Return on Equity (ROE)
since 2005
Calculation
Danaher Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net earnings1 | ÷ | Total Danaher stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 6.88% | = | 100 | × | 3,614) | ÷ | 52,534) |
| Dec 31, 2024 | 7.87% | = | 100 | × | 3,899) | ÷ | 49,543) |
| Dec 31, 2023 | 8.91% | = | 100 | × | 4,764) | ÷ | 53,486) |
| Dec 31, 2022 | 14.39% | = | 100 | × | 7,209) | ÷ | 50,082) |
| Dec 31, 2021 | 14.24% | = | 100 | × | 6,433) | ÷ | 45,167) |
| Dec 31, 2020 | 9.17% | = | 100 | × | 3,646) | ÷ | 39,766) |
| Dec 31, 2019 | 9.94% | = | 100 | × | 3,008) | ÷ | 30,271) |
| Dec 31, 2018 | 9.40% | = | 100 | × | 2,651) | ÷ | 28,214) |
| Dec 31, 2017 | 9.45% | = | 100 | × | 2,492) | ÷ | 26,358) |
| Dec 31, 2016 | 11.10% | = | 100 | × | 2,554) | ÷ | 23,003) |
| Dec 31, 2015 | 14.17% | = | 100 | × | 3,357) | ÷ | 23,690) |
| Dec 31, 2014 | 11.11% | = | 100 | × | 2,598) | ÷ | 23,378) |
| Dec 31, 2013 | 12.04% | = | 100 | × | 2,695) | ÷ | 22,385) |
| Dec 31, 2012 | 12.58% | = | 100 | × | 2,392) | ÷ | 19,017) |
| Dec 31, 2011 | 12.85% | = | 100 | × | 2,172) | ÷ | 16,905) |
| Dec 31, 2010 | 13.08% | = | 100 | × | 1,793) | ÷ | 13,711) |
| Dec 31, 2009 | 9.90% | = | 100 | × | 1,152) | ÷ | 11,630) |
| Dec 31, 2008 | 13.43% | = | 100 | × | 1,318) | ÷ | 9,809) |
| Dec 31, 2007 | 15.08% | = | 100 | × | 1,370) | ÷ | 9,086) |
| Dec 31, 2006 | 16.89% | = | 100 | × | 1,122) | ÷ | 6,645) |
| Dec 31, 2005 | 17.67% | = | 100 | × | 898) | ÷ | 5,080) |
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 return on equity (ROE) for the analyzed period demonstrates considerable fluctuation. Initially, the ROE exhibited a decreasing trend from 2005 to 2009, followed by a period of relative stability and then another decline, before increasing significantly in recent years and subsequently decreasing again.
- Initial Decline (2005-2009)
- From 2005 to 2009, the ROE decreased from 17.67% to 9.90%. This decline occurred despite generally increasing net earnings until 2007, suggesting a faster rate of growth in stockholders’ equity compared to net income during this period. The financial crisis of 2008 likely contributed to the decreased ROE in that year.
- Period of Stabilization (2010-2013)
- Between 2010 and 2013, the ROE remained relatively stable, fluctuating between 11.11% and 13.08%. Net earnings and stockholders’ equity both increased during this time, but at similar rates, resulting in a consistent ROE.
- Mid-Range Fluctuations (2014-2017)
- The ROE experienced some volatility between 2014 and 2017, peaking at 14.17% in 2015 and falling to 9.45% in 2017. Net earnings showed a similar pattern of fluctuation, while stockholders’ equity continued to grow steadily.
- Recent Increases and Decreases (2018-2025)
- From 2018 to 2021, the ROE increased substantially, reaching a high of 14.39% in 2021. This increase was driven by a significant rise in net earnings, particularly in 2020 and 2021, coupled with a more moderate increase in stockholders’ equity. However, from 2022 onwards, the ROE has decreased, falling to 6.88% by 2025. This recent decline is attributable to a substantial decrease in net earnings, while stockholders’ equity remained relatively stable, and even decreased slightly in 2024 and 2025.
Overall, the ROE demonstrates a sensitivity to changes in both net earnings and stockholders’ equity. The recent decline in ROE warrants further investigation to determine the underlying causes of the decreased profitability.
