Danaher (DHR) stock
Health Care · Life Sciences Tools & Services
Danaher (DHR) is a Life Sciences Tools & Services company in the Health Care sector, headquartered in Washington, D.C.. As of October 23, 2026, DHR closed at $230.50, a market capitalization of $162.04 billion, the 76th largest company in the S&P 500. Over the last twelve months it generated $25.61 billion in revenue (+8% year over year) and $5.47 billion in free cash flow. The stock trades at 38.2x trailing earnings and 24.8x forward earnings.
- 1-year total return: +4.3% (dividends reinvested)
- 5-year return: -3.2% a year
- 52-week range: $160.93 – $242.80
- Gross margin 59.4%, operating margin 21.1%
- Dividend yield: 0.69%, 12 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 11th largest of 60 Health Care stocks in the S&P 500
DHR price chart
1Y price change: +3.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DHR | +4.2% | +1.3% | +4.3% | +4.8% | -3.2% | +13.1% | +19.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1978.
DHR key statistics
- Market cap
- $162.0B
- #76 in S&P 500
- P/E (TTM)
- 38.2x
- Forward P/E
- 24.8x
- EPS (TTM)
- $6.04
- Revenue (TTM)
- $25.6B
- +8%
- Free cash flow
- $5.5B
- Gross margin
- 59.4%
- Operating margin
- 21.1%
- Return on equity
- 8.2%
- Dividend yield
- 0.69%
- 52-week range
- $160.93 – $242.80
- Beta
- 0.80
- Price / sales
- 6.3x
- EV / EBITDA
- 22.3x
- Debt / equity
- 0.52x
- Employees
- 58,000
DHR report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth8.3%C
- Gross margin59.4%B
- Operating margin21.1%B
- FCF margin21.3%B
- Return on equity8.2%D
- Net debt / EBITDA2.7xD
- Forward P/E24.8xC
- PEG ratio1.3xB
- Shareholder yield2.6%C
- Share count change / yr-2.5%A
Danaher financials
Revenue went from $16.9B in fiscal 2016 to $24.6B in fiscal 2025, growing 4.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.9B | $15.5B | $17.0B | $17.9B | $22.3B | $24.8B | $26.6B | $23.9B | $23.9B | $24.6B |
| Gross profit | $9.3B | $8.6B | $9.5B | $10.0B | $12.5B | $15.2B | $16.2B | $14.0B | $14.2B | $14.5B |
| Operating income | $2.7B | $2.6B | $3.1B | $3.3B | $4.2B | $6.4B | $7.5B | $5.2B | $4.9B | $4.7B |
| Net income | $2.6B | $2.5B | $2.7B | $3.0B | $3.6B | $6.4B | $7.2B | $4.8B | $3.9B | $3.6B |
| EPS (diluted) | $3.24 | $3.13 | $3.32 | $3.59 | $4.34 | $8.61 | $9.66 | $6.38 | $5.29 | $5.05 |
| Free cash flow | $2.9B | $2.9B | $3.4B | $3.3B | $5.4B | $7.1B | $7.4B | $5.8B | $5.3B | $5.3B |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $6.0B | $3.1B |
| Dividends paid | $399.8M | $378.3M | $433.0M | $527.0M | $615.0M | $742.0M | $818.0M | $821.0M | $768.0M | $878.0M |
| Diluted shares | 789.4M | 796.5M | 801.1M | 818.4M | 810.7M | 736.8M | 737.1M | 743.1M | 737.2M | 716.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DHR?
A reverse DCF asks what growth the current price requires. With an enterprise value of $184.1B and $5.5B of trailing free cash flow, Danaher needs to grow free cash flow about 23.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -0.6% a year over the last five years.
P/E ratio history
Current 45.6x vs. median 23.1x (10th–90th percentile 16.7x–43.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DHR dividend
- Dividend yield
- 0.69%
- Annual dividend
- $1.60
- Years of increases
- 12
- 5-yr dividend growth
- 14.9%
- per year
- Payout ratio
- 25%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DHR analyst price targets
21 analysts' average 12-month target is $259.19 (+12% vs. $230.50). Targets range from $205.00 to $310.00. 83% rate it a buy.
DHR earnings
Next report: January 27, 2027. Danaher has beaten EPS estimates 7 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $1.92 | $2.11 | +10.0% |
| Jul 21, 2026 | $1.84 | $1.94 | +5.3% |
| Apr 21, 2026 | $1.94 | $2.06 | +6.5% |
| Jan 28, 2026 | $2.19 | $2.23 | +2.0% |
| Oct 21, 2025 | $1.72 | $1.89 | +9.8% |
| Jul 22, 2025 | $1.64 | $1.80 | +9.5% |
| Apr 22, 2025 | $1.64 | $1.88 | +14.4% |
| Jan 29, 2025 | $2.16 | $2.14 | -1.1% |
Stocks like DHR
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 TMO Thermo Fisher Scientific | -0.40% | +18% | $249.1B | 35.5x | Compare |
 A Agilent Technologies | -0.47% | +18% | $48.8B | 34.1x | Compare |
 IQV IQVIA | +0.37% | +27% | $46.0B | 34.7x | Compare |
 WAT Waters | -0.42% | +28% | $44.5B | 114.9x | Compare |
 ILMN Illumina | +0.01% | +170% | $40.7B | 50.3x | Compare |
 MTD Mettler-Toledo International, I | -0.85% | +16% | $33.5B | 37.6x | Compare |
 CRL Charles River Laboratories Inte | +1.68% | +81% | $16.6B | — | Compare |
 TECH Bio-Techne | -0.10% | +10% | $11.4B | 62.5x | Compare |
DHR news
- What Does Danaher (DHR) FDA Clearance For AI AFib Detection Mean Now? · Oct 22, 2026
- LH vs. DHR: Which Stock Is the Better Value Option? · Oct 22, 2026
- Danaher (DHR) Q3 Earnings Fuel Stock Gains On Margin Expansion · Oct 22, 2026
- DHR Q3 deep dive: execution focus and AI strategy underpin improved outlook · Oct 22, 2026
- Danaher (DHR) Stock Fair Value Edges Higher After Analysts Lift Targets · Oct 22, 2026
DHR stock FAQ
What is DHR's market cap?
Danaher's market capitalization is $162.04 billion as of October 23, 2026, ranking 76th in the S&P 500.
What is DHR's P/E ratio?
DHR trades at a trailing price-to-earnings ratio of 38.2x and a forward P/E of 24.8x. Its median P/E over the period we track is 23.1x.
Does DHR pay a dividend?
Yes. Danaher pays $1.60 per share a year, a 0.69% yield. It has raised its dividend 12 years in a row. Dividends grew 14.9% a year over the last five years.
How much has DHR stock returned?
Including reinvested dividends, DHR returned +4.3% over one year, -3.2% a year over five years, +13.1% a year over ten years through October 23, 2026.
Is DHR stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Danaher must grow free cash flow about 24% a year for the next decade. Its free cash flow fell 1% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the DHR price target?
21 analysts cover DHR with an average 12-month price target of $259.19, +12% from the current price. 83% of them rate it a buy.
When does DHR report earnings?
Danaher is expected to report earnings on January 27, 2027. It has beaten EPS estimates 7 quarters in a row.
How many employees does Danaher have?
Danaher has about 58,000 full-time employees, or $441,517 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology