Analysis of Reportable Segments
Danaher Corp. operates in 3 segments: Biotechnology; Life Sciences; and Diagnostics.
Segment Profit Margin
Danaher Corp., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 25.56% | 24.93% | 26.62% | 34.35% | 35.87% |
| Life Sciences | 7.09% | 11.99% | 16.93% | 20.10% | 20.24% |
| Diagnostics | 26.66% | 26.82% | 25.12% | 31.67% | 23.50% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited varied performance across the observed period. Biotechnology and Diagnostics demonstrated relative stability, while Life Sciences experienced a significant decline in profitability.
- Biotechnology
- The Biotechnology segment’s profit margin began at 35.87% in 2021, decreasing to 34.35% in 2022. A more pronounced decline followed, reaching 26.62% in 2023 and 24.93% in 2024. A slight recovery was noted in 2025, with the margin increasing to 25.56%. Overall, the segment experienced a net decrease in profitability over the five-year period.
- Life Sciences
- The Life Sciences segment showed a consistent downward trend in profit margin. Starting at 20.24% in 2021, it decreased to 20.10% in 2022. The decline accelerated in subsequent years, falling to 16.93% in 2023, 11.99% in 2024, and reaching a low of 7.09% in 2025. This represents a substantial erosion of profitability within the segment.
- Diagnostics
- The Diagnostics segment demonstrated the most dynamic performance. It began at 23.50% in 2021, increasing significantly to 31.67% in 2022. The margin then moderated to 25.12% in 2023 and further increased to 26.82% in 2024. In 2025, the margin remained relatively stable at 26.66%, indicating a sustained level of profitability.
The contrasting trends suggest differing market dynamics or internal factors impacting each segment. The substantial decline in Life Sciences warrants further investigation, while the Diagnostics segment appears to be performing consistently well. Biotechnology’s decline, though present, was less severe than that of Life Sciences and showed some signs of stabilization in the final year.
AI Ask an analyst for more
Segment Profit Margin: Biotechnology
Danaher Corp.; Biotechnology; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,864) | 1,685) | 1,909) | 3,008) | 3,074) |
| Sales | 7,293) | 6,759) | 7,172) | 8,758) | 8,570) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 25.56% | 24.93% | 26.62% | 34.35% | 35.87% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 1,864 ÷ 7,293 = 25.56%
The Biotechnology segment experienced fluctuations in both operating profit and sales between 2021 and 2025. Operating profit decreased overall during the period, while sales exhibited a more complex pattern. The segment profit margin mirrored these trends, demonstrating a decline followed by a slight recovery.
- Operating Profit
- Operating profit for the Biotechnology segment began at US$3,074 million in 2021 and decreased to US$3,008 million in 2022, representing a slight decline. A more substantial decrease was observed in 2023, falling to US$1,909 million. This downward trend continued into 2024, with operating profit reaching US$1,685 million. A modest increase occurred in 2025, with operating profit rising to US$1,864 million, but remained below the 2021 and 2022 levels.
- Sales
- Sales in the Biotechnology segment increased from US$8,570 million in 2021 to US$8,758 million in 2022. A significant decrease followed in 2023, with sales dropping to US$7,172 million. This decline persisted in 2024, reaching US$6,759 million, the lowest point in the observed period. Sales experienced a partial recovery in 2025, increasing to US$7,293 million, but did not return to the levels seen in 2021 or 2022.
- Segment Profit Margin
- The segment profit margin began at 35.87% in 2021 and decreased to 34.35% in 2022. A more pronounced decline was evident in 2023, falling to 26.62%. The margin continued to decrease in 2024, reaching 24.93%, its lowest point during the period. In 2025, the segment profit margin showed a slight improvement, increasing to 25.56%, though it remained considerably lower than the 2021 and 2022 figures. The margin’s movement closely tracked the relationship between operating profit and sales.
The observed trends suggest increasing pressure on profitability within the Biotechnology segment. While sales experienced a modest recovery in the final year, operating profit remained subdued, indicating potential challenges in cost management or pricing power. Further investigation into the drivers behind these fluctuations would be warranted.
AI Ask an analyst for more
Segment Profit Margin: Life Sciences
Danaher Corp.; Life Sciences; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 520) | 879) | 1,209) | 1,414) | 1,293) |
| Sales | 7,334) | 7,329) | 7,141) | 7,036) | 6,388) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.09% | 11.99% | 16.93% | 20.10% | 20.24% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 520 ÷ 7,334 = 7.09%
The Life Sciences segment experienced a consistent decline in profitability from 2021 through 2025. While sales demonstrated initial growth, operating profit decreased substantially over the period, resulting in a significant contraction of the segment profit margin.
- Operating Profit
- Operating profit peaked at US$1,414 million in 2022 before declining consecutively to US$520 million in 2025. This represents a decrease of approximately 63% over the four-year period from 2022 to 2025. The largest single-year decrease occurred between 2023 and 2024, with a reduction of US$330 million.
- Sales
- Sales increased from US$6,388 million in 2021 to US$7,334 million in 2025, representing an overall increase of approximately 15%. However, the rate of sales growth slowed considerably in the later years, with minimal growth observed between 2024 and 2025. This suggests that increased sales volume was not sufficient to offset the decline in operating profit.
- Segment Profit Margin
- The segment profit margin decreased steadily from 20.24% in 2021 to 7.09% in 2025. This indicates a weakening ability to convert sales into profit within the Life Sciences segment. The most substantial decrease in margin occurred between 2023 and 2024, falling from 16.93% to 11.99%, and continued to decline sharply in 2025. The declining margin suggests increasing costs, pricing pressures, or a shift in the sales mix towards lower-margin products.
The divergence between sales and operating profit suggests that factors beyond revenue generation are significantly impacting the segment’s financial performance. Further investigation into cost structures and pricing strategies within the Life Sciences segment is warranted.
