Analysis of Geographic Areas
Danaher Corp. operates in 2 regions: United States and All other.
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- 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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Area Asset Turnover
Danaher Corp., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other |
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).
Asset turnover decreased across both geographic areas between 2021 and 2025. The rate of decline, however, differed between the United States and all other areas. Initial values were higher in the “All other” segment, but the gap narrowed over the analyzed period as the United States experienced a more substantial proportional decrease.
- United States
- The asset turnover ratio for the United States exhibited a consistent downward trend, decreasing from 6.27 in 2021 to 3.62 in 2025. The decline was most pronounced between 2021 and 2023, falling from 6.27 to 4.16. Subsequent decreases were more gradual, moving from 4.16 in 2023 to 3.84 in 2024 and finally to 3.62 in 2025.
- All Other
- The asset turnover ratio for all areas outside of the United States also decreased over the period, starting at 9.13 in 2021 and ending at 5.26 in 2025. Similar to the United States, the largest decrease occurred between 2021 and 2023, with the ratio falling to 6.36. The rate of decline slowed in subsequent years, with values of 5.80 in 2024 and 5.26 in 2025.
- Comparative Analysis
- In 2021, the asset turnover in “All other” areas was notably higher than in the United States (9.13 versus 6.27). Throughout the period, the ratio remained higher in “All other” areas, but the difference diminished. By 2025, the gap had narrowed to 1.64 (5.26 versus 3.62), indicating a convergence in asset utilization efficiency between the two geographic segments. The more significant decline in the United States suggests a potential shift in asset allocation or operational efficiency within that region.
The observed declines in asset turnover across both regions warrant further investigation to determine the underlying causes. Potential factors could include changes in sales volume, asset base composition, or operational inefficiencies. A deeper analysis of the components of these geographic areas is recommended.
Area Asset Turnover: United States
Danaher Corp.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales ÷ Property, plant and equipment, net
= ÷ =
Analysis of the provided financial information reveals trends in sales, property, plant, and equipment, and the resulting area asset turnover ratio for the period ending December 31, 2025. Sales exhibited an initial increase followed by a decline, while property, plant, and equipment consistently increased throughout the period. Consequently, the area asset turnover ratio demonstrates a decreasing trend.
- Sales
- Sales increased from US$11,283 million in 2021 to US$13,365 million in 2022, representing a substantial gain. However, sales then decreased to US$9,579 million in 2023 and continued to fluctuate around US$9,900 million through 2025, indicating a loss of the initial momentum.
- Property, Plant, and Equipment, Net
- Property, plant, and equipment, net, experienced a consistent upward trend throughout the observed period. Beginning at US$1,799 million in 2021, it rose to US$2,757 million by 2025. This indicates ongoing investment in fixed assets.
- Area Asset Turnover
- The area asset turnover ratio decreased steadily from 6.27 in 2021 to 3.62 in 2025. This decline occurred despite an initial increase in sales in 2022. The ratio’s decrease suggests that the company is generating less sales revenue for each dollar of assets invested in this area. The increasing value of property, plant, and equipment, coupled with fluctuating and ultimately lower sales, contributed to this downward trend.
The combination of increasing fixed assets and relatively stagnant sales suggests a potential inefficiency in asset utilization. Further investigation may be warranted to understand the reasons behind the sales fluctuations and the effectiveness of capital investments.
Area Asset Turnover: All other
Danaher Corp.; All other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Sales ÷ Property, plant and equipment, net
= ÷ =
Analysis of the provided financial information reveals a declining trend in area asset turnover alongside fluctuations in sales and property, plant, and equipment. Sales exhibited a slight decrease from 2021 to 2022, followed by a more substantial decline in 2023 and 2024, before showing a modest increase in 2025. Concurrently, net property, plant, and equipment consistently increased throughout the period. These movements are reflected in the area asset turnover ratio.
- Area Asset Turnover
- The area asset turnover ratio decreased steadily from 9.13 in 2021 to 5.26 in 2025. This indicates a diminishing efficiency in generating sales from the company’s assets within this geographic area. The most significant decline occurred between 2022 and 2023, dropping from 9.29 to 6.36, and continued through 2024 and 2025. This suggests that while sales decreased, the asset base continued to grow, resulting in a lower turnover ratio.
- Sales Trend
- Sales remained relatively stable between 2021 and 2022, with a minor decrease of approximately 0.9%. However, a more pronounced reduction in sales was observed in 2023, falling to US$14,311 million, representing a decrease of approximately 20.8% from 2022. Sales continued to decline in 2024 to US$13,948 million, before experiencing a slight recovery to US$14,587 million in 2025. This suggests potential market challenges or internal factors impacting sales performance.
