Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Danaher Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced a notable increase from 6.83 in the April 2021 quarter to a peak of 8.40 in the December 2021 quarter. Following this peak, there was a consistent and marked decline each quarter, reaching 4.51 by the September 2025 quarter. This trend indicates an initial improvement in the efficiency with which the company utilized its fixed assets to generate revenue, followed by a steady deterioration over the subsequent periods.
- Total Asset Turnover
- Total asset turnover began at 0.29 in the April 2021 quarter and demonstrated gradual improvement to reach 0.39 in December 2021. After this point, the ratio declined to a low of 0.28 in the March and June 2024 quarters, showing some minor fluctuations afterwards and ending at 0.30 in September 2025. This pattern suggests that the company's efficiency in using its total assets to generate sales improved initially but then weakened, with only limited recovery in the more recent periods.
- Equity Turnover
- Equity turnover followed a generally similar trajectory as total asset turnover but at higher values. Starting at 0.56 in April 2021, it increased steadily to reach 0.67 by December 2021 before entering a downward trend. This decrease continued until the March 2024 quarter, where the ratio was 0.44, indicating decreased efficiency in generating revenue from shareholders' equity. Some moderate variability appeared later, with a mild recovery close to 0.48 by September 2025.
Net Fixed Asset Turnover
Danaher Corp., net fixed asset turnover calculation (quarterly data)
| 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 | 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) | ||||||||||||||||||||||||||||||
| Sales | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | 8,148) | 7,229) | 7,218) | 6,858) | 6,760) | 5,883) | 5,297) | 4,343) | |||||||
| Property, plant and equipment, net of accumulated depreciation | 5,376) | 5,309) | 5,110) | 4,990) | 4,843) | 4,643) | 4,562) | 4,553) | 4,302) | 4,176) | 4,065) | 3,956) | 3,719) | 3,794) | 3,815) | 3,790) | 3,640) | 3,410) | 3,266) | 3,262) | 3,052) | 2,973) | 2,989) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.51 | 4.52 | 4.66 | 4.78 | 4.90 | 5.08 | 5.20 | 5.25 | 6.01 | 6.68 | 7.31 | 7.96 | 8.40 | 8.12 | 7.94 | 7.77 | 7.71 | 7.84 | 7.59 | 6.83 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | — | 11.04 | 10.95 | 10.97 | 10.80 | 10.95 | 10.92 | 10.89 | 11.18 | 11.33 | 11.51 | 11.76 | 11.82 | 11.57 | 11.18 | 11.00 | 10.75 | 10.41 | 9.67 | 8.73 | — | — | — | |||||||
| Amgen Inc. | — | 4.89 | 4.91 | 4.89 | 5.06 | 4.85 | 4.70 | 4.53 | 4.61 | 4.58 | 4.56 | 4.57 | 4.73 | 4.77 | 4.75 | 4.69 | 4.89 | 4.92 | 4.93 | 4.96 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | — | 6.47 | 6.60 | 6.77 | 6.87 | 6.79 | 6.75 | 6.77 | 6.93 | 7.11 | 7.30 | 7.38 | 7.74 | 7.90 | 7.77 | 7.67 | 7.75 | 7.66 | 7.43 | 7.22 | — | — | — | |||||||
| Eli Lilly & Co. | — | 2.59 | 2.65 | 2.63 | 2.53 | 2.62 | 2.64 | 2.64 | 2.70 | 2.62 | 2.63 | 2.81 | 3.14 | 3.18 | 3.22 | 3.15 | 3.11 | 3.02 | 2.95 | 2.83 | — | — | — | |||||||
| Gilead Sciences Inc. | — | 5.26 | 5.27 | 5.28 | 5.22 | 5.17 | 5.13 | 5.07 | 4.88 | 4.91 | 4.88 | 4.93 | 5.01 | 5.13 | 5.18 | 5.27 | 5.40 | 5.27 | 5.06 | 4.90 | — | — | — | |||||||
| Johnson & Johnson | 4.13 | 4.13 | 4.28 | 4.33 | 4.28 | 4.38 | 4.36 | 4.28 | 4.65 | 4.37 | 4.58 | 4.79 | 5.29 | 5.21 | 5.07 | 4.95 | 4.95 | 4.79 | 4.59 | 4.40 | — | — | — | |||||||
