Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

$24.99

Common-Size Income Statement

Paying user area

Try for free

Danaher Corp. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Apple Pay Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Danaher Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Research and development expenses
Other operating expenses
Operating costs
Operating profit
Other income (expense), net
Loss on early extinguishment of borrowings
Interest expense
Interest income
Nonoperating income (expense)
Earnings from continuing operations before income taxes
Income taxes
Net earnings from continuing operations
Earnings from discontinued operations, net of income taxes
Net earnings
Mandatory convertible preferred stock dividends
Net earnings attributable to common stockholders

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The data reveals several notable trends in the company's financial performance over the five-year period.

Cost of Sales and Gross Profit
Cost of sales as a percentage of sales decreased significantly from -44.02% in 2020 to a low of -39.05% in 2021, followed by slight fluctuations, ending at -40.5% in 2024. Correspondingly, gross profit showed an improvement from 55.98% in 2020 to a peak of 60.95% in 2021, then experienced a slight decline but remained above 58% through 2024. This indicates effective cost management efforts contributing to stronger gross margins overall.
Operating Expenses
Selling, general, and administrative expenses decreased from -30.95% in 2020 to -27.06% in 2022, suggesting increased operational efficiency during this timeframe. However, there was a reversal in this trend with expenses increasing to -32.5% by 2024. Research and development expenses remained relatively stable, fluctuating narrowly around the 6% mark, with a slight increase observed in the last two years. Other operating expenses were recorded only in 2021 at -1.86%, which might reflect one-time or non-recurring charges.
Operating Profit
Operating profit exhibited a peak in 2022 at 27.61% of sales, up from 18.99% in 2020, indicating improved operating performance. However, this was followed by a decline to 20.37% in 2024. The overall trend suggests strong operating profitability mid-period, followed by some contraction.
Nonoperating Income and Expenses
Other income (expense) net decreased from 2.22% in 2020 to negative values in subsequent years, reaching -0.23% in 2024. Interest expense showed a declining trend from -1.23% in 2020 to around -0.67% in 2022, then slightly increased thereafter. Interest income was minimal in early years but peaked at 1.27% in 2023 before dropping again. Nonoperating income shifted from positive in 2020 to negative in later years, indicating less favorable contributions from non-core activities.
Earnings Before Income Taxes and Net Earnings
Earnings from continuing operations before income taxes increased notably from 20.17% in 2020 to a high of 26.35% in 2022 before declining to 19.46% in 2024. Income taxes as a percentage of sales showed a gradual decline over the period. Net earnings from continuing operations followed a similar pattern, rising from 16.36% in 2020 to 22.91% in 2022, then decreasing to 16.33% in 2024.
Net Earnings and Earnings Attributable to Common Stockholders
Net earnings peaked in 2022 at 22.91% of sales, with a noticeable increase in 2023 likely supported by earnings from discontinued operations at 2.27%. By 2024, net earnings reverted to 16.33%, the same as in 2020. Mandatory convertible preferred stock dividends declined steadily, enhancing earnings attributable to common stockholders, which peaked at 22.57% in 2022 and decreased to 16.33% in 2024.

Overall, the company experienced improved profitability and margin expansion from 2020 through 2022, benefiting from lower costs of sales and operating expenses. However, starting in 2023, there is a noticeable reversal in these positive trends with increased operating expenses and declining operating and net profits. The fluctuations in nonoperating income and expenses suggest variable impacts from financing and other non-core activities that affected overall earnings.