Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Danaher Corp., solvency ratios (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Debt Ratios
Debt to equity 0.32 0.32 0.34 0.34 0.34 0.34 0.42 0.38 0.39 0.39 0.41 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84
Debt to capital 0.24 0.24 0.25 0.25 0.25 0.26 0.30 0.28 0.28 0.28 0.29 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46
Debt to assets 0.21 0.21 0.22 0.22 0.22 0.22 0.25 0.23 0.23 0.23 0.24 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38
Financial leverage 1.56 1.57 1.57 1.57 1.56 1.58 1.67 1.64 1.65 1.68 1.72 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22
Coverage Ratios
Interest coverage 16.80 17.71 16.11 17.61 17.81 18.64 23.66 29.65 35.60 40.30 41.32 35.26 33.54 32.92 28.74 25.87 21.54 17.35

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).


The financial ratios indicate a gradual improvement in the company’s leverage and debt management over the analyzed periods. The debt to equity ratio presents a consistent downward trend, decreasing from 0.84 in April 2020 to 0.32 by March 2025. This reduction suggests a deliberate strategy to reduce reliance on debt relative to shareholders' equity, enhancing financial stability.

Similarly, the debt to capital ratio follows a decreasing pattern, moving from 0.46 to 0.24 over the same timeframe. This confirms a reduction in the proportion of debt financing within the company's overall capital structure. The debt to assets ratio also declines steadily, from 0.38 to 0.21, implying a decrease in total liabilities proportionate to the company's asset base.

Financial leverage decreases from 2.22 to approximately 1.56, indicating a lower amplification of the equity base by debt. This decline reflects improved balance sheet conservatism and reduced risk exposure related to leverage.

The interest coverage ratio, available from the fourth quarter of 2020 onwards, shows significant improvement initially, rising from 17.35 to a peak of 41.32 in the fourth quarter of 2022. This indicates a strong ability to meet interest obligations from operating earnings. However, from that peak, the ratio gradually declines to 16.80 by the first quarter of 2025. Despite the decrease, the ratio remains well above initial values, signifying sustained strong interest coverage.

Overall, the data points to a consistent enhancement in the company’s debt profile and financial health, with reductions in various debt ratios alongside strong interest coverage levels. This trend suggests a focus on deleveraging and strengthening the capital structure, thereby potentially lowering financial risk and improving creditor confidence.

Debt to Equity Ratio
Decreased steadily from 0.84 to 0.32, reflecting lower leverage relative to equity.
Debt to Capital Ratio
Declined from 0.46 to 0.24, showing less dependence on debt within total capital.
Debt to Assets Ratio
Reduced from 0.38 to 0.21, indicating lower liabilities compared to assets.
Financial Leverage
Fell from 2.22 to around 1.56, demonstrating decreased use of debt to finance assets.
Interest Coverage Ratio
Increased notably from 17.35 to a peak of 41.32, then gradually declined to 16.80, maintaining a strong ability to cover interest expenses.

Debt Ratios


Coverage Ratios


Debt to Equity

Danaher Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 501 505 1,200 701 1,746 1,695 2,547 1,590 1,571 591 705 10 10 8 7 23 10 11 20 17 3,234
Long-term debt, excluding current portion 15,976 15,500 16,324 16,309 16,417 16,707 19,513 18,285 18,261 19,086 18,542 20,052 21,768 22,168 23,591 20,400 20,267 21,193 21,806 22,370 22,737
Total debt 16,477 16,005 17,524 17,010 18,163 18,402 22,060 19,875 19,832 19,677 19,247 20,062 21,778 22,176 23,598 20,423 20,277 21,204 21,826 22,387 25,972
 
