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Danaher

NYSE:DHR
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DHR
NYSE
$91B
Market Cap
  1. Home
  2. US
  3. Healthcare
Company description

Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The last earnings update was 1 day ago. More info.


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DHR Share Price and Events
7 Day Returns
-3.7%
NYSE:DHR
-6%
US Medical Equipment
0.2%
US Market
1 Year Returns
25.1%
NYSE:DHR
11.7%
US Medical Equipment
6.3%
US Market
DHR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Danaher (DHR) -3.7% -2.3% 18% 25.1% 31.5% 73.5%
US Medical Equipment -6% -7% 1.3% 11.7% 49.9% 89.5%
US Market 0.2% 2.1% 8.5% 6.3% 37.9% 45.7%
1 Year Return vs Industry and Market
  • DHR outperformed the Medical Equipment industry which returned 11.7% over the past year.
  • DHR outperformed the Market in United States of America which returned 6.3% over the past year.
Price Volatility
DHR
Industry
5yr Volatility vs Market

DHR Value

 Is Danaher undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Danaher to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Danaher.

NYSE:DHR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DHR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.928 (1 + (1- 21%) (11.55%))
1.009
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.009 * 5.96%)
8.74%

Discounted Cash Flow Calculation for NYSE:DHR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Danaher is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:DHR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.74%)
2019 3,366.66 Analyst x5 3,096.01
2020 4,095.55 Analyst x7 3,463.52
2021 4,696.00 Analyst x4 3,652.05
2022 5,183.78 Est @ 10.39% 3,707.31
2023 5,603.15 Est @ 8.09% 3,685.08
2024 5,966.35 Est @ 6.48% 3,608.50
2025 6,285.93 Est @ 5.36% 3,496.15
2026 6,573.10 Est @ 4.57% 3,361.97
2027 6,837.14 Est @ 4.02% 3,215.89
2028 7,085.39 Est @ 3.63% 3,064.73
Present value of next 10 years cash flows $34,351.20
NYSE:DHR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $7,085.39 × (1 + 2.73%) ÷ (8.74% – 2.73%)
$121,072.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $121,072.68 ÷ (1 + 8.74%)10
$52,369.12
NYSE:DHR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $34,351.20 + $52,369.12
$86,720.32
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $86,720.32 / 715.93
$121.13
NYSE:DHR Discount to Share Price
Calculation Result
Value per share (USD) From above. $121.13
Current discount Discount to share price of $126.77
= -1 x ($126.77 - $121.13) / $121.13
-4.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Danaher is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Danaher's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Danaher's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DHR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-29) in USD $3.43
NYSE:DHR Share Price ** NYSE (2019-04-18) in USD $126.77
United States of America Medical Equipment Industry PE Ratio Median Figure of 63 Publicly-Listed Medical Equipment Companies 38.66x
United States of America Market PE Ratio Median Figure of 3,081 Publicly-Listed Companies 18.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Danaher.

NYSE:DHR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DHR Share Price ÷ EPS (both in USD)

= 126.77 ÷ 3.43

36.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danaher is good value based on earnings compared to the US Medical Equipment industry average.
  • Danaher is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Danaher's expected growth come at a high price?
Raw Data
NYSE:DHR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
19.4%per year
United States of America Medical Equipment Industry PEG Ratio Median Figure of 54 Publicly-Listed Medical Equipment Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:DHR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.95x ÷ 19.4%

1.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danaher is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Danaher's assets?
Raw Data
NYSE:DHR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-29) in USD $41.85
NYSE:DHR Share Price * NYSE (2019-04-18) in USD $126.77
United States of America Medical Equipment Industry PB Ratio Median Figure of 184 Publicly-Listed Medical Equipment Companies 4.14x
United States of America Market PB Ratio Median Figure of 5,178 Publicly-Listed Companies 1.91x
NYSE:DHR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DHR Share Price ÷ Book Value per Share (both in USD)

= 126.77 ÷ 41.85

3.03x

* Primary Listing of Danaher.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danaher is good value based on assets compared to the US Medical Equipment industry average.
X
Value checks
We assess Danaher's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Danaher has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DHR Future Performance

