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, 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).
The annual reportable segment profit margin data reveals distinct trends over the five-year period for the segments Biotechnology, Life Sciences, and Diagnostics.
- Biotechnology Segment
- There is a noticeable increase in profit margin from 20.51% in 2020 to a peak of 35.87% in 2021. Following this peak, a gradual decline is observed, with margins decreasing to 34.35% in 2022, then more sharply to 26.62% in 2023, and further to 24.93% in 2024. The trend suggests an initial strong improvement followed by a sustained decreasing trend in profitability over the last three years.
- Life Sciences Segment
- The profit margin exhibits a relatively stable performance in the early years, starting at 18.34% in 2020 and increasing slightly to 20.24% in 2021, with a marginal dip to 20.1% in 2022. However, from 2022 onwards, a clear downward trajectory is evident, with a decline to 16.93% in 2023 and a more pronounced drop to 11.99% in 2024. This pattern indicates challenges in maintaining profitability within this segment during the latter part of the period analyzed.
- Diagnostics Segment
- The diagnostics segment shows an overall positive trend in the first three years, moving from 20.78% in 2020 to 23.5% in 2021, and then to a significant rise at 31.67% in 2022. Post-2022, profit margins decline to 25.12% in 2023 but recover somewhat to 26.82% in 2024. Despite fluctuations, the segment maintains relatively higher margins compared to the starting point, indicating resilience and potential for profitability stabilization.
In summary, all segments experienced their highest margins generally around 2021 or 2022. Post-peak, Biotechnology and Life Sciences segments have shown consistent declines, whereas Diagnostics, despite a dip after 2022, has demonstrated partial recovery. These patterns suggest varying dynamics within each segment, with Diagnostics possibly better positioned to regain margin strength relative to the other segments. The decline in Life Sciences margins could warrant attention to underlying operational or market challenges during the latter years.
Segment Profit Margin: Biotechnology
Danaher Corp.; Biotechnology; segment profit margin calculation
| 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%
- Operating Profit
- The operating profit showed a significant increase from 1,082 million US dollars in 2020 to a peak of 3,074 million US dollars in 2021. It remained relatively stable in 2022 at 3,008 million US dollars before experiencing a downward trend in 2023 and 2024, decreasing to 1,909 million and 1,685 million US dollars, respectively.
- Sales
- Sales demonstrated growth from 5,276 million US dollars in 2020 to 8,570 million US dollars in 2021, followed by a slight increase to 8,758 million US dollars in 2022. A decline was noted in 2023 to 7,172 million US dollars and continued in 2024 to 6,759 million US dollars, indicating a reduction in sales volume or pricing after the peak period.
- Segment Profit Margin
- The segment profit margin improved markedly from 20.51% in 2020 to 35.87% in 2021, with a minor reduction to 34.35% in 2022. However, from 2023 onwards, the margin declined, reaching 26.62% and then 24.93% in 2024, signaling diminishing profitability relative to sales in the latter periods.
- Overall Trends and Insights
- The data reflects a strong performance peak in 2021 across operating profit, sales, and profit margin. Following this peak, all three metrics experienced declines, more pronounced from 2023 forward. This pattern suggests that while the segment achieved optimal operational efficiency and market performance initially, it faced challenges affecting both revenue generation and profitability in the subsequent years. The decline in profit margin alongside decreasing sales implies pressures on cost structures or pricing strategies impacting overall financial health.
Segment Profit Margin: Life Sciences
Danaher Corp.; Life Sciences; segment profit margin calculation
| 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%
- Sales
- Sales within the segment exhibited consistent growth over the analyzed periods, increasing steadily from 5,300 million US dollars in 2020 to 7,329 million US dollars in 2024. This upward trajectory suggests ongoing expansion and revenue generation capability in the life sciences segment.
- Operating Profit
- The operating profit demonstrated an initial increase from 972 million US dollars in 2020 to a peak of 1,414 million US dollars in 2022. However, a declining trend followed, with operating profit decreasing to 879 million US dollars by 2024. This reversal after 2022 indicates potential challenges impacting profitability despite rising sales.