Total Danaher stockholders’ equity 50,849 49,543 51,299 49,897 53,442 53,486 52,407 51,716 51,478 50,082 46,985 46,594 46,356 45,167 43,451 42,756 40,419 39,766 37,961 36,262 31,055
Solvency Ratio
Debt to equity1 0.32 0.32 0.34 0.34 0.34 0.34 0.42 0.38 0.39 0.39 0.41 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 49.22 20.19 11.78 10.42 9.24 5.73 5.02 4.74 4.68 3.67 4.35 4.98 4.51 4.98 5.96 6.53 6.24 6.58 5.70 5.94
Amgen Inc. 9.24 10.23 8.02 10.57 12.75 10.37 7.90 9.08 11.52 10.64 10.60 15.10 40.23 4.97 4.57 3.98 3.50 3.51 3.13 3.21 3.36
Bristol-Myers Squibb Co. 2.86 3.04 2.90 3.08 3.38 1.35 1.30 1.18 1.19 1.27 1.20 1.29 1.42 1.24 1.20 1.23 1.23 1.34 0.90 0.95 0.94
Eli Lilly & Co. 2.44 2.37 2.19 2.13 2.05 2.34 1.80 1.70 1.69 1.52 1.58 1.97 1.77 1.88 2.20 2.56 2.35 2.94 3.51 3.99 5.60
Gilead Sciences Inc. 1.30 1.38 1.26 1.28 1.44 1.09 1.12 1.19 1.20 1.19 1.20 1.30 1.32 1.27 1.29 1.53 1.59 1.73 1.68 1.34 1.09
Johnson & Johnson 0.67 0.51 0.51 0.58 0.48 0.43 0.42 0.61 0.75 0.52 0.43 0.43 0.44 0.46 0.48 0.48 0.51 0.56 0.59 0.48 0.45
Merck & Co. Inc. 0.72 0.80 0.86 0.87 0.85 0.93 0.85 0.95 0.66 0.67 0.68 0.73 0.78 0.87 0.74 0.80 1.16 1.26 0.98 1.12 1.07
Pfizer Inc. 0.69 0.73 0.73 0.79 0.75 0.81 0.66 0.66 0.36 0.37 0.40 0.46 0.44 0.50 0.53 0.56 0.58 0.63 0.97 0.99 0.80
Regeneron Pharmaceuticals Inc. 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.11 0.12 0.13 0.13 0.14 0.14 0.16 0.18 0.23 0.24 0.27 0.24 0.06
Thermo Fisher Scientific Inc. 0.69 0.63 0.72 0.75 0.78 0.75 0.78 0.78 0.83 0.78 0.67 0.72 0.81 0.85 0.56 0.51 0.53 0.63 0.66 0.71 0.70
Vertex Pharmaceuticals Inc. 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.07 0.07 0.08

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q1 2025 Calculation
Debt to equity = Total debt ÷ Total Danaher stockholders’ equity
= 16,477 ÷ 50,849 = 0.32

2 Click competitor name to see calculations.


Total Debt

The total debt shows a generally declining trend over the observed period, moving from $25,972 million in April 2020 down to $16,477 million by March 2025. There are some minor fluctuations, such as an increase from $20,423 million in July 2021 to $23,598 million in October 2021, and again from $19,875 million in June 2023 to $22,060 million in September 2023. However, the overall trajectory indicates a reduction in indebtedness, particularly noticeable after December 2023 when debt declined steadily from $18,402 million to $16,477 million by March 2025.

Total Danaher Stockholders’ Equity

Stockholders' equity exhibits a general upward trend, increasing from $31,055 million in April 2020 to a peak around the end of 2023 at approximately $53,486 million. This growth is gradual and consistent, with small declines or plateaus observed between June 2024 and March 2025, where equity decreased from $53,442 million to $50,849 million. The increase in equity over the long term reflects strengthening shareholder value and potentially retained earnings or equity financing.

Debt to Equity Ratio

The debt to equity ratio demonstrates a clear and sustained decrease, starting at 0.84 in April 2020 and falling to 0.32 by March 2025. This reduction indicates an improving financial leverage position, with the company progressively lowering its debt level relative to its equity base. Notably, the ratio fluctuates slightly around mid-2021 to late 2023, with short-term increases corresponding to temporary rises in debt levels, but the overall downward trend remains intact. The stabilization around 0.32 from late 2024 into early 2025 suggests the company may have reached a more conservative or targeted leverage ratio.


