Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
Danaher Corp., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
An analysis of the solvency metrics indicates a two-phase trend characterized by an initial period of deleveraging followed by a sudden increase in debt obligations during the first half of 2026. Throughout the observed period, there is a consistent and significant decline in the capacity to cover interest expenses, despite fluctuations in total leverage.
- Debt Composition and Asset Ratios
- A general downward trend in debt ratios was observed from April 2022 through December 2024. The debt-to-equity ratio declined from 0.47 to a low of 0.32, while the debt-to-assets ratio decreased from 0.26 to 0.21. Debt-to-capital mirrored this trajectory, reaching a minimum of 0.24. However, this trend reversed sharply in June 2026, where the debt-to-equity ratio spiked to 0.51 and the debt-to-assets ratio rose to 0.29, suggesting a significant acquisition of new debt or a reduction in equity during that quarter.
- Financial Leverage
- Financial leverage exhibited a steady contraction from 1.80 in April 2022 to a stable floor of approximately 1.56 between December 2023 and March 2025. This period of stability ended in June 2026, when leverage increased to 1.76, returning to levels nearly identical to those seen at the beginning of the analysis period.
- Interest Coverage and Solvency Risk
- The interest coverage ratio demonstrates a persistent long-term decline, moving from a peak of 41.32 in September 2022 to a period low of 14.38 by September 2026. Notably, the decline in interest coverage continued even during the deleveraging phase of 2023 and 2024, indicating that operating income growth did not keep pace with interest obligations or that the cost of debt increased significantly. The convergence of rising leverage in 2026 and the lowest recorded interest coverage ratio suggests an increase in solvency risk toward the end of the period.
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Debt to Equity
Danaher Corp., debt to equity calculation (quarterly data)
| Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes payable and current portion of long-term debt | 2,094) | 1,411) | 923) | 2) | 23) | 502) | 501) | 505) | 1,200) | 701) | 1,746) | 1,695) | 2,547) | 1,590) | 1,571) | 591) | 705) | 10) | 10) | ||||||
| Long-term debt, excluding current portion | 24,388) | 25,147) | 17,561) | 18,416) | 16,833) | 16,853) | 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) | ||||||
| Total debt | 26,482) | 26,558) | 18,484) | 18,418) | 16,856) | 17,355) | 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) | ||||||
| Total Danaher stockholders’ equity | 53,621) | 52,581) | 52,949) | 52,534) | 51,071) | 52,334) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.49 | 0.51 | 0.35 | 0.35 | 0.33 | 0.33 | 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 | ||||||
| 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 | ||||||
| Amgen Inc. | — | 4.90 | 6.24 | 6.31 | 5.67 | 7.57 | 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 | ||||||
| Bristol-Myers Squibb Co. | — | 1.93 | 2.22 | 2.44 | 2.64 | 2.82 | 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 | ||||||
| Eli Lilly & Co. | — | 1.62 | 1.39 | 1.60 | 1.79 | 2.18 | 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 | ||||||
| Gilead Sciences Inc. | — | 2.22 | 0.94 | 1.10 | 1.16 | 1.27 | 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 | ||||||
| Johnson & Johnson | 0.55 | 0.58 | 0.68 | 0.59 | 0.58 | 0.65 | 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 | ||||||
| Merck & Co. Inc. | — | 1.29 | 1.07 | 0.94 | 0.80 | 0.72 | 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 | ||||||
| Pfizer Inc. | — | 0.74 | 0.72 | 0.75 | 0.66 | 0.70 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | — | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 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 | ||||||
| Thermo Fisher Scientific Inc. | — | 0.81 | 0.83 | 0.74 | 0.70 | 0.70 | 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 | ||||||
| Vertex Pharmaceuticals 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Total Danaher stockholders’ equity
= 26,482 ÷ 53,621 = 0.49
2 Click competitor name to see calculations.
The company's solvency profile between April 2022 and September 2026 is characterized by an initial period of deleveraging and equity growth, followed by a significant increase in debt obligations during the first half of 2026.