 How is Danaher expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
19.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Danaher expected to grow at an attractive rate?
  • Danaher's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Danaher's earnings growth is expected to exceed the United States of America market average.
  • Danaher's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DHR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DHR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 19.4%
NYSE:DHR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 9.1%
United States of America Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 20.2%
United States of America Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 7.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DHR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DHR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 28,857 1
2022-12-31 27,522 2
2021-12-31 25,207 5,304 4,106 8
2020-12-31 23,406 4,782 3,310 14
2019-12-31 20,548 4,010 2,699 13
NYSE:DHR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-29 20,078 3,896 2,412
2018-12-31 19,893 4,022 2,651
2018-09-28 19,615 3,619 2,761
2018-06-29 19,290 3,772 2,669
2018-03-30 18,819 3,747 2,553
2017-12-31 18,330 3,478 2,470
2017-09-29 17,828 3,292 2,360
2017-06-30 17,432 3,038 2,191
2017-03-31 17,164 3,309 2,051
2016-12-31 16,882 3,522 2,153
2016-09-30 16,621 4,104 1,927
2016-07-01 16,001 4,239 1,905
2016-04-01 13,663 4,051 1,775

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Danaher's earnings are expected to grow by 19.4% yearly, however this is not considered high growth (20% yearly).
  • Danaher's revenue is expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DHR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Danaher Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DHR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 5.43 5.43 5.43 1.00
2020-12-31 4.45 4.66 4.30 4.00
2019-12-31 3.62 3.63 3.62 2.00
NYSE:DHR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-29 3.43
2018-12-31 3.78
2018-09-28 3.95
2018-06-29 3.82
2018-03-30 3.66
2017-12-31 3.55
2017-09-29 3.40
2017-06-30 3.16
2017-03-31 2.96
2016-12-31 3.12
2016-09-30 2.79
2016-07-01 2.77
2016-04-01 2.56

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Danaher is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Danaher's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Danaher has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DHR Past Performance

  How has Danaher performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Danaher's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Danaher's year on year earnings growth rate has been positive over the past 5 years.
  • Danaher's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Danaher's 1-year earnings growth is negative, it can't be compared to the US Medical Equipment industry average.
Earnings and Revenue History
Danaher's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Danaher Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DHR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-29 20,077.50 2,411.60 6,430.00 1,243.30
2018-12-31 19,893.00 2,650.90 6,381.90 1,231.20
2018-09-28 19,615.20 2,760.70 6,246.20 1,210.50
2018-06-29 19,290.30 2,669.10 6,189.00 1,188.50
2018-03-30 18,819.40 2,552.60 6,072.30 1,160.10
2017-12-31 18,329.70 2,469.80 5,921.20 1,128.80
2017-09-29 17,828.30 2,360.20 5,763.80 1,097.90
2017-06-30 17,432.20 2,190.70 5,633.40 1,059.80
2017-03-31 17,164.00 2,051.40 5,535.50 1,016.40
2016-12-31 16,882.40 2,153.40 5,420.30 975.10
2016-09-30 16,621.10 1,927.40 5,362.10 943.20
2016-07-01 16,001.20 1,904.70 5,217.50 914.30
2016-04-01 13,663.10 1,774.50 4,549.30 788.10
2015-12-31 14,433.70 1,746.70 4,634.90 861.40
2015-10-02 15,334.90 1,875.20 4,768.60 926.00
2015-07-03 16,529.80 2,176.60 4,865.40 1,001.90
2015-04-03 19,186.00 2,521.40 5,347.80 1,143.00
2014-12-31 12,866.90 1,638.70 3,952.90 769.40
2014-09-26 19,196.50 2,682.90 5,305.40 1,188.50
2014-06-27 19,158.50 2,598.60 5,310.60 1,209.50
2014-03-28 19,336.00 2,582.80 5,404.80 1,266.90
2013-12-31 18,283.10 2,590.60 5,042.40 1,104.40
2013-09-27 18,826.50 2,536.10 5,347.80 1,212.40
2013-06-28 18,572.90 2,487.80 5,295.80 1,192.80
2013-03-29 18,388.90 2,471.20 5,234.70 1,164.20
2012-12-31 18,260.40 2,299.30 5,092.60 1,137.90
2012-09-28 18,001.84 2,232.47 4,950.96 1,125.29
2012-06-29 18,032.13 2,199.18 4,968.17 1,123.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Danaher has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Danaher used its assets less efficiently than the US Medical Equipment industry average last year based on Return on Assets.
  • Danaher has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Danaher's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Danaher has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DHR Health

