# Danaher Corporation (DHR) — Stock CV

Danaher Corporation is a $155B healthcare company. Revenue grew 4.6% over the last year, it keeps 16¢ of every dollar of sales as profit, and its net debt equals ~2.5 years of free cash flow. It trades at 38.6× earnings — around the middle of its own history.

> In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company.

## Identity

- **Ticker**: DHR
- **Sector**: Healthcare
- **Industry**: Diagnostics & Research
- **Headquarters**: WASHINGTON, DC
- **Employees**: 60 000
- **Website**: https://www.danaher.com
- **Market cap**: $155B
- **Last price**: $219.81
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $25.1B
- **Net income**: $4.00B
- **Free cash flow**: $5.47B
- **Net debt**: $13.8B
- **P/E**: 38.6
- **Revenue growth (YoY)**: 4.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 34 |
| Growth | 25 |
| Profitability | 50 |
| Health | 48 |
| Quality | 85 |
| Moat | 75 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +4.6% YoY
- [x] Profitable — $4.00B TTM
- [ ] Profit growing — -19.8% YoY
- [x] Generates cash — $5.47B TTM
- [x] Debt under control — ~2.5y of cash flow to repay
- [x] Established company — $155B market cap
- [x] Not printing shares — -0.4% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 36/100
- [x] Pays a dividend — yield 0.62%
- [x] Valuation not extreme — P/E 38.6

## Experience (career milestones)

- **2023** — Danaher acquired Abcam for approximately $5.7 billion
- **FY2022** — Best year on record: $7.21B net income
- **2021** — Danaher acquired Aldevron, which produces mRNA and proteins used in mRNA vaccines, for $9.6 billion…
- **2018** — Danaher acquired Integrated DNA Technologies for an estimated $1.9 billion
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $16.9B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — Danaher acquired Pall Corporation for $13.8 billion
- **2014** — Danaher acquired Nobel Biocare for $2.2 billion
- **2007** — Danaher purchased Tektronix for US$2.85 billion
- **1994** — Danaher acquired Armstrong Tools, the makers of tool brands Armstrong, Allen
- **1993** — Danaher formed NMTC, Inc., which acquired a substantial portion of the assets of MTC, including the…
- **1990** — Danaher acquired Easco Hand Tools Inc
- **1984** — Danaher was founded in 1984 by brothers Steven Rales and Mitchell Rales

## Strengths

- High gross margin (58.6%)
- Strong cash conversion — FCF is 21.8% of revenue
- Interest covered 9.8× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $29.5B | $6.43B | $7.06B |
| FY2022 | $31.5B | $7.21B | $7.37B |
| FY2023 | $23.9B | $4.76B | $5.78B |
| FY2024 | $23.9B | $3.90B | $5.30B |
| FY2025 | $24.6B | $3.61B | $5.26B |

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Source: https://stockcv.com/DHR — derived from company filings; may be delayed or incomplete. Information, not investment advice.