Total Asset Turnover
since 2005
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Danaher Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Calculation
Danaher Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Sales1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | = | ÷ | |||
| Dec 31, 2024 | = | ÷ | |||
| Dec 31, 2023 | = | ÷ | |||
| Dec 31, 2022 | = | ÷ | |||
| Dec 31, 2021 | = | ÷ | |||
| Dec 31, 2020 | = | ÷ | |||
| Dec 31, 2019 | = | ÷ | |||
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 31, 2012 | = | ÷ | |||
| Dec 31, 2011 | = | ÷ | |||
| Dec 31, 2010 | = | ÷ | |||
| Dec 31, 2009 | = | ÷ | |||
| Dec 31, 2008 | = | ÷ | |||
| Dec 31, 2007 | = | ÷ | |||
| Dec 31, 2006 | = | ÷ | |||
| Dec 31, 2005 | = | ÷ |
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 total asset turnover ratio for the period examined demonstrates a generally declining trend, with some fluctuations. Initially, the ratio decreased from 0.87 in 2005 to 0.57 in 2009. A slight recovery occurred between 2009 and 2011, but the ratio continued to trend downward overall through 2015, reaching a low of 0.37. From 2015 to 2018, there was a modest increase, followed by a significant drop to 0.29 in 2019. The ratio experienced a slight rebound in 2021 to 0.37, but then decreased again to 0.28 in 2022 and remained relatively low at 0.31 and 0.29 in 2023 and 2024, respectively.
- Overall Trend
- The overarching pattern indicates a decreasing efficiency in utilizing assets to generate sales revenue over the analyzed timeframe. The ratio consistently decreased from a high of 0.87 to a low of 0.28, suggesting that a greater amount of assets is required to produce each dollar of sales.
- Initial Decline (2005-2009)
- The initial decline from 2005 to 2009 could be attributed to a number of factors, including increased investment in assets without a corresponding increase in sales, or a decrease in sales revenue. The period includes the financial crisis of 2008, which may have impacted sales.
- Fluctuations (2010-2015)
- The period between 2010 and 2015 shows some volatility, with the ratio fluctuating between 0.54 and 0.59 before declining to 0.43 and then 0.37. This suggests potential shifts in operational efficiency or asset management strategies during this time.
- Recent Performance (2019-2025)
- The ratio’s performance from 2019 onwards is characterized by low values, indicating a significant reduction in asset utilization efficiency. The drop to 0.29 in 2019, followed by continued low values, warrants further investigation into the underlying causes, such as potential overinvestment in assets, declining sales, or changes in business strategy.
The observed trend in total asset turnover suggests a potential need for review of asset management practices and sales strategies to improve the efficiency with which assets are employed to generate revenue.
Comparison to Competitors
Danaher Corp., total asset turnover, 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 | ||||||||||||
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| Dec 31, 2005 |
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., total asset turnover, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Danaher Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | ||
| Dec 31, 2024 | ||
| Dec 31, 2023 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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., total asset turnover, long-term trends, comparison to industry (health care)
| Danaher Corp. | Health Care | |
|---|---|---|
| Dec 31, 2025 | ||
| Dec 31, 2024 | ||
| Dec 31, 2023 | ||
| Dec 31, 2022 | ||
| Dec 31, 2021 | ||
| Dec 31, 2020 | ||
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
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).