Danaher Corp.
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+ FollowMarket Cap$165.36B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Q3 2026 performance beat expectations (good):
- Sales: $6.6B
- Core revenue growth (ex-respiratory): +5.5% YoY, ~100 bps acceleration vs Q2 (signals improving momentum)
- Respiratory revenue headwind: respiratory created an ~250 bps headwind in Q3, leading to ~3% core revenue growth overall
- Profitability: ~29.0% adjusted operating margin (up 110 bps YoY), nearly 30% per CEO remarks; driven by strong execution plus a modest tariff refund benefit
- EPS and cash flow: Adjusted diluted EPS $2.11 (+~11.5% YoY) and $1.6B free cash flow in the quarter ($4B YTD); FCF-to-net income conversion 128% (strong cash earnings quality)
Segment momentum and end-market commentary (surprising/important):
- Biotechnology: +5% core revenue; bioprocessing improved toward upper end of mid-single digits; orders +mid-teens, led by upstream consumables & reagents
- Life Sciences: +4.5% core revenue; Pall filtration mid-single digits (aerospace/microelectronics strength); SCIEX and Beckman instrumentation performing well, with AI-enabled solutions/services demand mentioned
- Diagnostics (ex-respiratory): +7%; clinical diagnostics mid-single digits; Beckman best core growth quarter in 2+ years driven by new product traction (DxI 9000) and easing China policy headwinds
- Molecular diagnostics: Cepheid non-respiratory +low double digits; respiratory revenue $350M, down YoY (lower infection rates) but modestly ahead of expectations due to customer purchasing ahead of season
Full-year 2026 outlook raised; Q4 guide (clear forecasts):
- Q4 2026 core growth (ex-respiratory): 4%–5%
- Q4 respiratory headwind: ~150 bps
- Q4 adjusted operating margin: ~29.5%
- Full-year 2026 adjusted diluted EPS raised: $8.57–$8.62 (up vs prior $8.45–$8.60), implying double-digit YoY EPS growth
- 2027 starting point (framework, not formal guidance): management suggests ~4%–5% core revenue growth (ex-respiratory) as the “right starting point,” with more detail in January
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$161.19
31.4% downside
Current Fair Value
31.4% downsideOvervalued by 31.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $165.36 Billion |
|---|---|
| Enterprise Value | $186.16 Billion |
| Annual dividend | $1.44 |
| Dividend yield | 0.65% |
| Earnings per Share | $5.07 |
| Beta | 0.8 |
| Outstanding Shares | 703,800,000 |
Return
| Return on Equity | 8.08% |
|---|---|
| Return on Assets | 4.64% |
| Return on Invested Capital | 6.13% |
Valuation & Multiples
| P/E Ratio | 37.95 |
|---|---|
| PEG | 105.37 |
| Price to Sales | 6.53 |
| Price to Book Ratio | 3.09 |
| Enterprise Value to Revenue | 7.27 |
| Enterprise Value to EBIT | 36.04 |
| Enterprise Value to Net Income | 42 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.49 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$1.92
Consensus analyst estimateRevenue Estimate
$6.56 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$2.49
Consensus analyst estimateRevenue Estimate
$7.49 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 68.47% |
|---|---|
| Total Calls | 4,554▼ 99.88% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.46%▼ 78.20% |
|---|---|
| Total Invested | $6.96B▼ 93.73% |
| Investors Holding | 863▼ 1333.00% |
About Danaher Corp.
2,020 employees
CEO: Rainer Blair
Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company operates through three segments: Life Sciences, Diagnostics, and Environmental & Applie...