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
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84 0.72 0.54 0.32 0.30 0.35 0.38 0.42 0.39 0.40 0.43 0.47 0.50
Debt to capital 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46 0.42 0.35 0.24 0.23 0.26 0.28 0.29 0.28 0.29 0.30 0.32 0.33
Debt to assets 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38 0.35 0.29 0.19 0.18 0.20 0.22 0.24 0.22 0.23 0.24 0.25 0.26
Financial leverage 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22 2.05 1.89 1.66 1.64 1.70 1.72 1.77 1.73 1.77 1.81 1.86 1.90
Coverage Ratios
Interest coverage 35.26 33.54 32.92 28.74 25.87 21.54 17.35 16.90 20.00 25.33 31.44 34.40 29.52 24.77 21.92 21.12 20.86 19.99 19.06

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Danaher Corp. debt to equity ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Danaher Corp. debt to capital ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Danaher Corp. debt to assets ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Danaher Corp. financial leverage ratio decreased from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Danaher Corp. interest coverage ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Equity

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

Microsoft Excel
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 10  10  23  10  11  20  17  3,234  212  1,069  154  37  52  60  175  99  195  182  170  2,221 
Long-term debt, excluding current portion 20,052  21,768  22,168  23,591  20,400  20,267  21,193  21,806  22,370  22,737  21,517  16,536  10,144  9,458  9,689  10,558  11,146  10,411  10,327  10,727  11,423  9,729 
Total debt 20,062  21,778  22,176  23,598  20,423  20,277  21,204  21,826  22,387  25,972  21,729  17,605  10,298  9,495  9,740  10,618  11,321  10,509  10,522  10,909  11,592  11,950 
 
Total Danaher stockholders’ equity 46,594  46,356  45,167  43,451  42,756  40,419  39,766  37,961  36,262  31,055  30,271  32,502  32,201  31,557  28,214  27,673  27,212  27,190  26,358  25,375  24,590  23,786 
Solvency Ratio
Debt to equity1 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84 0.72 0.54 0.32 0.30 0.35 0.38 0.42 0.39 0.40 0.43 0.47 0.50
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.46 0.48 0.50 0.53 0.55 0.55 0.57 0.59 0.64 0.60 0.58 0.60 0.61 0.62 0.64 0.77 0.68 0.70 0.90 0.75 0.76 0.76
Bristol-Myers Squibb Co. 1.29 1.42 1.24 1.20 1.23 1.23 1.34 0.90 0.95 0.94 0.91 1.41 1.56 0.40 0.52 0.54 0.60 0.60 0.68 0.57 0.56 0.59
Cigna Corp. 0.73 0.72 0.71 0.72 0.68 0.66 0.65 0.75 0.77 0.81 0.83 0.87 0.89 0.95
CVS Health Corp. 0.73 0.76 0.75 0.79 0.81 0.87 0.93 0.97 1.05 1.10 1.07 1.10 1.16 1.25 1.26 1.72 1.83 1.68 0.72 0.74 0.78 0.81
Elevance Health Inc. 0.66 0.65 0.64 0.64 0.66 0.69 0.60 0.61 0.62 0.68 0.63 0.65 0.63 0.64 0.67 0.67 0.67 0.74 0.75 0.63 0.62 0.66
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.49 0.50 0.51 0.60 0.60 0.57 0.49 0.49 0.51 0.52 0.51 0.50 0.50 0.50 0.51 0.57 0.56 0.67 0.66 0.65 0.65 0.63
UnitedHealth Group Inc. 0.71 0.65 0.64 0.67 0.70 0.70 0.66 0.67 0.72 0.91 0.71 0.82 0.80 0.74 0.71 0.67 0.73 0.75 0.66 0.65 0.74 0.81

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to equity = Total debt ÷ Total Danaher stockholders’ equity
= 20,062 ÷ 46,594 = 0.43

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Danaher Corp. debt to equity ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Capital

