Price to Sales (P/S)
since 2005
Calculation
Danaher Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 6.02 | = | 209.19 | ÷ | 34.74 | 34.74 | = | 24,568 | ÷ | 707,139,356 | |
| Feb 20, 2025 | 6.23 | = | 207.95 | ÷ | 33.41 | 33.41 | = | 23,875 | ÷ | 714,709,852 | |
| Feb 21, 2024 | 7.76 | = | 250.65 | ÷ | 32.30 | 32.30 | = | 23,890 | ÷ | 739,701,725 | |
| Feb 22, 2023 | 5.79 | = | 250.11 | ÷ | 43.20 | 43.20 | = | 31,471 | ÷ | 728,576,886 | |
| Feb 23, 2022 | 6.37 | = | 262.39 | ÷ | 41.17 | 41.17 | = | 29,453 | ÷ | 715,352,586 | |
| Feb 25, 2021 | 7.01 | = | 219.26 | ÷ | 31.29 | 31.29 | = | 22,284 | ÷ | 712,204,198 | |
| Feb 21, 2020 | 6.29 | = | 161.88 | ÷ | 25.73 | 25.73 | = | 17,911 | ÷ | 696,237,113 | |
| Feb 21, 2019 | 3.97 | = | 112.43 | ÷ | 28.34 | 28.34 | = | 19,893 | ÷ | 701,875,340 | |
| Feb 21, 2018 | 3.70 | = | 97.35 | ÷ | 26.28 | 26.28 | = | 18,330 | ÷ | 697,569,470 | |
| Feb 22, 2017 | 3.48 | = | 84.80 | ÷ | 24.35 | 24.35 | = | 16,882 | ÷ | 693,280,277 | |
| Feb 24, 2016 | 2.91 | = | 87.20 | ÷ | 29.93 | 29.93 | = | 20,563 | ÷ | 687,154,521 | |
| Feb 25, 2015 | 3.09 | = | 87.22 | ÷ | 28.22 | 28.22 | = | 19,914 | ÷ | 705,777,722 | |
| Feb 21, 2014 | 2.78 | = | 76.15 | ÷ | 27.37 | 27.37 | = | 19,118 | ÷ | 698,482,191 | |
| Feb 22, 2013 | 2.32 | = | 61.46 | ÷ | 26.45 | 26.45 | = | 18,260 | ÷ | 690,246,149 | |
| Feb 24, 2012 | 2.28 | = | 53.32 | ÷ | 23.34 | 23.34 | = | 16,091 | ÷ | 689,294,694 | |
| Feb 24, 2011 | 2.48 | = | 49.76 | ÷ | 20.03 | 20.03 | = | 13,203 | ÷ | 659,181,326 | |
| Feb 24, 2010 | 2.16 | = | 37.26 | ÷ | 17.29 | 17.29 | = | 11,185 | ÷ | 646,964,568 | |
| Feb 25, 2009 | 1.30 | = | 25.97 | ÷ | 19.92 | 19.92 | = | 12,697 | ÷ | 637,402,212 | |
| Feb 21, 2008 | 2.16 | = | 37.33 | ÷ | 17.32 | 17.32 | = | 11,026 | ÷ | 636,600,000 | |
| Mar 1, 2007 | 2.30 | = | 35.66 | ÷ | 15.52 | 15.52 | = | 9,596 | ÷ | 618,200,000 | |
| Mar 15, 2006 | 2.40 | = | 31.40 | ÷ | 13.06 | 13.06 | = | 7,985 | ÷ | 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-Sales (P/S) ratio for the observed period exhibits considerable fluctuation, though generally trends upward over the long term. Initial values in the early to mid-2000s demonstrate relative stability before a significant dip, followed by a period of increasing values and then another period of fluctuation.
- Initial Period (2006-2008)
- The P/S ratio begins at 2.40 and decreases slightly to 2.16 over the first three years. This suggests a relatively consistent valuation based on sales during this timeframe, with a minor contraction in the premium investors were willing to pay for each dollar of sales.
- Significant Decline (2009)
- A substantial decrease is observed in 2009, with the P/S ratio falling to 1.30. This decline likely reflects broader economic conditions and potentially investor concerns regarding future sales performance. It represents a significant departure from the prior trend.
