olivLaw · US equity research
Danaher Corporation DHR
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Danaher (DHR) is a global science and technology innovator organized into three segments: Biotechnology, Life Sciences and Diagnostics, with total sales of 24.568 billion USD in fiscal 2025. In the third quarter of 2026 revenues rose 8.5% to 6.6 billion USD, and full year 2026 adjusted EPS guidance was raised to a range of 8.57 to 8.62 USD per share. Growth was supported by Biotechnology, but margins and the costs tied to acquisitions remain items to watch.
At the close of 04 Nov 2026, Danaher Corporation (DHR) stock was 234.93 USD (+2.09% on the day), with market capitalisation 165.3 bn USD, P/E 38.4 on diluted EPS of 6.11 USD over the last 12 months, dividend yield 0.61%, beta 0.79, 52-week range 161.91–242.05 USD. Latest reported quarter (Q3 2026): revenue of 6.6 bn USD (+8.3% YoY), net income of 1.2 bn USD (+36.0% YoY), diluted EPS 1.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 217.86 – 239.19
- in the upper half of the band · %B 0.80 · band width 9.3%
- SMA 50 / 200
- 219.71 / 201.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.96 / 4.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.2% | −1.1% | +7.3 pp | — |
| 3 months | +17.7% | −0.5% | +18.1 pp | — |
| 6 months | +34.3% | +4.4% | +29.9 pp | — |
| Year to date | +2.6% | +12.3% | −9.7 pp | — |
| 1 year | +9.9% | +13.5% | −3.7 pp | +27.8% |
| 3 years | +18.7% | +76.4% | −57.7 pp | +26.5% |
| 5 years | −9.3% | +63.7% | −72.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 25 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 bn | 5.7 bn | 5.9 bn | 6.1 bn | 6.8 bn | 6.0 bn | 6.3 bn | 6.6 bn |
| Cost of revenue | 2.6 bn | 2.2 bn | 2.4 bn | 2.5 bn | 2.9 bn | 2.4 bn | 2.7 bn | 2.7 bn |
| Gross profit | 3.9 bn | 3.5 bn | 3.5 bn | 3.5 bn | 4.0 bn | 3.6 bn | 3.6 bn | 3.8 bn |
| Research & development | 442.0 m | 379.0 m | 403.0 m | 378.0 m | 438.0 m | 387.0 m | 412.0 m | 433.0 m |
| SG&A | 2.0 bn | 1.9 bn | 2.4 bn | 2.0 bn | 2.0 bn | 1.9 bn | 2.1 bn | 2.2 bn |
| Operating income | 1.4 bn | 1.3 bn | 760.0 m | 1.2 bn | 1.5 bn | 1.3 bn | 1.1 bn | 1.2 bn |
| Interest expense | 61.0 m | 72.0 m | 71.0 m | 67.0 m | 55.0 m | 63.0 m | 107.0 m | 135.0 m |
| Pre-tax income | 1.3 bn | 1.1 bn | 655.0 m | 1.1 bn | 1.4 bn | 1.2 bn | 1.1 bn | 1.1 bn |
| Income tax | 229.0 m | 175.0 m | 100.0 m | 168.0 m | 190.0 m | 206.0 m | 208.0 m | -75.0 m |
| Net income | 1.1 bn | 954.0 m | 555.0 m | 908.0 m | 1.2 bn | 1.0 bn | 870.0 m | 1.2 bn |
| Diluted EPS | 1.49 ≈ | 1.32 | 0.77 | 1.27 | 1.68 ≈ | 1.45 | 1.23 | 1.75 |
| Operating cash flow | 2.0 bn | 1.3 bn | 1.3 bn ≈ | 1.7 bn ≈ | 2.1 bn | 1.3 bn | 1.5 bn ≈ | 1.9 bn ≈ |
| Capex | 516.0 m | 245.0 m | 248.0 m ≈ | 292.0 m ≈ | 371.0 m | 237.0 m | 269.0 m ≈ | 255.0 m ≈ |
| Dividends paid | 195.0 m | 194.0 m | 229.0 m ≈ | 229.0 m ≈ | 226.0 m | 226.0 m | 283.0 m ≈ | 281.0 m ≈ |
| Share repurchases | 809.0 m | 1.1 bn | 0 ≈ | 2.0 bn ≈ | 0 | 0 | 894.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 82 percentile of its own 44-quarter history (min 12.7, median 31.6, max 52.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.9 bn | 17.9 bn | 22.3 bn | 24.8 bn | 26.6 bn | 23.9 bn | 23.9 bn | 24.6 bn |
| Revenue YoY | +8.5% | −10.0% | +24.4% | +11.3% | +7.4% | −10.3% | −0.1% | +2.9% |
| Net income | 2.7 bn | 3.0 bn | 3.6 bn | 6.4 bn | 7.2 bn | 4.8 bn | 3.9 bn | 3.6 bn |
| Net income YoY | +6.4% | +13.5% | +21.2% | +76.4% | +12.1% | −33.9% | −18.2% | −7.3% |
| Diluted EPS | 3.74 | 4.05 | 4.89 | 8.61 | 9.66 | 6.38 | 5.29 | 5.05 |
| Diluted EPS YoY | +5.9% | +8.3% | +20.7% | +76.1% | +12.2% | −34.0% | −17.1% | −4.5% |
| net % | 13.3% | 16.8% | 16.4% | 25.9% | 27.1% | 19.9% | 16.3% | 14.7% |
| Free cash flow | 3.4 bn | 3.3 bn | 5.4 bn | 7.1 bn | 7.4 bn | 5.8 bn | 5.3 bn | 5.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.6 bn USD
- Financial debt
- 18.4 bn USD
- Net debt
- 13.8 bn USD
- Equity
- 52.5 bn USD
- Total assets
- 83.5 bn USD
- Debt / equity
- 0.35x
- Current ratio
- 1.87x
- ROE
- 7.1%
- ROA
- 4.5%
- FCF margin
