Price to Earnings (P/E)
since 2005
Calculation
Danaher Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings attributable to common stockholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 40.93 | = | 209.19 | ÷ | 5.11 | 5.11 | = | 3,614 | ÷ | 707,139,356 | |
| Feb 20, 2025 | 38.12 | = | 207.95 | ÷ | 5.46 | 5.46 | = | 3,899 | ÷ | 714,709,852 | |
| Feb 21, 2024 | 39.09 | = | 250.65 | ÷ | 6.41 | 6.41 | = | 4,743 | ÷ | 739,701,725 | |
| Feb 22, 2023 | 25.65 | = | 250.11 | ÷ | 9.75 | 9.75 | = | 7,103 | ÷ | 728,576,886 | |
| Feb 23, 2022 | 29.94 | = | 262.39 | ÷ | 8.76 | 8.76 | = | 6,269 | ÷ | 715,352,586 | |
| Feb 25, 2021 | 44.49 | = | 219.26 | ÷ | 4.93 | 4.93 | = | 3,510 | ÷ | 712,204,198 | |
| Feb 21, 2020 | 38.34 | = | 161.88 | ÷ | 4.22 | 4.22 | = | 2,940 | ÷ | 696,237,113 | |
| Feb 21, 2019 | 29.77 | = | 112.43 | ÷ | 3.78 | 3.78 | = | 2,651 | ÷ | 701,875,340 | |
| Feb 21, 2018 | 27.25 | = | 97.35 | ÷ | 3.57 | 3.57 | = | 2,492 | ÷ | 697,569,470 | |
| Feb 22, 2017 | 23.02 | = | 84.80 | ÷ | 3.68 | 3.68 | = | 2,554 | ÷ | 693,280,277 | |
| Feb 24, 2016 | 17.85 | = | 87.20 | ÷ | 4.89 | 4.89 | = | 3,357 | ÷ | 687,154,521 | |
| Feb 25, 2015 | 23.69 | = | 87.22 | ÷ | 3.68 | 3.68 | = | 2,598 | ÷ | 705,777,722 | |
| Feb 21, 2014 | 19.74 | = | 76.15 | ÷ | 3.86 | 3.86 | = | 2,695 | ÷ | 698,482,191 | |
| Feb 22, 2013 | 17.73 | = | 61.46 | ÷ | 3.47 | 3.47 | = | 2,392 | ÷ | 690,246,149 | |
| Feb 24, 2012 | 16.92 | = | 53.32 | ÷ | 3.15 | 3.15 | = | 2,172 | ÷ | 689,294,694 | |
| Feb 24, 2011 | 18.29 | = | 49.76 | ÷ | 2.72 | 2.72 | = | 1,793 | ÷ | 659,181,326 | |
| Feb 24, 2010 | 20.93 | = | 37.26 | ÷ | 1.78 | 1.78 | = | 1,152 | ÷ | 646,964,568 | |
| Feb 25, 2009 | 12.56 | = | 25.97 | ÷ | 2.07 | 2.07 | = | 1,318 | ÷ | 637,402,212 | |
| Feb 21, 2008 | 17.35 | = | 37.33 | ÷ | 2.15 | 2.15 | = | 1,370 | ÷ | 636,600,000 | |
| Mar 1, 2007 | 19.65 | = | 35.66 | ÷ | 1.81 | 1.81 | = | 1,122 | ÷ | 618,200,000 | |
| Mar 15, 2006 | 21.38 | = | 31.40 | ÷ | 1.47 | 1.47 | = | 898 | ÷ | 611,200,000 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Danaher Corp. Annual Report.
The price-to-earnings (P/E) ratio for the observed period exhibits considerable fluctuation, generally trending upwards with notable peaks and valleys. Initial values in the early to mid-2000s demonstrate relative stability, followed by a period of increased volatility coinciding with economic events. More recently, the P/E ratio has shown a pattern of peaks followed by corrections, suggesting sensitivity to market conditions and investor sentiment.
- Initial Period (2006-2008)
- The P/E ratio began at 21.38 in 2006, decreasing to 17.35 by 2008. This initial decline suggests a potential increase in earnings relative to share price, or a correction in market valuation. The decrease is not substantial, indicating a generally stable valuation during this period.
