Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

Danaher Corp., profit margin by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 24.93% 26.62% 34.35% 35.87% 20.51%
Life Sciences 11.99% 16.93% 20.10% 20.24% 18.34%
Diagnostics 26.82% 25.12% 31.67% 23.50% 20.78%

Based on: 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), 10-K (reporting date: 2020-12-31).

Segment profitability ratio Reportable segment The company
Segment profit margin Biotechnology Biotechnology segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Life Sciences Life Sciences segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Diagnostics Diagnostics segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Profit Margin: Biotechnology

Danaher Corp.; Biotechnology; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 1,685 1,909 3,008 3,074 1,082
Sales 6,759 7,172 8,758 8,570 5,276
Segment Profitability Ratio
Segment profit margin1 24.93% 26.62% 34.35% 35.87% 20.51%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 1,685 ÷ 6,759 = 24.93%

Segment profitability ratio Reportable segment The company
Segment profit margin Biotechnology Biotechnology segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Segment Profit Margin: Life Sciences

Danaher Corp.; Life Sciences; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 879 1,209 1,414 1,293 972
Sales 7,329 7,141 7,036 6,388 5,300
Segment Profitability Ratio
Segment profit margin1 11.99% 16.93% 20.10% 20.24% 18.34%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 879 ÷ 7,329 = 11.99%

Segment profitability ratio Reportable segment The company
Segment profit margin Life Sciences Life Sciences segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Segment Profit Margin: Diagnostics

Danaher Corp.; Diagnostics; segment profit margin calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 2,625 2,406 3,436 2,313 1,538
Sales 9,787 9,577 10,849 9,844 7,403
Segment Profitability Ratio
Segment profit margin1 26.82% 25.12% 31.67% 23.50% 20.78%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × 2,625 ÷ 9,787 = 26.82%

Segment profitability ratio Reportable segment The company
Segment profit margin Diagnostics Diagnostics segment profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Return on Assets (Segment ROA)

Danaher Corp., ROA by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 4.87% 5.10% 8.01% 8.06% 2.77%
Life Sciences 3.79% 5.09% 8.05% 6.54% 9.89%
Diagnostics 18.48% 16.53% 23.34% 15.36% 10.22%

Based on: 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), 10-K (reporting date: 2020-12-31).

Segment profitability ratio Reportable segment The company
Segment ROA Biotechnology Biotechnology segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024.
Life Sciences Life Sciences segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024.
Diagnostics Diagnostics segment ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment ROA: Biotechnology

Danaher Corp.; Biotechnology; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 1,685 1,909 3,008 3,074 1,082
Identifiable assets 34,605 37,421 37,536 38,118 39,086
Segment Profitability Ratio
Segment ROA1 4.87% 5.10% 8.01% 8.06% 2.77%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 1,685 ÷ 34,605 = 4.87%

Segment profitability ratio Reportable segment The company
Segment ROA Biotechnology Biotechnology segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Segment ROA: Life Sciences

Danaher Corp.; Life Sciences; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 879 1,209 1,414 1,293 972
Identifiable assets 23,211 23,730 17,572 19,768 9,833
Segment Profitability Ratio
Segment ROA1 3.79% 5.09% 8.05% 6.54% 9.89%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 879 ÷ 23,211 = 3.79%

Segment profitability ratio Reportable segment The company
Segment ROA Life Sciences Life Sciences segment ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Segment ROA: Diagnostics

Danaher Corp.; Diagnostics; segment ROA calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating profit 2,625 2,406 3,436 2,313 1,538
Identifiable assets 14,204 14,552 14,722 15,054 15,042
Segment Profitability Ratio
Segment ROA1 18.48% 16.53% 23.34% 15.36% 10.22%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment ROA = 100 × Operating profit ÷ Identifiable assets
= 100 × 2,625 ÷ 14,204 = 18.48%

Segment profitability ratio Reportable segment The company
Segment ROA Diagnostics Diagnostics segment ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Asset Turnover

Danaher Corp., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 0.20 0.19 0.23 0.22 0.13
Life Sciences 0.32 0.30 0.40 0.32 0.54
Diagnostics 0.69 0.66 0.74 0.65 0.49

Based on: 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), 10-K (reporting date: 2020-12-31).