- Segment Profit Margin
- The segment profit margin initially rose from 18.34% in 2020 to 20.24% in 2021, maintaining a similar level at 20.1% in 2022. Subsequently, the margin decreased significantly, dropping to 16.93% in 2023 and further to 11.99% in 2024. This downward movement suggests that cost pressures or other operational inefficiencies have eroded profitability margins despite increased sales volumes.
- Overall Trends and Insights
- The data reveals a divergence between sales growth and profitability in the most recent years. While sales continued to increase modestly each year, both operating profit and profit margins declined notably after their peaks in 2022. This disparity signals that the segment may be facing rising costs, pricing pressures, or other operational challenges that are adversely affecting profit generation. Monitoring these profit metrics closely will be important for addressing underlying issues and sustaining financial health in the segment.
Segment Profit Margin: Diagnostics
Danaher Corp.; Diagnostics; segment profit margin calculation
| 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%
- Operating Profit
- The operating profit exhibited a significant upward trend from 2020 to 2022, increasing from $1,538 million to a peak of $3,436 million. However, in 2023, there was a notable decline to $2,406 million, followed by a moderate recovery to $2,625 million in 2024. Despite the drop after 2022, the 2024 figure remains well above the 2020 level, indicating overall growth in profitability over the five-year period.
- Sales
- Sales showed consistent growth from 2020 through 2022, rising from $7,403 million to $10,849 million. This was followed by a decrease in 2023 to $9,577 million, and then a slight increase to $9,787 million in 2024. Although sales in 2023 and 2024 did not reach the 2022 peak, they remained higher than the initial 2020 figure, demonstrating overall positive sales momentum.
- Segment Profit Margin
- The segment profit margin improved steadily from 20.78% in 2020 to a high of 31.67% in 2022, reflecting enhanced profitability relative to sales. In 2023, the margin contracted to 25.12% but showed improvement in 2024, rising to 26.82%. The margin trends align with the operating profit and sales patterns, indicating fluctuations in operational efficiency and cost management, yet maintaining profitability above the 2020 baseline.
Segment Return on Assets (Segment ROA)
Danaher Corp., ROA by reportable segment
| 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).
- Biotechnology Segment ROA
- The return on assets (ROA) for the Biotechnology segment exhibited a notable increase from 2.77% in 2020 to a peak of 8.06% in 2021. This was followed by a slight decline to 8.01% in 2022. Subsequently, the ROA decreased more significantly to 5.1% in 2023 and further to 4.87% in 2024, indicating a downward trend after the initial improvement.
- Life Sciences Segment ROA
- The Life Sciences segment ROA started relatively high at 9.89% in 2020 but showed a marked decline to 6.54% in 2021. It recovered somewhat to 8.05% in 2022, before declining again to 5.09% in 2023 and continuing downward to 3.79% by 2024. Overall, the trend suggests volatility with an overall reduction in ROA across the period.
- Diagnostics Segment ROA
- The Diagnostics segment exhibited the most pronounced fluctuations. The ROA increased sharply from 10.22% in 2020 to 15.36% in 2021, then surged to a high of 23.34% in 2022. However, this was followed by a notable decline to 16.53% in 2023, before a slight recovery to 18.48% in 2024. Despite the volatility, the segment maintained the highest ROA levels among the three segments throughout the period.
- Overall Observations
- While the Biotechnology and Life Sciences segments showed initial improvements or fluctuations in ROA, both demonstrated a general downward trend from 2022 onwards. In contrast, the Diagnostics segment experienced significant growth through 2022 but faced a decline thereafter, although it remained the strongest performer in terms of ROA. The variability across segments indicates differential operational performance and possibly varying market or investment conditions impacting each segment.