 How is Danaher's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Danaher's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Danaher is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Danaher's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Danaher's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Danaher Company Filings, last reported 3 weeks ago.

NYSE:DHR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-29 31,568.70 10,480.90 3,910.00
2018-12-31 28,226.70 9,740.30 787.80
2018-09-28 27,685.20 10,617.80 776.20
2018-06-29 27,224.40 11,320.70 904.00
2018-03-30 27,201.80 10,509.40 1,045.70
2017-12-31 26,367.80 10,522.10 630.30
2017-09-29 25,380.60 10,909.00 648.60
2017-06-30 24,595.20 11,592.00 726.40
2017-03-31 23,791.10 11,950.30 803.90
2016-12-31 23,076.80 12,269.00 963.70
2016-09-30 23,264.40 8,312.20 971.40
2016-07-01 25,120.30 14,652.20 4,097.60
2016-04-01 24,577.10 12,391.70 664.30
2015-12-31 23,764.00 12,870.40 790.80
2015-10-02 23,183.80 15,012.00 1,833.50
2015-07-03 24,172.00 3,162.80 3,342.00
2015-04-03 23,390.70 3,177.50 2,511.00
2014-12-31 23,449.80 3,473.40 3,005.60
2014-09-26 23,810.10 3,036.10 4,025.30
2014-06-27 23,788.90 3,069.00 3,321.10
2014-03-28 23,028.80 3,487.00 3,346.50
2013-12-31 22,451.40 3,499.00 3,115.20
2013-09-27 21,370.80 3,502.00 1,995.60
2013-06-28 20,364.60 4,154.80 2,324.90
2013-03-29 19,749.20 4,471.30 2,150.70
2012-12-31 19,083.90 5,343.10 1,678.70
2012-09-28 18,952.77 4,714.22 1,541.34
2012-06-29 18,367.72 4,903.03 1,118.24
  • Danaher's level of debt (33.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (15.1% vs 33.2% today).
  • Debt is well covered by operating cash flow (37.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 29.8x coverage).
X
Financial health checks
We assess Danaher's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Danaher has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DHR Dividends

 What is Danaher's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.54%
Current annual income from Danaher dividends. Estimated to be 0.57% next year.
If you bought $2,000 of Danaher shares you are expected to receive $11 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Danaher's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Danaher's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DHR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 1.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DHR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.76 6.00
2020-12-31 0.74 8.00
2019-12-31 0.68 7.00
NYSE:DHR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-08 0.680 0.524
2018-12-03 0.640 0.594
2018-09-11 0.640 0.616
2018-07-19 0.640 0.626
2017-12-05 0.560 0.567
2016-12-06 0.500 0.590
2016-09-13 0.500 0.641
2016-05-10 0.640 0.730
2016-02-23 0.640 0.685
2015-12-08 0.540 0.610
2015-09-16 0.540 0.590
2015-05-18 0.540 0.617
2015-02-25 0.540 0.634
2014-12-10 0.400 0.471
2014-09-09 0.400 0.508
2014-05-06 0.400 0.520
2014-02-18 0.400 0.535
2013-12-10 0.100 0.132
2013-09-11 0.100 0.139
2013-05-07 0.100 0.154
2013-02-21 0.100 0.164
2013-01-29 0.100 0.165
2012-10-18 0.100 0.182
2012-07-19 0.100 0.185
2012-02-23 0.100 0.189
2011-12-15 0.100 0.198
2011-09-13 0.100 0.218
2011-05-11 0.080 0.163
2011-02-23 0.080 0.154
2010-12-07 0.080 0.168
2010-09-14 0.080 0.189
2010-05-12 0.080 0.207
2010-02-24 0.080 0.201
2009-12-08 0.080 0.216
2009-09-18 0.060 0.172
2009-05-07 0.060 0.195
2009-04-20 0.060 0.205