| Merck & Co. Inc. | — | 2.52 | 2.58 | 2.70 | 2.69 | 2.69 | 2.66 | 2.61 | 2.63 | 2.62 | 2.66 | 2.77 | 2.89 | 2.85 | 2.73 | 2.53 | 2.57 | 2.61 | 2.55 | 2.67 | — | — | — | |||||||
| Pfizer Inc. | — | 3.40 | 3.40 | 3.46 | 3.26 | 2.97 | 2.98 | 3.14 | 3.88 | 4.48 | 5.46 | 6.17 | 6.47 | 6.64 | 6.12 | 5.46 | 4.79 | 3.89 | 3.31 | 3.01 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | — | 2.94 | 3.00 | 3.09 | 3.12 | 3.13 | 3.10 | 3.16 | 3.27 | 3.23 | 3.19 | 3.23 | 3.70 | 3.91 | 4.64 | 4.62 | 3.99 | 3.69 | 2.82 | 2.64 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | — | 4.48 | 4.60 | 4.61 | 4.50 | 4.56 | 4.56 | 4.54 | 4.74 | 4.68 | 4.68 | 4.84 | 5.12 | 5.02 | 4.87 | 4.71 | 5.54 | 5.83 | 5.85 | 5.45 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | — | 8.55 | 8.57 | 8.98 | 9.51 | 8.61 | 8.68 | 8.51 | 8.59 | 8.47 | 8.28 | 8.06 | 7.78 | 7.59 | 7.18 | 6.92 | 6.84 | 6.54 | 6.51 | 6.47 | — | — | — | |||||||
Based on: 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), 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 Q3 2025 Calculation
Net fixed asset turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Property, plant and equipment, net of accumulated depreciation
= (6,053 + 5,936 + 5,741 + 6,538)
÷ 5,376 = 4.51
2 Click competitor name to see calculations.
- Sales Trend
- Sales exhibited a general upward trend from early 2020 through 2022, increasing from $4,343 million in April 2020 to a peak of $8,369 million in December 2022. This represents nearly a doubling of sales over this period. However, starting in 2023, sales figures show a declining pattern with quarterly sales decreasing to $5,624 million in September 2023 and then fluctuating moderately but remaining lower than the 2022 peak. By mid-2025, sales settled around $6,000 million, indicating a pullback from the prior peak levels.
- Property, Plant, and Equipment (Net)
- The net book value of property, plant, and equipment showed a steady and continuous increase from $2,989 million in April 2020 through $5,376 million in September 2025. This growth is consistent and uninterrupted, reflecting ongoing investments in fixed assets. The increase is approximately 80% over the period, suggesting a focus on expanding or upgrading physical infrastructure.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures sales generated per unit of fixed asset value, showed a marked decline from 2020 through 2025. Initially, in late 2020 and early 2021, the ratio was relatively high, ranging from approximately 6.83 to 8.4. Starting in 2022, this ratio consistently declined quarter over quarter to about 4.5 by mid-2025. This decline indicates that the company is generating less revenue per dollar invested in fixed assets over time, which may imply reduced asset efficiency or increased asset base outpacing sales growth.
- Overall Analysis
- The combined trends indicate that while there was strong growth in sales up to late 2022, this growth has slowed and reversed somewhat in 2023 and beyond. Meanwhile, capital expenditure on property, plant, and equipment continued to rise steadily without interruption. The decreasing net fixed asset turnover ratio suggests that the recent investments have not yet translated into proportional sales increases, pointing toward potential overcapacity or a lag in realizing returns on capital investment. This scenario warrants close monitoring, as the decline in asset efficiency could impact profitability if sales recovery does not occur.
