washington, the District Of Columbia.

Company website

Q3 2026

Go beyond the headline.

DHR Stock: Earnings Jumped — How Much Will Repeat? | Q3 2026

Published 2026-10-22

Q3 2026 REPORT HIGHLIGHTS

What’s changed for DHR

Separate the tax-assisted earnings increase, revised core-growth definition and Masimo funding from recurring cash value.

  1. The tax bridge matters.

    A $243 M tax-line swing explains 81.3% of the $299 M continuing earnings increase.

  2. Core growth has a new definition.

    Q3 excludes customer tariff refunds; acquisitions also drive reported sales.

  3. Cash improved, funding expanded.

    YTD companyFCF $3.982 B does not deduct $9.881 B acquisition cash.

  4. Guidance rose modestly.

    Adjusted EPS midpoint increased $0.07 to $8.595.

  5. Value requires repeatability.

    Our $200 central value compares with $233.86 EOD; litigation proceeds are excluded.

Comparable businesses

DHR peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricDHRDanaher CorporationSnapshot 2026-11-11Financial period: 2026-09-25TMOThermo Fisher Scientific Inc.Snapshot 2026-11-11Financial period: 2026-09-26IDXXIDEXX Laboratories, Inc.Snapshot 2026-11-11Financial period: 2026-09-30Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$165.55BUS$265.92BUS$55.35BUS$160.64Bn=2
Forward P/EProvider forward earnings estimate25.25x25.83x41.62x33.72xn=2
EV / EBITDAEnterprise value / trailing EBITDA22.80x24.86x33.27x29.06xn=2
Revenue growthLatest quarter vs prior-year quarter8.3%9.1%9.9%9.5%n=2
Operating marginLatest reported quarter22.0%19.1%32.5%25.8%n=2
Free cash flow yieldTrailing cash flow / market cap2.9%2.4%1.9%2.2%n=2
Net debt / EBITDANet debt / trailing EBITDA2.68x2.91x0.46x1.69xn=2
Debt / equityTotal debt / positive book equity0.52x0.75x0.52x0.64xn=2
Trailing P/ETrailing twelve-month earnings38.96x37.85x47.34x42.60xn=2
Price / bookPrice / positive book equity per share3.09x4.86x29.62x17.24xn=2
EV / salesEnterprise value / trailing revenue7.35x6.37x11.94x9.15xn=2
Earnings growthLatest quarter vs prior-year quarter37.8%8.7%17.9%13.3%n=2
Gross marginTrailing twelve months59.4%41.3%62.7%52.0%n=2
Net marginTrailing twelve months16.9%14.9%25.4%20.1%n=2
Return on equityProvider trailing return; positive equity only8.2%13.4%68.9%41.2%n=2
Free cash flow marginTrailing free cash flow / revenue18.5%13.6%22.8%18.2%n=2
Dividend yieldIndicated annual dividend / price0.7%0.3%——
Earnings payoutProvider trailing dividend payout25.2%9.7%0.0%4.8%n=2
Current ratioCurrent assets / current liabilities1.63x1.81x1.19x1.50xn=2
BetaProvider historical market sensitivity0.800.841.541.19n=2

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

Reporting period
Financial history
Chart style
Comparison stocks

Financial statements load separately from the research page.

Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for DHR

All available reporting periods
Q3 20262026-10-22
Q2 20262026-07-21
Q1 20262026-04-21
Deep Dive2026-04-21
Q4 20252026-04-15

DHR Stock: $6.8B Revenue — Q4 2025 Earnings Analysis

Presentation · 2026-04-15 · YouTube

DHR Stock: $6.8B Revenue — Q4 2025 Earnings Analysis

Presentation · 2026-04-15 · YouTube

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.