- Financial Crisis & Recovery (2009-2011)
- A significant drop to 12.56 occurred in 2009, likely influenced by the global financial crisis and associated market downturn. The ratio then recovered to 18.29 by 2011, reflecting improving economic conditions and investor confidence. This recovery period demonstrates a responsiveness of the P/E ratio to broader economic trends.
- Mid-Range Stability (2012-2015)
- From 2012 through 2015, the P/E ratio fluctuated between approximately 16.92 and 23.69. This period represents a moderate level of valuation, with no clear directional trend. The ratio remained within a relatively narrow band, suggesting a period of consolidation.
- Recent Increases & Volatility (2016-2021)
- The P/E ratio experienced a notable increase, peaking at 44.49 in 2021. This surge is likely attributable to a combination of factors, including strong earnings growth and potentially inflated market valuations. The period from 2016 to 2021 shows a clear upward trend, followed by a substantial peak.
- Correction & Current Levels (2022-2026)
- Following the peak in 2021, the P/E ratio decreased to 29.94 in 2022 and 25.65 in 2023, indicating a correction in valuation. The ratio then increased again to 39.09 in 2024 and remains elevated at 40.93 in 2026. This recent pattern suggests continued investor optimism, but with increased sensitivity to earnings performance. The fluctuations in the most recent years indicate a more volatile valuation environment.
Overall, the P/E ratio demonstrates a dynamic relationship with both company performance and broader market conditions. The observed increases and decreases suggest that the company’s valuation is responsive to changes in investor sentiment and economic factors. The recent volatility warrants continued monitoring to assess the sustainability of current valuation levels.
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Comparison to Competitors
Danaher Corp., P/E, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 40.93 | 94.06 | 25.81 | 17.30 | 47.45 | 21.54 | 21.66 | 16.79 | 19.83 | 18.19 | 28.82 | 31.58 |
| Feb 20, 2025 | 38.12 | 79.59 | 38.24 | — | 77.63 | 296.57 | 26.92 | 13.49 | 18.42 | 17.76 | 32.03 | — |
| Feb 21, 2024 | 39.09 | 63.84 | 23.14 | 12.27 | 135.24 | 16.17 | 10.73 | 893.99 | 73.42 | 25.99 | 35.65 | 30.42 |
| Feb 22, 2023 | 25.65 | 22.62 | 19.56 | 23.97 | 50.08 | 22.68 | 22.97 | 19.21 | 7.58 | 19.68 | 30.55 | 23.02 |
| Feb 23, 2022 | 29.94 | 22.07 | 21.05 | 20.92 | 40.66 | 12.36 | 20.93 | 14.78 | 11.76 | 8.37 | 27.35 | 26.55 |
| Feb 25, 2021 | 44.49 | 40.17 | 18.82 | — | 31.95 | 641.48 | 28.92 | 26.72 | 19.62 | 15.09 | 27.89 | 20.18 |
| Feb 21, 2020 | 38.34 | 17.82 | 17.07 | 41.99 | 16.19 | 16.45 | 25.99 | 20.60 | 11.63 | 19.86 | 33.36 | 52.90 |
| Feb 21, 2019 | 29.77 | 20.60 | 14.01 | 16.81 | 39.13 | 15.26 | 23.74 | 33.46 | 21.58 | 18.17 | 35.19 | 22.59 |
| Feb 21, 2018 | 27.25 | 35.47 | 64.06 | 103.55 | — | 22.75 | 268.10 | 61.63 | 9.99 | 28.99 | 37.66 | 155.08 |