AI Ask an analyst for more
Segment Profit Margin: Diagnostics
Danaher Corp.; Diagnostics; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 2,650) | 2,625) | 2,406) | 3,436) | 2,313) |
| Sales | 9,941) | 9,787) | 9,577) | 10,849) | 9,844) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 26.66% | 26.82% | 25.12% | 31.67% | 23.50% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 2,650 ÷ 9,941 = 26.66%
The Diagnostics segment demonstrated fluctuating performance between 2021 and 2025. Operating profit and sales both exhibited growth initially, followed by a period of decline and subsequent stabilization. The segment profit margin mirrored this pattern, experiencing a peak in 2022 before moderating in subsequent years.
- Operating Profit
- Operating profit increased significantly from $2,313 million in 2021 to $3,436 million in 2022, representing a substantial year-over-year gain. However, 2023 saw a decrease to $2,406 million. A modest recovery occurred in 2024, reaching $2,625 million, and continued slightly into 2025 with $2,650 million. This suggests a period of volatility followed by a leveling off of profitability.
- Sales
- Sales followed a similar trajectory to operating profit. Growth was observed from $9,844 million in 2021 to $10,849 million in 2022. A decline occurred in 2023, with sales falling to $9,577 million. Sales then showed incremental increases in 2024 ($9,787 million) and 2025 ($9,941 million), indicating a return to growth, albeit at a slower pace than the initial expansion.
- Segment Profit Margin
- The segment profit margin peaked at 31.67% in 2022, reflecting the strong operating profit growth relative to sales. Prior to this, the margin stood at 23.50% in 2021. The margin decreased to 25.12% in 2023, coinciding with the decline in operating profit. It then recovered to 26.82% in 2024 and remained relatively stable at 26.66% in 2025. This suggests that while profitability fluctuated, the segment maintained a consistent level of efficiency in converting sales into profit during the later years of the observed period.
Overall, the Diagnostics segment experienced a period of strong growth in 2022, followed by a correction in 2023. The subsequent years demonstrate a stabilization of both profitability and sales, with the segment profit margin settling in the mid-26% range.
AI Ask an analyst for more
Segment Return on Assets (Segment ROA)
Danaher Corp., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 4.99% | 4.87% | 5.10% | 8.01% | 8.06% |
| Life Sciences | 2.25% | 3.79% | 5.09% | 8.05% | 6.54% |
| Diagnostics | 17.97% | 18.48% | 16.53% | 23.34% | 15.36% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment return on assets exhibited varied performance across the observed period. Overall, a declining trend in profitability is apparent for Biotechnology and Life Sciences, while Diagnostics demonstrated more stability, albeit with initial growth followed by a leveling off.
- Biotechnology
- The Biotechnology segment experienced a slight decrease in return on assets from 8.06% in 2021 to 8.01% in 2022. A more pronounced decline followed, with returns falling to 5.10% in 2023 and 4.87% in 2024. A modest recovery to 4.99% was observed in 2025, but the segment remained below its initial performance levels. This suggests potential challenges in maintaining asset efficiency or generating profits from assets within this segment.
- Life Sciences
- The Life Sciences segment showed an initial increase in return on assets, rising from 6.54% in 2021 to 8.05% in 2022. However, this was followed by a substantial decline to 5.09% in 2023 and further to 3.79% in 2024. The segment continued to underperform, reaching 2.25% in 2025. This represents the most significant decrease in return on assets among the three segments, indicating potential operational or market-related difficulties.
- Diagnostics
- The Diagnostics segment demonstrated the strongest and most consistent performance. Return on assets increased significantly from 15.36% in 2021 to 23.34% in 2022. While a decrease to 16.53% occurred in 2023, the segment rebounded to 18.48% in 2024 and remained relatively stable at 17.97% in 2025. This suggests effective asset management and consistent profitability within the Diagnostics segment.
- Comparative Analysis
- In 2021, Diagnostics significantly outperformed both Biotechnology and Life Sciences in terms of return on assets. This performance gap widened in 2022. While all segments experienced declines in subsequent years, Diagnostics consistently maintained the highest returns. The diverging trends suggest differing competitive landscapes, operational efficiencies, or investment strategies across the segments.
The observed trends indicate a need for further investigation into the factors driving the declining performance of the Biotechnology and Life Sciences segments. The relative strength of the Diagnostics segment warrants analysis to identify best practices and potential synergies.
AI Ask an analyst for more
Segment ROA: Biotechnology
Danaher Corp.; Biotechnology; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 1,864) | 1,685) | 1,909) | 3,008) | 3,074) |
| Identifiable assets | 37,337) | 34,605) | 37,421) | 37,536) | 38,118) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 4.99% | 4.87% | 5.10% | 8.01% | 8.06% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 1,864 ÷ 37,337 = 4.99%
The Biotechnology segment experienced a decline in profitability relative to its asset base over the observed period. Operating profit decreased from US$3,074 million in 2021 to US$1,685 million in 2024, before a slight recovery to US$1,864 million in 2025. Simultaneously, identifiable assets exhibited initial stability, followed by a decrease and then a partial rebound.
- Operating Profit Trend
- Operating profit demonstrated a generally decreasing trend from 2021 through 2024. A decrease of approximately 18% occurred between 2021 and 2022. The most significant decline was observed between 2022 and 2024, with a reduction of roughly 16%. A modest increase in operating profit occurred in 2025, but remained below levels seen in 2021 and 2022.
- Identifiable Assets Trend
- Identifiable assets remained relatively consistent between 2021 and 2023, fluctuating within a narrow range. A notable decrease of approximately 8% occurred between 2023 and 2024, reducing the asset base to US$34,605 million. Assets then increased in 2025, returning to a level comparable to that of 2023.