- Total Debt Trends
- A general downward trajectory in total debt was observed from April 2022, when debt stood at $21,778 million, reaching a period low of $16,005 million by December 2024. This reduction indicates a consistent effort to lower liabilities over a nearly three-year window. However, this trend reversed sharply in June 2026, with total debt increasing to $26,558 million, representing a substantial rise in leverage that persisted through September 2026.
- Stockholders' Equity Evolution
- Total stockholders' equity demonstrated steady growth from $46,356 million in April 2022 to a peak of $53,486 million in December 2023. For the remainder of the analyzed period, equity remained relatively stable, fluctuating within a range of $49,543 million to $53,621 million. This stability suggests a consistent capital base capable of absorbing shifts in the company's debt load.
- Debt to Equity Ratio Analysis
- The debt to equity ratio reflects the combined impact of declining debt and rising equity from 2022 through 2024, falling from 0.47 to a low of 0.32. This period marks a significant improvement in the company's solvency position. Between December 2024 and March 2026, the ratio remained highly stable, oscillating between 0.32 and 0.35. A sharp inflection occurred in June 2026, where the ratio spiked to 0.51, directly corresponding to the surge in total debt, before moderating slightly to 0.49 by September 2026.
Overall, the data indicates a strategic reduction in financial leverage that peaked in late 2024, followed by a rapid expansion of the debt profile in mid-2026, which returned the solvency ratio to levels slightly above those seen at the start of the analyzed period.
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Debt to Capital
Danaher Corp., debt to capital calculation (quarterly data)
| Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes payable and current portion of long-term debt | 2,094) | 1,411) | 923) | 2) | 23) | 502) | 501) | 505) | 1,200) | 701) | 1,746) | 1,695) | 2,547) | 1,590) | 1,571) | 591) | 705) | 10) | 10) | ||||||
| Long-term debt, excluding current portion | 24,388) | 25,147) | 17,561) | 18,416) | 16,833) | 16,853) | 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) | ||||||
| Total debt | 26,482) | 26,558) | 18,484) | 18,418) | 16,856) | 17,355) | 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) | ||||||
| Total Danaher stockholders’ equity | 53,621) | 52,581) | 52,949) | 52,534) | 51,071) | 52,334) | 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) | ||||||
| Total capital | 80,103) | 79,139) | 71,433) | 70,952) | 67,927) | 69,689) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.33 | 0.34 | 0.26 | 0.26 | 0.25 | 0.25 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 1.09 | 1.10 | 1.05 | 1.04 | 1.00 | 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 | ||||||
| Amgen Inc. | — | 0.83 | 0.86 | 0.86 | 0.85 | 0.88 | 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 | ||||||
| Bristol-Myers Squibb Co. | — | 0.66 | 0.69 | 0.71 | 0.73 | 0.74 | 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 | ||||||
| Eli Lilly & Co. | — | 0.62 | 0.58 | 0.62 | 0.64 | 0.69 | 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 | ||||||
| Gilead Sciences Inc. | — | 0.69 | 0.49 | 0.52 | 0.54 | 0.56 | 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 | ||||||
| Johnson & Johnson | 0.35 | 0.37 | 0.40 | 0.37 | 0.37 | 0.39 | 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 | ||||||
| Merck & Co. Inc. | — | 0.56 | 0.52 | 0.48 | 0.44 | 0.42 | 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 | ||||||
| Pfizer Inc. | — | 0.43 | 0.42 | 0.43 | 0.40 | 0.41 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | — | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 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 | ||||||
| Thermo Fisher Scientific Inc. | — | 0.45 | 0.45 | 0.42 | 0.41 | 0.41 | 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 | ||||||
| Vertex Pharmaceuticals 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 26,482 ÷ 80,103 = 0.33
2 Click competitor name to see calculations.
The financial data indicates a distinct three-phase evolution in the capital structure, characterized by an initial period of deleveraging, a phase of stabilization, and a subsequent sharp increase in leverage during mid-2026.
