Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Debt to Equity 
since 2005

Microsoft Excel

Calculation

Danaher Corp., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Notes payable and long-term debt1 ÷ Total Danaher stockholders’ equity1
Dec 31, 2025 0.35 = 18,418 ÷ 52,534
Dec 31, 2024 0.32 = 16,005 ÷ 49,543
Dec 31, 2023 0.34 = 18,402 ÷ 53,486
Dec 31, 2022 0.39 = 19,677 ÷ 50,082
Dec 31, 2021 0.49 = 22,176 ÷ 45,167
Dec 31, 2020 0.53 = 21,204 ÷ 39,766
Dec 31, 2019 0.72 = 21,729 ÷ 30,271
Dec 31, 2018 0.35 = 9,740 ÷ 28,214
Dec 31, 2017 0.40 = 10,522 ÷ 26,358
Dec 31, 2016 0.53 = 12,269 ÷ 23,003
Dec 31, 2015 0.54 = 12,870 ÷ 23,690
Dec 31, 2014 0.15 = 3,473 ÷ 23,378
Dec 31, 2013 0.16 = 3,499 ÷ 22,385
Dec 31, 2012 0.28 = 5,343 ÷ 19,017
Dec 31, 2011 0.31 = 5,305 ÷ 16,905
Dec 31, 2010 0.21 = 2,825 ÷ 13,711
Dec 31, 2009 0.25 = 2,933 ÷ 11,630
Dec 31, 2008 0.27 = 2,619 ÷ 9,809
Dec 31, 2007 0.41 = 3,726 ÷ 9,086
Dec 31, 2006 0.37 = 2,434 ÷ 6,645
Dec 31, 2005 0.21 = 1,042 ÷ 5,080

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt to equity ratio for the period between 2005 and 2025 demonstrates considerable fluctuation. Initially, the ratio increased from 0.21 in 2005 to 0.41 in 2007, indicating a growing reliance on debt financing relative to equity. A subsequent decrease to 0.25 in 2009 suggests a period of deleveraging or increased equity contribution.

Initial Phase (2005-2009)
From 2005 to 2009, the debt to equity ratio exhibited volatility. It rose steadily for two years, then declined. This period may reflect strategic investments funded by debt, followed by efforts to stabilize the capital structure.

Following 2009, the ratio remained relatively stable, fluctuating between 0.21 and 0.31 for several years. However, a significant increase occurred in 2015, reaching 0.54, driven by a substantial rise in notes payable and long-term debt. This was followed by a slight decrease to 0.53 in 2016, before declining to 0.40 in 2017 and 0.35 in 2018.

Significant Increase (2015)
The notable jump in the debt to equity ratio in 2015 warrants attention. This coincided with a considerable increase in total debt, suggesting a major financing event, potentially an acquisition or large-scale investment. The subsequent moderation in the ratio over the following years indicates a partial correction or ongoing debt management.

The ratio experienced another substantial increase in 2019, peaking at 0.72. This was followed by a decrease to 0.53 in 2020, and a continued decline to 0.34 in 2022. The period from 2023 to 2025 shows a slight increase, ending at 0.35. Overall, the latter part of the analyzed period demonstrates a trend towards more moderate leverage, although fluctuations remain present.

Recent Trends (2019-2025)
The period from 2019 to 2025 shows a more pronounced pattern of increase and decrease. The peak in 2019 was followed by a consistent decline through 2022, suggesting successful debt reduction or equity growth. The slight increase in the most recent years may indicate renewed investment activity or a shift in financing strategy.

Throughout the entire period, stockholders’ equity generally increased, although the rate of increase varied. The fluctuations in the debt to equity ratio were more pronounced than those in either component individually, indicating that changes in debt levels had a greater impact on the ratio than changes in equity.