- Segment ROA Trend
- Segment Return on Assets (ROA) mirrored the trends in operating profit and identifiable assets. ROA decreased from 8.06% in 2021 to 4.87% in 2024, indicating a diminishing ability to generate profit from its asset base. A slight improvement to 4.99% was recorded in 2025, but the ROA remained substantially lower than the levels achieved in the earlier years of the period. The decline suggests increasing inefficiencies or a shift in the segment’s asset allocation.
The convergence of declining operating profit and fluctuating identifiable assets resulted in a consistent erosion of segment ROA. While 2025 showed a slight stabilization, the segment’s performance remains below its earlier levels, warranting further investigation into the underlying drivers of these trends.
AI Ask an analyst for more
Segment ROA: Life Sciences
Danaher Corp.; Life Sciences; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 520) | 879) | 1,209) | 1,414) | 1,293) |
| Identifiable assets | 23,112) | 23,211) | 23,730) | 17,572) | 19,768) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.25% | 3.79% | 5.09% | 8.05% | 6.54% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 520 ÷ 23,112 = 2.25%
The Life Sciences segment experienced a declining return on assets over the analyzed period. While initial performance was strong, subsequent years demonstrate a consistent erosion of profitability relative to assets employed.
- Operating Profit
- Operating profit for the Life Sciences segment peaked in 2022 at US$1,414 million, representing an increase from US$1,293 million in 2021. However, a clear downward trend is then observed, with operating profit decreasing to US$1,209 million in 2023, US$879 million in 2024, and further declining to US$520 million in 2025. This represents a substantial decrease in profitability over the latter part of the period.
- Identifiable Assets
- Identifiable assets within the Life Sciences segment initially decreased from US$19,768 million in 2021 to US$17,572 million in 2022. Following this decrease, assets increased significantly to US$23,730 million in 2023, and remained relatively stable at US$23,211 million in 2024 and US$23,112 million in 2025. The asset base therefore expanded considerably after 2022, despite the decline in operating profit.
- Segment ROA
- Segment Return on Assets (ROA) began at 6.54% in 2021, increasing to a high of 8.05% in 2022. This positive trend reversed sharply in subsequent years, with ROA decreasing to 5.09% in 2023, 3.79% in 2024, and finally reaching 2.25% in 2025. The decline in ROA is attributable to the combination of decreasing operating profit and a relatively stable, and initially increasing, asset base. The diminishing ROA suggests a decreasing efficiency in utilizing assets to generate profit within this segment.
The divergence between asset levels and operating profit is a key observation. While the segment invested in a larger asset base from 2023 onwards, this investment did not translate into corresponding profit growth, and in fact coincided with a period of declining profitability and efficiency as measured by ROA.
AI Ask an analyst for more
Segment ROA: Diagnostics
Danaher Corp.; Diagnostics; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | 2,650) | 2,625) | 2,406) | 3,436) | 2,313) |
| Identifiable assets | 14,748) | 14,204) | 14,552) | 14,722) | 15,054) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 17.97% | 18.48% | 16.53% | 23.34% | 15.36% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 2,650 ÷ 14,748 = 17.97%
The Diagnostics segment demonstrated fluctuating performance between 2021 and 2025. Operating profit and identifiable assets both exhibited changes over the period, impacting the segment’s Return on Assets (ROA).
- Operating Profit
- Operating profit increased significantly from $2,313 million in 2021 to $3,436 million in 2022, representing a substantial improvement. However, profit decreased to $2,406 million in 2023 before recovering to $2,625 million in 2024 and reaching $2,650 million in 2025. While the 2024 and 2025 figures represent an increase from 2023, they remain below the peak achieved in 2022.
- Identifiable Assets
- Identifiable assets experienced a slight decrease from $15,054 million in 2021 to $14,722 million in 2022. This downward trend continued through 2023, reaching $14,552 million, and further declined to $14,204 million in 2024. A modest increase was observed in 2025, with assets totaling $14,748 million, but this did not fully recover the levels seen in 2021.
- Segment ROA
- Segment ROA mirrored the profit trend. It rose sharply from 15.36% in 2021 to 23.34% in 2022, coinciding with the increase in operating profit. A subsequent decline to 16.53% occurred in 2023, followed by improvements to 18.48% in 2024 and 17.97% in 2025. Despite the increases in 2024 and 2025, the ROA did not return to the high point observed in 2022. The ROA in 2025 is slightly lower than in 2024.
The segment’s ROA appears sensitive to changes in operating profit, with the asset base remaining relatively stable. The 2022 performance represents an outlier in terms of profitability and efficiency, while the subsequent years demonstrate a return towards more moderate levels. Further investigation into the drivers behind the 2022 peak and the subsequent fluctuations would be beneficial.
AI Ask an analyst for more
Segment Asset Turnover
Danaher Corp., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 0.20 | 0.20 | 0.19 | 0.23 | 0.22 |
| Life Sciences | 0.32 | 0.32 | 0.30 | 0.40 | 0.32 |
| Diagnostics | 0.67 | 0.69 | 0.66 | 0.74 | 0.65 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment asset turnover ratios exhibit varied performance across the reported segments between 2021 and 2025. Overall, the ratios indicate the efficiency with which each segment utilizes its assets to generate revenue. Fluctuations are observed within each segment, suggesting differing operational dynamics and investment cycles.
- Biotechnology
- The Biotechnology segment demonstrates a relatively stable, albeit low, asset turnover ratio. The ratio initially increased from 0.22 in 2021 to 0.23 in 2022, before declining to 0.19 in 2023. It then stabilized at 0.20 for both 2024 and 2025. This suggests a consistent, but modest, efficiency in asset utilization within this segment, with a recent period of slight decline followed by stabilization.
- Life Sciences
- The Life Sciences segment shows the most significant fluctuation. A notable increase in asset turnover is observed from 0.32 in 2021 to 0.40 in 2022. However, this was followed by a decrease to 0.30 in 2023. The ratio then remained consistent at 0.32 for 2024 and 2025. This pattern could indicate a period of strong revenue growth relative to assets in 2022, followed by a recalibration or investment phase leading to a lower turnover, and subsequent stabilization.
