Health Care · Life Sciences Tools & Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$229.04
52-week range
$160.31 – $241.35
Market cap
$162.1B
P/E (trailing)
40.7×
EV / EBITDA
35.9×
Free-cash-flow yield
3.4%
Dividend yield
0.7%
Revenue (last 12 months)
$25.1B
Revenue growth (3y a year)
−2.7%
Operating margin
20.4%
Return on invested capital
5.6%
Net debt / EBITDA
4.6×
Fair value
Blended fair value$118.00 range $113 – $123
Versus priceOvervalued−49% to fair value
Peer multiples
$153.21
Fundamentals-adjusted multiple
$130.83
10-year DCF (market-scaled)
$69.95
Earnings power value (floor, not blended)
$46.61
Model uncertainty
Medium
X-Ray Score
28/ 100 · High confidence · ahead of 10% of sector peers
Valuation22
Growth14
Profitability33
Financial health39
Dividends37
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Tools for life sciences research, diagnostics and biopharmaceutical production come from Danaher, a science and technology company. Its businesses include Cytiva, which supplies bioprocessing equipment, Beckman Coulter and Cepheid in diagnostics, and Leica Microsystems and SCIEX in research instruments. Customers include biopharma manufacturers, hospitals, clinical laboratories and universities. The company is organised into biotechnology, life sciences and diagnostics groups.
Revenue of $25.1 billion over the last twelve months comes from instruments, recurring consumables and reagents, and service. Revenue has changed at -2.7% a year across the last three years. The operating margin is 20.4%, the business earns 6% on the capital invested in it, and net debt is 4.6 times EBITDA. The dividend yield is 0.7%.
StocksXray gives Danaher Corp an X-Ray Score of 28 out of 100 (high confidence), ahead of 10% of the S&P 500 stocks in its sector. Its strongest lens is financial health (39) and its weakest is growth (14).
Our fair value blend is $118.00 (range $113.21 to $122.91). At $229.04 the stock trades 94% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Danaher Corp (DHR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$284.48
$230.37
$227.55
$226.76
$227.56
$229.04
Market cap
$209.6B
$169.8B
$169.1B
$167.2B
$163.0B
$162.1B
P/E
33.0×
23.8×
35.7×
42.9×
45.1×
40.7×
EV / revenue
9.2×
6.9×
7.6×
7.6×
7.2×
7.3×
EV / EBITDA
27.2×
19.0×
24.7×
37.2×
37.7×
35.9×
Price / free cash flow
29.4×
22.9×
29.2×
31.6×
31.0×
29.7×
Free-cash-flow yield
3.4%
4.4%
3.4%
3.2%
3.2%
3.4%
Price / book
4.6×
3.4×
3.2×
3.4×
3.1×
3.1×
Dividend yield
–
–
–
–
–
0.66%
Fundamentals checklist ● 0 Good · ● 5 Average · ● 11 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.8%Average
Free-cash-flow yield3.4%Bad
Risk models
Altman Z score3.8×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−19.4%Bad
Free-cash-flow growth (3y)−10.8%Bad
Revenue growth (3y)−2.7%Bad
Growth consistency70%Bad
Balance sheet
Current ratio1.7×Average
Net debt / EBITDA4.6×Bad
Interest cover17.6×Average
Valuation
Fair value vs price0.5×Bad
EBIT / EV yield2.8%Bad
Profitability
Return on invested capital5.6%Bad
Operating margin20.4%Average
Gross profitability15.9%Bad
XStocksXray
Danaher Corp (DHR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
24,802
26,643
23,890
23,875
24,568
25,107
Gross profit
15,239
16,188
14,034
14,206
14,523
14,691
Operating income
6,377
7,536
5,202
4,863
4,690
5,127
Net income
6,433
7,209
4,764
3,899
3,614
4,004
Diluted EPS ($)
8.61
9.66
6.38
5.29
5.05
5.62
Free cash flow
7,118
7,401
5,781
5,296
5,260
5,466
Gross margin
61.4%
60.8%
58.7%
59.5%
59.1%
58.5%
Operating margin
25.7%
28.3%
21.8%
20.4%
19.1%
20.4%
Net margin
25.9%
27.1%
19.9%
16.3%
14.7%
15.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
83,184
84,350
84,488
77,542
83,464
92,367
Cash
2,586
5,995
5,864
2,078
4,615
4,348
Total debt
22,176
19,677
18,402
16,005
18,418
26,558
Equity
45,167
50,082
53,486
49,543
52,534
52,581
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.