- Debt to Capital Ratio Trends
- A consistent downward trend in the debt to capital ratio is observed from April 2022 (0.32) through December 2024, where the ratio reached its lowest point of 0.24. Following this decline, the ratio remained stable, fluctuating minimally between 0.24 and 0.26 until March 2026. However, a significant upward shift occurred in June 2026, with the ratio spiking to 0.34, before settling slightly at 0.33 by September 2026.
- Total Debt Dynamics
- Total debt exhibited a general contraction for the first several years of the period, decreasing from $21,778 million in April 2022 to a trough of $16,005 million in December 2024. While debt levels remained relatively contained between $16,000 million and $18,500 million through the first quarter of 2026, a substantial increase is noted in June 2026, where total debt rose to $26,558 million, representing a significant expansion of the company's liabilities.
- Total Capital Evolution
- Total capital remained relatively stable for the majority of the analyzed period, generally oscillating between $65,000 million and $74,000 million. A notable expansion in the capital base occurred concurrently with the increase in debt, with total capital rising to $79,139 million in June 2026 and reaching $80,103 million by September 2026.
- Solvency Analysis
- The shift in the debt to capital ratio suggests a strategic transition. The period between 2022 and 2025 was defined by an improvement in solvency and a reduction in reliance on borrowed funds. This trend was reversed in the second quarter of 2026, where the sudden increase in both total debt and total capital indicates a significant financing event or a strategic shift in the funding mix, returning the solvency profile to levels slightly higher than those recorded at the start of the sequence.
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Debt to Assets
Danaher Corp., debt to assets calculation (quarterly data)
| Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Notes payable and current portion of long-term debt | 2,094) | 1,411) | 923) | 2) | 23) | 502) | 501) | 505) | 1,200) | 701) | 1,746) | 1,695) | 2,547) | 1,590) | 1,571) | 591) | 705) | 10) | 10) | ||||||
| Long-term debt, excluding current portion | 24,388) | 25,147) | 17,561) | 18,416) | 16,833) | 16,853) | 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) | ||||||
| Total debt | 26,482) | 26,558) | 18,484) | 18,418) | 16,856) | 17,355) | 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) | ||||||
| Total assets | 93,281) | 92,367) | 83,544) | 83,464) | 79,897) | 81,620) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.28 | 0.29 | 0.22 | 0.22 | 0.21 | 0.21 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 0.52 | 0.53 | 0.50 | 0.51 | 0.51 | 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 | ||||||
| Amgen Inc. | — | 0.60 | 0.62 | 0.60 | 0.61 | 0.64 | 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 | ||||||
| Bristol-Myers Squibb Co. | — | 0.49 | 0.51 | 0.50 | 0.51 | 0.52 | 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 | ||||||
| Eli Lilly & Co. | — | 0.39 | 0.37 | 0.38 | 0.37 | 0.40 | 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 | ||||||
| Gilead Sciences Inc. | — | 0.53 | 0.39 | 0.42 | 0.43 | 0.45 | 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 | ||||||
| Johnson & Johnson | 0.23 | 0.24 | 0.27 | 0.24 | 0.24 | 0.26 | 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 | ||||||
| Merck & Co. Inc. | — | 0.42 | 0.38 | 0.36 | 0.32 | 0.30 | 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 | ||||||
| Pfizer Inc. | — | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | — | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 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 | ||||||
| Thermo Fisher Scientific Inc. | — | 0.38 | 0.38 | 0.36 | 0.35 | 0.35 | 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 | ||||||
| Vertex Pharmaceuticals 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 26,482 ÷ 93,281 = 0.28
2 Click competitor name to see calculations.
The solvency profile from April 2022 through September 2026 is characterized by an initial period of deleveraging, a prolonged phase of stability, and a significant increase in leverage during the second quarter of 2026.
- Deleveraging and Stability Phase (2022–Early 2026)
- Between April 2022 and December 2024, a consistent downward trend in the debt-to-assets ratio is observed, declining from 0.26 to 0.21. This improvement was primarily driven by a reduction in total debt, which fell from 21,778 million USD to 16,005 million USD by the end of 2024. Throughout 2025 and the first quarter of 2026, the ratio remained highly stable, fluctuating minimally between 0.21 and 0.22, indicating a disciplined approach to maintaining a conservative capital structure.