Debt to Capital

Danaher Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 501 505 1,200 701 1,746 1,695 2,547 1,590 1,571 591 705 10 10 8 7 23 10 11 20 17 3,234
Long-term debt, excluding current portion 15,976 15,500 16,324 16,309 16,417 16,707 19,513 18,285 18,261 19,086 18,542 20,052 21,768 22,168 23,591 20,400 20,267 21,193 21,806 22,370 22,737
Total debt 16,477 16,005 17,524 17,010 18,163 18,402 22,060 19,875 19,832 19,677 19,247 20,062 21,778 22,176 23,598 20,423 20,277 21,204 21,826 22,387 25,972
Total Danaher stockholders’ equity 50,849 49,543 51,299 49,897 53,442 53,486 52,407 51,716 51,478 50,082 46,985 46,594 46,356 45,167 43,451 42,756 40,419 39,766 37,961 36,262 31,055
Total capital 67,326 65,548 68,823 66,907 71,605 71,888 74,467 71,591 71,310 69,759 66,232 66,656 68,134 67,343 67,049 63,179 60,696 60,970 59,787 58,649 57,027
Solvency Ratio
Debt to capital1 0.24 0.24 0.25 0.25 0.25 0.26 0.30 0.28 0.28 0.28 0.29 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.98 0.95 0.92 0.91 0.90 0.85 0.83 0.83 0.82 0.79 0.81 0.83 0.82 0.83 0.86 0.87 0.86 0.87 0.85 0.86 1.12
Amgen Inc. 0.90 0.91 0.89 0.91 0.93 0.91 0.89 0.90 0.92 0.91 0.91 0.94 0.98 0.83 0.82 0.80 0.78 0.78 0.76 0.76 0.77
Bristol-Myers Squibb Co. 0.74 0.75 0.74 0.75 0.77 0.57 0.56 0.54 0.54 0.56 0.54 0.56 0.59 0.55 0.55 0.55 0.55 0.57 0.47 0.49 0.48
Eli Lilly & Co. 0.71 0.70 0.69 0.68 0.67 0.70 0.64 0.63 0.63 0.60 0.61 0.66 0.64 0.65 0.69 0.72 0.70 0.75 0.78 0.80 0.85
Gilead Sciences Inc. 0.57 0.58 0.56 0.56 0.59 0.52 0.53 0.54 0.55 0.54 0.54 0.56 0.57 0.56 0.56 0.60 0.61 0.63 0.63 0.57 0.52
Johnson & Johnson 0.40 0.34 0.34 0.37 0.32 0.30 0.30 0.38 0.43 0.34 0.30 0.30 0.31 0.31 0.33 0.32 0.34 0.36 0.37 0.33 0.31
Merck & Co. Inc. 0.42 0.44 0.46 0.46 0.46 0.48 0.46 0.49 0.40 0.40 0.41 0.42 0.44 0.46 0.42 0.44 0.54 0.56 0.50 0.53 0.52
Pfizer Inc. 0.41 0.42 0.42 0.44 0.43 0.45 0.40 0.40 0.26 0.27 0.28 0.32 0.31 0.33 0.35 0.36 0.37 0.39 0.49 0.50 0.45
Regeneron Pharmaceuticals Inc. 0.08 0.08 0.08 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.14 0.15 0.18 0.20 0.21 0.20 0.06
Thermo Fisher Scientific Inc. 0.41 0.39 0.42 0.43 0.44 0.43 0.44 0.44 0.45 0.44 0.40 0.42 0.45 0.46 0.36 0.34 0.35 0.39 0.40 0.42 0.41
Vertex Pharmaceuticals Inc. 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.04 0.04 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.08

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q1 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 16,477 ÷ 67,326 = 0.24

