DHR vs WAT
Danaher (DHR) and Waters (WAT) compared side by side. Danaher (DHR) is larger, with a market cap of $162.0B versus $44.5B for Waters, about 3.6 times the size. On trailing earnings, DHR is cheaper at 38.2x versus 114.9x for WAT.
Head to head
| Metric | DHR | WAT |
|---|---|---|
| Market cap | $162.0B | $44.5B |
| P/E (TTM) | 38.2x | 114.9x |
| Forward P/E | 24.8x | 27.4x |
| Revenue (TTM) | $25.6B | $4.6B |
| Revenue growth | 8.3% | 113.4% |
| Gross margin | 59.4% | 56.3% |
| Operating margin | 21.1% | 9.4% |
| Free cash flow | $5.5B | $398.8M |
| Dividend yield | 0.69% | None |
| 1-year return | +4.3% | +27.6% |
| 5-year return (annual) | -3.2% | +4.5% |
| Max drawdown | -65% | -80% |
| FI Handbook grade | C+ | C- |
Highlighted: the stronger figure on metrics where higher or lower is clearly better.
Growth of $10,000 (5 years, price only)
$6.0K
$8.0K
$10.0K
$12.0K
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DHR vs WAT FAQ
Which is bigger, DHR or WAT?
Danaher (DHR) is larger, with a market cap of $162.0B versus $44.5B for Waters, about 3.6 times the size.
Is DHR or WAT cheaper?
On trailing earnings, DHR is cheaper at 38.2x versus 114.9x for WAT. A lower P/E can reflect slower expected growth, so compare growth and margins too.
Which stock performed better over the past year, DHR or WAT?
WAT returned +27.6% over the past year including dividends, versus +4.3% for DHR, through October 23, 2026.
Which pays a higher dividend, DHR or WAT?
DHR yields 0.69%; WAT does not pay a dividend.