TORVANTA
Health Care · S&P 500 · data as of 2026-10-05

DHR stock analysis: Danaher

Danaher (DHR) is an S&P 500 company in Life Sciences Tools & Services. It grades weakest on value.

The model's view of DHR · subscribers

Where DHR ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

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What's happening with DHR · updated 2026-10-05 · from prices and SEC filings

DHR price performance

DHR against the S&P 500, one year
+0%+20%DHR +20%S&P 500 +18%2025-09-292026-10-05
Year to date-2.8%S&P 500 +14.5% · behind by 17.3 pts
1 year+3.7%S&P 500 +17.0% · behind by 13.4 pts
3 years+4.0%S&P 500 +89.3% · behind by 85.3 pts
5 years-14.2%S&P 500 +91.3% · behind by 105.6 pts

Total returns with dividends reinvested.

DHR factor grades

Each grade compares DHR with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

D+ValueP/E 39.3x (industry 37.8x)FCF yield 3.5% (industry 2.6%)
C+GrowthRevenue growth +5% (industry +7%)EPS growth +20% (industry +11%)
CProfitabilityOperating margin 20.4% (industry 18.6%)ROIC 5.7% (industry 8.6%)
C+Momentum12-month change +4%From 52-wk high -8%

DHR in plain numbers

DHR key statistics

SectorHealth Care
IndustryLife Sciences Tools & Services
IndexS&P 500
Market value$155.5B
Revenue growth (y/y)+5%
Free-cash-flow yield3.5%
Dividend yield0.7%
Next earnings (expected)2026-10-20
Valuation measures
Market value$155.5B
Enterprise value$177.7B
P/E (trailing)39.3x
Forward P/E (Torvanta estimate)35.6x
PEG (Torvanta estimate)3.46
Price / sales6.2x
Price / book3.0x
EV / revenue7.1x
EV / EBITDA34.7x
Financial highlights
Revenue, last 12 months$25.1B
Net income, last 12 months$4.0B
EPS, last 12 months (GAAP)$5.63
Gross margin58.5%
Operating margin20.4%
Net margin15.9%
Return on equity7.6%
Return on invested capital5.7%
Cash$4.3B
Total debt$26.6B
Debt / equity0.51x
Free cash flow, last 12 months$5.5B
Interest cover17.6x
Current ratio1.65x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

DHR earnings trends

Revenue vs earnings
$0$1.7B$3.4B$5.1B$6.8BSep 2024 Revenue: $5.8BDec 2024 Revenue: $6.5BMar 2025 Revenue: $5.7BJun 2025 Revenue: $5.9BSep 2025 Revenue: $6.1BDec 2025 Revenue: $6.8BMar 2026 Revenue: $6.0BJun 2026 Revenue: $6.3BSep 2024 Net income: $818.0MDec 2024 Net income: $1.1BMar 2025 Net income: $1.0BJun 2025 Net income: $555.0MSep 2025 Net income: $908.0MDec 2025 Net income: $1.2BMar 2026 Net income: $1.0BJun 2026 Net income: $870.0MSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Net margin: 14.1%Net margin: 16.6%Net margin: 16.6%Net margin: 9.3%Net margin: 15.0%Net margin: 17.5%Net margin: 17.3%Net margin: 13.9%0%9%18%■ Revenue ■ Net income ━ Net margin
Earnings per share$0.0$0.4$0.8$1.3$1.7Sep 2024 EPS (GAAP, diluted): $1.1Dec 2024 EPS (GAAP, diluted): $1.5Mar 2025 EPS (GAAP, diluted): $1.3Jun 2025 EPS (GAAP, diluted): $0.8Sep 2025 EPS (GAAP, diluted): $1.3Dec 2025 EPS (GAAP, diluted): $1.7Mar 2026 EPS (GAAP, diluted): $1.5Jun 2026 EPS (GAAP, diluted): $1.2Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026■ EPS (GAAP, diluted) Change from a year earlier: Sep 2025 +13% · Dec 2025 +13% · Mar 2026 +10% · Jun 2026 +60%

From the company's 10-Q and 10-K filings with the SEC.

Danaher financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$29.5B$30.2B$27.6B$23.9B$24.6B
Net income$6.4B$7.2B$4.8B$3.9B$3.6B
EPS (GAAP)$8.62$9.65$6.39$5.28$5.04
Free cash flow$7.1B$7.4B$5.8B$5.3B$5.3B

DHR earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-21$1.23+60%+6%-11.6%
2026-04-21$1.45+10%+4%-6.2%
2026-01-28$1.68+13%+5%-6.6%
2026-01-12$1.68+13%+5%-1.1%
2025-10-21$1.27+13%+4%+5.2%
2025-07-22$0.77-37%+3%+4.3%

About Danaher

HeadquartersWashington, DC
Industry (SEC code)Industrial Instruments For Measurement, Display, And Control
Fiscal year endsDecember 31
Incorporated inDE
Listed onNYSE

From the company's SEC registration record.

Companies similar to DHR

CompanyMarket valueP/ERevenue growthOperating margin12-month change
DHR Danaher$155.5B39.3x+5%20.4%+4%
TMO Thermo Fisher$250.2B36.4x+7%17.6%+25%compare
A Agilent$48.3B33.8x+9%22.2%+22%compare
IQV IQVIA$44.4B33.0x+7%13.2%+29%compare
ILMN Illumina, Inc.$44.3B54.8x+5%19.6%+188%
WAT Waters$43.2B109.8x+55%7.1%+34%
MTD Mettler-Toledo$30.9B34.7x+7%n/a+17%

All Health Care stock ratings

Frequently asked questions

Is DHR stock a buy?

Torvanta does not tell individuals what to buy. Its grades for DHR are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

What is DHR's P/E ratio?

DHR trades at about 39.3 times its last 12 months of GAAP earnings reported to the SEC, and about 35.6 times Torvanta's own estimate of the next 12 months.

When does DHR report earnings next?

Based on its filing history, Torvanta expects Danaher to report around 2026-10-20.

Does DHR pay a dividend?

Yes. Its dividend yield is about 0.7%, and it has raised its dividend 1 years in a row.

How has DHR performed against the S&P 500?

Over the past year DHR returned +3.7%, against +17.0% for the S&P 500, dividends reinvested.

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Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

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Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

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