- Recovery and Growth (2010-2014)
- Following the 2009 decline, the P/S ratio recovers and demonstrates growth, reaching 3.09 in 2015. This indicates improving investor confidence and a willingness to pay a higher premium for sales. The ratio nearly doubles from its low point, suggesting a positive shift in market perception.
- Fluctuation and Peak (2015-2021)
- From 2015 to 2021, the P/S ratio experiences fluctuations, peaking at 7.01 in 2021. This period is characterized by increased volatility, potentially driven by company-specific developments or broader market dynamics. The substantial increase in 2020 and 2021 suggests a significant re-evaluation of the company’s growth prospects.
- Recent Period (2022-2026)
- The most recent period shows a decline from the 2021 peak, with the P/S ratio falling to 6.02 in 2026. While still elevated compared to the earlier years of the observation period, this decrease may indicate a correction in valuation or changing market expectations. The ratio remains above the levels seen before 2020, suggesting sustained investor confidence, albeit at a reduced premium.
Overall, the P/S ratio demonstrates a long-term upward trend punctuated by periods of significant volatility. The ratio’s sensitivity to external factors and company performance is evident throughout the observed timeframe.
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Comparison to Competitors
Danaher Corp., P/S, 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 | 6.02 | 6.50 | 5.66 | 2.53 | 15.03 | 6.34 | 6.16 | 4.71 | 2.46 | 5.71 | 4.34 | 10.40 |
| Feb 20, 2025 | 6.23 | 6.04 | 4.88 | 2.36 | 18.25 | 4.98 | 4.26 | 3.60 | 2.32 | 5.52 | 4.73 | 10.78 |
| Feb 21, 2024 | 7.76 | 5.72 | 5.78 | 2.19 | 20.77 | 3.40 | 4.43 | 5.43 | 2.61 | 7.84 | 4.99 | 11.16 |
| Feb 22, 2023 | 5.79 | 4.61 | 5.17 | 3.29 | 10.96 | 3.86 | 4.34 | 4.71 | 2.35 | 7.01 | 4.73 | 8.56 |
| Feb 23, 2022 | 6.37 | 4.53 | 5.10 | 3.16 | 8.01 | 2.85 | 4.66 | 3.96 | 3.15 | 4.20 | 5.39 | 8.21 |
| Feb 25, 2021 | 7.01 | 4.05 | 5.64 | 3.16 | 8.06 | 3.24 | 5.15 | 3.93 | 4.42 | 6.24 | 5.52 | 8.82 |
| Feb 21, 2020 | 6.29 | 4.22 | 6.03 | 5.52 | 6.03 | 4.00 | 4.79 | 4.33 | 3.66 | 5.34 | 4.83 | 14.95 |
| Feb 21, 2019 | 3.97 | 3.58 | 5.22 | 3.67 | 5.15 | 3.84 | 4.45 | 4.92 | 4.49 | 6.62 | 4.24 | 15.54 |
| Feb 21, 2018 | 3.70 | 6.67 | 5.82 | 5.02 | 3.71 | 4.10 | 4.56 | 3.68 | 4.05 | 5.92 | 4.01 | 16.42 |
| Feb 22, 2017 | 3.48 | 3.84 | 5.65 | 4.72 | 4.18 | 3.08 | 4.62 | 4.54 | 3.84 | 7.86 | 3.37 | 12.51 |
| Feb 24, 2016 | 2.91 | 3.83 | 5.28 | 6.07 | 4.02 | 3.80 | 4.13 | 3.56 | 3.76 | 9.38 | 3.05 | 20.38 |