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Comparison to Competitors

Danaher Corp., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Danaher Corp. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2025 0.35 — 6.31 2.44 1.60 1.10 0.59 0.94 0.75 0.09 0.74 0.01
Dec 31, 2024 0.32 20.19 10.23 3.04 2.37 1.38 0.51 0.80 0.73 0.09 0.63 0.01
Dec 31, 2023 0.34 5.73 10.37 1.35 2.34 1.09 0.43 0.93 0.81 0.10 0.75 0.02
Dec 31, 2022 0.39 3.67 10.64 1.27 1.52 1.19 0.52 0.67 0.37 0.12 0.78 0.03
Dec 31, 2021 0.49 4.98 4.97 1.24 1.88 1.27 0.46 0.87 0.50 0.14 0.85 0.06
Dec 31, 2020 0.53 6.58 3.51 1.34 2.94 1.73 0.56 1.26 0.63 0.24 0.63 0.07
Dec 31, 2019 0.72 — 3.09 0.91 5.88 1.09 0.47 1.02 0.83 0.06 0.60 0.09
Dec 31, 2018 0.35 — 2.71 0.52 1.30 1.28 0.51 0.94 0.66 0.08 0.69 0.13
Dec 31, 2017 0.40 7.33 1.40 0.68 1.18 1.64 0.57 0.71 0.60 0.11 0.83 0.29
Dec 31, 2016 0.53 7.95 1.16 0.41 0.74 1.39 0.39 0.62 0.71 0.11 0.77 0.71
Dec 31, 2015 0.54 8.03 1.12 0.47 0.55 1.20 0.28 0.59 0.60 0.10 0.59 0.86
Dec 31, 2014 0.15 8.62 1.19 0.53 0.52 0.80 0.27 0.44 0.51 0.18 0.71 0.75
Dec 31, 2013 0.16 3.28 1.45 0.55 0.30 0.58 0.25 0.50 0.48 0.26 0.62 0.36
Dec 31, 2012 0.28 4.66 1.39 0.54 0.37 0.88 0.25 0.39 0.46 0.37 0.46 0.68
Dec 31, 2011 0.31 — 1.13 0.34 0.52 1.13 0.34 0.32 0.47 0.90 0.47 0.58
Dec 31, 2010 0.21 — 0.56 0.35 0.56 0.59 0.30 0.33 0.50 0.31 0.14 1.07
Dec 31, 2009 0.25 — 0.47 0.43 0.70 0.18 0.29 0.30 0.54 0.27 0.14 0.14
Dec 31, 2008 0.27 — 0.50 0.55 1.55 0.31 0.28 0.33 0.30 0.00 0.14 1.20
Dec 31, 2007 0.41 — 0.63 0.59 0.37 0.38 0.22 0.32 0.20 0.43 0.15 0.07
Dec 31, 2006 0.37 — 0.48 0.74 0.34 0.77 0.17 0.39 0.11 0.92 0.19 0.24
Dec 31, 2005 0.21 — 0.19 0.77 0.60 0.10 0.07 0.45 0.27 1.75 0.21 0.75

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Danaher Corp., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Danaher Corp. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2025 0.35 1.02
Dec 31, 2024 0.32 1.04
Dec 31, 2023 0.34 0.97
Dec 31, 2022 0.39 0.80
Dec 31, 2021 0.49 0.93
Dec 31, 2020 0.53 1.12
Dec 31, 2019 0.72 1.09
Dec 31, 2018 0.35 0.93
Dec 31, 2017 0.40 0.87
Dec 31, 2016 0.53 0.79
Dec 31, 2015 0.54 0.68
Dec 31, 2014 0.15 0.55
Dec 31, 2013 0.16 0.52
Dec 31, 2012 0.28 0.51
Dec 31, 2011 0.31 0.46
Dec 31, 2010 0.21 0.40
Dec 31, 2009 0.25 0.39
Dec 31, 2008 0.27 0.37
Dec 31, 2007 0.41 0.30
Dec 31, 2006 0.37 0.25
Dec 31, 2005 0.21 0.29

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Danaher Corp., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Danaher Corp. Health Care
Dec 31, 2025 0.35 0.86
Dec 31, 2024 0.32 0.87
Dec 31, 2023 0.34 0.82
Dec 31, 2022 0.39 0.72
Dec 31, 2021 0.49 0.80
Dec 31, 2020 0.53 0.92
Dec 31, 2019 0.72 0.90
Dec 31, 2018 0.35 0.80
Dec 31, 2017 0.40 0.82
Dec 31, 2016 0.53 0.77
Dec 31, 2015 0.54 0.69
Dec 31, 2014 0.15 0.54
Dec 31, 2013 0.16 0.50
Dec 31, 2012 0.28 0.54
Dec 31, 2011 0.31 0.47
Dec 31, 2010 0.21 0.43
Dec 31, 2009 0.25 0.42
Dec 31, 2008 0.27 0.42
Dec 31, 2007 0.41 0.36
Dec 31, 2006 0.37 0.32
Dec 31, 2005 0.21 0.30

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).