- Diagnostics
- The Diagnostics segment consistently maintains the highest asset turnover ratio among the three segments. The ratio began at 0.65 in 2021, increased to 0.74 in 2022, then decreased slightly to 0.66 in 2023. It recovered to 0.69 in 2024 and settled at 0.67 in 2025. This indicates a generally efficient use of assets to generate revenue, with minor fluctuations year-over-year. The segment demonstrates a stronger ability to generate sales from its asset base compared to Biotechnology and Life Sciences.
In summary, the Diagnostics segment consistently exhibits the highest asset turnover, suggesting superior asset utilization. The Life Sciences segment experienced a significant, though temporary, increase in turnover, while the Biotechnology segment demonstrates the most stable, but lowest, ratio. These differences likely reflect the distinct operational characteristics and investment strategies within each segment.
AI Ask an analyst for more
Segment Asset Turnover: Biotechnology
Danaher Corp.; Biotechnology; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | 7,293) | 6,759) | 7,172) | 8,758) | 8,570) |
| Identifiable assets | 37,337) | 34,605) | 37,421) | 37,536) | 38,118) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.20 | 0.20 | 0.19 | 0.23 | 0.22 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 7,293 ÷ 37,337 = 0.20
The Biotechnology segment experienced fluctuating sales alongside relatively stable identifiable assets over the observed five-year period. This resulted in a segment asset turnover ratio that exhibited modest variation. A detailed examination of the key metrics and the resulting ratio follows.
- Sales Trend
- Sales within the Biotechnology segment initially increased from US$8,570 million in 2021 to US$8,758 million in 2022. However, a subsequent decline was observed, with sales falling to US$7,172 million in 2023. A further decrease occurred in 2024, reaching US$6,759 million, before a partial recovery to US$7,293 million in 2025. This indicates a period of instability in sales performance.
- Identifiable Assets Trend
- Identifiable assets remained relatively consistent between 2021 and 2023, fluctuating between US$37,421 million and US$38,118 million. A noticeable decrease was recorded in 2024, with assets falling to US$34,605 million. The final year, 2025, saw an increase in identifiable assets to US$37,337 million, approaching levels seen in prior years.
- Segment Asset Turnover
- The segment asset turnover ratio showed a slight increase from 0.22 in 2021 to 0.23 in 2022, coinciding with the increase in sales. The ratio then decreased to 0.19 in 2023, reflecting the decline in sales despite stable assets. It remained at 0.20 in both 2024 and 2025, suggesting a stabilization in the relationship between sales and assets following the 2023 dip. The ratio consistently remained below 0.25 throughout the period.
Overall, the Biotechnology segment’s asset turnover demonstrates a sensitivity to sales fluctuations. While asset levels remained relatively stable, the changes in sales directly impacted the efficiency with which those assets generated revenue. The modest ratio values suggest that, relative to the asset base, the segment generates a moderate level of sales.
AI Ask an analyst for more
Segment Asset Turnover: Life Sciences
Danaher Corp.; Life Sciences; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | 7,334) | 7,329) | 7,141) | 7,036) | 6,388) |
| Identifiable assets | 23,112) | 23,211) | 23,730) | 17,572) | 19,768) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.32 | 0.32 | 0.30 | 0.40 | 0.32 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 7,334 ÷ 23,112 = 0.32
The Life Sciences segment experienced fluctuating performance in asset utilization between 2021 and 2025. Sales demonstrated a general upward trajectory, while identifiable assets exhibited more volatility. Consequently, the segment asset turnover ratio showed inconsistent movement over the five-year period.
- Sales Trend
- Sales within the Life Sciences segment increased from US$6,388 million in 2021 to US$7,036 million in 2022, representing a notable rise. Growth continued, albeit at a slower pace, reaching US$7,141 million in 2023. Sales then increased to US$7,329 million in 2024 and remained relatively stable at US$7,334 million in 2025. This indicates a sustained, though moderating, expansion in revenue generation.
- Identifiable Assets Trend
- Identifiable assets decreased from US$19,768 million in 2021 to US$17,572 million in 2022. A significant increase was then observed in 2023, with assets rising to US$23,730 million. This was followed by a slight decrease to US$23,211 million in 2024 and a further reduction to US$23,112 million in 2025. The asset base therefore experienced considerable fluctuation, suggesting potential investment and divestment activity or revaluation adjustments.
- Segment Asset Turnover
- The segment asset turnover ratio was 0.32 in 2021. It improved to 0.40 in 2022, indicating increased efficiency in asset utilization. However, the ratio declined to 0.30 in 2023, likely due to the substantial increase in identifiable assets. The ratio stabilized at 0.32 in both 2024 and 2025, suggesting a consistent, but not improving, level of asset productivity in the latter years of the period. The fluctuations in the ratio correlate with the changes in the asset base, demonstrating the impact of asset management on turnover efficiency.
Overall, while sales demonstrated consistent growth, the Life Sciences segment’s asset turnover was impacted by significant changes in the level of identifiable assets. The ratio’s stabilization in the final two years suggests a potential equilibrium between asset investment and sales generation.
AI Ask an analyst for more
Segment Asset Turnover: Diagnostics
Danaher Corp.; Diagnostics; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales | 9,941) | 9,787) | 9,577) | 10,849) | 9,844) |
| Identifiable assets | 14,748) | 14,204) | 14,552) | 14,722) | 15,054) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.67 | 0.69 | 0.66 | 0.74 | 0.65 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 9,941 ÷ 14,748 = 0.67
The Diagnostics segment experienced fluctuating performance in asset utilization between 2021 and 2025. Sales exhibited an initial increase followed by a decline and subsequent stabilization, while identifiable assets generally decreased before a final increase. The segment asset turnover ratio reflects these dynamics.