Total Asset Turnover
Danaher Corp., total asset turnover calculation (quarterly data)
| 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 | 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) | ||||||||||||||||||||||||||||||
| Sales | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | 8,148) | 7,229) | 7,218) | 6,858) | 6,760) | 5,883) | 5,297) | 4,343) | |||||||
| Total assets | 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) | 83,184) | 82,498) | 78,027) | 75,426) | 76,161) | 72,891) | 71,268) | 68,930) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | 0.30 | 0.29 | 0.30 | 0.31 | 0.29 | 0.30 | 0.28 | 0.28 | 0.29 | 0.33 | 0.35 | 0.37 | 0.39 | 0.38 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.29 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | — | 0.43 | 0.42 | 0.42 | 0.39 | 0.39 | 0.37 | 0.40 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.40 | 0.40 | 0.38 | 0.37 | 0.36 | 0.33 | 0.30 | — | — | — | |||||||
| Amgen Inc. | — | 0.38 | 0.37 | 0.35 | 0.34 | 0.32 | 0.30 | 0.28 | 0.28 | 0.28 | 0.28 | 0.38 | 0.38 | 0.41 | 0.41 | 0.40 | 0.37 | 0.40 | 0.38 | 0.39 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | — | 0.50 | 0.52 | 0.52 | 0.51 | 0.49 | 0.46 | 0.47 | 0.49 | 0.48 | 0.49 | 0.48 | 0.48 | 0.47 | 0.46 | 0.42 | 0.41 | 0.40 | 0.38 | 0.36 | — | — | — | |||||||
| Eli Lilly & Co. | — | 0.53 | 0.55 | 0.57 | 0.54 | 0.54 | 0.56 | 0.53 | 0.55 | 0.54 | 0.52 | 0.58 | 0.62 | 0.62 | 0.62 | 0.58 | 0.58 | 0.56 | 0.54 | 0.53 | — | — | — | |||||||
| Gilead Sciences Inc. | — | 0.52 | 0.51 | 0.48 | 0.52 | 0.52 | 0.48 | 0.43 | 0.44 | 0.44 | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | 0.40 | 0.41 | 0.39 | 0.37 | 0.36 | — | — | — | |||||||
| Johnson & Johnson | 0.48 | 0.47 | 0.46 | 0.49 | 0.49 | 0.48 | 0.50 | 0.51 | 0.53 | 0.47 | 0.47 | 0.51 | 0.55 | 0.54 | 0.53 | 0.52 | 0.51 | 0.51 | 0.49 | 0.47 | — | — | — | |||||||
| Merck & Co. Inc. | — | 0.54 | 0.56 | 0.55 | 0.54 | 0.55 | 0.58 | 0.56 | 0.56 | 0.56 | 0.54 | 0.54 | 0.55 | 0.53 | 0.51 | 0.46 | 0.51 | 0.52 | 0.51 | 0.52 | — | — | — | |||||||
| Pfizer Inc. | — | 0.31 | 0.30 | 0.30 | 0.28 | 0.26 | 0.25 | 0.26 | 0.32 | 0.36 | 0.48 | 0.51 | 0.51 | 0.52 | 0.50 | 0.45 | 0.39 | 0.33 | 0.29 | 0.27 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | — | 0.37 | 0.38 | 0.38 | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.50 | 0.52 | 0.63 | 0.63 | 0.57 | 0.58 | 0.52 | 0.50 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | — | 0.43 | 0.43 | 0.44 | 0.42 | 0.43 | 0.44 | 0.43 | 0.45 | 0.46 | 0.46 | 0.46 | 0.49 | 0.47 | 0.44 | 0.41 | 0.53 | 0.57 | 0.54 | 0.47 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | — | 0.48 | 0.49 | 0.49 | 0.48 | 0.51 | 0.43 | 0.43 | 0.44 | 0.47 | 0.49 | 0.49 | 0.52 | 0.54 | 0.56 | 0.56 | 0.57 | 0.55 | 0.53 | 0.53 | — | — | — | |||||||
Based on: 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), 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 Q3 2025 Calculation
Total asset turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Total assets
= (6,053 + 5,936 + 5,741 + 6,538)
÷ 79,897 = 0.30
2 Click competitor name to see calculations.
- Sales Trends
- The sales figures exhibit an overall increasing trend from early 2020 to late 2022, starting at 4,343 million USD and reaching a peak of 8,369 million USD by December 2022. Thereafter, sales show a noticeable decline through 2023, reaching a low around 5,624 million USD in September 2023, followed by a partial recovery to about 6,538 million USD by December 2024. The sales figures after that stabilize roughly in the 5,700 to 6,000 million USD range towards mid and late 2025.
