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Danaher Corporation designs, manufactures, and markets professional, medical, research, and industrial products and services in the United States, China, and internationally. The company operates through Biotechnology, Life Sciences, and Diagnostics segments. The Biotechnology segment provides technologies, consumables, services, and solutions that advance, accelerate, and integrate the development and manufacture of therapeutics; cell line and cell culture media development services; cell culture media, process liquids and buffers for manufacturing, chromatography resins, filtration technologies, and aseptic fill finish; single-use hardware, consumables, and services, such as the design and installation of full manufacturing suites; lab filtration, separation, and purification; lab-scale protein purification and analytical tools; reagents, membranes, and services for diagnostic and assay development; and healthcare filtration solutions. The Life Sciences segment provides mass spectrometers; bioanalytical measurement systems; flow cytometry, genomics, lab automation, centrifugation, liquid handling automation instruments, antibodies and reagents, and particle counting and characterization; genome sample preparation; microscopes; protein consumables; filtration products; and genomic medicines, such as custom nucleic acid products, and plasmid DNA, RNA, and proteins under the ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX, and SCIEX brands. The Diagnostics segment offers clinical instruments, consumables, software, and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was incorporated in 1969 and is headquartered in Washington, the District Of Columbia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $24.6B | $6.9B | $3.6B | $5.3B | 6.9% | 2.9% | -7.3% |
| 2024 | $23.9B | $7.3B | $3.9B | $5.3B | 7.9% | -0.1% | -18.2% |
| 2023 | $23.9B | $7.5B | $4.8B | $5.8B | 8.9% | -10.3% | -33.9% |
| 2022 | $26.6B | $9.5B | $7.2B | $7.4B | 14.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 26,643 | 23,890 | 23,875 | 24,568 |
| Operating Revenue | - | 26,643 | 23,890 | 23,875 | 24,568 |
| Cost Of Revenue | - | 10,455 | 9,856 | 9,669 | 10,045 |
| Gross Profit | - | 16,188 | 14,034 | 14,206 | 14,523 |
| Operating Expense | - | 8,652 | 8,832 | 9,343 | 9,833 |
| Research And Development | - | 1,528 | 1,503 | 1,584 | 1,598 |
| Selling General And Administration | - | 7,124 | 7,329 | 7,759 | 8,235 |
| Total Expenses | - | 19,107 | 18,688 | 19,012 | 19,878 |
| Operating Income | - | 7,536 | 5,202 | 4,863 | 4,690 |
| Total Operating Income As Reported | - | 7,536 | 5,202 | 4,863 | 4,690 |
| EBITDA | - | 9,482 | 7,496 | 7,276 | 6,945 |
| Normalized EBITDA | - | 9,753 | 7,678 | 7,333 | 7,173 |
| EBIT | - | 7,350 | 5,330 | 4,924 | 4,498 |
| Interest Income | - | 41 | 303 | 117 | 30 |
| Interest Expense | - | 204 | 286 | 278 | 265 |
| Net Interest Income | - | -163 | 17 | -161 | -235 |
| Other Non Operating Income Expenses | - | 44 | 7 | 1 | 6 |
| Other Income Expense | - | -227 | -175 | -56 | -222 |
| Interest Income Non Operating | - | 41 | 303 | 117 | 30 |
| Interest Expense Non Operating | - | 204 | 286 | 278 | 265 |
| Net Non Operating Interest Income Expense | - | -163 | 17 | -161 | -235 |
| Pretax Income | - | 7,146 | 5,044 | 4,646 | 4,233 |
| Tax Provision | - | 818 | 823 | 747 | 633 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -30.89 | -29.67 | -9.18 | -34.20 |
| Net Income Continuous Operations | - | 6,328 | 4,221 | 3,899 | 3,600 |
| Net Income From Continuing And Discontinued Operation | - | 7,209 | 4,764 | 3,899 | 3,614 |
| Net Income From Continuing Operation Net Minority Interest | - | 6,328 | 4,221 | 3,899 | 3,600 |
| Net Income | - | 7,209 | 4,764 | 3,899 | 3,614 |
| Net Income Common Stockholders | - | 7,103 | 4,743 | 3,899 | 3,614 |
| Net Income Including Noncontrolling Interests | - | 7,209 | 4,764 | 3,899 | 3,614 |
| Normalized Income | - | 6,568.11 | 4,373.33 | 3,946.82 | 3,793.80 |
| Diluted NI Availto Com Stockholders | - | 7,103 | 4,743 | 3,899 | 3,614 |
| Basic Average Shares | - | 725.10 | 736.50 | 731 | 712.70 |
| Diluted Average Shares | - | 737.10 | 743.10 | 737.20 | 716.10 |
| Reconciled Depreciation | - | 2,132 | 2,166 | 2,352 | 2,447 |
| Reconciled Cost Of Revenue | - | 10,455 | 9,856 | 9,669 | 10,045 |
| Total Unusual Items | - | -271 | -182 | -57 | -228 |
| Total Unusual Items Excluding Goodwill | - | -271 | -182 | -57 | -228 |
| Preferred Stock Dividends | 164 | 106 | 21 | - | - |
| Net Income Discontinuous Operations | - | 881 | 543 | 0 | 14 |
| Special Income Charges | - | 0 | 0 | 0 | 20 |
| Gain On Sale Of Business | - | 0 | 0 | 0 | 9 |
| Other Special Charges | 96 | - | - | - | - |
| Write Off | 10 | 91 | 108 | - | - |
| Gain On Sale Of Security | - | -271 | -182 | -57 | -248 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 11 |
| Other Operating Expenses | 547 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Danaher Corporationthis co. | DHR | $132.1B | 36.55↑ premium | 2.51 | 6.9% | 21.19 |
| Abbott Laboratories | ABT | $158.1B | 24.24 | 3.03 | 12.5% | 13.54 |
| Intuitive Surgical, Inc. | ISRG | $148.3B | 51.94 | 8.32 | 16.0% | 39.33 |
| Pfizer Inc. | PFE | $146.4B | 18.84 | 1.69 | 9.0% | 12.47 |
| CVS Health Corporation | CVS | $121.0B | 68.43 |
| - |
| - |
| - |
| - |
| - |
| 1.61 |
| 2.4% |
| 19.52 |
| Bristol-Myers Squibb Company | BMY | $115.6B | 16.39 | 6.26 | 38.2% | 10.01 |
| Stryker Corporation | SYK | $115.5B | 35.57 | 5.15 | 14.5% | 20.16 |
| Vertex Pharmaceuticals Incorporated | VRTX | $112.1B | 28.36 | 6.01 | 21.2% | 22.41 |
| Medtronic plc | MDT | $105.2B | 22.56 | 2.19 | 9.7% | 14.26 |
| Peer Median | - | 26.30 | 4.09 | 13.5% | 16.89 | |