- Sales Trend
- Sales within the Diagnostics segment increased from US$9,844 million in 2021 to US$10,849 million in 2022, representing a notable expansion. However, sales then decreased to US$9,577 million in 2023. A modest recovery occurred in 2024, with sales reaching US$9,787 million, and continued into 2025 with sales of US$9,941 million. This suggests a period of growth followed by a contraction and a subsequent period of stabilization.
- Asset Trend
- Identifiable assets within the Diagnostics segment decreased from US$15,054 million in 2021 to US$14,204 million in 2024, indicating a consistent reduction in asset base over this period. A slight increase was observed in 2025, with assets rising to US$14,748 million. This suggests potential asset optimization efforts or divestitures, followed by reinvestment or acquisitions.
- Segment Asset Turnover
- The segment asset turnover ratio, a measure of how efficiently assets are used to generate sales, initially increased from 0.65 in 2021 to 0.74 in 2022, coinciding with the sales increase. The ratio then decreased to 0.66 in 2023, mirroring the sales decline. It experienced a slight recovery to 0.69 in 2024, and settled at 0.67 in 2025. The fluctuations in the ratio suggest a strong correlation with sales performance, indicating that changes in sales volume significantly impact asset utilization efficiency. While the ratio experienced a peak in 2022, it has not returned to that level, suggesting potential for improved asset efficiency.
Overall, the Diagnostics segment demonstrates a complex relationship between sales, assets, and asset turnover. The recent stabilization in sales and a slight increase in assets in 2025 may indicate a turning point, but continued monitoring is necessary to assess the long-term implications for asset utilization efficiency.
AI Ask an analyst for more
Segment Capital Expenditures to Depreciation
Danaher Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 0.35 | 0.44 | 0.41 | 0.40 | 0.36 |
| Life Sciences | 0.24 | 0.53 | 0.57 | 0.61 | 0.55 |
| Diagnostics | 0.99 | 0.94 | 0.95 | 0.65 | 1.05 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of segment capital expenditures as a ratio to depreciation reveals varying investment patterns across the reported segments between 2021 and 2025. The Biotechnology and Life Sciences segments demonstrate fluctuations, while the Diagnostics segment exhibits relative stability with a slight increase towards the end of the period.
- Biotechnology
- The Biotechnology segment’s capital expenditure to depreciation ratio increased from 0.36 in 2021 to 0.41 in 2023, indicating a growing investment in capital assets relative to the depreciation expense. However, this trend reversed in 2025, with the ratio declining to 0.35. This suggests a potential slowdown in capital investment within this segment during the latter part of the analyzed period.
- Life Sciences
- The Life Sciences segment experienced a more pronounced increase in the ratio, rising from 0.55 in 2021 to 0.61 in 2022. The ratio then decreased to 0.53 in 2024 before a substantial drop to 0.24 in 2025. This significant decline suggests a considerable reduction in capital expenditures relative to depreciation, potentially indicating a shift in investment strategy or a period of lower capital asset acquisition within the Life Sciences segment.
- Diagnostics
- The Diagnostics segment began with a ratio of 1.05 in 2021, representing a high level of capital investment relative to depreciation. The ratio decreased to 0.65 in 2022, followed by a recovery to 0.95 in 2023 and a slight decrease to 0.94 in 2024. The ratio then increased to 0.99 in 2025, demonstrating overall stability with a slight upward trend towards the end of the period. This suggests consistent capital investment, maintaining a relatively high level of capital assets compared to depreciation.
Overall, the observed variations in these ratios suggest differing capital investment strategies and priorities across the segments. The Biotechnology and Life Sciences segments experienced more dynamic changes, while the Diagnostics segment maintained a more consistent investment profile.
AI Ask an analyst for more
Segment Capital Expenditures to Depreciation: Biotechnology
Danaher Corp.; Biotechnology; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures, gross | 370) | 447) | 417) | 405) | 385) |
| Depreciation and amortization of intangible assets | 1,051) | 1,014) | 1,026) | 1,002) | 1,059) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.35 | 0.44 | 0.41 | 0.40 | 0.36 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 370 ÷ 1,051 = 0.35
The Biotechnology segment demonstrates a generally increasing trend in the ratio of capital expenditures to depreciation and amortization over the observed period, followed by a recent decline. Gross capital expenditures within the segment exhibit a moderate increase from 2021 to 2023, peaking at US$417 million, before decreasing to US$370 million in 2025. Depreciation and amortization of intangible assets remain relatively stable, fluctuating around US$1,000 million throughout the period.
- Segment Capital Expenditures to Depreciation
- The ratio of segment capital expenditures to depreciation and amortization increased from 0.36 in 2021 to 0.44 in 2024, indicating a growing investment in capital assets relative to the depreciation expense recognized. This suggests the segment was actively investing in new or upgraded assets. However, the ratio decreased to 0.35 in 2025, potentially signaling a slowdown in capital investment or an increase in depreciation expense relative to investment.
The consistent depreciation and amortization figures suggest a stable asset base, while the fluctuations in capital expenditures indicate periods of focused investment followed by a potential pause or shift in investment strategy. The decline in the capital expenditures to depreciation ratio in the most recent year warrants further investigation to determine the underlying cause and potential implications for future segment performance.
- Capital Expenditure Trend
- Capital expenditures increased from US$385 million in 2021 to US$417 million in 2023, representing a cumulative increase of approximately 8.3%. The subsequent decrease to US$370 million in 2025 represents a decline of approximately 11.2% from the 2023 peak.
The interplay between stable depreciation and fluctuating capital expenditures drives the observed trend in the ratio. A continued monitoring of these figures is recommended to assess the long-term capital investment strategy and its impact on the Biotechnology segment’s financial health.
