Danaher Corp.

Danaher Corp.

DHR

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Market Cap$134.62B
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Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Danaher Corp.Danaher Corp.33.90.75%8%5.50.5

Earnings Call Q2 2026

July 21, 2026 - AI Summary

What happened / headline results (2Q26 beat) - Danaher delivered $6.3B sales in Q2 2026; core revenue +3% YoY and core growth (ex-respiratory) +4.5% YoY, an acceleration of ~150 bps vs Q1. - Adjusted EPS: $1.94, ~+8% YoY (high single-digit earnings growth). - Margins & cash: 57.6% gross margin; adjusted op margin 27.1% (-20 bps YoY, mainly due to respiratory mix), $1.3B free cash flow in the quarter; $2.4B in 1H and 124% FCF-to-net income conversion YTD. - Surprising/positive: strong performance in life sciences—described as their strongest quarter in several years—plus better-than-expected results overall.
Key segment drivers (good + ongoing challenges) - Diagnostics: core revenue +2%; core growth ex-respiratory +5%; Leica/Radiometer high single digits, Beckman mid-single digits, Cepheid low double-digit non-respiratory (GI + sexual health + hospital-acquired infection). - Biotechnology: core revenue +2.5% overall; order trends strong (mid-teens orders growth in consumables & equipment). - Main negative/challenge: bioprocessing revenue came in low single digits due to shipment timing—not a demand collapse—especially chromatography resin shipments delayed at customers’ request (site readiness / production schedule).
The big question: why bioprocessing revenue didn’t “catch up” immediately - Management explained Q2 consumables were lighter than expected because a few $10M–$30M shipments slated for Q2/Q3 moved out (customer-driven timing). - Quantification (CFO): the timing shift created roughly ~500 bps impact to Q2 bioprocessing growth, and for the full year management indicated “a little north of $100M” shifted out of Q2/Q3 into next year (with some chance of movement into Q4, but not assumed in planning). - Risk framing (investor-relevant): while underlying orders remain healthy and management sees inventory dynamics improving, revenue visibility can still swing quarter-to-quarter when shipment timing concentrates in a few customers.

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$219.92

Target Price by Analysts

14.8% upsideDanaher Target Price DetailsTarget Price
$177.47

Current Fair Value

7.3% downside

Overvalued by 7.3% based on the discounted cash flow analysis.

Share Statistics

Market cap$134.62 Billion
Enterprise Value$156.83 Billion
Dividend Yield$1.44 (0.75%)
Earnings per Share$5.07
Beta0.82
Outstanding Shares705,300,000

Return

Return on Equity7.61%ROE
Return on Assets4.33%
Return on Invested Capital5.98%

Valuation & Multiples

P/E Ratio33.89P/E Ratio
PEG59.72PEG
Price to Sales5.47Price to Sales
Price to Book Ratio2.59Price to Book Ratio
Enterprise Value to Revenue6.25
Enterprise Value to EBIT31.11
Enterprise Value to Net Income39
Total Debt to Enterprise0.17
Debt to Equity0.51Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 21, 2026
EPS Estimate
$1.85
Average shareholder expectation
Revenue Estimate
$6.12 B
Average shareholder expectation

Next Earnings Call

Expected Date
July 28, 2026
EPS Estimate
$1.84
Average shareholder expectation
Revenue Estimate
$6.10 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.0000 67.68%
Total Calls- 100.00%
Total Puts- 100.00%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %1.75% 79.11%
Total Invested$2.30B 97.88%
Investors Holding441 1791.00%

ESG Score

No data

About Danaher Corp.

2,020 employees
CEO: Rainer Blair

Relevant Senate Committees

Joint Committee on Taxation

While advisory, this committee's non-partisan analysis and 'revenue estimates' are crucial for the development and passage of all tax legislation. Its work directly influences corporate tax structures, capital investment credits, and the overall tax burden on companies like Danaher.

Finance

As a large, global corporation, Danaher is profoundly affected by this committee's decisions on taxation and trade policy (tariffs). These policies directly impact corporate valuations, profitability, and international business operations.

Appropriations

This committee directly allocates discretionary federal spending. Its subcommittees determine precise funding for scientific research, healthcare programs (e.g., NIH, VA), environmental agencies (EPA), and defense, all of which are significant customers or influence markets for Danaher's products.

Health, Education, Labor, and Pensions

Danaher's significant life sciences, diagnostics, and medical instrument businesses are directly impacted by regulations from the FDA and funding from the NIH, both overseen by this committee. Labor laws also broadly affect its operations.

Judiciary

Danaher is a large company active in mergers and acquisitions. This committee's oversight of antitrust laws and intellectual property (IP) is highly relevant, as M&A approvals and IP protection are critical for Danaher's growth strategy and competitive position.

Veterans' Affairs

Danaher manufactures medical instruments and diagnostic tools. This committee's funding decisions for the Department of Veterans Affairs directly impact government healthcare contractors and the demand for medical devices and diagnostics within the VA healthcare system.

Select Committee on Intelligence

Members receive classified briefings on global threats, including biosecurity and emerging health risks. Danaher's life sciences and diagnostics businesses are critical for responding to such threats, creating potential for significant informational asymmetry regarding future government needs or initiatives.

Environment and Public Works

Danaher's 'Environmental & Applied Solutions' segment directly benefits from and is impacted by regulations from the EPA. This committee's decisions on environmental policy and infrastructure drive demand for Danaher's measurement, monitoring, and control instruments.