Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Danaher Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.28 0.37 0.35 0.29 0.29
Adjusted 0.28 0.37 0.36 0.30 0.29
Liquidity Ratio
Current Ratio
Reported 1.68 1.89 1.43 1.86 5.19
Adjusted 2.06 2.37 1.80 2.25 6.06
Solvency Ratios
Debt to Equity
Reported 0.34 0.39 0.49 0.53 0.72
Adjusted 0.34 0.38 0.46 0.50 0.69
Debt to Capital
Reported 0.26 0.28 0.33 0.35 0.42
Adjusted 0.25 0.27 0.31 0.33 0.41
Financial Leverage
Reported 1.58 1.68 1.84 1.92 2.05
Adjusted 1.47 1.53 1.64 1.70 1.89
Profitability Ratios
Net Profit Margin
Reported 19.94% 22.91% 21.84% 16.36% 16.80%
Adjusted 13.51% 15.43% 19.62% 32.77% 10.07%
Return on Equity (ROE)
Reported 8.91% 14.39% 14.24% 9.17% 9.94%
Adjusted 5.62% 8.83% 11.56% 16.76% 5.51%
Return on Assets (ROA)
Reported 5.64% 8.55% 7.73% 4.79% 4.85%
Adjusted 3.82% 5.76% 7.03% 9.83% 2.91%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Danaher Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Danaher Corp. adjusted current ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Danaher Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Danaher Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Danaher Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Danaher Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Danaher Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Danaher Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Danaher Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales 23,890 31,471 29,453 22,284 17,911
Total assets 84,488 84,350 83,184 76,161 62,082
Activity Ratio
Total asset turnover1 0.28 0.37 0.35 0.29 0.29
Adjusted
Selected Financial Data (US$ in millions)
Adjusted sales2 23,927 31,528 29,862 22,895 17,980
Adjusted total assets3 84,608 84,476 83,308 76,293 62,185
Activity Ratio
Adjusted total asset turnover4 0.28 0.37 0.36 0.30 0.29

Based on: 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).

1 2023 Calculation
Total asset turnover = Sales ÷ Total assets
= 23,890 ÷ 84,488 = 0.28

2 Adjusted sales. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted sales ÷ Adjusted total assets
= 23,927 ÷ 84,608 = 0.28

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Danaher Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 13,937 15,883 11,648 13,802 25,597
Current liabilities 8,274 8,389 8,140 7,402 4,932
Liquidity Ratio
Current ratio1 1.68 1.89 1.43 1.86 5.19
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 14,057 16,009 11,772 13,934 25,700
Adjusted current liabilities3 6,809 6,741 6,527 6,190 4,244
Liquidity Ratio
Adjusted current ratio4 2.06 2.37 1.80 2.25 6.06

Based on: 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,937 ÷ 8,274 = 1.68

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 14,057 ÷ 6,809 = 2.06

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Danaher Corp. adjusted current ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 18,402 19,677 22,176 21,204 21,729
Total Danaher stockholders’ equity 53,486 50,082 45,167 39,766 30,271
Solvency Ratio
Debt to equity1 0.34 0.39 0.49 0.53 0.72
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,536 20,739 23,272 22,178 22,526
Adjusted total stockholders’ equity3 57,516 55,057 50,690 44,780 32,844
Solvency Ratio
Adjusted debt to equity4 0.34 0.38 0.46 0.50 0.69

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Danaher stockholders’ equity
= 18,402 ÷ 53,486 = 0.34

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 19,536 ÷ 57,516 = 0.34

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Danaher Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 18,402 19,677 22,176 21,204 21,729
Total capital 71,888 69,759 67,343 60,970 52,000
Solvency Ratio
Debt to capital1 0.26 0.28 0.33 0.35 0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 19,536 20,739 23,272 22,178 22,526
Adjusted total capital3 77,052 75,796 73,962 66,958 55,370
Solvency Ratio
Adjusted debt to capital4 0.25 0.27 0.31 0.33 0.41

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 18,402 ÷ 71,888 = 0.26

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 19,536 ÷ 77,052 = 0.25

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Danaher Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 84,488 84,350 83,184 76,161 62,082
Total Danaher stockholders’ equity 53,486 50,082 45,167 39,766 30,271
Solvency Ratio
Financial leverage1 1.58 1.68 1.84 1.92 2.05
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 84,608 84,476 83,308 76,293 62,185
Adjusted total stockholders’ equity3 57,516 55,057 50,690 44,780 32,844
Solvency Ratio
Adjusted financial leverage4 1.47 1.53 1.64 1.70 1.89

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 84,488 ÷ 53,486 = 1.58

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 84,608 ÷ 57,516 = 1.47

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Danaher Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,764 7,209 6,433 3,646 3,008
Sales 23,890 31,471 29,453 22,284 17,911
Profitability Ratio
Net profit margin1 19.94% 22.91% 21.84% 16.36% 16.80%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,232 4,864 5,860 7,503 1,810
Adjusted sales3 23,927 31,528 29,862 22,895 17,980
Profitability Ratio
Adjusted net profit margin4 13.51% 15.43% 19.62% 32.77% 10.07%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net earnings ÷ Sales
= 100 × 4,764 ÷ 23,890 = 19.94%

2 Adjusted net earnings. See details »

3 Adjusted sales. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Adjusted sales
= 100 × 3,232 ÷ 23,927 = 13.51%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Danaher Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,764 7,209 6,433 3,646 3,008
Total Danaher stockholders’ equity 53,486 50,082 45,167 39,766 30,271
Profitability Ratio
ROE1 8.91% 14.39% 14.24% 9.17% 9.94%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,232 4,864 5,860 7,503 1,810
Adjusted total stockholders’ equity3 57,516 55,057 50,690 44,780 32,844
Profitability Ratio
Adjusted ROE4 5.62% 8.83% 11.56% 16.76% 5.51%

Based on: 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).

1 2023 Calculation
ROE = 100 × Net earnings ÷ Total Danaher stockholders’ equity
= 100 × 4,764 ÷ 53,486 = 8.91%

2 Adjusted net earnings. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total stockholders’ equity
= 100 × 3,232 ÷ 57,516 = 5.62%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Danaher Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings 4,764 7,209 6,433 3,646 3,008
Total assets 84,488 84,350 83,184 76,161 62,082
Profitability Ratio
ROA1 5.64% 8.55% 7.73% 4.79% 4.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 3,232 4,864 5,860 7,503 1,810
Adjusted total assets3 84,608 84,476 83,308 76,293 62,185
Profitability Ratio
Adjusted ROA4 3.82% 5.76% 7.03% 9.83% 2.91%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net earnings ÷ Total assets
= 100 × 4,764 ÷ 84,488 = 5.64%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 3,232 ÷ 84,608 = 3.82%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Danaher Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.