DANAHER CORP /DE/
DHR · NYSE · CIK 0000313616
SIC 3823
Industrial Instruments For Measurement, Display, and Control
Category
Other
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$166.51
-4.65 (-2.72%)
Open
$171.73
High
$171.73
Low
$165.25
Prev Close
$171.16
Volume
6,147,838
52W High
$242.28
52W Low
$172.34
50-day MA
$192.28
Quote as of: 2026-05-11
Market Cap
$123.60B
P/E
33.91
P/B
2.33
PEG
1.11
EPS
5.15
BPS
74.82
Dividend Yield
0.78%
Beta
0.84
ROE
6.88%
ROA
4.33%
D/E Ratio
0.16
Current Ratio
1.87
Gross Margin
73.01%
Operating Margin
23.58%
Net Margin
18.17%
Book Value/Share
$74.32
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (6 methods)
$50.54B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $65.36B | +89% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | — | N/A |
Justified P/E 순이익 × 산업 평균 P/E | $54.21B | +128% |
P/B 배수 자본 × 산업 평균 P/B | $78.80B | +57% |
P/S 배수 매출 × 산업 평균 P/S | $39.79B | +211% |
DCF (Gordon) CF × (1+g) / (r − g) | $46.86B | +164% |
DDM (Gordon) D × (1+g) / (r − g) | $7.82B | +1480% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +144.6% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 0 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +89.1%√(22.5 × 순이익 × 자본)
Current
$123.60B
Implied fair
$65.36B
Gap (current − fair)
+$58.24B(+89.1%)
NetIncome = $3.61B Equity = $52.53B √(22.5 × $3.61B × $52.53B) = $65.36B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
순이익 × (8.5 + 2 × 성장률%)
Not applicable: -
Justified P/E
Overvalued +128.0%순이익 × 산업 평균 P/E
Current
$123.60B
Implied fair
$54.21B
Gap (current − fair)
+$69.39B(+128.0%)
NetIncome = $3.61B Industry P/E = 15× $3.61B × 15 = $54.21B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +56.8%자본 × 산업 평균 P/B
Current
$123.60B
Implied fair
$78.80B
Gap (current − fair)
+$44.80B(+56.8%)
Equity = $52.53B Industry P/B = 1.5× $52.53B × 1.5 = $78.80B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +210.7%매출 × 산업 평균 P/S
Current
$123.60B
Implied fair
$39.79B
Gap (current − fair)
+$83.81B(+210.7%)
Revenue = $19.89B Industry P/S = 2× $19.89B × 2 = $39.79B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +163.7%CF × (1+g) / (r − g)
Current
$123.60B
Implied fair
$46.86B
Gap (current − fair)
+$76.74B(+163.7%)
FCF = $5.26B Discount r = 4.0% + 5.0% = 9.0% Growth g = -2.0% $5.26B × (1 + -2.0%) / (9.0% − -2.0%) = $46.86B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +1480.1%D × (1+g) / (r − g)
Current
$123.60B
Implied fair
$7.82B
Gap (current − fair)
+$115.78B(+1480.1%)
Dividend D = $878.00M Discount r = 9.0% Growth g = -2.0% $878.00M × (1 + -2.0%) / (9.0% − -2.0%) = $7.82B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 -2.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +39.6% | +62.9% | +86.1% | +109.4% | +132.7% |
| 2% | +15.2% | +38.2% | +61.3% | +84.3% | +107.3% |
| 3% | -8.7% | +14.1% | +36.9% | +59.7% | +82.5% |
| 4% | -32.2% | -9.6% | +13.0% | +35.6% | +58.2% |
| 5% | -55.2% | -32.9% | -10.5% | +11.9% | +34.3% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +736.3% | +875.6% | +1015.0% | +1154.4% | +1293.8% |
| 2% | +590.1% | +728.1% | +866.1% | +1004.1% | +1142.1% |
| 3% | +446.7% | +583.4% | +720.0% | +856.7% | +993.4% |
| 4% | +306.1% | +441.4% | +576.8% | +712.1% | +847.5% |
| 5% | +168.1% | +302.2% | +436.3% | +570.3% | +704.4% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-24
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cost of Revenue | 10,045 | 9,669 | 9,856 | 12,522 | 11,501 |
| Gross Profit | 14,523 | 14,206 | 14,034 | 18,949 | 17,952 |
| Operating Income | 4,690 | 4,863 | 5,202 | 8,688 | 7,465 |
| Net Income | 3,614 | 3,899 | 4,764 | 7,209 | 6,433 |
| EPS (Basic) | 5.07 | 5.33 | 6.44 | 9.80 | 8.77 |
| EPS (Diluted) | 5.05 | 5.29 | 6.38 | 9.66 | 8.61 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 83,464 | 77,542 | 84,488 | 84,350 | 83,184 |
| Current Assets | 12,756 | 9,497 | 13,937 | 15,883 | 11,648 |
| Current Liabilities | 6,807 | 6,798 | 8,274 | 8,389 | 8,140 |
| Long-term Debt | 18,418 | 16,005 | 18,402 | 19,677 | 22,176 |
| Total Equity | 52,534 | 49,543 | 53,486 | 50,082 | 45,167 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 6,416 | 6,688 | 7,164 | 8,519 | 8,358 |
| Investing CF | -1,196 | -1,981 | -7,081 | -2,234 | -12,987 |
| Financing CF | -2,961 | -8,385 | -273 | -2,570 | 1,295 |
| CapEx | 1,156 | 1,392 | 1,383 | 1,152 | 1,294 |
| Dividends Paid | 878 | 768 | 821 | 818 | 742 |
📄 SEC Filings
Current Report
8-K
2026-05-07
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Current Report
8-K
2026-04-29
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Current Report
