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Danaher Corporation
S&P 500
$142.7B
Market Cap
45.3
P/E
3.65
PEG
6.9%
ROCE
7.1%
ROE
0.38
D/E
21.9%
OPM
-13.1%
% from 52W High
70
α RS
🔍 DHR is showing a high-conviction setup because it matches 3 of 39 tracked screener presets, RS Rating is 70, and an ECS of 50.8 last quarter. The main caution: fortress_balance's Backtest win rate is only 49.4%. Net: Mixed signal stack, not a recommendation. ? Conviction RS Rating ECS Backtest
Sources
Conviction 3/39 · RS Rating 70 · ECS 50.8 · Backtest win rate 49.4%
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🌏 Global Investor Returns
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding DHR
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Manager Shares Value % of Fund Period
Daniel Loeb Third Point LLC 525.0K $99.5B 4.78% Mar 2026
Jim Simons Renaissance Technologies LLC 678.8K $128.7M 0.20% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$6.3B
+5.5% YoY
Operating Margin
27.1%
-0.2pp YoY
Net Income
$0.87B
+60% YoY
What Went Right
  • Core revenue ex-respiratory accelerated 150 bps to +4.5%, with Life Sciences up 5.5% — its strongest quarter in several years
  • Masimo closed early and grew high single digits; FY adjusted EPS guidance raised to $8.45-$8.60
  • Bioprocessing orders grew mid-teens in both consumables and equipment despite revenue timing noise
  • Free cash flow of $1.3B in Q2 with YTD FCF conversion of 124%
What to Watch
  • ~$100M+ of large chromatography resin shipments pushed from Q2/Q3 into 2027, trimming ~200 bps off FY bioprocessing growth
  • Respiratory revenue remains a drag: ~150 bps headwind in Q2 and ~250 bps in Q3; FY respiratory revenue expected around $1.6B
  • Academic demand still below normal; China diagnostics VBP/reimbursement headwinds are only gradually easing
Management Guidance
  • Q3 2026 core revenue growth of ~2-3% YoY (implies ~5% excluding respiratory)
  • Q3 2026 adjusted operating profit margin of ~26.5%
  • FY 2026 core revenue growth of 3-4%; exit Q4 at mid-single-digit core growth
  • FY 2026 adjusted diluted EPS raised to $8.45-$8.60 (from $8.35-$8.55)
Investor Lens
The thesis emerged stronger: core growth ex-respiratory accelerated to 4.5%, Life Sciences posted its best quarter in years, and management raised FY EPS guidance. Bioprocessing orders grew mid-teens, supporting the view that Q2's resin shipment delays were timing, not demand destruction. Masimo closed early, adding a high-single-digit grower with immediate accretion. The main cautions are the $100M+ of bioprocessing revenue pushed into 2027 and the respiratory test decline that continues to mask underlying momentum.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Beats expectations: core ex-respiratory +4.5%, EPS $1.94, FY guide raised
Revenue
Revenue of $6.3B grew 5.5% YoY; core revenue rose 3.0% (4.5% excluding respiratory), a 150 bps acceleration vs Q1. Life Sciences led with core +5.5%, while Biotechnology grew +2.5% and Diagnostics +2.0% (5.0% ex-respiratory).
Profitability
Reported net earnings were $870M ($1.23 per share), up 60% YoY. Adjusted diluted EPS came in at $1.94, up ~8% YoY and above expectations.
Margins
Gross margin was 57.6%. Adjusted operating margin contracted 20 bps to 27.1% as lower respiratory revenue offset higher non-respiratory volume and disciplined cost management.
Balance Sheet
Operating cash flow was $1.5B and free cash flow was $1.3B for the quarter; YTD FCF conversion hit 124%. Danaher also repurchased ~$900M of stock (5M shares) and closed the Masimo acquisition in early June.
Key Risks
A few large commercial biopharma customers delayed ~$50-60M of chromatography resin shipments out of Q2, with more than $100M pushed from 2026 into 2027. Respiratory testing is a ~250 bps YoY headwind in Q3, with full-year respiratory revenue around $1.6B. Academic and government demand remains below normal, and China diagnostics pricing is only gradually stabilizing.
Outlook
Q3 core revenue is guided to +2-3% (~5% ex-respiratory) with adjusted operating margin of ~26.5%. For FY26, core growth is guided to 3-4% and adjusted EPS raised to $8.45-$8.60, with expectations to exit Q4 at mid-single-digit core growth.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-21
Q2 saw better-than-expected revenue, earnings, and cash flow, with strong life sciences and diagnostics performance. Raised full-year core revenue and EPS guidance, closed Masimo acquisition early, and saw robust order growth despite bioprocessing shipment delays.
Q1 2026 Q1 2026 2026-04-21
Q1 2026 saw strong execution, with core revenue up 0.5% and adjusted EPS up 9.5% year-over-year. Bioprocessing and life sciences offset respiratory headwinds, and the Masimo acquisition is expected to be accretive. Full-year guidance was raised for adjusted EPS.
Q4 2025 Q4 2025 2026-01-28
Strong Q4 and full-year 2025 results featured robust bioprocessing growth, margin expansion, and record free cash flow. 2026 guidance calls for 3%-6% core revenue growth and $8.35-$8.50 EPS, with continued innovation and improving end markets expected to drive performance.
Q3 2025 Q3 2025 2025-10-21
Q3 results exceeded expectations with strong bioprocessing and diagnostics growth, robust cash flow, and margin expansion. 2025 guidance is maintained, with 2026 outlook for 3–6% core revenue growth and high single-digit EPS growth, supported by productivity initiatives and resilient end markets.
Q2 2025 Q2 2025 2025-07-22
Q2 saw solid results with $5.9B in sales, 1.5% core revenue growth, and a 5% EPS increase. Bioprocessing led with high single-digit growth, while diagnostics and life sciences showed mixed trends. Full-year guidance was raised, but trade and policy uncertainties remain.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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