- 21.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 22.3 bn | 24.8 bn | 26.6 bn | 23.9 bn | 23.9 bn | 24.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 9.8 bn | 9.6 bn | 10.5 bn | 9.9 bn | 9.7 bn | 10.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 12.5 bn | 15.2 bn | 16.2 bn | 14.0 bn | 14.2 bn | 14.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 1.3 bn | 1.5 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 6.9 bn | 6.8 bn | 7.1 bn | 7.3 bn | 7.8 bn | 8.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 4.2 bn | 6.4 bn | 7.5 bn | 5.2 bn | 4.9 bn | 4.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 1.8 bn | 2.1 bn | 2.1 bn | 2.2 bn | — | — | SEC (XBRL)· 21 Feb 2024verified |
| EBITDA | 6.0 bn ≈ | 8.4 bn ≈ | 9.7 bn ≈ | 7.4 bn ≈ | — | — | SEC (XBRL)· 21 Feb 2024derived |
| Interest expense | 275.0 m | 231.0 m | 204.0 m | 286.0 m | 278.0 m | 265.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 4.5 bn | 6.5 bn | 7.1 bn | 5.0 bn | 4.6 bn | 4.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 849.0 m | 1.1 bn | 818.0 m | 823.0 m | 747.0 m | 633.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 3.6 bn | 6.4 bn | 7.2 bn | 4.8 bn | 3.9 bn | 3.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 4.89 | 8.61 | 9.66 | 6.38 | 5.29 | 5.05 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 718.7 m | 736.8 m | 737.1 m | 743.1 m | 737.2 m | 716.1 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.0 bn | 2.6 bn | 6.0 bn | 5.9 bn | 2.1 bn | 4.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 4.0 bn | 4.6 bn | 4.1 bn | 3.9 bn | 3.5 bn | 3.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 2.3 bn | 2.8 bn | 2.8 bn | 2.6 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 13.8 bn | 11.6 bn | 15.9 bn | 13.9 bn | 9.5 bn | 12.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 3.3 bn | 3.5 bn | 3.7 bn | 4.6 bn | 5.0 bn | 5.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 35.4 bn | 38.7 bn | 37.3 bn | 41.6 bn | 40.5 bn | 43.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 21.3 bn | 22.8 bn | 19.8 bn | 20.7 bn | 18.6 bn | 17.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 76.2 bn | 83.2 bn | 84.4 bn | 84.5 bn | 77.5 bn | 83.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 11.0 m | 8.0 m | 591.0 m | 1.7 bn | 505.0 m | 2.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 21.2 bn | 22.2 bn | 19.1 bn | 16.7 bn | 15.5 bn | 18.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 7.4 bn | 8.1 bn | 8.4 bn | 8.3 bn | 6.8 bn | 6.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 39.8 bn | 45.2 bn | 50.1 bn | 53.5 bn | 49.6 bn | 52.5 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.2 bn | 8.4 bn | 8.5 bn | 7.2 bn | 6.7 bn | 6.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 791.0 m | 1.2 bn | 1.1 bn | 1.4 bn | 1.4 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 5.4 bn ≈ | 7.1 bn ≈ | 7.4 bn ≈ | 5.8 bn ≈ | 5.3 bn ≈ | 5.3 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -21.2 bn | -13.0 bn | -2.2 bn | -7.1 bn | -2.0 bn | -1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 1.0 bn | 1.3 bn | -2.6 bn | -273.0 m | -8.4 bn | -3.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 615.0 m | 742.0 m | 818.0 m | 821.0 m | 768.0 m | 878.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 6.0 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 165.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation40
- Returns50
- Quality70
- Balance sheet88
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 72.92 – 221.96 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)72.92 – 131.56 (Mid 95.26)WACC 8.8% · starting FCFF 6.0 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 32.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E154.51 – 221.96 (Mid 198.95)7 companies used · median multiple 32.5x · quartiles 25.3x – 36.3xAME, CGNX, FTV, KEYS, MKSI, ROP, ST
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.6% | 45 (vs peers) | 13% |
| Net margin · Quality | 16.9% | 80 (vs peers) | 8% |
| FCF conversion · Quality | 132.2% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -19.4% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.5x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 69 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 38.4x | 38 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 43 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.2% | 17 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 17.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet88/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality70/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation40/100 · 2/3 factors with a value
Memo
DANAHER CORPORATION (DHR). Latest full fiscal year: 2025; data up to 2026-09-25.