8-K
2026-04-21
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Quarterly Report
10-Q
2026-04-21
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Current Report
8-K
2026-04-17
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Proxy Statement
DEF 14A
2026-03-25
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Annual Report
10-K
2026-02-24
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Current Report
8-K
2026-02-17
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Current Report
8-K
2026-02-10
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Current Report
8-K
2026-01-28
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Current Report
8-K
2026-01-12
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Other filings (89)
Insider Transaction
FORM 4
2026-05-04
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144
xsl144X01/primary_doc.xml
2026-05-01
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CERT
NYSE CERTIFICATION
2026-04-30
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SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-29
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8-A12B
8-A12B
2026-04-29
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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Insider Transaction
FORM 4
2026-04-28
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424B5
424B5
2026-04-23
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FWP
FWP
2026-04-22
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424B5
424B5
2026-04-22
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-26
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ARS
ARS
2026-03-25
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DEFA14A
DEFA14A
2026-03-25
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25-NSE
xslF25X02/primary_doc.xml
2026-03-18
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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Insider Transaction
FORM 4
2026-03-03
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3
FORM 3
2026-03-02
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4
2026-02-27
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DFAN14A
DFAN14A
2026-02-27
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-25
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Insider Transaction
FORM 4
2026-02-20
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144
xsl144X01/primary_doc.xml
2026-02-19
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DFAN14A
DFAN14A
2026-02-17
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-06
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-04
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
4
2026-02-03
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SCHEDULE 13G/A
xslSCHEDULE_13G_X01/primary_doc.xml
2026-01-30
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Insider Transaction
4
2025-12-31
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Insider Transaction
4
2025-11-26
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144
xsl144X01/primary_doc.xml
2025-11-25
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144
xsl144X01/primary_doc.xml
2025-11-25
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Insider Transaction
4
2025-11-25
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Insider Transaction
FORM 4
2025-11-19
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Insider Transaction
FORM 4
2025-11-18
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Insider Transaction
FORM 4
2025-11-18
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Insider Transaction
FORM 4
2025-11-18
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Insider Transaction
FORM 4
2025-11-18
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144
xsl144X01/primary_doc.xml
2025-11-18
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Insider Transaction
FORM 4
2025-11-13
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Insider Transaction
FORM 4
2025-11-13
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Insider Transaction
4
2025-11-13
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Insider Transaction
FORM 4
2025-11-12
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144
xsl144X01/primary_doc.xml
2025-11-12
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144
xsl144X01/primary_doc.xml
2025-11-12
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144
xsl144X01/primary_doc.xml
2025-11-12
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144
xsl144X01/primary_doc.xml
2025-11-10
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