Segment ROA: Biotechnology
Danaher Corp.; Biotechnology; segment ROA calculation
| 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%
The operating profit of the biotechnology segment exhibited a significant increase from 2020 to 2021, rising sharply from 1082 million US dollars to 3074 million US dollars. This high level was largely maintained at 3008 million US dollars in 2022. However, the subsequent years showed a declining trend, with operating profit decreasing to 1909 million US dollars in 2023 and further to 1685 million US dollars in 2024.
Identifiable assets in this segment showed a gradual decline over the period. Starting at 39086 million US dollars at the end of 2020, the asset base slightly decreased each year, reaching 38118 million US dollars in 2021, 37536 million US dollars in 2022, 37421 million US dollars in 2023, and further down to 34605 million US dollars by the end of 2024.
The segment return on assets (ROA) followed a pattern similar to that of operating profit. From a low level of 2.77% in 2020, ROA rose markedly to over 8% in both 2021 and 2022, indicating a period of improved asset utilization and profitability. However, this was followed by a decline to 5.1% in 2023 and a slight further reduction to 4.87% in 2024, reflecting the decreasing profitability relative to assets.
- Key observations
- The pronounced increase in operating profit and ROA in 2021 and 2022 suggests a phase of strong financial performance and efficient asset use in the biotechnology segment during those years.
- The declining trend in both operating profit and ROA from 2023 through 2024 indicates challenges in maintaining profitability despite a steadily decreasing asset base.
- The steady reduction in identifiable assets over the five-year period may imply asset divestitures, amortization, or reductions in capital investments.
Segment ROA: Life Sciences
Danaher Corp.; Life Sciences; segment ROA calculation
| 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%
- Operating Profit
- The operating profit revealed a rising trend from 2020 to 2022, increasing from 972 million US dollars in 2020 to a peak of 1414 million US dollars in 2022. However, this was followed by a decline in the subsequent years, falling to 1209 million in 2023 and further down to 879 million in 2024.
- Identifiable Assets
- Identifiable assets showed considerable growth over the period, almost doubling from 9833 million US dollars in 2020 to 19768 million in 2021. Although there was a slight reduction to 17572 million in 2022, assets again increased substantially to 23730 million in 2023 and remained relatively stable at 23211 million in 2024.
- Segment Return on Assets (ROA)
- The segment ROA exhibited a declining trend overall, starting at 9.89% in 2020 and dropping to 6.54% in 2021. It recovered somewhat to 8.05% in 2022 but then continued a significant decline to 5.09% in 2023 and 3.79% in 2024.
- Summary of Insights
- The data indicates that while identifiable assets generally increased over the years, operating profit did not follow the same upward trajectory beyond 2022, instead declining in the last two reporting periods. Correspondingly, the segment ROA decreased steadily after 2022, suggesting that the efficiency of asset utilization to generate operating profit diminished in recent years. This pattern could imply challenges in maintaining profitability relative to asset base expansion within the segment.
Segment ROA: Diagnostics
Danaher Corp.; Diagnostics; segment ROA calculation
| 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%
- Operating Profit
- Operating profit exhibited a substantial upward trend from 2020 to 2022, increasing from 1,538 million USD to 3,436 million USD. However, in 2023, there was a marked decline to 2,406 million USD, followed by a moderate recovery in 2024 to 2,625 million USD. This pattern suggests strong growth in the initial years, interrupted by a significant pullback in 2023, with partial rebound thereafter.
- Identifiable Assets
- Identifiable assets decreased gradually over the five-year period, moving from 15,042 million USD in 2020 to 14,204 million USD in 2024. The decline was consistent but modest, indicating a slow reduction in asset base without abrupt changes.
- Segment Return on Assets (ROA)
- Segment ROA followed a somewhat similar trajectory to operating profit. It rose from 10.22% in 2020 to a peak of 23.34% in 2022, reflecting increasing efficiency in asset utilization during this period. In 2023, ROA decreased to 16.53%, coinciding with the dip in operating profit, before improving to 18.48% in 2024. Overall, despite the decline after 2022, ROA remained substantially higher than the initial years, denoting improved performance relative to assets employed.