2 Click competitor name to see calculations.


Total Debt
The total debt exhibited a generally downward trend over the analyzed quarters. Starting at US$25,972 million in April 2020, it decreased to US$21,204 million by December 2020. Some fluctuations occurred in 2021, with debt rising to US$23,598 million in October before declining again. Through 2022 and into early 2023, total debt values remained relatively stable around the US$19,000 to US$20,000 million range. Notably, there was a spike to US$22,060 million in September 2023 followed by a significant decline to US$18,402 million by December 2023. The trend continued downward through 2024 and early 2025, reaching US$16,477 million in March 2025, representing an overall reduction in debt compared to the beginning of the period.
Total Capital
Total capital showed a mild increasing trend initially, starting at US$57,027 million in April 2020 and reaching a peak of US$74,467 million in September 2023. This represents a growth period through the middle of the examined timeframe, with intermittent declines such as from December 2023 onwards. After peaking in September 2023, total capital declined steadily to US$65,548 million by December 2024, before slightly recovering to US$67,326 million in March 2025. Despite the fluctuations, total capital remained consistently above the initial levels observed in early 2020.
Debt to Capital Ratio
The debt to capital ratio demonstrated a clear downward trajectory across the period under observation. Beginning at 0.46 in April 2020, this ratio declined steadily, reaching values below 0.30 as early as October 2021. It further decreased to around 0.24 by March 2025. This consistent reduction indicates an improving capital structure with a declining proportion of debt relative to total capital. The decrease in the ratio suggests enhanced financial leverage management and potentially a stronger equity base or retained earnings growth over time.
Summary of Financial Trends
Overall, the data reflect a strategic reduction of debt levels combined with stable to increasing total capital during most of the reported quarters. The resulting decline in the debt to capital ratio points to a strengthening balance sheet and a decrease in reliance on debt financing. Fluctuations in total debt in late 2023 correspond with temporary increases but the subsequent downward movement resumed, aligning with long-term deleveraging efforts. Total capital peaked near the end of 2023 but experienced some contraction in the following quarters, possibly indicating adjustments in capital structure or asset base. The consistent improvement in capital ratios suggests enhanced financial stability and potentially improved creditworthiness.

Debt to Assets

Danaher Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 501 505 1,200 701 1,746 1,695 2,547 1,590 1,571 591 705 10 10 8 7 23 10 11 20 17 3,234
Long-term debt, excluding current portion 15,976 15,500 16,324 16,309 16,417 16,707 19,513 18,285 18,261 19,086 18,542 20,052 21,768 22,168 23,591 20,400 20,267 21,193 21,806 22,370 22,737
Total debt 16,477 16,005 17,524 17,010 18,163 18,402 22,060 19,875 19,832 19,677 19,247 20,062 21,778 22,176 23,598 20,423 20,277 21,204 21,826 22,387 25,972
 
Total assets 79,116 77,542 80,615 78,555 83,402 84,488 87,734 84,902 85,040 84,350 81,030 81,806 83,392 83,184 82,498 78,027 75,426 76,161 72,891 71,268 68,930
Solvency Ratio
Debt to assets1 0.21 0.21 0.22 0.22 0.22 0.22 0.25 0.23 0.23 0.23 0.24 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.51 0.50 0.50 0.50 0.50 0.44 0.45 0.45 0.46 0.46 0.49 0.51 0.51 0.52 0.54 0.56 0.57 0.57 0.58 0.58 0.74
Amgen Inc. 0.64 0.65 0.66 0.69 0.69 0.67 0.67 0.68 0.69 0.60 0.61 0.62 0.62 0.54 0.58 0.55 0.52 0.52 0.53 0.53 0.52
Bristol-Myers Squibb Co. 0.54 0.54 0.53 0.55 0.56 0.42 0.41 0.40 0.40 0.41 0.40 0.42 0.44 0.41 0.40 0.41 0.41 0.43 0.36 0.36 0.36
Eli Lilly & Co. 0.43 0.43 0.41 0.40 0.41 0.39 0.35 0.34 0.36 0.33 0.33 0.36 0.35 0.35 0.35 0.35 0.35 0.36 0.39 0.39 0.42
Gilead Sciences Inc. 0.44 0.45 0.43 0.44 0.45 0.40 0.40 0.40 0.41 0.40 0.40 0.42 0.42 0.39 0.41 0.44 0.45 0.46 0.48 0.43 0.40
Johnson & Johnson 0.27 0.20 0.20 0.23 0.20 0.18 0.18 0.24 0.27 0.21 0.18 0.18 0.19 0.19 0.19 0.19 0.19 0.20 0.22 0.19 0.18
Merck & Co. Inc. 0.30 0.32 0.32 0.34 0.32 0.33 0.33 0.35 0.29 0.28 0.28 0.30 0.30 0.31 0.28 0.29 0.34 0.35 0.32 0.34 0.33
Pfizer Inc. 0.30 0.30 0.31 0.32 0.31 0.32 0.30 0.30 0.18 0.18 0.19 0.21 0.20 0.21 0.22 0.23 0.25 0.26 0.35 0.36 0.31
Regeneron Pharmaceuticals Inc. 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.13 0.15 0.16 0.17 0.15 0.05
Thermo Fisher Scientific Inc. 0.35 0.32 0.35 0.36 0.37 0.35 0.36 0.36 0.37 0.35 0.32 0.33 0.36 0.37 0.29 0.28 0.28 0.31 0.33 0.35 0.34
Vertex Pharmaceuticals Inc. 0.00 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q1 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 16,477 ÷ 79,116 = 0.21

