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: 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).
Analysis of long-term activity ratios reveals a general contraction in asset and equity utilization efficiency from 2022 through 2026. While all indicators experienced an initial decline, the rate of decrease slowed significantly after 2023, leading to a period of relative stability in the later quarters.
- Net Fixed Asset Turnover
- A pronounced downward trajectory is evident, with the ratio falling from a peak of 8.40 in September 2022 to 4.44 by September 2026. The most rapid decline occurred between June 2023 and December 2023. This trend suggests a substantial increase in the net fixed asset base that has not been matched by a proportional increase in revenue, or a systemic decrease in the productivity of fixed investments.
- Total Asset Turnover
- The ratio exhibited a moderate decline from its peak of 0.39 in September 2022 to a low of 0.28 by March 2024. Following this period, the ratio entered a phase of stabilization, fluctuating within a narrow range between 0.27 and 0.31. This indicates that overall asset efficiency remained relatively constant throughout 2024, 2025, and 2026.
- Equity Turnover
- A pattern of initial contraction followed by stabilization is observed in equity utilization. The ratio decreased from 0.67 in September 2022 to 0.44 in March 2024. From June 2024 through September 2026, the ratio stabilized, oscillating between 0.46 and 0.48. This reflects a sustained, albeit lower, efficiency in utilizing shareholder equity to generate revenue compared to the 2022 levels.
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Net Fixed Asset Turnover
Danaher Corp., net fixed asset turnover 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) | |||||||||||||||||||||||||
| Sales | 6,554) | 6,265) | 5,951) | 6,838) | 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) | ||||||
| Property, plant and equipment, net of accumulated depreciation | 5,773) | 5,825) | 5,468) | 5,531) | 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.44 | 4.31 | 4.53 | 4.44 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 11.11 | 11.05 | 10.87 | 10.88 | 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 | ||||||
| Amgen Inc. | — | 4.24 | 4.32 | 4.44 | 4.78 | 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 | ||||||
| Bristol-Myers Squibb Co. | 6.28 | 6.31 | 6.33 | 6.39 | 6.54 | 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 | ||||||
| Eli Lilly & Co. | 2.69 | 2.72 | 2.72 | 2.64 | 2.66 | 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 | ||||||
| Gilead Sciences Inc. | 5.17 | 5.11 | 5.19 | 5.16 | 5.19 | 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 | ||||||
| Johnson & Johnson | 4.12 | 4.15 | 4.14 | 4.07 | 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 | ||||||
| Merck & Co. Inc. | — | 2.59 | 2.59 | 2.57 | 2.51 | 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 | ||||||
| Pfizer Inc. | — | 3.35 | 3.26 | 3.24 | 3.33 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.95 | 2.85 | 2.83 | 2.80 | 2.85 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 4.48 | 4.31 | 4.24 | 4.22 | 4.30 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 7.56 | 7.60 | 7.89 | 8.23 | 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 | ||||||
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
Net fixed asset turnover
= (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
÷ Property, plant and equipment, net of accumulated depreciation
= (6,554 + 6,265 + 5,951 + 6,838)
÷ 5,773 = 4.44
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a consistent and pronounced downward trajectory over the analyzed period, signaling a decline in the efficiency with which fixed assets are utilized to generate sales. This trend is characterized by a sharp contraction between 2022 and late 2023, followed by a period of relative stabilization at lower levels through 2026.
- Revenue Performance
- Sales figures show significant volatility, starting at a peak range of approximately 7.6 billion to 8.3 billion USD in 2022. A notable contraction occurred in early 2023, with quarterly revenues dropping to a range between 5.6 billion and 5.9 billion USD. While sales stabilized and showed modest growth toward the end of 2024 and through 2026, they did not return to the levels observed in 2022, thereby exerting downward pressure on the turnover ratio.
- Fixed Asset Investment
- Property, plant, and equipment (net of accumulated depreciation) demonstrates a steady and uninterrupted upward trend. The asset base grew from 3.8 billion USD in April 2022 to 5.7 billion USD by September 2026. This consistent increase indicates a long-term strategic commitment to capital expenditure and infrastructure expansion regardless of the fluctuations in quarterly sales.
- Turnover Ratio Dynamics
- The net fixed asset turnover ratio reached a peak of 8.40 in September 2022 before entering a steep decline. By December 31, 2023, the ratio had fallen to 5.25, and it continued to erode, reaching a low of 4.31 in June 2026. This decline is the mathematical result of a growing denominator (net fixed assets) paired with a lower and more stagnant numerator (sales) relative to the 2022 baseline.
- Operational Efficiency Insight
- The divergence between the expanding asset base and the fluctuating revenue stream suggests a period of capacity build-up. The diminishing ratio indicates that each dollar invested in net fixed assets is generating progressively less revenue. This pattern often characterizes a transition phase where investments in infrastructure precede the realization of corresponding sales growth, or a period where asset productivity is declining.
