# Danaher Corporation (DHR)

> Danaher sells instruments, supplies, and services used in biological research, drug manufacturing, and medical testing.

- Exchange: NYSE · Sector: Healthcare · Industry: Diagnostics and Research
- Headquarters: Washington, D.C., United States
- Founded: 1984
- Employees: Approximately 60,000 (as of December 31, 2025)
- SEC CIK: 0000313616 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000313616))
- Full page: https://inspectstocks.com/stocks/dhr
- Data as of: price 2026-09-25; newest filing used 2026-07-21; latest fiscal period ended 2026-06-26

## Grade

**C+** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | failed | $25.1B | $25.5B |
| Revenue growing recently | passed | $25.1B | $24.6B |
| Free cash flow positive | passed | $5.5B |  |
| Free cash flow growing overall | failed | $5.5B | $7.3B |
| Free cash flow growing recently | passed | $5.5B | $5.3B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 15.9% |  |
| Healthy profit margin | passed | 15.9% |  |
| Strong operating margin | passed | 20.4% |  |
| Good return on equity | failed | 7.6% |  |
| Debt under control | passed | 0.37 |  |
| Turns sales into cash | passed | 21.8% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $25.1B |
| Net income, trailing twelve months | $4B |
| Free cash flow, trailing twelve months | $5.5B |
| Net margin | 15.9% |
| Operating margin | 20.4% |
| Return on equity | 7.6% |
| Debt to equity | 0.37 |
| Diluted EPS, trailing twelve months | $5.63 |
| Share price | $224.49 |
| Market value | $157.8B |
| Price / earnings | 39.9x |
| Price / sales | 6.3x |

## What the business does

Danaher owns more than 15 operating companies grouped into biotechnology, life sciences, and diagnostics. Their products help researchers study cells and other biological material, help drugmakers make biological medicines, and help healthcare workers test samples and monitor patients. Many products are used up or replaced regularly, so customers buy supplies as well as instruments and services.

### How it makes money

- **Biotechnology: equipment, supplies, and services for biological drug research and manufacturing** (30.4% (six months ended June 26, 2026)) — Customers include drugmakers and contract manufacturers. They buy manufacturing equipment and recurring supplies such as filters, cell-culture media, and chromatography resins, as well as services.
- **Life Sciences: research instruments, supplies, and filtration products** (29.6% (six months ended June 26, 2026)) — Customers buy instruments for research and testing, along with recurring items such as antibodies, laboratory supplies, and filters.
- **Diagnostics: instruments, tests, and patient-monitoring products** (40.0% (six months ended June 26, 2026)) — Hospitals, laboratories, and other care settings buy testing and monitoring instruments, the tests and supplies used with them, and related services. Across Danaher, recurring sales from supplies, services, and operating leases were 83.8% of revenue (six months ended June 26, 2026, high).

### Products

- **Cytiva bioprocessing products** — Filters, resins, liquids, single-use equipment, and services that drugmakers use to develop and manufacture biological medicines.
- **Pall filtration products** — Filters and related equipment that remove contaminants from liquids and gases used in medicine, research, food production, electronics manufacturing, and other industries.
- **Biacore 8S** — A Cytiva instrument that lets researchers test how potential drug molecules interact with their targets.
- **SCIEX mass spectrometers** — Instruments that identify and measure molecules in samples, used in drug research, clinical testing, and food and environmental testing.
- **Beckman Coulter clinical testing systems** — Laboratory instruments, tests, and software that analyze blood and other body samples to help diagnose and monitor health conditions.
- **Cepheid GeneXpert tests** — Systems and tests that detect genetic material from organisms or diseases, including tests used in hospitals and other care settings.

### Customers

- Pharmaceutical and biotechnology companies buy research tools, drug-manufacturing equipment, and replacement supplies, often through Danaher's direct sales teams or distributors.
- Contract manufacturers and contract development organizations buy equipment, supplies, and services to make medicines for other companies.
- Universities, research institutes, and academic laboratories buy instruments and consumables for biological research.
- Hospitals, doctors' offices, and reference laboratories buy diagnostic instruments, tests, and patient-monitoring products.
- Industrial customers, including semiconductor, food, energy, and aerospace businesses, buy filtration equipment and replacement filters.

### Competitors

- Thermo Fisher Scientific (TMO) — Research instruments, laboratory supplies, and products used to make biological medicines.
- Agilent Technologies (A) — Laboratory instruments, testing equipment, and supplies used in research and diagnostics.
- Abbott Laboratories (ABT) — Medical testing and diagnostic products, including instruments and tests used by healthcare providers.
- Becton, Dickinson and Company (BDX) — Medical and laboratory instruments, diagnostic products, and supplies used in healthcare settings.
- Bio-Rad Laboratories (BIO) — Research and clinical laboratory instruments, tests, and supplies.
- Revvity (RVTY) — Research instruments, laboratory products, and diagnostic testing.

### What it depends on

- Some specially specified or regulated components can be obtained from only one supplier or a limited number of suppliers, even though Danaher says no single supplier is material to the company as a whole.
- Danaher sells mainly through its own sales teams and also uses independent distributors; changes in distributor performance or customer purchasing patterns can affect sales.
- Sales depend in part on regulatory clearances and approvals, and on healthcare providers' ability to obtain payment or reimbursement for products and services.

### What could go wrong

- Competitors and new technologies can take demand or lead to price reductions in Danaher's many product markets.
- Regulatory requirements for medical devices and diagnostic tests, along with changes in healthcare reimbursement and cost controls, can delay sales or affect what customers buy and pay.
- A few large commercial drug manufacturers delayed planned shipments of chromatography resins in the second quarter of 2026, illustrating how customer production schedules and facility readiness can shift biotechnology sales.

## More on this company

- [Overview](https://inspectstocks.com/stocks/dhr)
- [Financial statements](https://inspectstocks.com/stocks/dhr/financials)
- [Competitors](https://inspectstocks.com/stocks/dhr/peers)
- [Earnings](https://inspectstocks.com/stocks/dhr/earnings)

---

Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.