AI Ask an analyst for more
Segment Capital Expenditures to Depreciation: Life Sciences
Danaher Corp.; Life Sciences; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures, gross | 186) | 391) | 320) | 325) | 210) |
| Depreciation and amortization of intangible assets | 789) | 743) | 558) | 531) | 382) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.24 | 0.53 | 0.57 | 0.61 | 0.55 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 186 ÷ 789 = 0.24
The Life Sciences segment demonstrates fluctuating capital expenditure patterns relative to depreciation and amortization over the five-year period. Gross capital expenditures and depreciation both increased between 2021 and 2023, but followed divergent paths thereafter.
- Capital Expenditures
- Gross capital expenditures increased significantly from US$210 million in 2021 to US$325 million in 2022, before stabilizing around US$320 million in 2023. A further increase to US$391 million was observed in 2024, followed by a substantial decrease to US$186 million in 2025. This suggests potential shifts in investment strategy or project completion cycles within the segment.
- Depreciation and Amortization
- Depreciation and amortization of intangible assets exhibited a consistent upward trend from US$382 million in 2021 to US$789 million in 2025. This steady increase likely reflects ongoing investments in intangible assets and the associated amortization expense. The growth rate appears to accelerate in the later years of the period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation initially increased from 0.55 in 2021 to 0.61 in 2022, indicating a greater proportion of investment relative to asset write-down. The ratio then decreased to 0.57 in 2023 and further to 0.53 in 2024. A significant decline to 0.24 was observed in 2025. This substantial decrease suggests that capital expenditures are becoming a smaller proportion of the depreciation base, potentially indicating a shift towards utilizing existing assets or a slowdown in new investments relative to the existing asset base.
The divergence between capital expenditure and depreciation trends in 2024 and 2025 is particularly noteworthy. While depreciation continued its upward trajectory, capital expenditures decreased considerably, resulting in the marked reduction in the capital expenditures to depreciation ratio. This warrants further investigation to understand the underlying drivers of these changes.
AI Ask an analyst for more
Segment Capital Expenditures to Depreciation: Diagnostics
Danaher Corp.; Diagnostics; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures, gross | 592) | 550) | 546) | 382) | 644) |
| Depreciation and amortization of intangible assets | 598) | 586) | 577) | 590) | 614) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.99 | 0.94 | 0.95 | 0.65 | 1.05 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 592 ÷ 598 = 0.99
The segment capital expenditures to depreciation ratio for Diagnostics demonstrates a fluctuating pattern over the five-year period. Gross capital expenditures and depreciation & amortization of intangible assets both exhibit changes, influencing the calculated ratio.
- Capital Expenditures Trend
- Gross capital expenditures began at US$644 million in 2021, decreased significantly to US$382 million in 2022, and then increased to US$546 million in 2023. Further modest increases were observed in 2024 (US$550 million) and 2025 (US$592 million). This suggests a period of reduced investment followed by a recovery and continued, albeit slower, growth.
- Depreciation & Amortization Trend
- Depreciation and amortization of intangible assets remained relatively stable throughout the period. Starting at US$614 million in 2021, it decreased to US$590 million in 2022, then declined further to US$577 million in 2023. A slight increase to US$586 million was noted in 2024, followed by a further increase to US$598 million in 2025. The changes are less pronounced than those observed in capital expenditures.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio started at 1.05 in 2021, indicating that capital expenditures exceeded depreciation by 5%. A substantial decrease was observed in 2022, with the ratio falling to 0.65, signifying that depreciation exceeded capital expenditures. The ratio recovered to 0.95 in 2023 and remained relatively stable at 0.94 in 2024. In 2025, the ratio increased slightly to 0.99, approaching parity between capital expenditures and depreciation. The trend suggests an initial period of investment outpacing asset write-down, followed by a period where asset write-down exceeded investment, and a subsequent move towards a more balanced relationship.
The observed fluctuations in the ratio likely reflect strategic investment decisions, project timing, and the lifecycle of existing assets within the Diagnostics segment. The recent trend towards a ratio approaching 1.0 suggests a potential shift in investment strategy or a normalization of capital expenditure levels relative to depreciation.
AI Ask an analyst for more
Sales
Danaher Corp., sales by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 7,293) | 6,759) | 7,172) | 8,758) | 8,570) |
| Life Sciences | 7,334) | 7,329) | 7,141) | 7,036) | 6,388) |
| Diagnostics | 9,941) | 9,787) | 9,577) | 10,849) | 9,844) |
| Environmental & Applied Solutions | —) | —) | —) | 4,828) | 4,651) |
| Total | 24,568) | 23,875) | 23,890) | 31,471) | 29,453) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, the reported segment sales demonstrate varied performance across the observed period. While total sales increased from 2021 to 2022, a subsequent decline is evident in 2023, followed by a period of stabilization and modest growth. Individual segment performance contributes to these overall trends, with notable shifts in Biotechnology and Environmental & Applied Solutions.
- Biotechnology Segment
- The Biotechnology segment experienced initial growth, increasing from US$8,570 million in 2021 to US$8,758 million in 2022. However, this was followed by a significant decrease to US$7,172 million in 2023, and a further decline to US$6,759 million in 2024. A slight recovery is observed in 2025, with sales reaching US$7,293 million. This segment exhibits the most volatility among those reported.
- Life Sciences Segment
- The Life Sciences segment demonstrated consistent growth from 2021 to 2024, increasing from US$6,388 million to US$7,329 million. Growth slowed considerably in 2025, with sales remaining relatively flat at US$7,334 million. This segment appears to be the most stable in terms of revenue generation.
- Diagnostics Segment
- The Diagnostics segment showed growth from 2021 to 2022, increasing from US$9,844 million to US$10,849 million. Sales decreased to US$9,577 million in 2023, but recovered to US$9,787 million in 2024 and continued to grow to US$9,941 million in 2025. This segment maintains a consistently high contribution to total sales.