| Feb 22, 2017 | 23.02 | 16.54 | 16.03 | 20.56 | 32.39 | 6.83 | 20.08 | 46.14 | 28.10 | 42.64 | 30.45 | — |
| Feb 24, 2016 | 17.85 | 17.01 | 15.95 | 64.22 | 33.35 | 6.75 | 18.80 | 31.64 | 26.37 | 60.50 | 26.19 | — |
| Feb 25, 2015 | 23.69 | 55.08 | 22.96 | 49.80 | 33.06 | 12.85 | 17.15 | 13.94 | 23.03 | 118.44 | 27.26 | — |
| Feb 21, 2014 | 19.74 | 19.64 | 18.69 | 35.01 | 13.88 | 42.00 | 18.72 | 37.83 | 9.32 | 77.00 | 38.43 | — |
| Feb 22, 2013 | 17.73 | 11.51 | 15.68 | 30.56 | 14.99 | 25.20 | 19.64 | 20.94 | 13.51 | 21.42 | 22.54 | — |
| Feb 24, 2012 | 16.92 | — | 14.61 | 15.07 | 10.42 | 12.20 | 18.48 | 18.63 | 15.99 | — | 15.58 | 267.42 |
| Feb 24, 2011 | 18.29 | — | 10.53 | 13.99 | 7.86 | 10.68 | 12.23 | 116.63 | 18.63 | — | 20.87 | — |
| Feb 24, 2010 | 20.93 | — | 12.10 | 4.03 | 9.18 | 16.29 | 14.22 | 9.00 | 16.41 | — | 23.49 | — |
| Feb 25, 2009 | 12.56 | — | 12.06 | 7.68 | — | 20.29 | 11.67 | 6.53 | 10.25 | — | 15.25 | — |
| Feb 21, 2008 | 17.35 | — | 15.64 | 20.60 | 19.26 | 25.19 | 17.07 | 29.88 | 18.51 | — | 30.76 | — |
| Mar 1, 2007 | 19.65 | — | 25.43 | 34.64 | 22.40 | — | 17.02 | 21.57 | 9.18 | — | 113.28 | — |
| Mar 15, 2006 | 21.38 | — | 23.70 | 14.96 | 31.90 | 34.15 | 16.95 | 16.62 | 23.92 | — | 25.36 | — |
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., P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Danaher Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 24, 2026 | 40.93 | 28.98 |
| Feb 20, 2025 | 38.12 | 45.15 |
| Feb 21, 2024 | 39.09 | 32.80 |
| Feb 22, 2023 | 25.65 | 20.23 |
| Feb 23, 2022 | 29.94 | 19.27 |
| Feb 25, 2021 | 44.49 | 34.89 |
| Feb 21, 2020 | 38.34 | 21.03 |
| Feb 21, 2019 | 29.77 | 22.89 |
| Feb 21, 2018 | 27.25 | 35.21 |
| Feb 22, 2017 | 23.02 | 20.62 |
| Feb 24, 2016 | 17.85 | 19.37 |
| Feb 25, 2015 | 23.69 | 21.40 |
| Feb 21, 2014 | 19.74 | 19.54 |
| Feb 22, 2013 | 17.73 | 17.56 |
| Feb 24, 2012 | 16.92 | 16.42 |
| Feb 24, 2011 | 18.29 | 16.11 |
| Feb 24, 2010 | 20.93 | 11.66 |
| Feb 25, 2009 | 12.56 | 12.21 |
| Feb 21, 2008 | 17.35 | 20.04 |
| Mar 1, 2007 | 19.65 | 17.46 |
| Mar 15, 2006 | 21.38 | 20.94 |
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., P/E, long-term trends, comparison to industry (health care)
| Danaher Corp. | Health Care | |
|---|---|---|
| Feb 24, 2026 | 40.93 | 28.31 |
| Feb 20, 2025 | 38.12 | 38.03 |
| Feb 21, 2024 | 39.09 | 30.62 |
| Feb 22, 2023 | 25.65 | 351,256.81 |
| Feb 23, 2022 | 29.94 | 21.55 |
| Feb 25, 2021 | 44.49 | 32.22 |
| Feb 21, 2020 | 38.34 | 22.09 |
| Feb 21, 2019 | 29.77 | 24.32 |
| Feb 21, 2018 | 27.25 | 33.04 |
| Feb 22, 2017 | 23.02 | 21.90 |
| Feb 24, 2016 | 17.85 | 19.53 |
| Feb 25, 2015 | 23.69 | 21.38 |
| Feb 21, 2014 | 19.74 | 18.67 |
| Feb 22, 2013 | 17.73 | 15.77 |
| Feb 24, 2012 | 16.92 | 15.79 |
| Feb 24, 2011 | 18.29 | 15.12 |
| Feb 24, 2010 | 20.93 | 11.71 |
| Feb 25, 2009 | 12.56 | 13.07 |
| Feb 21, 2008 | 17.35 | 19.29 |
| Mar 1, 2007 | 19.65 | 18.61 |
| Mar 15, 2006 | 21.38 | 21.71 |
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).