Segment Asset Turnover
Danaher Corp., asset turnover by reportable segment
| 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).
- Biotechnology Segment Asset Turnover
- The asset turnover ratio in the biotechnology segment increased from 0.13 in 2020 to 0.22 in 2021, showing a notable improvement in asset efficiency. The ratio then slightly rose to 0.23 in 2022, before declining to 0.19 in 2023. A modest recovery to 0.20 was observed in 2024. Overall, the trend indicates initial growth followed by some volatility and modest stabilization in recent years.
- Life Sciences Segment Asset Turnover
- The life sciences segment displayed a decline in asset turnover from 0.54 in 2020 to 0.32 in 2021, marking a significant reduction in turnover efficiency. This was followed by a moderate rebound to 0.40 in 2022. A further decline to 0.30 occurred in 2023, with slight improvement to 0.32 in 2024. The overall pattern suggests a considerable decrease in asset turnover since 2020, with some fluctuations but without a return to the earlier higher levels.
- Diagnostics Segment Asset Turnover
- The diagnostics segment experienced a consistent increase in asset turnover from 0.49 in 2020 to 0.65 in 2021, and further to 0.74 in 2022. A slight decrease occurred in 2023 to 0.66, followed by a moderate recovery to 0.69 in 2024. This segment shows generally strong and improving asset turnover performance over the period, with only minor setbacks more recently.
Segment Asset Turnover: Biotechnology
Danaher Corp.; Biotechnology; segment asset turnover calculation
| 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
- Sales
- Sales showed a marked increase from 5,276 million US dollars in 2020 to a peak of 8,758 million US dollars in 2022. However, following this peak, sales declined in the subsequent years to 7,172 million US dollars in 2023 and further to 6,759 million US dollars in 2024, indicating a contraction in revenue after a period of substantial growth.
- Identifiable assets
- Identifiable assets demonstrated a gradual downward trend over the observed period. Starting at 39,086 million US dollars in 2020, the assets slightly decreased to 38,118 million in 2021 and continued to decline steadily each year, reaching 34,605 million US dollars by 2024. This suggests a potential reduction in asset base or revaluation over time.
- Segment asset turnover
- The segment asset turnover ratio showed an overall improvement from 0.13 in 2020 to a higher ratio of 0.23 in 2022, reflecting increased efficiency in generating sales from assets. However, in 2023, this ratio dropped to 0.19 before experiencing a minor recovery to 0.20 in 2024. Despite the slight decrease after 2022, the turnover remains higher than the initial value, indicating generally improved asset utilization compared to 2020.
Segment Asset Turnover: Life Sciences
Danaher Corp.; Life Sciences; segment asset turnover calculation
| 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
- Sales Trend
- Sales have shown a consistent upward trend over the five-year period. Beginning at $5,300 million in 2020, sales increased to $6,388 million in 2021, $7,036 million in 2022, and then continued to rise modestly to $7,141 million in 2023 and $7,329 million in 2024. This progression indicates steady growth in revenue within the Life Sciences segment.
- Identifiable Assets Trend
- Identifiable assets exhibited significant fluctuation over the same period. Starting at $9,833 million in 2020, there was a sharp increase to $19,768 million in 2021, followed by a decline to $17,572 million in 2022. The asset base then expanded substantially again to $23,730 million in 2023, before a slight decrease to $23,211 million in 2024. These variations suggest considerable changes in asset investments or revaluations within the segment.
- Segment Asset Turnover Ratio
- The segment asset turnover ratio showed a broadly declining pattern with some variability. It started at 0.54 in 2020, declining sharply to 0.32 in 2021. There was a rebound to 0.40 in 2022, but turnover then fell back to 0.30 in 2023 and slightly improved to 0.32 in 2024. This indicates that sales generated per dollar of assets have generally decreased compared to the base year, reflecting a potential decrease in asset efficiency in generating sales over time.