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

Microsoft Excel
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 10  10  23  10  11  20  17  3,234  212  1,069  154  37  52  60  175  99  195  182  170  2,221 
Long-term debt, excluding current portion 20,052  21,768  22,168  23,591  20,400  20,267  21,193  21,806  22,370  22,737  21,517  16,536  10,144  9,458  9,689  10,558  11,146  10,411  10,327  10,727  11,423  9,729 
Total debt 20,062  21,778  22,176  23,598  20,423  20,277  21,204  21,826  22,387  25,972  21,729  17,605  10,298  9,495  9,740  10,618  11,321  10,509  10,522  10,909  11,592  11,950 
Total Danaher stockholders’ equity 46,594  46,356  45,167  43,451  42,756  40,419  39,766  37,961  36,262  31,055  30,271  32,502  32,201  31,557  28,214  27,673  27,212  27,190  26,358  25,375  24,590  23,786 
Total capital 66,656  68,134  67,343  67,049  63,179  60,696  60,970  59,787  58,649  57,027  52,000  50,107  42,499  41,051  37,955  38,291  38,533  37,699  36,880  36,284  36,182  35,736 
Solvency Ratio
Debt to capital1 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46 0.42 0.35 0.24 0.23 0.26 0.28 0.29 0.28 0.29 0.30 0.32 0.33
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.31 0.33 0.34 0.35 0.35 0.35 0.36 0.37 0.39 0.38 0.37 0.38 0.38 0.38 0.39 0.43 0.40 0.41 0.47 0.43 0.43 0.43
Bristol-Myers Squibb Co. 0.56 0.59 0.55 0.55 0.55 0.55 0.57 0.47 0.49 0.48 0.48 0.59 0.61 0.28 0.34 0.35 0.37 0.38 0.40 0.36 0.36 0.37
Cigna Corp. 0.42 0.42 0.42 0.42 0.40 0.40 0.40 0.43 0.44 0.45 0.45 0.46 0.47 0.49
CVS Health Corp. 0.42 0.43 0.43 0.44 0.45 0.47 0.48 0.49 0.51 0.52 0.52 0.52 0.54 0.56 0.56 0.63 0.65 0.63 0.42 0.43 0.44 0.45
Elevance Health Inc. 0.40 0.39 0.39 0.39 0.40 0.41 0.38 0.38 0.38 0.41 0.39 0.39 0.39 0.39 0.40 0.40 0.40 0.42 0.43 0.38 0.38 0.40
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.33 0.34 0.34 0.37 0.37 0.36 0.33 0.33 0.34 0.34 0.34 0.33 0.34 0.33 0.34 0.36 0.36 0.40 0.40 0.39 0.39 0.39
UnitedHealth Group Inc. 0.41 0.39 0.39 0.40 0.41 0.41 0.40 0.40 0.42 0.48 0.41 0.45 0.44 0.43 0.41 0.40 0.42 0.43 0.40 0.39 0.43 0.45

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 20,062 ÷ 66,656 = 0.30

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Danaher Corp. debt to capital ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Debt to Assets

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

Microsoft Excel
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Notes payable and current portion of long-term debt 10  10  23  10  11  20  17  3,234  212  1,069  154  37  52  60  175  99  195  182  170  2,221 
Long-term debt, excluding current portion 20,052  21,768  22,168  23,591  20,400  20,267  21,193  21,806  22,370  22,737  21,517  16,536  10,144  9,458  9,689  10,558  11,146  10,411  10,327  10,727  11,423  9,729 
Total debt 20,062  21,778  22,176  23,598  20,423  20,277  21,204  21,826  22,387  25,972  21,729  17,605  10,298  9,495  9,740  10,618  11,321  10,509  10,522  10,909  11,592  11,950 
 
Total assets 81,806  83,392  83,184  82,498  78,027  75,426  76,161  72,891  71,268  68,930  62,082  61,531  53,322  51,774  47,833  47,720  48,056  47,145  46,649  45,851  45,647  45,245 
Solvency Ratio
Debt to assets1 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38 0.35 0.29 0.19 0.18 0.20 0.22 0.24 0.22 0.23 0.24 0.25 0.26
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.23 0.23 0.24 0.25 0.25 0.25 0.26 0.27 0.29 0.27 0.27 0.28 0.28 0.28 0.29 0.33 0.30 0.31 0.37 0.33 0.34 0.34
Bristol-Myers Squibb Co. 0.42 0.44 0.41 0.40 0.41 0.41 0.43 0.36 0.36 0.36 0.36 0.43 0.45 0.17 0.21 0.22 0.23 0.23 0.24 0.25 0.25 0.26
Cigna Corp. 0.22 0.22 0.22 0.22 0.21 0.21 0.21 0.22 0.23 0.24 0.24 0.25 0.25 0.26
CVS Health Corp. 0.24 0.24 0.24 0.25 0.26 0.27 0.28 0.29 0.30 0.31 0.31 0.31 0.33 0.34 0.37 0.48 0.49 0.48 0.28 0.28 0.29 0.30
Elevance Health Inc. 0.23 0.23 0.24 0.23 0.24 0.24 0.23 0.24 0.24 0.26 0.26 0.26 0.25 0.26 0.27 0.26 0.26 0.27 0.28 0.24 0.24 0.25
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.28 0.28 0.28 0.31 0.31 0.31 0.27 0.28 0.28 0.29 0.28 0.28 0.28 0.28 0.28 0.30 0.31 0.34 0.34 0.33 0.33 0.33
UnitedHealth Group Inc. 0.22 0.21 0.22 0.22 0.23 0.23 0.22 0.23 0.24 0.27 0.23 0.26 0.25 0.24 0.24 0.22 0.23 0.23 0.23 0.21 0.23 0.25

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 20,062 ÷ 81,806 = 0.25

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Danaher Corp. debt to assets ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Financial Leverage