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Total Asset Turnover
Danaher Corp., total asset turnover 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) | |||||||||||||||||||||||||
| Sales | 6,554) | 6,265) | 5,951) | 6,838) | 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) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.27 | 0.27 | 0.30 | 0.29 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | 0.48 | 0.46 | 0.46 | 0.45 | 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 | ||||||
| Amgen Inc. | — | 0.38 | 0.38 | 0.39 | 0.38 | 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 | ||||||
| Bristol-Myers Squibb Co. | 0.56 | 0.56 | 0.56 | 0.54 | 0.50 | 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 | ||||||
| Eli Lilly & Co. | 0.58 | 0.56 | 0.62 | 0.58 | 0.52 | 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 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.60 | 0.52 | 0.49 | 0.49 | 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 | ||||||
| Johnson & Johnson | 0.50 | 0.49 | 0.48 | 0.47 | 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 | ||||||
| Merck & Co. Inc. | — | 0.51 | 0.51 | 0.47 | 0.50 | 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 | ||||||
| Pfizer Inc. | — | 0.32 | 0.30 | 0.30 | 0.30 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.38 | 0.37 | 0.37 | 0.35 | 0.35 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 0.46 | 0.46 | 0.47 | 0.47 | 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 | ||||||
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
Total asset turnover
= (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
÷ Total assets
= (6,554 + 6,265 + 5,951 + 6,838)
÷ 93,281 = 0.27
2 Click competitor name to see calculations.
The analysis of asset utilization indicates a general decline in efficiency over the observed period. Total asset turnover peaked in late 2022 before entering a period of contraction and subsequent stabilization at a lower threshold. This trend suggests a decoupling between asset growth and revenue generation, particularly evident in the final stages of the period.
- Revenue Performance
- Sales exhibited significant volatility, reaching a peak of 8,369 million USD in December 2022. A notable downward shift occurred in early 2023, with quarterly revenues fluctuating between 5,624 million USD and 6,838 million USD through late 2025. While revenue showed signs of gradual recovery in 2025 and 2026, levels remained consistently below the benchmarks established in 2022.
- Asset Base Evolution
- Total assets remained relatively stable, oscillating between 77,542 million USD and 87,734 million USD for the majority of the timeframe. However, a substantial increase in the asset base is observed in 2026, with total assets rising sharply to 93,281 million USD by September 2026.
- Total Asset Turnover Analysis
- The asset turnover ratio declined from a peak of 0.39 in September 2022 to 0.27 by September 2026. The initial contraction throughout 2023 was primarily driven by a decrease in sales relative to the asset base. Although the ratio stabilized between 0.28 and 0.31 during 2024 and 2025, the recent decline to 0.27 in 2026 is directly correlated with the rapid expansion of total assets without a proportional increase in revenue.
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Equity Turnover
Danaher Corp., equity turnover 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) | |||||||||||||||||||||||||
| Sales | 6,554) | 6,265) | 5,951) | 6,838) | 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) | ||||||
| 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) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 0.48 | 0.48 | 0.47 | 0.47 | 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 | ||||||
| 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 | ||||||
| Amgen Inc. | — | 3.10 | 3.86 | 4.06 | 3.59 | 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 | ||||||
| Bristol-Myers Squibb Co. | 2.14 | 2.20 | 2.42 | 2.61 | 2.59 | 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 | ||||||
| Eli Lilly & Co. | 2.15 | 2.35 | 2.32 | 2.46 | 2.50 | 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 | ||||||
| Gilead Sciences Inc. | 2.36 | 2.52 | 1.24 | 1.27 | 1.33 | 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 | ||||||
| Johnson & Johnson | 1.22 | 1.15 | 1.19 | 1.16 | 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 | ||||||
| Merck & Co. Inc. | — | 1.59 | 1.43 | 1.24 | 1.24 | 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 | ||||||
| Pfizer Inc. | — | 0.75 | 0.70 | 0.72 | 0.68 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.50 | 0.49 | 0.47 | 0.46 | 0.46 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.86 | 0.88 | 0.87 | 0.83 | 0.86 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | — | 0.62 | 0.63 | 0.64 | 0.68 | 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 | ||||||
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
Equity turnover
= (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
÷ Total Danaher stockholders’ equity
= (6,554 + 6,265 + 5,951 + 6,838)
÷ 53,621 = 0.48
2 Click competitor name to see calculations.
An analysis of the investment activity ratios reveals a significant transition in equity efficiency between the second quarter of 2022 and the third quarter of 2026. The equity turnover ratio experienced a marked decline during the first half of the observed period before entering a phase of relative stability.
- Revenue Performance Trends
- Quarterly sales exhibited a notable contraction beginning in early 2023. After maintaining a range between 7.6 billion and 8.3 billion USD throughout 2022, revenues dropped to a range of 5.6 billion to 6.4 billion USD in 2023. From 2024 through September 2026, sales levels remained largely stagnant, fluctuating modestly between 5.7 billion and 6.8 billion USD, indicating a lack of significant organic growth in top-line revenue following the initial decline.
- Stockholders' Equity Evolution
- Total stockholders' equity showed a steady upward trajectory from April 2022 (46.3 billion USD) through December 2023 (53.4 billion USD). This growth period was followed by a phase of consolidation where equity values fluctuated between approximately 49.5 billion and 53.6 billion USD. The expansion of the equity base during 2022 and 2023 occurred simultaneously with the decline in sales, creating a divergent trend that pressured efficiency ratios.
- Equity Turnover Analysis
- The equity turnover ratio, which measures the efficiency of generating sales from shareholders' investments, peaked at 0.67 in September 2022. A sustained downward trend followed, with the ratio falling to 0.44 by March 2024. This decline is attributable to the dual impact of shrinking quarterly revenues and an expanding equity base. Since March 2024, the ratio has stabilized, oscillating narrowly between 0.44 and 0.48, suggesting that the company has reached a new, lower equilibrium in its capacity to utilize equity for revenue generation.
The overall data suggests a period of diminished asset utilization efficiency. The transition from a turnover ratio of 0.65 in early 2022 to a stabilized level of approximately 0.48 by late 2026 reflects a permanent shift in the relationship between the company's capital structure and its sales output.
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