2 Click competitor name to see calculations.


Total Debt
The total debt amount exhibits a general downward trend over the entire period. Starting at approximately $25.9 billion in April 2020, the debt declines notably to about $16.5 billion by March 2025. There are intermittent fluctuations, such as increases around October 2021 and September 2023, but the overall trajectory is decline. This suggests a consistent effort toward debt reduction or repayment over the five-year span.
Total Assets
Total assets show fluctuation but remain relatively stable in a narrow range. Beginning near $68.9 billion in April 2020, assets rise gradually, peaking around $87.7 billion by September 2023. Subsequently, there is a slight decrease toward the end of the timeline, settling near $79.1 billion in March 2025. This pattern indicates a period of asset growth followed by moderate contraction or rebalancing in recent quarters.
Debt to Assets Ratio
The debt to assets ratio shows a clear and steady decrease over time. Starting at 0.38 in April 2020, the ratio drops sharply through mid-2020 and continues a gradual descent, reaching around 0.21 by the end of the period in March 2025. This improvement in leverage ratio indicates strengthening financial stability, as the company's debt levels decline faster than its asset base, reducing financial risk.
Overall Insights
The data reflects a strategic shift toward lower leverage and enhanced financial solidity. The consistent reduction in total debt combined with relatively stable total assets leads to the declining debt to assets ratio, signifying improved balance sheet health. Short-term fluctuations in debt levels may correspond to financing activities or operational needs, but the dominant trend suggests prudent debt management practices aimed at strengthening the company’s capital structure over time.

