Price to Operating Profit (P/OP)
since 2005
Calculation
Danaher Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating profit1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | 30.56 | = | 207.95 | ÷ | 6.80 | 6.80 | = | 4,863 | ÷ | 714,709,852 | |
| Feb 21, 2024 | 35.64 | = | 250.65 | ÷ | 7.03 | 7.03 | = | 5,202 | ÷ | 739,701,725 | |
| Feb 22, 2023 | 20.97 | = | 250.11 | ÷ | 11.92 | 11.92 | = | 8,688 | ÷ | 728,576,886 | |
| Feb 23, 2022 | 25.14 | = | 262.39 | ÷ | 10.44 | 10.44 | = | 7,465 | ÷ | 715,352,586 | |
| Feb 25, 2021 | 36.91 | = | 219.26 | ÷ | 5.94 | 5.94 | = | 4,231 | ÷ | 712,204,198 | |
| Feb 21, 2020 | 34.47 | = | 161.88 | ÷ | 4.70 | 4.70 | = | 3,269 | ÷ | 696,237,113 | |
| Feb 21, 2019 | 23.18 | = | 112.43 | ÷ | 4.85 | 4.85 | = | 3,404 | ÷ | 701,875,340 | |
| Feb 21, 2018 | 22.48 | = | 97.35 | ÷ | 4.33 | 4.33 | = | 3,021 | ÷ | 697,569,470 | |
| Feb 22, 2017 | 21.37 | = | 84.80 | ÷ | 3.97 | 3.97 | = | 2,751 | ÷ | 693,280,277 | |
| Feb 24, 2016 | 17.27 | = | 87.20 | ÷ | 5.05 | 5.05 | = | 3,469 | ÷ | 687,154,521 | |
| Feb 25, 2015 | 17.94 | = | 87.22 | ÷ | 4.86 | 4.86 | = | 3,431 | ÷ | 705,777,722 | |
| Feb 21, 2014 | 16.24 | = | 76.15 | ÷ | 4.69 | 4.69 | = | 3,275 | ÷ | 698,482,191 | |
| Feb 22, 2013 | 13.40 | = | 61.46 | ÷ | 4.59 | 4.59 | = | 3,165 | ÷ | 690,246,149 | |
| Feb 24, 2012 | 14.04 | = | 53.32 | ÷ | 3.80 | 3.80 | = | 2,617 | ÷ | 689,294,694 | |
| Feb 24, 2011 | 15.14 | = | 49.76 | ÷ | 3.29 | 3.29 | = | 2,166 | ÷ | 659,181,326 | |
| Feb 24, 2010 | 15.63 | = | 37.26 | ÷ | 2.38 | 2.38 | = | 1,542 | ÷ | 646,964,568 | |
| Feb 25, 2009 | 8.85 | = | 25.97 | ÷ | 2.93 | 2.93 | = | 1,869 | ÷ | 637,402,212 | |
| Feb 21, 2008 | 13.65 | = | 37.33 | ÷ | 2.73 | 2.73 | = | 1,741 | ÷ | 636,600,000 | |
| Mar 1, 2007 | 14.52 | = | 35.66 | ÷ | 2.46 | 2.46 | = | 1,518 | ÷ | 618,200,000 | |
| Mar 15, 2006 | 15.18 | = | 31.40 | ÷ | 2.07 | 2.07 | = | 1,265 | ÷ | 611,200,000 |
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.
The analysis of the financial performance over the indicated periods reveals several notable trends and dynamics in the key indicators provided.
- Share Price (US$)
- The share price exhibits an overall upward trajectory from 31.4 in March 2006 to a peak of 262.39 in February 2022, reflecting substantial growth. However, fluctuations are observed, including a decline from 37.33 in early 2008 to 25.97 in early 2009, which may correspond to broader market conditions. After reaching the peak in 2022, the share price experienced a moderate decrease to 207.95 by February 2025, indicating some volatility in recent years.