Figures computed from the financial statements: revenue 24.6 bn USD in 2025; YoY growth 2.9%; net margin 16.9%; ROE 8.3%.
The estimated value range is 113.72–176.76 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 147.10 USD, the price of 234.93 USD leaves a potential of -37.4% (value / price − 1) and a margin of safety of -59.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.9%
- FCF conversion: 132.2%
- Interest coverage: 14.5x
- Payout ratio (FCF): 17.7%
What contradicts it
- Revenue CAGR 3Y: -2.7%
- EPS CAGR 3Y: -19.4%
- Shareholder yield (distributions): 1.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +10% / +19% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for DHR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 129.76 Total return -45% · Per year -45% | 230.26 Total return -2% · Per year -2% | 348.01 Total return 48% · Per year 48% |
| 3 years | 108.45 Total return -54% · Per year -23% | 218.15 Total return -7% · Per year -2% | 364.44 Total return 55% · Per year 16% |
| 5 years | 90.64 Total return -61% · Per year -17% | 206.67 Total return -12% · Per year -3% | 381.64 Total return 62% · Per year 10% |
- Exit P/E± 54.54
- Net margin± 38.18
- Annual revenue growth± 33.65
- Annual dilution± 3.21
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Danaher (DHR) is a global science and technology innovator organized into three segments: Biotechnology, Life Sciences and Diagnostics, with total sales of 24.568 billion USD in fiscal 2025 1. In the third quarter of 2026 revenues rose 8.5% to 6.6 billion USD, and full year 2026 adjusted EPS guidance was raised to a range of 8.57 to 8.62 USD per share 3. Growth was supported by Biotechnology, but margins and the costs tied to acquisitions remain items to watch 12.
SWOT
Strengths
- A broad portfolio of recognized brands across biotechnology, life sciences and diagnostics, with a significant base of recurring sales 1.
- The DBS system provides an operational framework of continuous improvement and execution, supported by third quarter 2026 results 13.
- Geographic and segment diversification reduces dependence on any single market or demand type 1.
Weaknesses
- Core growth has been moderate in recent periods, and the Life Sciences segment had nearly flat sales 1.
- Operating margins declined in 2025, partly because of intangible asset impairments 1.
- Exposure to markets outside the US brings currency and payment risks, including longer payment terms than in the US 1.
Opportunities
Threats
- Tariffs and export restrictions could raise costs or reduce demand if not fully offset 1.
- Pricing pressure from healthcare systems and centralized purchasing could compress margins 1.
- Competition from generic or low-price products and new technologies that displace existing solutions could affect market share 1.
Risks
- Tariffs on tradehigh
Incremental tariff costs and new trade measures could affect profitability if they cannot be offset through productivity and supply chain adjustments 1.
- Acquisition integrationhigh
Integrating a large acquisition funded partly with debt could strain liquidity and results if expected synergies are delayed 23.
- Healthcare reimbursement pressuremedium
Reduced government funding and reimbursement could lower demand for diagnostic products 1.
- Asset impairmentmedium
Goodwill and intangible asset impairments could reduce reported profits in future periods 1.
- AI and information securitylow
Development of AI in products and failures in information systems security could cause reputational and financial harm 2.
Investment thesis
What would need to be true (bull case)
- Core revenue growth in the third quarter of 2026 and a raised adjusted profit outlook could indicate better execution of the strategy 3.
- A position in bioprocessing, supported by demand for biologic therapies, could provide durable long-term growth 1.
- Strong operating cash flow in the third quarter of 2026 could support investment and debt reduction 3.