Financial Leverage

Danaher Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Total assets 79,116 77,542 80,615 78,555 83,402 84,488 87,734 84,902 85,040 84,350 81,030 81,806 83,392 83,184 82,498 78,027 75,426 76,161 72,891 71,268 68,930
Total Danaher stockholders’ equity 50,849 49,543 51,299 49,897 53,442 53,486 52,407 51,716 51,478 50,082 46,985 46,594 46,356 45,167 43,451 42,756 40,419 39,766 37,961 36,262 31,055
Solvency Ratio
Financial leverage1 1.56 1.57 1.57 1.57 1.56 1.58 1.67 1.64 1.65 1.68 1.72 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 95.89 40.65 23.78 20.94 18.59 13.00 11.26 10.52 10.14 8.04 8.84 9.77 8.80 9.51 10.99 11.77 10.98 11.51 9.80 10.17
Amgen Inc. 14.40 15.63 12.07 15.34 18.51 15.59 11.83 13.31 16.59 17.79 17.44 24.51 64.62 9.13 7.91 7.25 6.70 6.69 5.90 6.10 6.50
Bristol-Myers Squibb Co. 5.32 5.67 5.46 5.56 6.01 3.23 3.15 2.92 2.96 3.12 3.01 3.08 3.26 3.04 2.98 3.01 2.99 3.13 2.50 2.61 2.59
Eli Lilly & Co. 5.67 5.55 5.31 5.30 4.99 5.94 5.16 4.95 4.75 4.65 4.71 5.51 5.03 5.44 6.21 7.42 6.79 8.27 9.10 10.25 13.35
Gilead Sciences Inc. 2.95 3.05 2.95 2.93 3.21 2.72 2.80 2.95 2.95 2.97 2.97 3.11 3.17 3.23 3.13 3.45 3.56 3.76 3.49 3.10 2.71
Johnson & Johnson 2.48 2.52 2.54 2.53 2.46 2.44 2.33 2.55 2.77 2.44 2.35 2.33 2.39 2.46 2.55 2.54 2.62 2.76 2.65 2.51 2.53
Merck & Co. Inc. 2.38 2.53 2.64 2.58 2.62 2.84 2.59 2.70 2.30 2.37 2.41 2.48 2.61 2.77 2.61 2.72 3.37 3.62 3.08 3.28 3.24
Pfizer Inc. 2.30 2.42 2.38 2.47 2.40 2.54 2.22 2.22 1.94 2.06 2.10 2.24 2.23 2.35 2.37 2.43 2.31 2.44 2.74 2.77 2.56
Regeneron Pharmaceuticals Inc. 1.28 1.29 1.28 1.28 1.27 1.27 1.29 1.28 1.28 1.29 1.29 1.32 1.32 1.36 1.37 1.42 1.48 1.56 1.59 1.59 1.30
Thermo Fisher Scientific Inc. 2.01 1.96 2.05 2.08 2.13 2.11 2.14 2.15 2.24 2.21 2.08 2.14 2.26 2.33 1.90 1.84 1.88 2.00 2.01 2.06 2.05
Vertex Pharmaceuticals Inc. 1.39 1.37 1.42 1.36 1.29 1.29 1.32 1.32 1.31 1.30 1.28 1.31 1.31 1.33 1.32 1.33 1.35 1.35 1.39 1.36 1.38

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q1 2025 Calculation
Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 79,116 ÷ 50,849 = 1.56

2 Click competitor name to see calculations.


The financial data reveals several notable trends in the company’s asset base, equity, and leverage ratios over the examined periods.

Total Assets
Total assets displayed an upward trend from April 2020 through the end of 2021, increasing from approximately $68.9 billion to $83.2 billion. Beginning in early 2022, total assets fluctuated, peaking at about $84.35 billion at the close of 2022, then experiencing a general decline through 2024, reaching approximately $77.5 billion by the first quarter of 2025. This suggests a possible contraction or restructuring phase after a period of asset growth.
Total Stockholders’ Equity
Equity consistently rose from $31.1 billion in April 2020 to $51.5 billion by the end of the first quarter of 2025. The increase was relatively steady, with minor fluctuations, including a significant jump at the end of 2022. This indicates that shareholder value has been progressively built over the period, reflective of retained earnings growth or additional equity injections.
Financial Leverage Ratio
The leverage ratio showed a clear decreasing trend over the timeframe, starting at 2.22 in April 2020 and gradually declining to approximately 1.56 by the first quarter of 2025. This reduction suggests a stronger equity base relative to liabilities or a reduction in debt levels, indicating potentially lower financial risk and an improved capital structure.

In summary, the data portrays a company that expanded its asset base robustly until 2021 before experiencing some asset reductions. Equity steadily strengthened throughout, contributing to a declining leverage ratio. This combination points to enhanced financial stability and reduced reliance on debt over the analyzed periods.