| Feb 25, 2015 | 3.09 | 4.90 | 6.13 | 6.28 | 4.03 | 6.36 | 3.77 | 3.93 | 4.24 | 14.62 | 3.06 | 47.41 |
| Feb 21, 2014 | 2.78 | 4.31 | 5.22 | 5.48 | 2.81 | 11.95 | 3.63 | 3.78 | 3.97 | 15.52 | 3.74 | 16.53 |
| Feb 22, 2013 | 2.32 | 3.30 | 4.09 | 3.40 | 2.71 | 6.95 | 3.17 | 2.73 | 3.34 | 11.66 | 2.12 | 6.60 |
| Feb 24, 2012 | 2.28 | — | 3.52 | 2.63 | 1.87 | 4.22 | 2.75 | 2.43 | 2.37 | 20.90 | 1.77 | 5.61 |
| Feb 24, 2011 | 2.48 | — | 3.32 | 2.23 | 1.73 | 4.19 | 2.65 | 2.18 | 2.27 | 7.38 | 2.00 | 56.82 |
| Feb 24, 2010 | 2.16 | — | 3.88 | 2.27 | 1.82 | 6.64 | 2.82 | 4.23 | 2.83 | 5.74 | 1.98 | 80.12 |
| Feb 25, 2009 | 1.30 | — | 3.44 | 1.96 | 1.66 | 8.03 | 2.37 | 2.14 | 1.72 | 5.17 | 1.44 | 28.70 |
| Feb 21, 2008 | 2.16 | — | 3.46 | 2.30 | 3.05 | 10.90 | 2.95 | 4.04 | 3.11 | 11.94 | 2.40 | 12.17 |
| Mar 1, 2007 | 2.30 | — | 5.41 | 3.07 | 3.80 | 12.67 | 3.53 | 4.23 | 3.67 | 19.70 | 5.05 | 17.58 |
| Mar 15, 2006 | 2.40 | — | 7.24 | 2.34 | 4.31 | 15.36 | 3.49 | 3.50 | 3.77 | 14.06 | 2.15 | 26.93 |
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/S, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Danaher Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 24, 2026 | 6.02 | 6.24 |
| Feb 20, 2025 | 6.23 | 5.55 |
| Feb 21, 2024 | 7.76 | 5.89 |
| Feb 22, 2023 | 5.79 | 4.56 |
| Feb 23, 2022 | 6.37 | 4.50 |
| Feb 25, 2021 | 7.01 | 4.90 |
| Feb 21, 2020 | 6.29 | 4.88 |
| Feb 21, 2019 | 3.97 | 4.54 |
| Feb 21, 2018 | 3.70 | 4.60 |
| Feb 22, 2017 | 3.48 | 4.29 |
| Feb 24, 2016 | 2.91 | 4.10 |
| Feb 25, 2015 | 3.09 | 4.54 |
| Feb 21, 2014 | 2.78 | 4.30 |
| Feb 22, 2013 | 2.32 | 3.25 |
| Feb 24, 2012 | 2.28 | 2.58 |
| Feb 24, 2011 | 2.48 | 2.44 |
| Feb 24, 2010 | 2.16 | 3.00 |
| Feb 25, 2009 | 1.30 | 2.22 |
| Feb 21, 2008 | 2.16 | 3.19 |
| Mar 1, 2007 | 2.30 | 3.88 |
| Mar 15, 2006 | 2.40 | 3.84 |
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/S, long-term trends, comparison to industry (health care)
| Danaher Corp. | Health Care | |
|---|---|---|
| Feb 24, 2026 | 6.02 | 3.34 |
| Feb 20, 2025 | 6.23 | 3.36 |
| Feb 21, 2024 | 7.76 | 3.52 |
| Feb 22, 2023 | 5.79 | 51,413.66 |
| Feb 23, 2022 | 6.37 | 3.28 |
| Feb 25, 2021 | 7.01 | 3.31 |
| Feb 21, 2020 | 6.29 | 3.21 |
| Feb 21, 2019 | 3.97 | 3.07 |
| Feb 21, 2018 | 3.70 | 3.06 |
| Feb 22, 2017 | 3.48 | 2.80 |
| Feb 24, 2016 | 2.91 | 2.72 |
| Feb 25, 2015 | 3.09 | 3.08 |
| Feb 21, 2014 | 2.78 | 2.81 |
| Feb 22, 2013 | 2.32 | 2.20 |
| Feb 24, 2012 | 2.28 | 1.90 |
| Feb 24, 2011 | 2.48 | 1.80 |
| Feb 24, 2010 | 2.16 | 2.08 |
| Feb 25, 2009 | 1.30 | 1.70 |
| Feb 21, 2008 | 2.16 | 2.42 |
| Mar 1, 2007 | 2.30 | 2.85 |
| Mar 15, 2006 | 2.40 | 3.17 |
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).