Segment activity ratio Reportable segment The company
Segment asset turnover Biotechnology Biotechnology segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Life Sciences Life Sciences segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Diagnostics Diagnostics segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Asset Turnover: Biotechnology

Danaher Corp.; Biotechnology; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Sales 6,759 7,172 8,758 8,570 5,276
Identifiable assets 34,605 37,421 37,536 38,118 39,086
Segment Activity Ratio
Segment asset turnover1 0.20 0.19 0.23 0.22 0.13

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 6,759 ÷ 34,605 = 0.20

Segment activity ratio Reportable segment The company
Segment asset turnover Biotechnology Biotechnology segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Asset Turnover: Life Sciences

Danaher Corp.; Life Sciences; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Sales 7,329 7,141 7,036 6,388 5,300
Identifiable assets 23,211 23,730 17,572 19,768 9,833
Segment Activity Ratio
Segment asset turnover1 0.32 0.30 0.40 0.32 0.54

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 7,329 ÷ 23,211 = 0.32

Segment activity ratio Reportable segment The company
Segment asset turnover Life Sciences Life Sciences segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Asset Turnover: Diagnostics

Danaher Corp.; Diagnostics; segment asset turnover calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Sales 9,787 9,577 10,849 9,844 7,403
Identifiable assets 14,204 14,552 14,722 15,054 15,042
Segment Activity Ratio
Segment asset turnover1 0.69 0.66 0.74 0.65 0.49

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment asset turnover = Sales ÷ Identifiable assets
= 9,787 ÷ 14,204 = 0.69

Segment activity ratio Reportable segment The company
Segment asset turnover Diagnostics Diagnostics segment asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Capital Expenditures to Depreciation

Danaher Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 0.44 0.41 0.40 0.36 0.22
Life Sciences 0.53 0.57 0.61 0.55 0.47
Diagnostics 0.94 0.95 0.65 1.05 0.74

Based on: 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), 10-K (reporting date: 2020-12-31).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Biotechnology Biotechnology segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.
Life Sciences Life Sciences segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Diagnostics Diagnostics segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Biotechnology

Danaher Corp.; Biotechnology; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures, gross 447 417 405 385 169
Depreciation and amortization of intangible assets 1,014 1,026 1,002 1,059 761
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.44 0.41 0.40 0.36 0.22

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 447 ÷ 1,014 = 0.44

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Biotechnology Biotechnology segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Life Sciences

Danaher Corp.; Life Sciences; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures, gross 391 320 325 210 137
Depreciation and amortization of intangible assets 743 558 531 382 292
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.53 0.57 0.61 0.55 0.47

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 391 ÷ 743 = 0.53

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Life Sciences Life Sciences segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Diagnostics

Danaher Corp.; Diagnostics; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Capital expenditures, gross 550 546 382 644 447
Depreciation and amortization of intangible assets 586 577 590 614 602
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.94 0.95 0.65 1.05 0.74

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures, gross ÷ Depreciation and amortization of intangible assets
= 550 ÷ 586 = 0.94

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Diagnostics Diagnostics segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Sales

Danaher Corp., sales by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 6,759 7,172 8,758 8,570 5,276
Life Sciences 7,329 7,141 7,036 6,388 5,300
Diagnostics 9,787 9,577 10,849 9,844 7,403
Environmental & Applied Solutions 4,828 4,651 4,305
Total 23,875 23,890 31,471 29,453 22,284

Based on: 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), 10-K (reporting date: 2020-12-31).


Operating profit

Danaher Corp., operating profit by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 1,685 1,909 3,008 3,074 1,082
Life Sciences 879 1,209 1,414 1,293 972
Diagnostics 2,625 2,406 3,436 2,313 1,538
Environmental & Applied Solutions 1,135 1,054 979
Other (326) (322) (305) (269) (340)
Total 4,863 5,202 8,688 7,465 4,231

Based on: 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), 10-K (reporting date: 2020-12-31).


Depreciation and amortization of intangible assets

Danaher Corp., depreciation and amortization of intangible assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 1,014 1,026 1,002 1,059 761
Life Sciences 743 558 531 382 292
Diagnostics 586 577 590 614 602
Environmental & Applied Solutions 90 106 110
Other 9 5 9 7 10
Total 2,352 2,166 2,222 2,168 1,775

Based on: 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), 10-K (reporting date: 2020-12-31).


Identifiable assets

Danaher Corp., identifiable assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 34,605 37,421 37,536 38,118 39,086
Life Sciences 23,211 23,730 17,572 19,768 9,833
Diagnostics 14,204 14,552 14,722 15,054 15,042
Environmental & Applied Solutions 4,797 4,882 5,083
Other 5,522 8,785 9,723 5,362 7,117
Total 77,542 84,488 84,350 83,184 76,161

Based on: 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), 10-K (reporting date: 2020-12-31).


Capital expenditures, gross

Danaher Corp., capital expenditures, gross by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Biotechnology 447 417 405 385 169
Life Sciences 391 320 325 210 137
Diagnostics 550 546 382 644 447
Environmental & Applied Solutions 34 54 36
Other 4 100 6 1 2
Total 1,392 1,383 1,152 1,294 791

Based on: 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), 10-K (reporting date: 2020-12-31).