- Overall Insights
- The data indicates that although sales have grown steadily, the identifiable assets have undergone considerable fluctuation with a general upward trend. However, the declining and volatile segment asset turnover ratio suggests that asset utilization efficiency has diminished somewhat, implying that additional assets are generating proportionately less sales than in earlier periods. This could point to increased capital intensity or changes in the asset base that have not yet translated into proportionate revenue gains.
Segment Asset Turnover: Diagnostics
Danaher Corp.; Diagnostics; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ 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
- Sales Trends
- Sales showed a strong upward trend from 2020 to 2022, increasing from $7,403 million to $10,849 million. However, this growth was followed by a decline in 2023 to $9,577 million, before a slight recovery to $9,787 million in 2024. Despite the decrease after 2022, sales in 2024 remained higher than the 2020 level.
- Identifiable Assets
- The value of identifiable assets exhibited a gradual decline over the period. Starting at $15,042 million in 2020, the assets marginally increased in 2021, then consistently decreased each year from 14,722 million in 2022 to 14,204 million in 2024. This indicates a reduction of approximately 5.6% over five years.
- Segment Asset Turnover
- Segment asset turnover showed an improving trend overall, moving from 0.49 in 2020 to a peak of 0.74 in 2022. This suggests increasing efficiency in generating sales from assets. Following this peak, turnover declined to 0.66 in 2023 but slightly improved again to 0.69 in 2024. Despite fluctuations, the 2024 ratio remains well above the 2020 level.
- Overall Analysis
- The segment demonstrated strong sales growth through 2022, accompanied by increased efficiency in asset utilization. The slowdown and partial reversal in sales and asset turnover after 2022 may indicate market challenges or strategic shifts. The continuous decline in identifiable assets may reflect asset divestitures, depreciation, or restructurings. The relatively higher asset turnover ratios suggest that even with fewer assets, the segment was able to maintain comparatively strong sales generation efficiency in the later years.
Segment Capital Expenditures to Depreciation
Danaher Corp., capital expenditures to depreciation by reportable segment
| 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).
The analysis of the annual reportable segment capital expenditures to depreciation ratios over the five-year period reveals distinct trends across the Biotechnology, Life Sciences, and Diagnostics segments.
- Biotechnology
- The ratio exhibits a consistent upward trajectory from 0.22 in 2020 to 0.44 in 2024. This indicates a steady increase in capital expenditures relative to depreciation over the period, suggesting a growing investment focus within this segment.
- Life Sciences
- The ratio began at 0.47 in 2020, increased to a peak of 0.61 in 2022, followed by a slight decline to 0.53 by 2024. This pattern reflects an initial rise in capital expenditures relative to depreciation, with a moderate reduction in the most recent years, possibly indicating a stabilization of investment intensity.
- Diagnostics
- Starting at 0.74 in 2020, the ratio rose sharply to 1.05 in 2021, then declined to 0.65 in 2022. Subsequently, it increased again to 0.95 in 2023 and maintained a similar level of 0.94 in 2024. This volatility suggests fluctuating capital expenditure strategies in relation to depreciation, with elevated investment levels particularly notable in 2021 and maintaining a relatively high base thereafter.
Overall, the Biotechnology segment demonstrates a clear and sustained increase in capital investment relative to depreciation, while Life Sciences shows a more moderate and somewhat cyclical pattern. The Diagnostics segment reflects more pronounced fluctuations, indicating variable capital expenditure dynamics in relation to asset depreciation over the observed timeframe.
Segment Capital Expenditures to Depreciation: Biotechnology
Danaher Corp.; Biotechnology; segment capital expenditures to depreciation calculation
| 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
- Capital Expenditures, Gross
- The gross capital expenditures demonstrate a consistent upward trend over the five-year period. Starting from $169 million in 2020, the figure increased significantly to $385 million in 2021, followed by gradual increases each subsequent year, reaching $447 million in 2024. This pattern indicates a steady escalation in investment in fixed assets or infrastructure within the segment.