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Comparison to Competitors
Danaher Corp., ROE, 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 | 6.88% | — | 89.06% | 38.19% | 77.78% | 37.48% | 32.87% | 34.70% | 8.99% | 14.41% | 12.55% | 21.18% |
| Dec 31, 2024 | 7.87% | 128.66% | 69.59% | -54.78% | 74.62% | 2.48% | 19.68% | 36.96% | 9.11% | 15.03% | 12.78% | -3.26% |
| Dec 31, 2023 | 8.91% | 46.94% | 107.78% | 27.27% | 48.65% | 24.81% | 51.11% | 0.97% | 2.38% | 15.22% | 12.83% | 20.59% |
| Dec 31, 2022 | 14.39% | 68.60% | 178.97% | 20.37% | 58.64% | 21.62% | 23.36% | 31.57% | 32.79% | 19.14% | 15.80% | 23.88% |
| Dec 31, 2021 | 14.24% | 74.91% | 87.96% | 19.46% | 62.16% | 29.55% | 28.20% | 34.17% | 28.47% | 43.03% | 18.94% | 23.19% |
| Dec 31, 2020 | 9.17% | 35.30% | 77.20% | -23.84% | 109.79% | 0.68% | 23.25% | 27.91% | 15.21% | 31.86% | 18.47% | 31.22% |
| Dec 31, 2019 | 9.94% | — | 81.07% | 6.66% | 319.09% | 23.91% | 25.42% | 37.99% | 25.77% | 19.08% | 12.45% | 19.34% |
| Dec 31, 2018 | 9.40% | — | 67.15% | 35.07% | 32.88% | 25.51% | 25.60% | 23.30% | 17.59% | 27.91% | 10.65% | 47.28% |
| Dec 31, 2017 | 9.45% | 104.16% | 7.84% | 8.58% | -1.76% | 22.64% | 2.16% | 6.97% | 29.47% | 19.51% | 8.76% | 12.99% |
| Dec 31, 2016 | 11.10% | 128.41% | 25.85% | 27.55% | 19.54% | 71.48% | 23.49% | 9.78% | 12.12% | 20.13% | 9.39% | -9.69% |
| Dec 31, 2015 | 14.17% | 130.39% | 24.71% | 10.97% | 16.53% | 97.70% | 21.66% | 9.94% | 10.75% | 17.40% | 9.25% | -59.19% |
| Dec 31, 2014 | 11.11% | 101.84% | 20.01% | 13.49% | 15.55% | 78.45% | 23.40% | 24.50% | 12.81% | 13.69% | 9.22% | -68.70% |
| Dec 31, 2013 | 12.04% | 91.90% | 23.00% | 16.91% | 26.57% | 27.05% | 18.68% | 8.85% | 28.83% | 21.74% | 7.55% | -32.81% |
| Dec 31, 2012 | 12.58% | 156.85% | 22.80% | 14.39% | 27.69% | 27.84% | 16.74% | 11.63% | 17.93% | 60.24% | 7.62% | -10.71% |
| Dec 31, 2011 | 12.85% | — | 19.35% | 23.25% | 32.11% | 41.60% | 16.94% | 11.50% | 12.18% | -45.65% | 8.84% | 3.76% |
| Dec 31, 2010 | 13.08% | — | 19.32% | 19.74% | 40.82% | 49.48% | 23.57% | 1.58% | 9.40% | -19.79% | 6.74% | -149.74% |
| Dec 31, 2009 | 9.90% | — | 20.32% | 71.49% | 45.45% | 41.40% | 24.25% | 21.85% | 9.59% | -17.10% | 5.51% | -58.57% |
| Dec 31, 2008 | 13.43% | — | 20.58% | 42.86% | -30.76% | 48.43% | 30.46% | 41.63% | 14.08% | -19.75% | 6.66% | -192.51% |
| Dec 31, 2007 | 15.08% | — | 17.72% | 20.50% | 21.61% | 46.69% | 24.41% | 18.01% | 12.53% | -22.94% | 5.25% | -144.23% |
| Dec 31, 2006 | 16.89% | — | 15.56% | 15.86% | 24.25% | -65.54% | 28.11% | 25.25% | 27.10% | -47.24% | 1.21% | -40.89% |
| Dec 31, 2005 | 17.67% | — | 17.96% | 26.77% | 18.34% | 26.88% | 27.49% | 25.85% | 12.32% | -83.72% | 7.99% | -85.05% |
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., ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Danaher Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | 6.88% | 26.63% |
| Dec 31, 2024 | 7.87% | 15.57% |
| Dec 31, 2023 | 8.91% | 20.65% |
| Dec 31, 2022 | 14.39% | 27.99% |
| Dec 31, 2021 | 14.24% | 29.75% |
| Dec 31, 2020 | 9.17% | 17.22% |
| Dec 31, 2019 | 9.94% | 27.68% |
| Dec 31, 2018 | 9.40% | 26.29% |
| Dec 31, 2017 | 9.45% | 14.59% |
| Dec 31, 2016 | 11.10% | 22.19% |
| Dec 31, 2015 | 14.17% | 21.44% |
| Dec 31, 2014 | 11.11% | 20.91% |
| Dec 31, 2013 | 12.04% | 20.33% |
| Dec 31, 2012 | 12.58% | 18.27% |
| Dec 31, 2011 | 12.85% | 15.52% |
| Dec 31, 2010 | 13.08% | 13.99% |
| Dec 31, 2009 | 9.90% | 20.34% |
| Dec 31, 2008 | 13.43% | 21.31% |
| Dec 31, 2007 | 15.08% | 17.07% |
| Dec 31, 2006 | 16.89% | 21.86% |
| Dec 31, 2005 | 17.67% | 19.08% |
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., ROE, long-term trends, comparison to industry (health care)
| Danaher Corp. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 6.88% | 21.47% |
| Dec 31, 2024 | 7.87% | 15.74% |
| Dec 31, 2023 | 8.91% | 19.40% |
| Dec 31, 2022 | 14.39% | 24.82% |
| Dec 31, 2021 | 14.24% | 25.44% |
| Dec 31, 2020 | 9.17% | 16.70% |
| Dec 31, 2019 | 9.94% | 23.30% |
| Dec 31, 2018 | 9.40% | 21.27% |
| Dec 31, 2017 | 9.45% | 13.77% |
| Dec 31, 2016 | 11.10% | 18.53% |
| Dec 31, 2015 | 14.17% | 18.52% |
| Dec 31, 2014 | 11.11% | 19.17% |
| Dec 31, 2013 | 12.04% | 18.81% |
| Dec 31, 2012 | 12.58% | 18.20% |
| Dec 31, 2011 | 12.85% | 15.90% |
| Dec 31, 2010 | 13.08% | 14.85% |
| Dec 31, 2009 | 9.90% | 20.14% |
| Dec 31, 2008 | 13.43% | 20.29% |
| Dec 31, 2007 | 15.08% | 17.87% |
| Dec 31, 2006 | 16.89% | 20.49% |
| Dec 31, 2005 | 17.67% | 18.28% |
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).