Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

$24.99

Price to Book Value (P/BV)
since 2005

Microsoft Excel

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Calculation

Danaher Corp., P/BV, long-term trends, calculation

Microsoft Excel

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), 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$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of Danaher Corp. Annual Report.


Share price trend
The share price shows a general upward trend from 2006 to 2025, starting at $31.4 and peaking at $262.39 in 2022. Notable fluctuations include a drop to $25.97 in 2009, likely reflecting broader market conditions, followed by a steady rise culminating in a peak around 2021-2022. The price slightly decreases after 2022, ending at $207.95 in 2025.
Book value per share (BVPS) trend
Book value per share consistently increases from $8.31 in 2006 to a high of $72.31 in 2024, with a minor dip to $69.32 in 2025. This indicates steady growth in the company’s net asset value per share over the period. The growth pattern is relatively smooth without abrupt changes, reflecting sustained value accumulation.
Price-to-Book Value (P/BV) ratio trend
The P/BV ratio decreases significantly from 3.78 in 2006 to a low of 1.69 in 2009, coinciding with the share price dip during that year. After 2009, the ratio rises again, peaking at 4.16 in 2022, indicating that the market price increasingly exceeds the book value. From 2022 onwards, the ratio declines to 3 by 2025, suggesting some market price correction relative to the book value.
Overall insights
The company demonstrates strong growth in intrinsic net asset value as evidenced by the steady increase in BVPS. Market sentiment, reflected by share price and P/BV, is volatile but generally bullish with peaks corresponding to economic cycles. The notable dip in 2009 aligns with global economic downturn trends and recovery thereafter suggests regained investor confidence. The higher P/BV ratios in later years indicate increasing market optimism or perceived growth prospects exceeding book value growth. The slight decline in share price and P/BV post-2022 may suggest a market adjustment or reassessment of future growth expectations.

Comparison to Competitors

Danaher Corp., P/BV, long-term trends, comparison to competitors

Microsoft Excel

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), 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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel

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), 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)