- Operating Profit Per Share (US$)
- Operating profit per share shows a general growth pattern from 2.07 in 2006 to a high of 11.92 in 2023, illustrating improved profitability on a per-share basis over the period. Some volatility is evident, such as a dip around 2016 to 3.97 and a decline after the 2023 peak down to 6.8 in 2025. This decline following the peak suggests potential challenges impacting profitability or increased costs.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio starts at 15.18 in 2006 and demonstrates variability throughout the timeframe. It drops significantly to 8.85 in 2009, likely reflecting the lower share price in that period combined with relatively stable operating profits. Subsequently, the ratio rises steadily, reaching a maximum of 36.91 in 2021 before declining to 30.56 by 2025. The elevated P/OP ratios in recent years point to higher market valuations relative to operating profit, which may indicate investor optimism or overvaluation concerns.
In summary, the period under review shows marked growth in share price and operating profit per share, despite intermittent declines associated with economic or company-specific factors. The P/OP ratio's fluctuations suggest changing market sentiment or risk perception, with a notable peak in valuation multiples around 2021. The recent declines in share price and profitability metrics warrant monitoring, as they may signal emerging challenges or market corrections.
Comparison to Competitors
Danaher Corp., P/OP, long-term trends, comparison to competitors
| Danaher Corp. | AbbVie Inc. | Amgen Inc. | Gilead Sciences Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | 30.56 | 37.26 | 21.55 | 85.65 | 19.63 | 27.65 | — |
| Feb 21, 2024 | 35.64 | 24.34 | 19.69 | 12.05 | 25.39 | 31.16 | 28.74 |
| Feb 22, 2023 | 20.97 | 14.78 | 13.40 | 14.21 | 18.01 | 25.30 | 17.75 |
| Feb 23, 2022 | 25.14 | 14.21 | 16.24 | 7.76 | 7.55 | 21.07 | 22.35 |
| Feb 25, 2021 | 36.91 | 16.32 | 14.96 | 19.38 | 14.82 | 22.81 | 19.16 |
| Feb 21, 2020 | 34.47 | 10.82 | 13.84 | 20.66 | 19.01 | 26.84 | 51.98 |
| Feb 21, 2019 | 23.18 | 18.35 | 11.46 | 10.15 | 17.53 | 27.33 | 74.57 |
| Feb 21, 2018 | 22.48 | 19.63 | 12.71 | 7.45 | 16.71 | 28.24 | 331.55 |
| Feb 22, 2017 | 21.37 | 10.49 | 12.64 | 5.23 | 28.70 | 25.13 | 2,143.58 |
| Feb 24, 2016 | 17.27 | 11.61 | 13.07 | 5.50 | 30.74 | 22.15 | — |
| Feb 25, 2015 | 17.94 | 28.64 | 19.13 | 10.19 | 49.17 | 20.63 | — |
| Feb 21, 2014 | 16.24 | 14.31 | 16.19 | 28.54 | 42.99 | 30.40 | — |
| Feb 22, 2013 | 13.40 | 10.44 | 12.22 | 16.28 | 35.11 | 17.92 | 4,319.80 |
| Feb 24, 2012 | 14.04 | — | 12.48 | 9.02 | — | 16.64 | 69.48 |
| Feb 24, 2011 | 15.14 | — | 8.79 | 7.82 | — | 17.09 | — |
| Feb 24, 2010 | 15.63 | — | 10.12 | 12.16 | — | 19.04 | — |
| Feb 25, 2009 | 8.85 | — | 9.70 | 15.24 | — | 12.33 | — |
| Feb 21, 2008 | 13.65 | — | 12.44 | 18.80 | — | 24.03 | — |
| Mar 1, 2007 | 14.52 | — | 19.54 | — | — | 79.09 | — |
| Mar 15, 2006 | 15.18 | — | 17.96 | 25.01 | — | 21.48 | — |
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).