- Environmental & Applied Solutions Segment
- The Environmental & Applied Solutions segment experienced modest growth from US$4,651 million in 2021 to US$4,828 million in 2022. Sales figures are unavailable for 2023, 2024, and 2025, preventing any trend analysis for this segment beyond the initial two years. The absence of recent figures limits the ability to assess its current contribution to overall performance.
- Total Sales
- Total sales increased from US$29,453 million in 2021 to US$31,471 million in 2022. A substantial decrease occurred in 2023, with total sales falling to US$23,890 million. Sales remained relatively stable in 2024 at US$23,875 million, and showed a modest increase to US$24,568 million in 2025. The 2023 decline significantly impacted the overall sales trajectory.
The fluctuations in Biotechnology sales appear to be a primary driver of the overall sales decline observed in 2023. While the Life Sciences and Diagnostics segments demonstrate relative stability, their growth rates are not sufficient to offset the Biotechnology segment’s performance. The lack of recent sales figures for the Environmental & Applied Solutions segment hinders a complete understanding of the overall sales picture.
AI Ask an analyst for more
Operating profit
Danaher Corp., operating profit by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 1,864) | 1,685) | 1,909) | 3,008) | 3,074) |
| Life Sciences | 520) | 879) | 1,209) | 1,414) | 1,293) |
| Diagnostics | 2,650) | 2,625) | 2,406) | 3,436) | 2,313) |
| Environmental & Applied Solutions | —) | —) | —) | 1,135) | 1,054) |
| Other | (344) | (326) | (322) | (305) | (269) |
| Total | 4,690) | 4,863) | 5,202) | 8,688) | 7,465) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Operating profit exhibited varied performance across reportable segments between 2021 and 2025. Overall, total operating profit increased from US$7.465 billion in 2021 to US$8.688 billion in 2022, before declining significantly to US$4.690 billion in 2025.
- Biotechnology
- Operating profit for the Biotechnology segment decreased from US$3.074 billion in 2021 to US$1.909 billion in 2023. A slight recovery was observed in 2024 and 2025, reaching US$1.864 billion. This segment demonstrates a general downward trend with limited recent improvement.
- Life Sciences
- The Life Sciences segment experienced initial growth, increasing from US$1.293 billion in 2021 to US$1.414 billion in 2022. However, a consistent decline followed, with operating profit falling to US$0.520 billion by 2025. This segment shows a pronounced and accelerating downward trend.
- Diagnostics
- Operating profit in the Diagnostics segment increased substantially from US$2.313 billion in 2021 to US$3.436 billion in 2022. While it decreased to US$2.406 billion in 2023, it recovered to US$2.625 billion in 2024 and continued to US$2.650 billion in 2025. This segment exhibits volatility but maintains a relatively stable performance in the later years of the period.
- Environmental & Applied Solutions
- Operating profit for the Environmental & Applied Solutions segment increased from US$1.054 billion in 2021 to US$1.135 billion in 2022. No further information is available for this segment beyond 2022.
- Other
- The "Other" segment consistently reported negative operating profit throughout the period, ranging from -US$269 million in 2021 to -US$344 million in 2025. The magnitude of the loss increased each year.
The combined effect of these segment performances resulted in a peak total operating profit in 2022, followed by a substantial decline in subsequent years. The declines in Biotechnology and, particularly, Life Sciences contributed significantly to the overall downward trend. The Diagnostics segment provided some offset, but was insufficient to maintain the 2022 level.
AI Ask an analyst for more
Depreciation and amortization of intangible assets
Danaher Corp., depreciation and amortization of intangible assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 1,051) | 1,014) | 1,026) | 1,002) | 1,059) |
| Life Sciences | 789) | 743) | 558) | 531) | 382) |
| Diagnostics | 598) | 586) | 577) | 590) | 614) |
| Environmental & Applied Solutions | —) | —) | —) | 90) | 106) |
| Other | 9) | 9) | 5) | 9) | 7) |
| Total | 2,447) | 2,352) | 2,166) | 2,222) | 2,168) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reported depreciation and amortization of intangible assets demonstrates varied performance across the company’s segments over the five-year period. Overall, total depreciation and amortization increased from US$2,168 million in 2021 to US$2,447 million in 2025, though not consistently year-over-year.
- Biotechnology Segment
- The Biotechnology segment exhibits relative stability in depreciation and amortization, fluctuating between US$1,002 million and US$1,059 million. A slight upward trend is observed from 2021 to 2025, increasing from US$1,059 million to US$1,051 million. This suggests consistent investment in, and utilization of, intangible assets within this segment.
- Life Sciences Segment
- The Life Sciences segment shows a significant increase in depreciation and amortization. Starting at US$382 million in 2021, it rose substantially to US$789 million in 2025. The most pronounced increase occurred between 2022 and 2024, indicating considerable investment in intangible assets during those years. This growth may be linked to acquisitions or internal development of new technologies.
- Diagnostics Segment
- Depreciation and amortization within the Diagnostics segment remained relatively stable throughout the period, ranging from US$577 million to US$614 million. A minor increase is noted from US$614 million in 2021 to US$598 million in 2025. This suggests a consistent, but not expanding, base of intangible assets.
- Environmental & Applied Solutions Segment
- The Environmental & Applied Solutions segment experienced a decrease in reported depreciation and amortization from US$106 million in 2021 to US$90 million in 2022. No further information is available for this segment after 2022, preventing any trend analysis beyond that point.
- Other Segment
- The ‘Other’ segment consistently reports a low level of depreciation and amortization, ranging from US$5 million to US$9 million. A slight increase is observed from US$7 million in 2021 to US$9 million in 2025, but the overall impact on total depreciation and amortization is minimal.