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Danaher is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Danaher is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Danaher's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Danaher's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • No need to calculate the sustainability of Danaher's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Danaher's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Danaher afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Danaher has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DHR Management

 What is the CEO of Danaher's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Joyce
COMPENSATION $15,361,041
AGE 57
TENURE AS CEO 4.6 years
CEO Bio

Mr. Thomas P. Joyce, Jr., also known as Tom, has been the Chief Executive Officer and President of Danaher Corp. since September 9, 2014. Mr. Joyce served as Executive Vice President of Danaher Corporation from May 2006 to September 9, 2014 and was responsible for the Water Quality, Life Sciences and Diagnostics platforms. Mr. Joyce serves as the President of DCI Consolidated Industries Inc. He served as Group Executive and Corporate Officer with Danaher Corporation since 2002. His career with Danaher started in 1989 as a project manager in the Danaher Tool Group. He was promoted through increasing levels of responsibility in other Danaher companies, becoming president of Delta Consolidated Industries in 1995. He served as President of Diagnostics Division at Beckman Coulter, Inc. He served as Vice President and Group Executive at Danaher from December 2002 to May 2006 and as President of Hach Company from May 2001 to December 2002. He has been a Director of Danaher Corp. since September 9, 2014. He earned a bachelor’s degree in economics from the College of the Holy Cross in Worcester, Massachusetts.

CEO Compensation
  • Tom's compensation has been consistent with company performance over the past year.
  • Tom's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Danaher management team in years:

2.3
Average Tenure
54
Average Age
  • The tenure for the Danaher management team is about average.
Management Team

Tom Joyce

TITLE
CEO, President & Director
COMPENSATION
$15M
AGE
57
TENURE
4.6 yrs

Dan Comas

TITLE
Executive Vice President
COMPENSATION
$7M
AGE
54
TENURE
0.3 yrs

Dan Daniel

TITLE
Executive Vice President
COMPENSATION
$6M
AGE
53
TENURE
10.8 yrs

Rainer Blair

TITLE
Executive Vice President
COMPENSATION
$5M
AGE
54
TENURE
2.3 yrs

Joakim Weidemanis

TITLE
Executive Vice President
COMPENSATION
$4M
AGE
48
TENURE
1.4 yrs

Steven Rales

TITLE
Co-Founder & Chairman
AGE
67

Mitchell Rales

TITLE
Co-Founder & Director
AGE
61

Matt McGrew

TITLE
CFO & Executive VP
AGE
46
TENURE
0.3 yrs

Bob Lutz

TITLE
Chief Accounting Officer & Senior VP
AGE
60
TENURE
9.2 yrs

Matt Gugino

TITLE
Vice President of Investor Relations
Board of Directors Tenure

Average tenure and age of the Danaher board of directors in years:

15.8
Average Tenure
67
Average Age
  • The average tenure for the Danaher board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Tom Joyce

