# Danaher Corporation (DHR)

> Source: Nexqual · https://nexqual.com/DHR · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, Danaher Corporation (DHR), nexqual.com/DHR" · informational, not investment advice.

**Price:** USD 229.75 (-1.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 233.86 · day 228.17–238.13 · 52w 160.93–242.8 · market cap $162B · NYQ

## Key facts
- Last four reported quarters (through Sep 25, 2026): revenue $25.6B, net income $4.33B (16.9% margin), free cash flow $5.73B (SEC filings).
- Valuation: P/E 37.3x (avg 41.6x at the last 3 fiscal year-ends), EV/EBITDA 30.3x, net debt $20.8B.
- 12 of 80 tracked superinvestors hold DHR (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 6 added, 0 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $13.0M; 2 not under a Rule 10b5-1 plan ($13.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.04 on a 1–5 scale) (24 analysts), mean target USD 258.86 (range 205–310).
- Total return with dividends: 1Y +3.9% vs S&P 500 +14.9%; 5Y -15.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.49, revenue estimate $7.49B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B | $25.6B |
| Gross profit | $15.2B | $16.2B | $14.0B | $14.2B | $14.5B | — |
| Operating income | $6.38B | $7.54B | $5.20B | $4.86B | $4.69B | $5.22B |
| Net income | $6.43B | $7.21B | $4.76B | $3.90B | $3.61B | $4.33B |
| EPS (diluted) | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 | — |
| Free cash flow | $7.12B | $7.40B | $5.78B | $5.30B | $5.26B | $5.73B |
| Gross margin | 61.4% | 60.8% | 58.7% | 59.5% | 59.1% | — |
| 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% | 16.9% |
| Revenue growth | +11.3% | +7.4% | -10.3% | -0.1% | +2.9% | — |
| Cash + short-term investments | $2.59B | $6.00B | $5.86B | $2.08B | $4.62B | — |
| Total debt | $22.2B | $19.7B | $18.4B | $16.0B | $18.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 25, 2026)
P/E 37.3x · P/S 6.3x · EV/EBITDA 30.3x · EV/Sales 7.1x · P/FCF 28.2x · P/B 3.0x · FCF yield 3.55% · Earnings yield 2.68% · Dividend yield (paid, TTM) 0.63% · Buyback yield (TTM) 0.55% · Net debt $20.8B · EV $182B
P/E at fiscal year-ends: Dec 2025 45.4x, Dec 2024 43.4x, Dec 2023 36.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
12 of 80 tracked investors hold DHR (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | 7.64% | $119M | Added +7.9% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 6.46% | $93.2M | Added +2.5% | Q2 2026 |
| Daniel Loeb | Third Point | 2.22% | $103M | Added +2.9% | Q2 2026 |
| Van Den Berg Management I |  | 1.73% | $8.2M | Added +18.8% | Q2 2026 |
| First Pacific Advisors |  | 1.35% | $108M | New position | Q2 2026 |
| Chase Coleman | Tiger Global Management | 0.36% | $86.9M | New position | Q2 2026 |
| Bill Gates | Gates Foundation Trust | 0.21% | $71.0M | Unchanged | Q2 2026 |
| Torray Funds |  | 0.05% | $356K | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.03% | $49.0M | Added +1462.5% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $372K | Unchanged | Q3 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $350K | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | <0.01% | $218K | Added +0.6% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-21 | Blair Rainer | President & CEO | 58,255 | $12.7M | 60.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-01 | Spoon Alan G | Director | 1,358 | $237K | 1% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 24 analysts; mean target USD 258.86 (low 205, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Citigroup | Target raised | Buy | $230 → $270 |
| 2026-10-22 | Barclays | Target raised | Overweight | $255 → $260 |
| 2026-10-22 | JP Morgan | Target raised | Overweight | $250 → $270 |
| 2026-10-22 | TD Cowen | Target raised | Buy | $255 → $270 |
| 2026-10-22 | Stifel | Target raised | Buy | $220 → $260 |
| 2026-10-22 | Baird | Target raised | Outperform | $246 → $254 |
| 2026-10-13 | Morgan Stanley | Target raised | Overweight | $220 → $240 |
| 2026-10-13 | TD Cowen | Target raised | Buy | $236 → $255 |
| 2026-10-07 | Barclays | Target raised | Overweight | $230 → $255 |
| 2026-10-05 | RBC Capital | Target raised | Outperform | $215 → $250 |
| 2026-10-01 | Guggenheim | Target raised | Buy | $200 → $250 |
| 2026-07-22 | Wells Fargo | Target lowered | Equal-Weight | $212 → $195 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.9% | -15.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.9% | -3.2% |
| Volatility (annualized) | 30.3% | 29.1% |
| Max drawdown | -33.0% (Jan 2026→May 2026) | -43.3% (Dec 2021→May 2026) |