Interest Coverage

Danaher Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Mar 28, 2025 Dec 31, 2024 Sep 27, 2024 Jun 28, 2024 Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Net earnings 954 1,086 818 907 1,088 1,079 1,129 1,106 1,450 2,232 1,572 1,680 1,725 1,788 1,158 1,785 1,702 1,240 884 927 595
Less: Earnings from discontinued operations, net of income taxes (42) 189 186 210 86
Add: Income tax expense 175 229 159 176 183 111 207 222 283 (39) 359 389 374 297 229 344 381 301 138 294 116
Add: Interest expense 72 61 87 65 65 85 70 65 66 64 42 51 54 56 62 62 58 72 77 79 47
Earnings before interest and tax (EBIT) 1,201 1,376 1,064 1,148 1,336 1,317 1,217 1,207 1,589 2,257 1,973 2,120 2,153 2,141 1,449 2,105 2,141 1,614 1,098 1,300 759
Solvency Ratio
Interest coverage1 16.80 17.71 16.11 17.61 17.81 18.64 23.66 29.65 35.60 40.30 41.32 35.26 33.54 32.92 28.74 25.87 21.54 17.35
Benchmarks
Interest Coverage, Competitors2
Amgen Inc. 3.18 2.46 2.45 2.10 2.38 3.73 4.54 5.43 6.51 6.22 6.83 6.97 6.40 6.60 6.46 6.48 7.64 7.44
Gilead Sciences Inc. 7.94 1.71 1.18 2.58 2.11 8.27 8.88 9.03 8.84 7.22 5.80 6.73 6.97 9.27 10.06 7.61 2.93 2.70
Johnson & Johnson 34.09 23.10 23.92 26.40 29.06 20.51 19.09 23.89 31.49 79.71 141.63 160.27 164.15 125.46 94.27 87.06 73.87 83.07
Regeneron Pharmaceuticals Inc. 105.27 87.59 79.88 69.47 57.85 58.52 61.70 69.61 73.97 82.80 108.62 116.35 163.24 163.75 139.74 104.12 68.20 67.97
Thermo Fisher Scientific Inc. 6.25 6.03 5.62 5.62 5.53 5.54 5.98 6.64 8.28 11.56 13.59 15.70 16.73 17.49 19.94 19.52 17.58 14.07
Vertex Pharmaceuticals Inc. -11.94 9.12 7.76 6.14 111.61 100.32 96.54 90.90 82.27 78.23 70.08 66.72 48.17 45.40 44.83 40.33 55.95 54.60

Based on: 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q1 2025 Calculation
Interest coverage = (EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024 + EBITQ2 2024) ÷ (Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024 + Interest expenseQ2 2024)
= (1,201 + 1,376 + 1,064 + 1,148) ÷ (72 + 61 + 87 + 65) = 16.80

2 Click competitor name to see calculations.


The earnings before interest and tax (EBIT) demonstrate notable fluctuations over the analyzed periods. Starting from a lower point of 759 million USD in April 2020, EBIT rose sharply to peak at 2,141 million USD by April 2021. Subsequent quarters experienced volatility, with the EBIT decreasing in some periods and increasing in others, yet generally maintaining levels above 1,000 million USD. The highest values were observed in early 2021 and late 2022. Toward the end of the timeline, EBIT shows a downward trend with minor recoveries, reaching 1,201 million USD by March 2025.

Interest expense exhibits less dramatic variation but remains an important factor. Initially measured at 47 million USD, interest costs increased and fluctuated around the 50 to 85 million USD range throughout the timeframe. The peak interest expenses are observed in late 2023 and early 2024, with values near 85 million USD. This pattern suggests periodic rises in borrowing costs or changes in debt structure.

Interest coverage ratios indicate the company’s ability to meet its interest obligations through its EBIT. Coverage was not reported in the earliest periods but from December 2020 onward, there is a clear upward trend. The ratio started near 17 and improved steadily, peaking at over 41 in December 2022. After this peak, there is a noticeable decline in coverage, falling back to levels around 16-18 by early 2025. This pattern reflects improved profitability relative to interest costs during much of the period, with some erosion in the latest quarters potentially indicative of increasing interest burdens or declining operating profitability.

EBIT trend
Strong initial growth through 2021, fluctuating mid-cycle, followed by a declining trend toward 2025.
Interest expense
Generally stable with moderate fluctuations, peaking around late 2023 to early 2024.
Interest coverage ratio
Improved markedly from late 2020 through 2022, then declining but remaining above initial levels.

Overall, the data reveal a company showing growth and improved earnings capacity in the early part of the analyzed period, with increased efficiency in covering interest expenses. The recent decline in EBIT and coverage ratios signals potential emerging pressures on operational profitability or interest burden sustainability.