- Leverage Expansion (Mid-2026–September 2026)
- A sharp inflection point occurs in June 2026, where the debt-to-assets ratio rises abruptly to 0.29. This shift is attributed to a substantial increase in total debt, which jumped from 18,484 million USD in March 2026 to 26,558 million USD in June 2026. While total assets also increased during this period—rising from 83,544 million USD to 92,367 million USD—the growth in liabilities outpaced the growth in assets, resulting in a higher overall leverage ratio.
- Asset and Debt Correlation
- For the majority of the analyzed period, total assets remained relatively range-bound between 77,542 million USD and 87,734 million USD. The correlation between debt and assets remained inverse or neutral until June 2026, at which point both metrics climbed simultaneously. This pattern suggests a strategic deployment of borrowed capital to acquire new assets or fund major expansions, shifting the solvency position from a conservative stance to a more leveraged one, ending at 0.28 by September 2026.
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Financial Leverage
Danaher Corp., financial leverage calculation (quarterly data)
| Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 93,281) | 92,367) | 83,544) | 83,464) | 79,897) | 81,620) | 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) | ||||||
| Total Danaher stockholders’ equity | 53,621) | 52,581) | 52,949) | 52,534) | 51,071) | 52,334) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.74 | 1.76 | 1.58 | 1.59 | 1.56 | 1.56 | 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 | ||||||
| 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 | ||||||
| Amgen Inc. | — | 8.18 | 10.07 | 10.46 | 9.37 | 11.83 | 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 | ||||||
| Bristol-Myers Squibb Co. | — | 3.93 | 4.31 | 4.87 | 5.22 | 5.43 | 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 | ||||||
| Eli Lilly & Co. | — | 4.20 | 3.74 | 4.24 | 4.83 | 5.52 | 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 | ||||||
| Gilead Sciences Inc. | — | 4.17 | 2.39 | 2.60 | 2.72 | 2.83 | 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 | ||||||
| Johnson & Johnson | 2.42 | 2.37 | 2.47 | 2.44 | 2.43 | 2.46 | 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 | ||||||
| Merck & Co. Inc. | — | 3.10 | 2.80 | 2.60 | 2.50 | 2.40 | 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 | ||||||
| Pfizer Inc. | — | 2.36 | 2.30 | 2.41 | 2.25 | 2.32 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | — | 1.32 | 1.30 | 1.30 | 1.30 | 1.28 | 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 | ||||||
| Thermo Fisher Scientific Inc. | — | 2.15 | 2.18 | 2.07 | 2.02 | 2.00 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 1.35 | 1.37 | 1.37 | 1.44 | 1.40 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Total Danaher stockholders’ equity
= 93,281 ÷ 53,621 = 1.74
2 Click competitor name to see calculations.
The financial leverage profile exhibits three distinct phases: a period of steady reduction, a sustained phase of stability, and a recent sharp increase in leverage.
- Leverage Reduction Trend
- From April 2022 through March 2025, a general downward trend in the financial leverage ratio is observed, decreasing from 1.80 to 1.56. This deleveraging was primarily supported by a steady increase in stockholders' equity, which grew from 46,356 million US$ to a peak of 53,486 million US$ by December 2023, effectively reducing the proportion of debt relative to equity.
- Stability Period
- Between June 2023 and March 2025, the leverage ratio remained relatively constant, fluctuating within a narrow range between 1.56 and 1.67. During this interval, total assets showed significant volatility, reaching a low of 77,542 million US$ in December 2024, while stockholders' equity remained stabilized between 49,543 million US$ and 53,442 million US$.
- Recent Leverage Expansion
- A notable increase in financial leverage occurred in 2026. The ratio rose sharply from 1.58 in December 2025 to 1.76 by June 2026, before settling at 1.74 in September 2026. This shift is closely linked to a substantial expansion in total assets, which climbed from 83,544 million US$ in March 2026 to 93,281 million US$ by September 2026. Because stockholders' equity remained nearly flat during this period, the increase in assets suggests a significant acquisition of new liabilities to fund growth.