Danaher Corp., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Total assets 81,806  83,392  83,184  82,498  78,027  75,426  76,161  72,891  71,268  68,930  62,082  61,531  53,322  51,774  47,833  47,720  48,056  47,145  46,649  45,851  45,647  45,245 
Total Danaher stockholders’ equity 46,594  46,356  45,167  43,451  42,756  40,419  39,766  37,961  36,262  31,055  30,271  32,502  32,201  31,557  28,214  27,673  27,212  27,190  26,358  25,375  24,590  23,786 
Solvency Ratio
Financial leverage1 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22 2.05 1.89 1.66 1.64 1.70 1.72 1.77 1.73 1.77 1.81 1.86 1.90
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 2.03 2.09 2.10 2.14 2.17 2.17 2.21 2.20 2.25 2.21 2.18 2.15 2.16 2.19 2.20 2.33 2.24 2.26 2.47 2.26 2.25 2.26
Bristol-Myers Squibb Co. 3.08 3.26 3.04 2.98 3.01 2.99 3.13 2.50 2.61 2.59 2.52 3.25 3.44 2.29 2.49 2.47 2.65 2.59 2.86 2.30 2.27 2.28
Cigna Corp. 3.33 3.31 3.29 3.25 3.17 3.16 3.09 3.33 3.37 3.43 3.44 3.46 3.52 3.64
CVS Health Corp. 3.06 3.15 3.10 3.16 3.16 3.24 3.32 3.38 3.46 3.54 3.48 3.52 3.57 3.68 3.37 3.59 3.74 3.49 2.52 2.66 2.71 2.74
Elevance Health Inc. 2.82 2.79 2.70 2.74 2.75 2.83 2.61 2.55 2.55 2.60 2.44 2.48 2.46 2.48 2.51 2.56 2.59 2.71 2.66 2.63 2.58 2.64
Intuitive Surgical Inc. 1.14 1.13 1.14 1.13 1.13 1.14 1.15 1.15 1.16 1.16 1.18 1.18 1.17 1.17 1.17 1.17 1.17 1.17 1.22 1.14 1.16 1.16
Medtronic PLC 1.76 1.78 1.81 1.92 1.91 1.87 1.79 1.79 1.80 1.81 1.79 1.78 1.78 1.79 1.80 1.91 1.84 1.98 1.98 1.98 1.96 1.94
UnitedHealth Group Inc. 3.16 3.04 2.96 3.03 3.05 3.09 3.01 2.93 3.03 3.32 3.02 3.16 3.15 3.12 2.94 3.02 3.20 3.27 2.91 3.10 3.20 3.27

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 81,806 ÷ 46,594 = 1.76

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Danaher Corp. financial leverage ratio decreased from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Interest Coverage

Danaher Corp., interest coverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019 Dec 31, 2018 Sep 28, 2018 Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Net earnings 1,680  1,725  1,788  1,158  1,785  1,702  1,240  884  927  595  1,275  668  731  334  747  664  674  567  857  572  557  506 
Less: Earnings from discontinued operations, net of income taxes —  —  —  —  86  —  —  —  —  —  482  37  55  —  —  —  —  —  —  —  22 
Add: Income tax expense 389  374  297  229  344  381  301  138  294  116  183  156  147  388  197  138  161  147  122  158  88  101 
Add: Interest expense 51  54  56  62  62  58  72  77  79  47  44  24  20  21  34  41  43  39  42  40  41  40 
Earnings before interest and tax (EBIT) 2,120  2,153  2,141  1,449  2,105  2,141  1,614  1,098  1,300  759  1,020  811  843  741  977  843  878  752  1,021  770  686  626 
Solvency Ratio
Interest coverage1 35.26 33.54 32.92 28.74 25.87 21.54 17.35 16.90 20.00 25.33 31.44 34.40 29.52 24.77 21.92 21.12 20.86 19.99 19.06
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 20.07 18.10 16.41 16.38 14.28 12.77 10.10 7.66 6.80 7.39 7.09 6.47 5.67 4.99 4.48 3.82 3.67 3.13 3.47
CVS Health Corp. 5.49 5.27 5.16 4.92 4.60 4.52 4.36 4.67 4.76 4.29 3.96 3.23 3.21 1.65 1.54 2.88 3.44 7.25 8.94
Elevance Health Inc. 10.71 11.01 10.93 10.04 8.03 9.09 8.96 9.59 11.16 9.14 9.02 8.29 7.93 7.92 7.73 7.39 7.56 7.15 6.36
Medtronic PLC 10.18 5.65 5.21 3.68 4.02 6.60 4.71 4.12 3.84 3.76 4.60 6.40 5.94 6.14 5.95 5.81 5.77 5.34 5.21
UnitedHealth Group Inc. 14.45 14.26 14.44 13.46 13.03 14.88 13.47 14.12 13.89 11.40 11.55 11.63 12.08 12.32 12.39 12.61 12.80 12.86 12.82

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-28), 10-Q (reporting date: 2018-06-29), 10-Q (reporting date: 2018-03-30), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-29), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q2 2022 Calculation
Interest coverage = (EBITQ2 2022 + EBITQ1 2022 + EBITQ4 2021 + EBITQ3 2021) ÷ (Interest expenseQ2 2022 + Interest expenseQ1 2022 + Interest expenseQ4 2021 + Interest expenseQ3 2021)
= (2,120 + 2,153 + 2,141 + 1,449) ÷ (51 + 54 + 56 + 62) = 35.26

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Danaher Corp. interest coverage ratio improved from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.