Net Profit Margin
since 2005
Calculation
Danaher Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net earnings1 | ÷ | Sales1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 14.71% | = | 100 | × | 3,614) | ÷ | 24,568) |
| Dec 31, 2024 | 16.33% | = | 100 | × | 3,899) | ÷ | 23,875) |
| Dec 31, 2023 | 19.94% | = | 100 | × | 4,764) | ÷ | 23,890) |
| Dec 31, 2022 | 22.91% | = | 100 | × | 7,209) | ÷ | 31,471) |
| Dec 31, 2021 | 21.84% | = | 100 | × | 6,433) | ÷ | 29,453) |
| Dec 31, 2020 | 16.36% | = | 100 | × | 3,646) | ÷ | 22,284) |
| Dec 31, 2019 | 16.80% | = | 100 | × | 3,008) | ÷ | 17,911) |
| Dec 31, 2018 | 13.33% | = | 100 | × | 2,651) | ÷ | 19,893) |
| Dec 31, 2017 | 13.60% | = | 100 | × | 2,492) | ÷ | 18,330) |
| Dec 31, 2016 | 15.13% | = | 100 | × | 2,554) | ÷ | 16,882) |
| Dec 31, 2015 | 16.33% | = | 100 | × | 3,357) | ÷ | 20,563) |
| Dec 31, 2014 | 13.05% | = | 100 | × | 2,598) | ÷ | 19,914) |
| Dec 31, 2013 | 14.10% | = | 100 | × | 2,695) | ÷ | 19,118) |
| Dec 31, 2012 | 13.10% | = | 100 | × | 2,392) | ÷ | 18,260) |
| Dec 31, 2011 | 13.50% | = | 100 | × | 2,172) | ÷ | 16,091) |
| Dec 31, 2010 | 13.58% | = | 100 | × | 1,793) | ÷ | 13,203) |
| Dec 31, 2009 | 10.30% | = | 100 | × | 1,152) | ÷ | 11,185) |
| Dec 31, 2008 | 10.38% | = | 100 | × | 1,318) | ÷ | 12,697) |
| Dec 31, 2007 | 12.42% | = | 100 | × | 1,370) | ÷ | 11,026) |
| Dec 31, 2006 | 11.69% | = | 100 | × | 1,122) | ÷ | 9,596) |
| Dec 31, 2005 | 11.24% | = | 100 | × | 898) | ÷ | 7,985) |
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 net profit margin exhibited a generally increasing trend from 2005 through 2021, followed by a decline in the most recent years presented. Initial values were in the low double digits, and the metric demonstrated considerable volatility before stabilizing and achieving substantial growth in the late 2010s and early 2020s. However, recent performance indicates a potential shift in this profitability.
- Overall Trend (2005-2021)
- From 2005 to 2021, the net profit margin generally increased, moving from 11.24% to 22.91%. This represents a significant improvement in profitability over the period. The growth wasn’t linear; there were periods of stagnation and slight decline, such as between 2008 and 2010, and again between 2015 and 2017. However, the overall trajectory was positive, culminating in peak margins in 2021.
- Recent Performance (2021-2025)
- Following the high of 22.91% in 2021, the net profit margin experienced a notable decrease. It fell to 19.94% in 2022, then to 16.33% in 2023, and continued to decline to 14.71% in 2025. This represents a substantial contraction in profitability in a relatively short period. This recent decline warrants further investigation to determine the underlying causes.
- Relationship to Sales
- Sales generally increased over the period, with some fluctuations. While sales and net earnings both increased between 2005 and 2021, the more recent decline in net profit margin occurred despite relatively stable sales figures between 2022 and 2025. This suggests that factors beyond revenue generation, such as cost of goods sold or operating expenses, are significantly impacting profitability.
- Key Observations
- The period between 2010 and 2015 showed a relatively stable net profit margin, fluctuating between approximately 13% and 16%. The significant jump in margin in 2016 (to 16.33%) suggests a potential operational improvement or a favorable shift in the company’s product mix. The substantial increase in net profit margin in 2020 and 2021, coinciding with a significant increase in sales, indicates strong operational leverage and effective cost management during those years. The subsequent decline, however, raises concerns about the sustainability of these gains.