TITLE
CEO, President & Director
COMPENSATION
$15M
AGE
57
TENURE
4.6 yrs

Steven Rales

TITLE
Co-Founder & Chairman
AGE
67
TENURE
35.3 yrs

Mitchell Rales

TITLE
Co-Founder & Director
AGE
61
TENURE
36.3 yrs

Donald Ehrlich

TITLE
Lead Independent Director
COMPENSATION
$330K
AGE
80

John Schwieters

TITLE
Independent Director
COMPENSATION
$305K
AGE
78
TENURE
15.8 yrs

Linda Filler

TITLE
Independent Director
COMPENSATION
$295K
AGE
58
TENURE
13.3 yrs

Walter Lohr

TITLE
Independent Director
COMPENSATION
$280K
AGE
74
TENURE
36.3 yrs

Alan Spoon

TITLE
Independent Director
COMPENSATION
$280K
AGE
67
TENURE
20.3 yrs

Elias Zerhouni

TITLE
Independent Director
COMPENSATION
$280K
AGE
67
TENURE
10.3 yrs

Teri List-Stoll

TITLE
Independent Director
COMPENSATION
$280K
AGE
55
TENURE
7.6 yrs
Who owns this company?
Recent Insider Trading
  • Danaher insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Feb 19 Sell Daniel Raskas Individual 27. Feb 19 27. Feb 19 -10,209 $126.14 $-1,287,763
28. Feb 19 Sell Robert Lutz Individual 27. Feb 19 27. Feb 19 -2,822 $127.01 $-358,428
28. Feb 19 Sell Angela Lalor Individual 27. Feb 19 27. Feb 19 -4,534 $127.25 $-576,947
28. Feb 19 Sell Brian Ellis Individual 27. Feb 19 27. Feb 19 -1,564 $127.22 $-198,977
28. Feb 19 Sell Daniel Comas Individual 27. Feb 19 27. Feb 19 -11,971 $127.14 $-1,522,017
28. Feb 19 Sell Rainer Blair Individual 27. Feb 19 27. Feb 19 -17,060 $127.42 $-2,173,717
09. Nov 18 Sell Daniel Comas Individual 07. Nov 18 07. Nov 18 -11,000 $102.21 $-1,124,299
09. Nov 18 Sell Thomas Joyce Individual 07. Nov 18 07. Nov 18 -5,212 $103.89 $-541,464
26. Oct 18 Sell William Daniel Individual 24. Oct 18 25. Oct 18 -29,784 $98.15 $-2,919,899
01. Aug 18 Buy Mitchell Rales Individual 31. Jul 18 31. Jul 18 1,080 $102.32 $110,506
01. Aug 18 Sell Thomas Joyce Individual 31. Jul 18 31. Jul 18 -10,289 $102.15 $-1,051,052
30. Jul 18 Sell Daniel Comas Individual 26. Jul 18 26. Jul 18 -17,977 $103.93 $-1,868,278
25. Jul 18 Sell Angela Lalor Individual 23. Jul 18 23. Jul 18 -9,074 $102.72 $-932,099
25. Jul 18 Sell Robert Lutz Individual 24. Jul 18 24. Jul 18 -5,600 $103.97 $-582,249
30. Apr 18 Sell Linda Filler Individual 26. Apr 18 26. Apr 18 -7,423 $101.50 $-753,435
24. Apr 18 Sell Daniel Comas Individual 20. Apr 18 20. Apr 18 -18,379 $101.26 $-1,861,076
24. Apr 18 Sell Thomas Joyce Individual 20. Apr 18 20. Apr 18 -17,982 $101.91 $-1,832,456
X
Management checks
We assess Danaher's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Danaher has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DHR News

Simply Wall St News

Did Danaher's (NYSE:DHR) Share Price Deserve to Gain 80%?

For example, the Danaher Corporation (NYSE:DHR) share price is up 80% in the last 5 years, clearly besting than the market return of around 47% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Danaher achieved compound earnings per share (EPS) growth of 0.3% per year.

Simply Wall St -

What Does Danaher Corporation's (NYSE:DHR) Share Price Indicate?

The company's stock. … received a lot of attention from a substantial price increase on the NYSE over the last few months. … As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock

Simply Wall St -

Do You Know What Danaher Corporation's (NYSE:DHR) P/E Ratio Means?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … How Do I Calculate Danaher's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What Should You Know About Danaher Corporation's (NYSE:DHR) Long Term Outlook?

In December 2018, Danaher Corporation (NYSE:DHR) released its latest earnings announcement, whicha … revealed

Simply Wall St -

Does Danaher Corporation's (NYSE:DHR) Past Performance Indicate A Stronger Future?