## Peers (Diagnostics & Research)
TMO (Thermo Fisher Scientific Inc) USD 676.54 -2.52% · NTRA (Natera, Inc.) USD 401.37 -2.91% · A (Agilent Technologies, Inc.) USD 173.89 -2.17% · IQV (IQVIA Holdings, Inc.) USD 278.32 +0.61% · WAT (Waters Corporation) USD 455.59 -0.41% · IDXX (IDEXX Laboratories, Inc.) USD 566.76 +2.40%

## More
Full page: https://nexqual.com/DHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DHR's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/313616/000031361626000062/dhr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Veralto Corp (VLTO) | "In connection with the Veralto Separation, Danaher and Veralto entered into various agreements to effect the Veralto Separation and provide a framework for their relationship after the Veralto Separation, including a sep…" |

## Revenue by business segment (quarter ended 2026-09-25)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Diagnostics | $2.88B | 44.0% | +17.0% | $614.0M | 21.3% |
| Life Sciences | $1.86B | 28.5% | +4.1% | $259.0M | 13.9% |
| Biotechnology | $1.81B | 27.6% | +0.5% | $477.0M | 26.4% |
| Corporate costs (not allocated) | — | — | — | -$105.0M | — |
| Total revenue | $6.55B | 100% | — | $1.25B | 19.0% |

## Revenue by product line (quarter ended 2026-09-25)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Recurring revenue | $1.58B | 24.2% | -0.4% |
| Nonrecurring revenue | $223.0M | 3.4% | +7.2% |
| Total revenue | $6.55B | 100% | — |
The lines above cover 27.6% of total revenue.

## Revenue by region (quarter ended 2026-09-25)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $2.74B | 41.8% | +6.2% |
| High-growth markets | $2.03B | 30.9% | +15.0% |
| Western Europe | $1.49B | 22.7% | +6.7% |
| Other developed markets | $298.0M | 4.5% | -5.7% |
| Total revenue | $6.55B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "For the fourth quarter 2026, the Company anticipates that non-GAAP core revenue excluding respiratory revenue will increase in the 4.0% to 5.0% range year-over-year."
- "We expect respiratory revenue to be an approximately 150 basis point headwind, resulting in core revenue growth of approximately 3.0%."
- "For full year 2026, the Company is increasing its full year adjusted diluted net earnings per common share guidance to a range of $8.57 to $8.62 versus previous guidance of $8.45 to $8.60."
- "Conference Call and Webcast Information Danaher will discuss its third quarter results and financial guidance for the fourth quarter and full year 2026, including as applicable key assumptions with respect thereto, during its investor conference call today starting at 8:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.49 | $2.58 | -3.6% | $7.49B | 20 |
| Next quarter (ends 2027-03-31) | $2.24 | $2.23 | +0.2% | $6.64B | 13 |
| Current fiscal year (ends 2026-12-31) | $8.57 | $8.51 | +0.8% | $26.26B | 24 |
| Next fiscal year (ends 2027-12-31) | $9.33 | $9.26 | +0.7% | $28.33B | 24 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 35.2% | ±4.2% |
| 2026-11-06 | 14 | 33.9% | ±5.5% |
| 2026-11-13 | 21 | 32.4% | ±6.4% |
| 2026-11-20 | 28 | 31.5% | ±7.1% |
| 2026-11-27 | 35 | 30.3% | ±7.6% |
| 2026-12-04 | 42 | 30.9% | ±8.5% |
| 2026-12-18 | 56 | 31.3% | ±9.9% |
| 2027-01-15 | 84 | 31.1% | ±12.0% |