Comparison to Competitors
Danaher Corp., net profit margin, long-term trends, comparison to competitors
| 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 | 14.71% | 6.91% | 21.94% | 14.64% | 31.67% | 29.43% | 28.46% | 28.08% | 12.42% | 31.41% | 15.05% | 32.94% |
| Dec 31, 2024 | 16.33% | 7.59% | 12.77% | -18.53% | 23.51% | 1.68% | 15.84% | 26.68% | 12.62% | 31.07% | 14.77% | -4.86% |
| Dec 31, 2023 | 19.94% | 8.95% | 24.96% | 17.83% | 15.36% | 21.03% | 41.28% | 0.61% | 3.56% | 30.14% | 13.99% | 36.68% |
| Dec 31, 2022 | 22.91% | 20.39% | 26.42% | 13.71% | 21.88% | 17.02% | 18.90% | 24.49% | 31.01% | 35.64% | 15.47% | 37.20% |
| Dec 31, 2021 | 21.84% | 20.54% | 24.25% | 15.08% | 19.71% | 23.05% | 22.26% | 26.79% | 26.76% | 50.25% | 19.70% | 30.92% |
| Dec 31, 2020 | 16.36% | 10.08% | 29.97% | -21.20% | 25.24% | 0.51% | 17.82% | 14.72% | 22.53% | 41.35% | 19.79% | 43.70% |
| Dec 31, 2019 | 16.80% | 23.69% | 35.32% | 13.15% | 37.27% | 24.35% | 18.42% | 21.01% | 31.45% | 26.91% | 14.47% | 28.27% |
| Dec 31, 2018 | 13.33% | 17.36% | 37.25% | 21.81% | 13.16% | 25.16% | 18.75% | 14.71% | 20.79% | 36.42% | 12.06% | 68.80% |
| Dec 31, 2017 | 13.60% | 18.82% | 9.08% | 4.85% | -0.89% | 18.03% | 1.70% | 5.97% | 40.55% | 20.41% | 10.64% | 10.59% |
| Dec 31, 2016 | 15.13% | 23.22% | 35.27% | 22.94% | 12.90% | 45.07% | 23.01% | 9.85% | 13.66% | 18.42% | 11.06% | -6.58% |
| Dec 31, 2015 | 16.33% | 22.50% | 33.13% | 9.45% | 12.07% | 56.32% | 21.99% | 11.25% | 14.25% | 15.50% | 11.64% | -53.89% |
| Dec 31, 2014 | 13.05% | 8.89% | 26.69% | 12.62% | 12.19% | 49.44% | 21.96% | 28.22% | 18.42% | 12.34% | 11.22% | -127.25% |
| Dec 31, 2013 | 14.10% | 21.97% | 27.93% | 15.64% | 20.27% | 28.46% | 19.40% | 10.00% | 42.65% | 20.16% | 9.73% | -36.72% |
| Dec 31, 2012 | 13.10% | 28.70% | 26.11% | 11.12% | 18.09% | 27.57% | 16.14% | 13.05% | 24.70% | 54.43% | 9.42% | -7.01% |
| Dec 31, 2011 | 13.50% | — | 24.08% | 17.46% | 17.90% | 34.60% | 14.87% | 13.05% | 14.84% | -49.74% | 11.34% | 2.10% |
| Dec 31, 2010 | 13.58% | — | 31.56% | 15.92% | 21.97% | 39.26% | 21.65% | 1.87% | 12.18% | -22.76% | 9.60% | -526.35% |
| Dec 31, 2009 | 10.30% | — | 32.09% | 56.42% | 19.82% | 40.74% | 19.82% | 47.04% | 17.27% | -17.88% | 8.41% | -630.27% |
| Dec 31, 2008 | 10.38% | — | 28.57% | 25.47% | -10.17% | 39.55% | 20.31% | 32.74% | 16.78% | -34.69% | 9.47% | -262.02% |
| Dec 31, 2007 | 12.42% | — | 22.12% | 11.19% | 15.85% | 43.27% | 17.31% | 13.54% | 16.82% | -84.46% | 7.81% | -196.61% |
| Dec 31, 2006 | 11.69% | — | 21.29% | 8.85% | 16.97% | -45.98% | 20.73% | 19.59% | 39.98% | -161.30% | 4.46% | -95.63% |
| Dec 31, 2005 | 11.24% | — | 30.56% | 15.62% | 13.52% | 44.99% | 20.61% | 21.04% | 15.76% | -144.19% | 8.48% | -126.43% |
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., net profit margin, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Danaher Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | 14.71% | 21.54% |
| Dec 31, 2024 | 16.33% | 12.30% |
| Dec 31, 2023 | 19.94% | 17.95% |
| Dec 31, 2022 | 22.91% | 22.55% |
| Dec 31, 2021 | 21.84% | 23.38% |
| Dec 31, 2020 | 16.36% | 14.07% |
| Dec 31, 2019 | 16.80% | 23.22% |
| Dec 31, 2018 | 13.33% | 19.82% |
| Dec 31, 2017 | 13.60% | 13.06% |
| Dec 31, 2016 | 15.13% | 20.78% |
| Dec 31, 2015 | 16.33% | 21.17% |
| Dec 31, 2014 | 13.05% | 21.24% |
| Dec 31, 2013 | 14.10% | 21.99% |
| Dec 31, 2012 | 13.10% | 18.53% |
| Dec 31, 2011 | 13.50% | 15.70% |
| Dec 31, 2010 | 13.58% | 15.16% |
| Dec 31, 2009 | 10.30% | 25.73% |
| Dec 31, 2008 | 10.38% | 18.17% |
| Dec 31, 2007 | 12.42% | 15.90% |
| Dec 31, 2006 | 11.69% | 22.24% |
| Dec 31, 2005 | 11.24% | 18.33% |
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., net profit margin, long-term trends, comparison to industry (health care)
| Danaher Corp. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 14.71% | 11.79% |
| Dec 31, 2024 | 16.33% | 8.84% |
| Dec 31, 2023 | 19.94% | 11.49% |
| Dec 31, 2022 | 22.91% | 14.65% |
| Dec 31, 2021 | 21.84% | 15.24% |
| Dec 31, 2020 | 16.36% | 10.27% |
| Dec 31, 2019 | 16.80% | 14.56% |
| Dec 31, 2018 | 13.33% | 12.61% |
| Dec 31, 2017 | 13.60% | 9.26% |
| Dec 31, 2016 | 15.13% | 12.80% |
| Dec 31, 2015 | 16.33% | 13.94% |
| Dec 31, 2014 | 13.05% | 14.40% |
| Dec 31, 2013 | 14.10% | 15.04% |
| Dec 31, 2012 | 13.10% | 13.92% |
| Dec 31, 2011 | 13.50% | 12.06% |
| Dec 31, 2010 | 13.58% | 11.90% |
| Dec 31, 2009 | 10.30% | 17.77% |
| Dec 31, 2008 | 10.38% | 13.00% |
| Dec 31, 2007 | 12.42% | 12.52% |
| Dec 31, 2006 | 11.69% | 15.30% |
| Dec 31, 2005 | 11.24% | 14.61% |
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).