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Interest Coverage
Danaher Corp., interest coverage calculation (quarterly data)
| Sep 25, 2026 | Jun 26, 2026 | Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings | 1,235) | 870) | 1,029) | 1,197) | 908) | 555) | 954) | 1,086) | 818) | 907) | 1,088) | 1,079) | 1,129) | 1,106) | 1,450) | 2,232) | 1,572) | 1,680) | 1,725) | ||||||
| Less: Earnings from discontinued operations, net of income taxes | 28) | —) | —) | 14) | —) | —) | —) | —) | —) | —) | —) | (42) | 189) | 186) | 210) | —) | —) | —) | —) | ||||||
| Add: Income tax expense | (75) | 208) | 206) | 190) | 168) | 100) | 175) | 229) | 159) | 176) | 183) | 111) | 207) | 222) | 283) | (39) | 359) | 389) | 374) | ||||||
| Add: Interest expense | 135) | 107) | 63) | 55) | 67) | 71) | 72) | 61) | 87) | 65) | 65) | 85) | 70) | 65) | 66) | 64) | 42) | 51) | 54) | ||||||
| Earnings before interest and tax (EBIT) | 1,267) | 1,185) | 1,298) | 1,428) | 1,143) | 726) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 14.38 | 17.31 | 17.95 | 16.97 | 16.41 | 15.01 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Amgen Inc. | — | 4.86 | 4.38 | 4.26 | 3.89 | 3.53 | 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 | ||||||
| Gilead Sciences Inc. | — | -0.96 | 11.68 | 10.57 | 10.71 | 8.20 | 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 | ||||||
| Johnson & Johnson | 19.03 | 25.90 | 25.00 | 34.55 | 36.24 | 33.48 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | — | 94.25 | 108.44 | 120.42 | 123.21 | 134.19 | 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 | ||||||
| Thermo Fisher Scientific Inc. | — | 6.17 | 6.03 | 6.12 | 6.19 | 6.09 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 800.17 | 502.52 | 350.11 | 348.55 | 258.29 | -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 | ||||||
Based on: 10-Q (reporting date: 2026-09-25), 10-Q (reporting date: 2026-06-26), 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 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).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (1,267 + 1,185 + 1,298 + 1,428)
÷ (135 + 107 + 63 + 55)
= 14.38
2 Click competitor name to see calculations.
The analysis of the interest coverage ratio reveals a significant downward trajectory from April 2022 through September 2026. While the company maintained a robust capacity to service its debt in 2022, there is a clear erosion of this margin, characterized by a contraction in operating earnings and a sharp increase in financing costs toward the end of the period.
- Earnings Before Interest and Tax (EBIT) Trends
- Operating earnings peaked in December 2022 at 2,257 million USD but experienced a marked decline throughout 2023. EBIT levels subsequently stabilized in a lower range, generally fluctuating between 1,064 million USD and 1,428 million USD from late 2023 through September 2026. This represents a substantial reduction in the earnings available to cover interest obligations compared to the 2022 baseline.
- Interest Expense Patterns
- Interest expenses remained relatively contained, ranging between 42 million USD and 87 million USD for the majority of the analyzed timeframe. However, a sharp escalation is observed in the final two quarters of the series, with expenses rising to 107 million USD in June 2026 and peaking at 135 million USD by September 2026. This sudden increase in debt servicing costs significantly pressures the solvency profile in the final period.
- Interest Coverage Ratio Performance
- The interest coverage ratio exhibited a strong initial position, reaching a peak of 41.32 in September 2022. A consistent decline followed, with the ratio dropping below 20.00 by December 2023 and remaining in a suppressed range between 14.38 and 17.95 thereafter. The final reading of 14.38 in September 2026 represents the lowest point in the series, resulting from the convergence of lower operating earnings and peak interest expenses.
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