The increase in total depreciation and amortization from 2021 to 2025 is primarily driven by the substantial growth in the Life Sciences segment. The stability in Biotechnology and Diagnostics segments, coupled with the decline in reported figures for Environmental & Applied Solutions after 2022, contribute to the overall pattern. Further investigation into the specific intangible assets driving these trends within each segment would provide a more granular understanding.
AI Ask an analyst for more
Identifiable assets
Danaher Corp., identifiable assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 37,337) | 34,605) | 37,421) | 37,536) | 38,118) |
| Life Sciences | 23,112) | 23,211) | 23,730) | 17,572) | 19,768) |
| Diagnostics | 14,748) | 14,204) | 14,552) | 14,722) | 15,054) |
| Environmental & Applied Solutions | —) | —) | —) | 4,797) | 4,882) |
| Other | 8,267) | 5,522) | 8,785) | 9,723) | 5,362) |
| Total | 83,464) | 77,542) | 84,488) | 84,350) | 83,184) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reported identifiable assets demonstrate varied performance across segments between 2021 and 2025. Overall, total identifiable assets initially increased before experiencing a decline, followed by a partial recovery.
- Biotechnology
- Identifiable assets in the Biotechnology segment exhibited relative stability between 2021 and 2023, fluctuating around US$37.5 billion. A decrease was observed in 2024, falling to US$34.6 billion, before recovering to US$37.3 billion in 2025. This suggests potential asset reallocation or depreciation impacting the 2024 value, followed by reinvestment or revaluation in 2025.
- Life Sciences
- The Life Sciences segment experienced a decrease in identifiable assets from US$19.8 billion in 2021 to US$17.6 billion in 2022. However, a significant increase occurred between 2022 and 2023, reaching US$23.7 billion. This growth plateaued in subsequent years, with assets remaining relatively stable at approximately US$23.2 billion in 2024 and US$23.1 billion in 2025. This indicates a period of substantial investment followed by consolidation.
- Diagnostics
- Identifiable assets within the Diagnostics segment showed a consistent, albeit modest, downward trend from US$15.1 billion in 2021 to US$14.2 billion in 2024. A slight increase to US$14.7 billion was noted in 2025, potentially indicating stabilization after a period of decline. The consistent decrease suggests potential divestitures or asset write-downs.
- Environmental & Applied Solutions
- Data for the Environmental & Applied Solutions segment is incomplete after 2022. Identifiable assets were relatively stable between 2021 and 2022, at approximately US$4.8 billion. The absence of subsequent values limits the ability to assess trends within this segment.
- Other
- The “Other” segment demonstrated the most volatility. Identifiable assets nearly doubled from US$5.4 billion in 2021 to US$9.7 billion in 2022, before decreasing to US$8.8 billion in 2023 and US$5.5 billion in 2024. A subsequent increase to US$8.3 billion was observed in 2025. This suggests significant fluctuations in asset composition within this category, potentially related to acquisitions, disposals, or internal restructuring.
Total identifiable assets increased from US$83.2 billion in 2021 to US$84.4 billion in 2023, before decreasing to US$77.5 billion in 2024. A partial recovery was observed in 2025, with total assets reaching US$83.5 billion. The 2024 decline appears to be driven by decreases in the Biotechnology and “Other” segments, while the 2025 recovery is attributable to Biotechnology and “Other” segments.
AI Ask an analyst for more
Capital expenditures, gross
Danaher Corp., capital expenditures, gross by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Biotechnology | 370) | 447) | 417) | 405) | 385) |
| Life Sciences | 186) | 391) | 320) | 325) | 210) |
| Diagnostics | 592) | 550) | 546) | 382) | 644) |
| Environmental & Applied Solutions | —) | —) | —) | 34) | 54) |
| Other | 8) | 4) | 100) | 6) | 1) |
| Total | 1,156) | 1,392) | 1,383) | 1,152) | 1,294) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Gross capital expenditures exhibited varied trends across reportable segments between 2021 and 2025. Total gross capital expenditures fluctuated over the period, initially decreasing before increasing and then declining again. A segment-level review reveals differing patterns of investment.
- Biotechnology
- Gross capital expenditures in the Biotechnology segment generally increased from US$385 million in 2021 to US$447 million in 2024, representing a peak in investment. However, a notable decrease to US$370 million was observed in 2025, suggesting a potential shift in investment strategy or project completion within this segment.
- Life Sciences
- The Life Sciences segment experienced a significant increase in gross capital expenditures from US$210 million in 2021 to US$325 million in 2022. While remaining relatively stable at US$320 million in 2023, it increased again to US$391 million in 2024 before a substantial decline to US$186 million in 2025. This suggests potentially large, discrete investments followed by a reduction in capital spending.
- Diagnostics
- Gross capital expenditures in the Diagnostics segment decreased from US$644 million in 2021 to US$382 million in 2022. A subsequent recovery was observed, with expenditures rising to US$546 million in 2023 and US$550 million in 2024. Further growth was seen in 2025, reaching US$592 million, indicating a consistent upward trend in investment in recent years.
- Environmental & Applied Solutions
- Gross capital expenditures in the Environmental & Applied Solutions segment decreased from US$54 million in 2021 to US$34 million in 2022. No further information is available for this segment after 2022.
- Other
- The ‘Other’ segment demonstrated volatile gross capital expenditures. It began at US$1 million in 2021, increased to US$6 million in 2022, peaked at US$100 million in 2023, and then decreased to US$4 million in 2024 and US$8 million in 2025. This suggests the presence of unusual or non-recurring investments within this segment.
Overall, the total gross capital expenditures experienced fluctuations throughout the period. The Diagnostics segment consistently increased its investment, while the Life Sciences segment showed a pattern of significant investment followed by reduction. Biotechnology experienced a late-period decline, and the Environmental & Applied Solutions segment lacks recent expenditure information. The ‘Other’ segment exhibited the most volatility.
AI Ask an analyst for more