Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Danaher Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Notes payable and current portion of long-term debt 0.00 0.65 2.01 0.70 0.01
Trade accounts payable 2.21 2.26 2.09 2.72 3.09
Compensation and benefits 1.42 1.42 1.33 1.63 1.65
Pension and postretirement benefits 0.07 0.07 0.07 0.07 0.09
Taxes, income and other 0.64 0.73 0.69 0.82 0.85
Contract liabilities 1.62 1.68 1.73 1.95 1.94
Sales and product allowances 0.22 0.24 0.18 0.23 0.27
Current operating lease liabilities 0.24 0.22 0.21 0.24 0.25
Cross-currency swap derivative liabilities 0.05 0.00 0.00 0.00 0.00
Contract settlement financing payable 0.09 0.10 0.09 0.09 0.09
Other 1.59 1.40 1.39 1.49 1.56
Accrued expenses and other liabilities 5.94% 5.85% 5.70% 6.52% 6.69%
Current liabilities 8.16% 8.77% 9.79% 9.95% 9.79%
Compensation and benefits 0.43 0.37 0.30 0.30 0.32
Pension and postretirement benefits 0.73 0.72 0.64 0.60 1.05
Taxes, income and other 3.61 4.05 4.06 4.99 5.71
Contract liabilities 0.28 0.30 0.29 0.28 0.26
Sales and product allowances 0.01 0.01 0.01 0.01 0.00
Long-term operating lease liabilities 1.29 1.25 1.13 1.02 1.07
Contract settlement financing payable 0.26 0.37 0.42 0.50 0.58
Other 0.22 0.28 0.27 0.34 0.26
Other long-term liabilities 6.83% 7.34% 7.12% 8.04% 9.26%
Long-term debt, excluding current portion 22.06 19.99 19.77 22.63 26.65
Long-term liabilities 28.89% 27.33% 26.90% 30.67% 35.90%
Total liabilities 37.05% 36.10% 36.69% 40.62% 45.69%
Preferred stock, no par value 0.00 0.00 0.00 1.98 3.93
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 20.60 21.57 19.14 14.31 12.13
Treasury stock -13.60 -10.53 -2.39 0.00 0.00
Retained earnings 56.18 56.99 48.62 46.48 39.46
Accumulated other comprehensive loss -0.25 -4.15 -2.07 -3.40 -1.23
Total Danaher stockholders’ equity 62.94% 63.89% 63.31% 59.37% 54.30%
Noncontrolling interests 0.01 0.01 0.00 0.01 0.01
Total stockholders’ equity 62.95% 63.90% 63.31% 59.38% 54.31%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 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).

The composition of liabilities and stockholders’ equity at the company exhibits several notable trends between 2021 and 2025. Overall, the proportion of total liabilities decreased slightly from 45.69% to 37.05% while stockholders’ equity increased from 54.31% to 62.95% over the period, indicating a strengthening financial position.

Short-Term Debt & Payables
Notes payable and current portion of long-term debt experienced a significant increase from 0.01% to 2.01% in 2023, before decreasing substantially to 0.00% by 2025. Trade accounts payable demonstrated a gradual decline from 3.09% to 2.21% over the five-year period. Accrued expenses and other liabilities also decreased, moving from 6.69% in 2021 to 5.94% in 2025. Current liabilities as a whole decreased from 9.79% to 8.16%.
Long-Term Liabilities
Long-term debt, excluding the current portion, decreased from 26.65% to 22.06% over the period. Other long-term liabilities also showed a decreasing trend, falling from 9.26% to 6.83%. Long-term operating lease liabilities increased steadily from 1.07% to 1.29%. Overall, long-term liabilities decreased from 35.90% to 28.89%.
Equity Components
Preferred stock decreased significantly from 3.93% in 2021 to 0% in 2023 and remained at that level through 2025. Additional paid-in capital increased from 12.13% to 20.60%, while retained earnings rose from 39.46% to 56.18%. Treasury stock shows a negative balance, increasing in magnitude from 0% to -13.60%, indicating share repurchases. Accumulated other comprehensive loss decreased from -1.23% to -0.25%. The overall trend in total stockholders’ equity is upward, increasing from 54.31% to 62.95%.
Contractual Obligations
Contract liabilities decreased slightly from 1.94% to 1.62%. Contract settlement financing payable also decreased, moving from 0.09% to 0.09%. Sales and product allowances decreased from 0.27% to 0.22%. These suggest a potential shift in revenue recognition patterns or a reduction in related obligations.
Other Liabilities
Pension and postretirement benefits remained relatively stable, fluctuating between 0.07% and 1.05%. Taxes, income and other decreased from 0.85% to 0.64%. Other liabilities showed a slight increase from 1.56% to 1.59%. Compensation and benefits decreased slightly from 1.65% to 1.42%.

The observed trends suggest a strategic shift towards financing through equity rather than debt, coupled with efficient management of short-term liabilities. The increase in retained earnings indicates profitability and effective capital allocation. The reduction in preferred stock suggests a change in capital structure preferences.

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