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NYSE · Healthcare

Danaher Corp. (DHR)

As-reported financials and SEC filings for Danaher Corp. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Danaher Corp.

Danaher Corp is a global science and technology company operating through more than 15 businesses in biotechnology, life sciences, and diagnostics. It provides equipment, consumables, software, and services that support the research, development, and manufacture of biological medicines, as well as tools for studying DNA, RNA, proteins, and cells. Danaher's customers include pharmaceutical and biopharmaceutical companies, research institutions, biotechnology firms, and healthcare providers.

Snapshot

Revenue
$24.57B
Revenue growth (YoY)
2.9%
Net income
$3.61B
Diluted EPS
$5.05
Gross margin
59.1%
Operating margin
19.1%
Net margin
14.7%
FCF margin
21.4%
ROE
6.9%
net income / fiscal-year-end equity
P/E
38.2×
trailing when available, otherwise FY EPS
Market cap
$163.77B
Long-term debt / equity
0.35×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Danaher

  • Revenue grew 2.9% to $24.6B in FY2025, after a 0.1% decline the year before.
  • Operating margin is 19.1% in FY2025, -6.6 pp against 25.7% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $6.6B, up 8.3% from Q3 FY2025.
  • Free cash flow was $5.3B in FY2025, 21.4% of revenue.
  • Net income fell 7.3% to $3.6B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Danaher’s fundamentals sit among the 570 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin59.1%
51st percentile of 290
Operating margin19.1%
86th percentile of 410
Net margin14.7%
82nd percentile of 429
FCF margin21.4%
88th percentile of 385
Revenue growth (YoY)+2.9%
34th percentile of 552
ROE6.9%
69th percentile of 481
P/E38.2×
71st percentile of 183
Long-term debt / equity0.35×
42nd percentile of 251
Short interest1.91d
16th percentile of 568

Danaher’s FCF margin of 21.4% ranks in the 88th percentile of the 385 Healthcare companies reporting it. Danaher’s operating margin of 19.1% ranks in the 86th percentile of the 410 Healthcare companies reporting it.

No reported insider purchases (code P) in the last 90 days; 3 insider sales totaling $12.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 8 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
8
+7 quant / multi-strat
Initiated / added
9
3 new, 6 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$1.77B
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$503.2M2.6MReduced
Millennium ManagementquantQ2 2026$407.7M2.1MAdded
Citadel AdvisorsquantQ2 2026$179.8M943.7KReduced
Renaissance TechnologiesquantQ2 2026$144.9M760.6KAdded
Third PointQ2 2026$102.9M540.0KAdded
Tiger Global ManagementQ2 2026$86.9M456.0KNew
Two Sigma InvestmentsquantQ2 2026$86.2M452.8KReduced
D. E. ShawquantQ2 2026$78.5M411.9KReduced
Gates Foundation TrustQ2 2026$71.0M373.0KHeld
Dodge & CoxQ2 2026$49.0M257.0KAdded
Gotham Asset ManagementQ2 2026$44.9M235.9KAdded
Duquesne Family OfficeQ2 2026$9.6M50.3KNew
Bridgewater AssociatesQ2 2026$4.9M25.7KAdded
Point72 Asset ManagementquantQ2 2026$2.2M11.3KNew
Harris Associates (Oakmark)Q2 2026$350,1021.8KHeld

No longer held by: Maverick Capital (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
3
$12.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-21
filed 2026-08-24
Rainer BlairPresident & CEOSell39.2K$218.73$8.6M
2026-08-21
filed 2026-08-24
Rainer BlairPresident & CEOSell11.3K$217.77$2.5M
2026-08-21
filed 2026-08-24
Rainer BlairPresident & CEOSell7.8K$219.35$1.7M
2026-05-01
filed 2026-05-04
Alan G. SpoonDirectorSell1.4K$174.67$237K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
8.1M
settled 2026-10-15
Change vs prior
-9.2%
vs previous settlement
Days to cover
1.91
at avg daily volume
Avg daily volume
4.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-10-158.1M-9.2%1.91
2026-09-309.0M+7.5%1.76
2026-09-158.3M-13.4%2.69
2026-08-319.6M+9.8%2.83
2026-08-148.8M-27.3%2.65
2026-07-3112.1M+19.6%1.38
2026-07-1510.1M-7.0%2.73
2026-06-3010.9M-5.5%2.39

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$24.57B$23.88B$23.89B$26.64B$24.80B
Gross profit
Operating income$4.69B$4.86B$5.20B$7.54B$6.38B
Pre-tax income$4.23B$4.65B$5.04B$7.15B$6.51B
Net income$3.61B$3.90B$4.76B$7.21B$6.43B
Diluted EPS$5.05$5.29$6.38$9.66$8.61

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$4.62B$2.08B$5.86B$6.00B$2.59B
Current assets$12.76B$9.50B$13.94B$15.88B$11.65B
Total assets$83.46B$77.54B$84.49B$84.35B$83.18B
Current liabilities$6.81B$6.80B$8.27B$8.39B$8.14B
Long-term debt$18.42B$15.50B$16.71B$19.09B$22.17B
Total liabilities
Total equity$52.54B$49.55B$53.49B$50.09B$45.18B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$6.42B$6.69B$7.16B$8.52B$8.36B
Capital expenditure$1.16B$1.39B$1.38B$1.12B$1.24B
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$6.55B8.3%$1.24B$1.75
Q2 FY2026$6.26B5.5%$870.0M$1.23
Q1 FY2026$5.95B3.7%$1.03B$1.45
Q4 FY20254.6%
Q3 FY2025$6.05B4.4%$908.0M$1.27
Q2 FY2025$5.94B3.4%$555.0M$0.77
Q1 FY2025$5.74B-0.9%$954.0M$1.32
Q4 FY20242.1%

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorHealthcare
SIC industryIndustrial Instruments For Measurement, Display, and Control
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ3 FY2026 (ended September 25, 2026)
Oldest indexed filing2020
SEC CIK313616

Selected SEC filings

10-K2026-02-24
View on EDGAR →
10-K2025-02-20
View on EDGAR →
10-Q2026-10-21
View on EDGAR →
10-Q2026-07-21
View on EDGAR →
10-Q2026-04-21
View on EDGAR →
10-Q2025-10-21
View on EDGAR →
8-K2026-10-21
View on EDGAR →
8-K2026-10-13
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.