Danaher
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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
1 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Danaher.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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.
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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Danaher's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Danaher's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Danaher Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Danaher's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Danaher Company Filings, last reported 3 weeks ago.
| 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).
Financial health checks
We assess Danaher's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Danaher has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
$2,000 of
Danaher
shares you are expected to receive
$11
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess Danaher's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Danaher management team is about average.
Management Team
Tom Joyce
CEO, President & Director
$15M
57
4.6 yrs
Dan Comas
Executive Vice President
$7M
54
0.3 yrs
Dan Daniel
Executive Vice President
$6M
53
10.8 yrs
Rainer Blair
Executive Vice President
$5M
54
2.3 yrs
Joakim Weidemanis
Executive Vice President
$4M
48
1.4 yrs
Steven Rales
Co-Founder & Chairman
67
Mitchell Rales
Co-Founder & Director
61
Matt McGrew
CFO & Executive VP
46
0.3 yrs
Bob Lutz
Chief Accounting Officer & Senior VP
60
9.2 yrs
Matt Gugino
Vice President of Investor Relations
Board of Directors Tenure
Average tenure and age of the Danaher board of directors in years:
- 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
CEO, President & Director
$15M
57
4.6 yrs
Steven Rales
Co-Founder & Chairman
67
35.3 yrs
Mitchell Rales
Co-Founder & Director
61
36.3 yrs
Donald Ehrlich
Lead Independent Director
$330K
80
John Schwieters
Independent Director
$305K
78
15.8 yrs
Linda Filler
Independent Director
$295K
58
13.3 yrs
Walter Lohr
Independent Director
$280K
74
36.3 yrs
Alan Spoon
Independent Director
$280K
67
20.3 yrs
Elias Zerhouni
Independent Director
$280K
67
10.3 yrs
Teri List-Stoll
Independent Director
$280K
55
7.6 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Danaher's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleWhat 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 - – Full articleDo 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 - – Full articleWhat 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 - – Full articleDoes 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 - – Full articleDo 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 - – Full articleDanaher 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 - – Full articleDoes 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 - – Full articleHas 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 - – Full articleDanaher 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 - – Full articleDHR 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
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.
