Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Common-Size Balance Sheet: Assets
Quarterly Data

Danaher Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 26, 2026 Mar 27, 2026 Dec 31, 2025 Sep 26, 2025 Jun 27, 2025 Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021
Cash and equivalents 4.71 6.82 5.53 1.91 3.62 2.52 2.68 3.26 3.02 8.43 6.94 13.99 10.10 8.68 7.11 6.36 4.87 4.46 3.11 3.09 9.38 8.39
Trade accounts receivable, less allowance for doubtful accounts 4.29 4.57 4.69 4.70 4.37 4.43 4.56 4.35 4.20 4.05 4.64 4.79 4.95 5.07 5.83 5.44 5.53 5.28 5.57 5.08 5.26 5.24
Finished goods 1.96 1.63 1.54 1.72 1.69 1.61 1.48 1.68 1.72 1.55 1.52 1.65 1.79 1.90 1.78 1.95 1.97 1.79 1.61 1.66 1.67 1.68
Work in process 0.58 0.60 0.56 0.66 0.64 0.65 0.60 0.62 0.63 0.61 0.54 0.57 0.62 0.64 0.56 0.64 0.65 0.64 0.57 0.56 0.55 0.54
Raw materials 0.99 0.89 0.88 0.97 0.96 0.94 0.93 1.03 1.05 1.01 1.01 1.23 1.34 1.44 1.34 1.41 1.37 1.26 1.14 1.10 1.04 0.99
Inventories 3.53% 3.12% 2.98% 3.35% 3.29% 3.20% 3.00% 3.32% 3.40% 3.17% 3.07% 3.45% 3.75% 3.98% 3.69% 3.99% 3.98% 3.68% 3.33% 3.32% 3.26% 3.21%
Prepaid expenses and other current assets 1.96 2.16 2.08 2.06 2.19 1.89 2.00 1.55 1.61 1.58 1.84 1.94 1.77 1.71 2.21 1.80 1.79 1.77 2.00 1.57 1.82 1.74
Current assets 14.49% 16.68% 15.28% 12.02% 13.48% 12.04% 12.25% 12.48% 12.23% 17.23% 16.50% 24.17% 20.57% 19.44% 18.83% 17.59% 16.17% 15.19% 14.00% 13.06% 19.73% 18.58%
Property, plant and equipment, net of accumulated depreciation 6.31 6.55 6.63 6.73 6.50 6.46 6.44 6.01 5.91 5.47 5.39 4.90 4.92 4.78 4.69 4.59 4.64 4.57 4.56 4.41 4.37 4.33
Other long-term assets 4.75 5.04 5.04 4.84 4.52 4.98 5.15 4.57 5.03 4.48 4.31 4.89 5.15 5.42 5.29 5.98 5.62 4.91 4.47 4.21 4.00 3.81
Goodwill 51.33 51.19 51.70 53.75 52.67 52.65 52.23 52.31 51.94 48.97 49.25 44.63 46.61 46.87 47.13 47.21 48.01 48.76 49.51 49.99 45.61 46.24
Other intangible assets, net 23.12 20.55 21.35 22.65 22.82 23.87 23.95 24.63 24.88 23.85 24.55 21.41 22.75 23.49 24.07 24.64 25.56 26.56 27.46 28.33 26.29 27.04
Long-term assets 85.51% 83.32% 84.72% 87.98% 86.52% 87.96% 87.75% 87.52% 87.77% 82.77% 83.50% 75.83% 79.43% 80.56% 81.17% 82.41% 83.83% 84.81% 86.00% 86.94% 80.27% 81.42%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02).

The asset structure is characterized by a heavy concentration in long-term intangible assets, with current assets representing a relatively small and volatile portion of the total balance sheet. Over the analyzed period, long-term assets consistently comprise between 75% and 88% of the total asset mix, indicating a capital structure heavily weighted toward acquired intellectual property and brand value rather than liquid or physical assets.

Liquidity and Current Asset Trends
Current assets show significant fluctuation, ranging from a low of 12.02% to a peak of 24.17%. This volatility is primarily driven by cash and equivalents, which peaked at 13.99% in September 2023 before declining sharply to 1.91% by September 2025. Trade accounts receivable have remained relatively stable, though a gradual downward trend is observed, moving from 5.24% in early 2021 to 4.29% by mid-2026. Inventories have maintained a consistent range between 3.0% and 4.0% of total assets, suggesting a stable management of raw materials, work in process, and finished goods relative to the overall growth of the balance sheet.
Fixed and Long-Term Asset Evolution
Property, plant, and equipment (PP&E) exhibit a steady upward trajectory, increasing from 4.33% in April 2021 to a peak of 6.73% in September 2025, before settling at 6.31% in June 2026. This indicates a gradual increase in the company's investment in physical infrastructure. Other long-term assets have remained relatively flat, fluctuating between 3.8% and 6.0%.
Intangible Asset Concentration
Goodwill and other intangible assets dominate the balance sheet. Goodwill has generally trended upward, increasing from 46.24% in April 2021 to a high of 53.75% in September 2025. Conversely, other intangible assets, net, have shown a general decline, decreasing from 27.04% at the start of the period to approximately 23.12% by June 2026. The combined weight of these two items frequently exceeds 70% of total assets, reflecting a corporate strategy heavily reliant on acquisitions.

Overall, the balance sheet reveals a shift toward a higher concentration of goodwill and a modest expansion of physical assets, contrasted by an increasingly volatile cash position. The stability of receivables and inventories suggests that operational working capital is being managed efficiently even as the total asset base evolves through strategic acquisitions and capital investments.

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