- Total Assets Development
- Total assets increased steadily from 68,930 million USD in April 2020 to a high of approximately 87,734 million USD in September 2023. Following this peak, total assets decline moderately to around 79,897 million USD by late 2025, indicating some contraction or asset reallocation after the initial growth period.
- Total Asset Turnover Ratio Analysis
- The total asset turnover ratio, available from late 2020 onward, shows a gradual increase starting at 0.29 in October 2020, rising to a peak of 0.39 by December 2022. Afterward, there is a slight downward trend through 2023 and 2024, dipping to around 0.28-0.29, with some recovery observed toward late 2024 and into 2025, stabilizing near 0.29-0.30. This indicates improving efficiency in asset utilization up to 2022, followed by some decline and stabilization thereafter.
- Summary Insights
- The data suggests a phase of robust growth in sales and asset base during 2020-2022, with enhanced operational efficiency as reflected in rising asset turnover ratios. However, starting in 2023, sales and asset growth face headwinds, reflected in declining sales and moderate asset reductions. The asset turnover ratio decline during this period indicates a decrease in asset use efficiency, possibly linked to the softer sales environment. Toward the end of the period, there are early signs of recovery and stabilization in both sales and efficiency metrics, suggesting potential adaptation to prevailing market conditions or strategic adjustments in asset management.
Equity Turnover
Danaher Corp., equity turnover calculation (quarterly data)
| 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 | 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) | ||||||||||||||||||||||||||||||
| Sales | 6,053) | 5,936) | 5,741) | 6,538) | 5,798) | 5,743) | 5,796) | 6,405) | 5,624) | 5,912) | 5,949) | 8,369) | 7,663) | 7,751) | 7,688) | 8,148) | 7,229) | 7,218) | 6,858) | 6,760) | 5,883) | 5,297) | 4,343) | |||||||
| Total Danaher stockholders’ equity | 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) | 45,167) | 43,451) | 42,756) | 40,419) | 39,766) | 37,961) | 36,262) | 31,055) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | 0.48 | 0.46 | 0.47 | 0.48 | 0.46 | 0.47 | 0.44 | 0.45 | 0.49 | 0.54 | 0.58 | 0.63 | 0.67 | 0.66 | 0.65 | 0.65 | 0.65 | 0.62 | 0.61 | 0.56 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | — | — | 40.40 | 16.94 | 9.21 | 8.11 | 6.79 | 5.24 | 4.56 | 4.35 | 4.27 | 3.36 | 3.62 | 3.91 | 3.48 | 3.65 | 4.07 | 4.27 | 3.66 | 3.50 | — | — | — | |||||||
| Amgen Inc. | — | 4.51 | 5.28 | 5.45 | 4.14 | 4.99 | 5.61 | 4.32 | 3.35 | 3.73 | 4.66 | 6.77 | 6.71 | 10.17 | 26.68 | 3.63 | 2.96 | 2.93 | 2.56 | 2.58 | — | — | — | |||||||
| Bristol-Myers Squibb Co. | — | 2.74 | 2.74 | 2.96 | 2.77 | 2.73 | 2.76 | 1.53 | 1.55 | 1.41 | 1.44 | 1.49 | 1.43 | 1.45 | 1.49 | 1.29 | 1.22 | 1.21 | 1.14 | 1.12 | — | — | — | |||||||
| Eli Lilly & Co. | — | 2.91 | 3.11 | 3.17 | 2.87 | 2.87 | 2.80 | 3.17 | 2.86 | 2.67 | 2.47 | 2.68 | 2.90 | 3.40 | 3.14 | 3.15 | 3.58 | 4.15 | 3.69 | 4.35 | — | — | — | |||||||
| Gilead Sciences Inc. | — | 1.46 | 1.49 | 1.48 | 1.52 | 1.51 | 1.56 | 1.18 | 1.22 | 1.28 | 1.27 | 1.27 | 1.27 | 1.34 | 1.37 | 1.28 | 1.27 | 1.34 | 1.33 | 1.34 | — | — | — | |||||||
| Johnson & Johnson | 1.16 | 1.15 | 1.14 | 1.24 | 1.25 | 1.21 | 1.22 | 1.24 | 1.23 | 1.20 | 1.30 | 1.24 | 1.29 | 1.25 | 1.27 | 1.27 | 1.30 | 1.28 | 1.28 | 1.31 | — | — | — | |||||||
| Merck & Co. Inc. | — | 1.30 | 1.32 | 1.39 | 1.42 | 1.43 | 1.52 | 1.60 | 1.44 | 1.51 | 1.24 | 1.29 | 1.33 | 1.32 | 1.32 | 1.28 | 1.33 | 1.41 | 1.73 | 1.90 | — | — | — | |||||||