What would break the thesis
- Tariffs and trade uncertainty could continue to weigh on costs and revenue if new measures widen 12.
- If acquisition integration and synergies do not materialize, the debt taken on could become a burden on profitability 23.
- The operating margin decline in 2025 shows pressure on profitability could persist if growth remains moderate 1.
What to watch
- Results and guidance for the fourth quarter and full year 2026Q4 2026
- Impact of tariffs and new trade measures on costs2027
- Progress of the Masimo acquisition integration and synergiesnext 10-K
- Trend in bioprocessing consumables sales and antibody demandQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sales by geography show significant exposure outside the US: about 59% of fiscal 2025 sales came from customers outside the United States, and high-growth markets represented about 29% of the total 1. The company operates a global supply chain, and component costs and availability can be affected by trade policies and tariffs 1.
Segments
Biotechnology
The Biotechnology segment, with sales of 7.293 billion USD in 2025, includes bioprocessing (culture media, chromatography resins, filtration and consumables for biologic therapy manufacturing) and discovery and medical, under brands such as CYTIVA and PALL 1. The company assumes bioprocessing growth in 2026 will be similar to 2025, supported by monoclonal antibody demand 1.
Life Sciences
The Life Sciences segment, with sales of 7.334 billion USD in 2025, covers instruments (flow cytometry, lab automation, mass spectrometry, microscopy), consumables (antibodies, plasmid DNA, custom oligonucleotides through ABCAM, ALDEVRON and IDT) and filtration, separation and purification 1. Sales were nearly flat year over year, and the company expects a modest improvement in end markets in 2026 1.
Diagnostics
The Diagnostics segment, with sales of 9.941 billion USD in 2025, covers molecular diagnostics (DNA-based testing, for example Cepheid), clinical lab, acute care and pathology diagnostics, under brands such as BECKMAN COULTER, RADIOMETER and HEMOCUE 1. The company expects higher sales growth in 2026 as it moves past the peak of policy-related headwinds in China 1.
Market context
Danaher's markets are biotechnology, life sciences and diagnostics, where customers include pharmaceutical companies, research institutes, hospitals and reference laboratories 1. Rapid technological change, including AI and automation, is an important factor in the served markets, and expansion into high-growth markets is a stated strategic goal 1. Demand in diagnostics also depends on government funding and healthcare reimbursement 1.
The macroeconomic backdrop remains uncertain: the company notes the impact of tariffs, the US Supreme Court ruling on IEEPA tariffs and geopolitical tensions in the Middle East 12. These factors could affect demand and costs, and quarterly results could vary as they evolve 23.
Trends
- Bioprocessing demandtailwind
Demand for monoclonal antibodies and biologic therapies supports consumables sales in bioprocessing, according to the company's 2026 assumptions 1.
- Improving core trendtailwind
Core revenue grew in the third quarter of 2026 and the company anticipates acceleration in the fourth quarter, which could reflect better demand if the trend holds 3.
- Tariffs and trade policyheadwind
Tariffs imposed by the US and other countries created incremental costs; the company partly offset them, but future impact depends on measures adopted after the Supreme Court decision 1.
- Healthcare pricing pressuremixed
Healthcare reforms, cost pressures and Chinese volume-based procurement programs can limit revenue and margins, although cost-effective products could benefit 1.
Competitive position
Danaher's businesses operate in intensely competitive industries with growing consolidation, and competitors include makers of laboratory equipment, diagnostics and consumables 1. Competitors may introduce private label, generic or lower-cost products, which could put pressure on margins 1.
The company states its competitive strengths lie in the DBS system, its recognized brand portfolio and its innovation capacity, but success depends on timely launches of new products and customer acceptance 12.
- Thermo Fisher ScientificTMO
Competitor in life sciences and diagnostics with a broadly similar activity profile, based on general industry knowledge.
- Agilent TechnologiesA
Competitor in analytical and laboratory instruments that overlaps with the Life Sciences segment.
- Bio-Rad LaboratoriesBIO
Competitor in reagents, antibodies and instruments for research and diagnostics.
- Abbott LaboratoriesABT
Competitor in clinical and laboratory diagnostics, active in molecular and point-of-care testing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report21 Oct 2026
- Current report13 Oct 2026Departure or appointment of officers · Other events
- Current report03 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report21 Jul 2026
- Current report03 Jun 2026Creation of a direct financial obligation · Other events
- Current report07 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report29 Apr 2026Material agreement · Other events · Financial statements and exhibits
- Current report21 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Danaher Corporation · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-25 · SEC / Danaher Corporation · 21 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Danaher Corporation · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.