- Property, Plant, and Equipment Trend
- Net property, plant, and equipment exhibited a consistent upward trend throughout the analyzed period. From US$1,991 million in 2021, it increased to US$2,774 million in 2025. This continuous investment in fixed assets, coupled with the declining sales trend, likely contributed to the observed decrease in the area asset turnover ratio. The increasing asset base, without a corresponding increase in sales, reduces the efficiency with which assets are utilized to generate revenue.
In summary, the observed trends indicate a decreasing ability to generate sales relative to the assets employed within this area. The combination of declining sales and increasing investment in property, plant, and equipment has resulted in a significant reduction in area asset turnover over the five-year period.
Sales
Danaher Corp., sales by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other | |||||
| Total |
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).
Overall sales exhibited fluctuations throughout the observed period. While initial growth was present, a subsequent decline and stabilization are noted. A detailed examination of sales by geographic area reveals differing trends within the United States and all other regions.
- United States Sales
- Sales within the United States increased from US$11,283 million in 2021 to US$13,365 million in 2022, representing a substantial period-over-period growth. However, a significant decrease occurred in 2023, with sales falling to US$9,579 million. This downward trend moderated in subsequent years, with sales reaching US$9,927 million in 2024 and US$9,981 million in 2025, indicating a period of stabilization, albeit at a lower level than the 2022 peak.
- Sales from All Other Regions
- Sales from regions outside the United States remained relatively stable between 2021 and 2022, fluctuating slightly from US$18,170 million to US$18,106 million. A decline was then observed in 2023, with sales decreasing to US$14,311 million. This downward trend continued into 2024, reaching US$13,948 million. A modest recovery was seen in 2025, with sales increasing to US$14,587 million, but remaining below the levels observed in 2021 and 2022.
- Total Sales
- Total sales mirrored the trends observed in the individual geographic areas. Growth occurred between 2021 and 2022, increasing from US$29,453 million to US$31,471 million. A substantial decrease was then recorded in 2023, with total sales falling to US$23,890 million. Sales remained relatively flat between 2023 and 2024, at US$23,875 million, before experiencing a slight increase to US$24,568 million in 2025. The 2025 total remains below the 2022 peak.
- Geographic Contribution
- In 2021, sales from all other regions represented approximately 61.6% of total sales, while the United States accounted for approximately 38.4%. By 2025, the proportion from all other regions had increased to approximately 59.4% of total sales, with the United States contributing approximately 40.6%. This suggests a slight shift in the relative importance of the two geographic areas to overall sales performance.
Property, plant and equipment, net
Danaher Corp., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| All other | |||||
| Total |
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).
Property, plant, and equipment, net, exhibited a consistent upward trend across the examined period. Analysis reveals distinct patterns within the geographic segmentation of these assets, with both the United States and ‘All Other’ regions contributing to overall growth.
- United States
- The value of property, plant, and equipment, net, within the United States increased steadily from US$1,799 million in 2021 to US$2,757 million in 2025. This represents a cumulative growth of approximately 53.1% over the five-year period. The rate of increase appears relatively consistent year-over-year, suggesting a sustained investment in fixed assets within this region.
- All Other
- The ‘All Other’ geographic segment also demonstrated growth, rising from US$1,991 million in 2021 to US$2,774 million in 2025, a cumulative increase of approximately 39.4%. While generally trending upward, a slight decrease was observed between 2021 and 2022, before resuming growth in subsequent years. The growth rate in this segment appears slightly less consistent than that of the United States.
- Total Property, Plant, and Equipment
- The combined value of property, plant, and equipment, net, for both regions increased from US$3,790 million in 2021 to US$5,531 million in 2025, representing a cumulative growth of approximately 45.9%. The largest year-over-year increase occurred between 2022 and 2023, with a rise of US$597 million. The overall trend indicates a significant and ongoing investment in fixed assets globally.
- Regional Contribution
- In 2021, the ‘All Other’ segment represented approximately 52.5% of total property, plant, and equipment, net, while the United States accounted for the remaining 47.5%. By 2025, the proportion shifted slightly, with ‘All Other’ representing approximately 50.1% and the United States approximately 49.9%. This suggests a relatively stable distribution of fixed assets between the two geographic areas, despite differing growth rates.
The consistent growth in property, plant, and equipment, net, across both geographic segments suggests a commitment to expanding operational capacity and maintaining or upgrading existing assets. Further investigation into the specific nature of these investments would provide additional insight into the company’s strategic direction.