| Pfizer Inc. | — | 0.72 | 0.69 | 0.72 | 0.65 | 0.64 | 0.61 | 0.67 | 0.71 | 0.79 | 0.92 | 1.05 | 1.08 | 1.16 | 1.12 | 1.05 | 0.91 | 0.79 | 0.68 | 0.66 | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | — | 0.47 | 0.48 | 0.48 | 0.47 | 0.48 | 0.49 | 0.51 | 0.53 | 0.53 | 0.53 | 0.54 | 0.64 | 0.69 | 0.83 | 0.86 | 0.78 | 0.82 | 0.77 | 0.77 | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | — | 0.86 | 0.87 | 0.86 | 0.86 | 0.89 | 0.93 | 0.92 | 0.96 | 0.99 | 1.04 | 1.02 | 1.01 | 1.01 | 1.00 | 0.96 | 1.01 | 1.04 | 1.02 | 0.93 | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | — | 0.66 | 0.67 | 0.67 | 0.68 | 0.70 | 0.55 | 0.56 | 0.58 | 0.61 | 0.64 | 0.64 | 0.67 | 0.70 | 0.73 | 0.75 | 0.75 | 0.73 | 0.71 | 0.71 | — | — | — | |||||||
Based on: 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), 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 Q3 2025 Calculation
Equity turnover
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ Total Danaher stockholders’ equity
= (6,053 + 5,936 + 5,741 + 6,538)
÷ 51,071 = 0.48
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's performance and financial position over the examined periods.
- Sales Performance
- Sales figures demonstrate a fluctuating yet generally upward trend from April 2020 through December 2021, with sales increasing from approximately $4.3 billion to over $8.1 billion. This indicates growth momentum in the initial periods. However, from early 2022 onwards, sales exhibit volatility with values oscillating between approximately $5.7 billion and $8.4 billion. Notably, there is a decline in sales in several quarters of 2023 compared to the high levels of 2021 and 2022, with occasional rebounds observed toward the end of 2023 and into 2024. Overall, while the company achieved peak sales in late 2021 and early 2022, maintaining that level consistently remains a challenge.
- Total Stockholders' Equity
- Total stockholders’ equity shows a general increasing trend throughout most periods. Starting at around $31 billion in early 2020, equity rose steadily into early 2023, reaching over $52 billion in March 2023. This growth suggests accumulation of retained earnings or capital injections during these years. However, in the latest quarters reported, there are slight decreases or fluctuations in equity, with values dipping close to $49 billion at times, before a modest recovery near $51–52 billion. Despite minor volatility, the overall equity position remains significantly stronger than at the beginning of the period.
- Equity Turnover Ratio
- The equity turnover ratio, available from late 2020 onwards, shows a declining trend over time. Beginning near 0.56 and rising marginally to a peak of about 0.67 in early 2022, the ratio then consistently decreases across subsequent quarters to a low near 0.44 in mid-2024. This decline reflects a reduction in sales generated per dollar of equity, implying either slower sales growth relative to equity or increased equity base diluting turnover efficiency. The ratio stabilizes slightly around 0.46–0.48 in the most recent quarters, indicating a possible plateau in this trend.
In summary, the company experienced periods of strong sales growth and increases in equity through 2021 and early 2022, followed by more variable sales and equity figures thereafter. The declining equity turnover signals that while the company's equity base has grown, this has not been matched proportionally by sales expansion in later periods, suggesting changing efficiency dynamics in the use of equity to generate revenue.