Valuation, from the filing
| Public float | $125.90B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $178.04 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 34.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 5.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
34.8× earnings today, against a median of 28.6× across 10 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $125.90B | 34.8× | |
| 2024-06-30 | $161.10B | 41.3× | |
| 2023-06-30 | $158.10B | 33.2× | |
| 2022-07-01 | $167.30B | 23.2× | |
| 2021-07-02 | $173.70B | 27.0× | |
| 2020-07-03 | $113.20B | 31.0× | |
| 2019-06-28 | $91.10B | 30.3× | |
| 2018-06-29 | $61.00B | 23.0× | |
| 2017-06-30 | $51.70B | 20.7× | |
| 2016-07-01 | $62.00B | 24.3× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Industrial Instruments For Measurement, Display, and Control filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 4.7% | 92th | |
| Long-term debt / equity | 0.35x | 12th | |
| Operating margin | 19.1% | 88th | |
| Net margin | 14.7% | 80th | |
| Effective tax rate | 15.0% | 25th | |
| Gross margin | 59.1% | 69th | |
| FCF margin | 21.4% | 67th | |
| R&D / revenue | 6.5% | 36th | |
| SBC / revenue | 1.2% | 36th | |
| Revenue YoY growth | 2.9% | 44th | |
| Current ratio | 1.87x | 50th |
DANAHER CORP /DE/ (DHR) reported revenue of $25.61B and net income of $4.33B for the fiscal year ended 2026-09-25. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from DANAHER CORP /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Industrial Instruments For Measurement, Display, and Control.
Income
| Metric | 2026-09-25 |
|---|---|
| Revenue | $25.61B |
| Cost of revenue | $10.60B |
| Gross profit | $15.00B |
| Operating income | $5.22B |
| Net income | $4.33B |
| Research & development | $1.67B |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $4.82B |
| Income tax expense | $529.00M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | $8.12B |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-09-25 |
|---|---|
| Cash & equivalents | Unavailable |
| Total assets | $93.28B |
| Current assets | $14.79B |
| Total liabilities | Unavailable |
| Current liabilities | $9.05B |
| Total equity incl. NCI | $53.63B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $3.13B |
| Accounts receivable | $4.13B |
| Goodwill | $47.32B |
| Long-term debt | $24.39B |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2026-09-25 |
|---|---|
| Operating cash flow | $6.86B |
| Capital expenditures | $1.13B |
| Investing cash flow | -$11.08B |
| Financing cash flow | $8.38B |
| Net change in cash | $4.15B |
| Stock-based compensation | $329.00M |
| Common dividends paid | $1.02B |
| Common share repurchases | $894.00M |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2026-09-25 |
|---|---|
| Free cash flow | $5.73B |
| Gross margin | 58.6% |
| Operating margin | 20.4% |
| FCF margin | 22.4% |
| SBC / revenue | 1.3% |
| Current ratio | 1.63x |
| Revenue YoY growth | 5.5% |
| Net margin | 16.9% |
| R&D / revenue | 6.5% |
| CapEx / revenue | 4.4% |
| Long-term debt / equity | 0.45x |
| Effective tax rate | 11.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open DHR in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.