Today I will examine Danaher Corporation's (NYSE:DHR) latest earnings update (31 December 2018) and compare these figures against its performance over the past couple of years, in addition to how the rest of DHR's industry performed. … Did DHR's recent earnings growth beat the long-term trend and the industry. … DHR's trailing twelve-month earnings (from 31 December 2018) of US$2.7b has.

Simply Wall St -

Do Directors Own Danaher Corporation (NYSE:DHR) Shares?

Generally speaking, as a company grows, institutions will increase their ownership. … We'd expect to see both institutions and retail investors owning a portion of the company. … institutions own shares in the company

Simply Wall St -

Danaher Corporation (NYSE:DHR) Has A ROE Of 9.4%

This article is for those who would like to learn about Return On Equity (ROE). … Our data shows Danaher has a return on equity of 9.4% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does Danaher Corporation's (NYSE:DHR) CEO Pay Compare Well With Peers?

Tom Joyce became the CEO of Danaher Corporation (NYSE:DHR) in 2014. … First, this article will compare CEO compensation with compensation at other large companies. … How Does Tom Joyce's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Has Danaher Corporation (NYSE:DHR) Got Enough Cash?

With a market capitalization of US$70b, Danaher Corporation (NYSE:DHR) is a large-cap stock, which is considered by most investors as a safe bet. … In times of low liquidity in the market, these firms won’t be left high and dry. … Take the survey and be part of one of the most advanced studies of stock market investors to date?

Simply Wall St -

Danaher Corporation (NYSE:DHR) Might Not Be A Great Investment

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … How Do You Calculate Return On Capital Employed

Simply Wall St -

DHR Company Info

Description

Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company’s Life Sciences segment provides mass spectrometers; cellular analysis, lab automation, and centrifugation instruments; microscopes; and genomics consumables. This segment also offers filtration, separation, and purification technologies to the biopharmaceutical, food and beverage, medical, aerospace, microelectronics, and general industrial sectors. Its Diagnostics segment provides chemistry, immunoassay, microbiology, and automation systems, as well as hematology and molecular diagnostics products. This segment offers analytical instruments, reagents, consumables, software, and services for hospitals, physicians’ offices, reference laboratories, and other critical care settings. The company’s Dental segment provides consumables, equipment, and services to diagnose, treat, and prevent disease and ailments of the teeth, gums, and supporting bone. This segment offers implant systems, dental prosthetics, and associated treatment planning software; orthodontic bracket systems and lab products; endodontic systems and related consumables; restorative materials and instruments; infection prevention products; digital imaging systems and software; air and electric powered handpieces, and consumables; and treatment units. Its Environmental & Applied Solutions segment offers instrumentation, services, and disinfection systems to analyze, treat, and manage water in residential, commercial, industrial, and natural resource applications. This segment also provides analytical instruments, software, services, and consumables for consumer, pharmaceutical, and industrial products. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was founded in 1969 and is headquartered in Washington, the District of Columbia.

Details
Name: Danaher Corporation
DHR
Exchange: NYSE
Founded: 1969
$90,758,908,683
715,933,649
Website: http://www.danaher.com
Address: Danaher Corporation
2200 Pennsylvania Avenue NW,
Suite 800W,
Washington,
District Of Columbia, 20037,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DHR Common Stock New York Stock Exchange US USD 04. Nov 1969
DB DAP Common Stock Deutsche Boerse AG DE EUR 04. Nov 1969
LSE 0R2B Common Stock London Stock Exchange GB USD 04. Nov 1969
SWX DHR Common Stock SIX Swiss Exchange CH CHF 04. Nov 1969
BMV DHR * Common Stock Bolsa Mexicana de Valores MX MXN 04. Nov 1969
NYSE DHR.PRA 4.75 MND CV PFD New York Stock Exchange US USD 27. Feb 2019
BOVESPA DHER34 BDR REPR 1/4 COM SHS USD0.01 Bolsa de Valores de Sao Paulo BR BRL 27. Jul 2015
Number of employees
Current staff
Staff numbers
71,000
Danaher employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 23:34
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/04/18
Last earnings reported: 2019/03/29
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.