Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Danaher Corp., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 5.25 7.96 7.77 6.83 7.78
Net fixed asset turnover (including operating lease, right-of-use asset) 4.26 6.35 6.10 5.30 5.84
Total asset turnover 0.28 0.37 0.35 0.29 0.29
Equity turnover 0.45 0.63 0.65 0.56 0.59

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Danaher Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Danaher Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Danaher Corp. total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Danaher Corp. equity turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover

Danaher Corp., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 23,890 31,471 29,453 22,284 17,911
Property, plant and equipment, net 4,553 3,956 3,790 3,262 2,302
Long-term Activity Ratio
Net fixed asset turnover1 5.25 7.96 7.77 6.83 7.78
Benchmarks
Net Fixed Asset Turnover, Competitors2
AbbVie Inc. 10.89 11.76 11.00 8.73 11.23
Amgen Inc. 4.53 4.57 4.69 4.96 4.51
Bristol-Myers Squibb Co. 6.77 7.38 7.67 7.22 4.18
Eli Lilly & Co. 2.64 2.81 3.15 2.83 2.83
Gilead Sciences Inc. 5.07 4.93 5.27 4.90 4.91
Johnson & Johnson 4.28 4.79 4.95 4.40 4.65
Merck & Co. Inc. 2.61 2.77 2.53 2.67 3.11
Moderna Inc. 3.43 9.14 14.24 0.67 0.00
Pfizer Inc. 3.09 6.17 5.46 3.01 3.71
Regeneron Pharmaceuticals Inc. 3.16 3.23 4.62 2.64 2.72
Thermo Fisher Scientific Inc. 4.54 4.84 4.71 5.45 5.38
Net Fixed Asset Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.05 5.02 5.06 4.27 4.30
Net Fixed Asset Turnover, Industry
Health Care 10.13 10.62 10.44 9.62 9.73

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover = Sales ÷ Property, plant and equipment, net
= 23,890 ÷ 4,553 = 5.25

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Danaher Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Danaher Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 23,890 31,471 29,453 22,284 17,911
 
Property, plant and equipment, net 4,553 3,956 3,790 3,262 2,302
Operating lease ROU assets (classified in Other long-term assets) 1,052 1,001 1,041 942 764
Property, plant and equipment, net (including operating lease, right-of-use asset) 5,605 4,957 4,831 4,204 3,066
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.26 6.35 6.10 5.30 5.84
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
AbbVie Inc. 9.47 10.24 9.57 7.46 10.06
Amgen Inc. 4.08 4.13 4.23 4.58 4.11
Bristol-Myers Squibb Co. 5.60 6.18 6.66 6.30 3.76
Eli Lilly & Co. 2.43 2.63 2.93 2.63 2.66
Gilead Sciences Inc. 4.57 4.51 4.77 4.34 4.28
Johnson & Johnson 4.07 4.54 4.72 4.18 4.41
Merck & Co. Inc. 2.45 2.60 2.33 2.43 2.90
Moderna Inc. 2.51 8.62 12.78 0.52 0.00
Pfizer Inc. 2.68 5.20 4.59 2.74 3.39
Regeneron Pharmaceuticals Inc. 3.11 3.17 4.52 2.58 2.66
Thermo Fisher Scientific Inc. 3.89 4.13 3.98 4.82 4.69
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Pharmaceuticals, Biotechnology & Life Sciences 3.65 4.52 4.54 3.88 3.93
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 8.26 8.57 8.28 7.55 7.63

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 23,890 ÷ 5,605 = 4.26

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Danaher Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Total Asset Turnover

Danaher Corp., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 23,890 31,471 29,453 22,284 17,911
Total assets 84,488 84,350 83,184 76,161 62,082
Long-term Activity Ratio
Total asset turnover1 0.28 0.37 0.35 0.29 0.29
Benchmarks
Total Asset Turnover, Competitors2
AbbVie Inc. 0.40 0.42 0.38 0.30 0.37
Amgen Inc. 0.28 0.38 0.40 0.39 0.37
Bristol-Myers Squibb Co. 0.47 0.48 0.42 0.36 0.20
Eli Lilly & Co. 0.53 0.58 0.58 0.53 0.57
Gilead Sciences Inc. 0.43 0.43 0.40 0.36 0.36
Johnson & Johnson 0.51 0.51 0.52 0.47 0.52
Merck & Co. Inc. 0.56 0.54 0.46 0.52 0.55
Moderna Inc. 0.36 0.71 0.72 0.03 0.00
Pfizer Inc. 0.26 0.51 0.45 0.27 0.31
Regeneron Pharmaceuticals Inc. 0.40 0.42 0.63 0.50 0.53
Thermo Fisher Scientific Inc. 0.43 0.46 0.41 0.47 0.44
Total Asset Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.40 0.48 0.45 0.38 0.39
Total Asset Turnover, Industry
Health Care 0.80 0.81 0.76 0.70 0.71

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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

2 Click competitor name to see calculations.

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

Equity Turnover

Danaher Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 23,890 31,471 29,453 22,284 17,911
Total Danaher stockholders’ equity 53,486 50,082 45,167 39,766 30,271
Long-term Activity Ratio
Equity turnover1 0.45 0.63 0.65 0.56 0.59
Benchmarks
Equity Turnover, Competitors2
AbbVie Inc. 5.24 3.36 3.65 3.50
Amgen Inc. 4.32 6.77 3.63 2.58 2.30
Bristol-Myers Squibb Co. 1.53 1.49 1.29 1.12 0.51
Eli Lilly & Co. 3.17 2.68 3.15 4.35 8.56
Gilead Sciences Inc. 1.18 1.27 1.28 1.34 0.98
Johnson & Johnson 1.24 1.24 1.27 1.31 1.38
Merck & Co. Inc. 1.60 1.29 1.28 1.90 1.81
Moderna Inc. 0.48 0.96 1.25 0.08 0.00
Pfizer Inc. 0.66 1.05 1.05 0.66 0.82
Regeneron Pharmaceuticals Inc. 0.51 0.54 0.86 0.77 0.71
Thermo Fisher Scientific Inc. 0.92 1.02 0.96 0.93 0.86
Equity Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.15 1.25 1.28 1.23 1.20
Equity Turnover, Industry
Health Care 2.23 2.17 2.10 2.07 2.07

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Equity turnover = Sales ÷ Total Danaher stockholders’ equity
= 23,890 ÷ 53,486 = 0.45

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Danaher Corp. equity turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.