- Depreciation and Amortization of Intangible Assets
- Depreciation and amortization expenses rose markedly from $761 million in 2020 to $1059 million in 2021. Following this peak, the expenses showed a slight decrease in 2022 to $1002 million, then exhibited minor fluctuations but generally remained near the $1000 million mark, ending at $1014 million in 2024. This suggests that while asset amortization remains substantial, the rate of growth slowed after 2021.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation increased steadily from 0.22 in 2020 to 0.44 in 2024. This doubling over the period reflects a growing reinvestment in capital assets relative to the rate of asset consumption. The rising ratio indicates that capital investment is becoming more aggressive compared to the depreciation expense, potentially signaling efforts to expand or upgrade the asset base within the segment.
Segment Capital Expenditures to Depreciation: Life Sciences
Danaher Corp.; Life Sciences; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ 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
- Capital expenditures, gross
- The gross capital expenditures have displayed an overall upward trend over the period analyzed. Starting at $137 million in 2020, expenditures rose significantly to $210 million in 2021, followed by an even larger increase to $325 million in 2022. There was a slight dip to $320 million in 2023, but the figure rebounded strongly to $391 million in 2024. This pattern suggests consistent investment in asset growth or maintenance, with a peak in 2024 indicating increased capital allocation.
- Depreciation and amortization of intangible assets
- Depreciation and amortization expenses have steadily increased throughout the period. The expense rose from $292 million in 2020 to $382 million in 2021, then experienced a marked increase to $531 million in 2022. This upward trajectory continued with $558 million recorded in 2023 and culminated in the highest value of $743 million in 2024. The continuous growth in depreciation and amortization points to expanding asset bases and possibly increased intangible asset write-downs or amortization schedules.
- Segment capital expenditures to depreciation ratio
- The ratio of segment capital expenditures to depreciation shows relative stability with minor fluctuations. Starting at 0.47 in 2020, the ratio increased to 0.55 in 2021 and peaked at 0.61 in 2022, indicating capital expenditures were growing faster relative to depreciation in those years. Subsequently, the ratio declined somewhat to 0.57 in 2023 and further to 0.53 in 2024. Although the ratio decreased, it remains above the initial 2020 level, suggesting that capital spending continues to be somewhat robust compared to the rate of asset depreciation.
Segment Capital Expenditures to Depreciation: Diagnostics
Danaher Corp.; Diagnostics; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ 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
The analysis of the annual data for the Diagnostics reportable segment over the five-year period reveals several notable trends in capital expenditures and depreciation-related metrics.
- Capital Expenditures, Gross
- Capital expenditures exhibited considerable fluctuation during the period under review. Starting at 447 million US dollars in 2020, there was a noticeable increase to 644 million in 2021. This was followed by a decline to 382 million in 2022. Subsequently, the figures rose again to 546 million in 2023 and remained relatively stable at 550 million in 2024. Overall, capital expenditures did not follow a consistent upward or downward trajectory but showed variability with a peak in 2021.
- Depreciation and Amortization of Intangible Assets
- The depreciation and amortization expense remained comparatively stable throughout the five-year period. The expense started at 602 million US dollars in 2020, increased very slightly to 614 million in 2021, then gradually decreased to 590 million in 2022 and further to 577 million in 2023 before a minor uptick to 586 million in 2024. The magnitude of changes across years is relatively small, indicating a steady recognition of depreciation and amortization expenses.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio showed notable variability mirroring the volatility in capital expenditures, as depreciation amortization remained relatively constant. Starting at 0.74 in 2020, the ratio increased sharply to 1.05 in 2021, indicating capital expenditures exceeded depreciation expenses in that year. In 2022, the ratio fell significantly to 0.65, suggesting that capital expenditures decreased relative to depreciation. The ratio then rose again to 0.95 in 2023 and 0.94 in 2024, closely approaching a one-to-one relationship. This pattern suggests investment levels were higher than depreciation expenditures in 2021 and closer to depreciation in later years.
In summary, the data reflects a period of variable capital investment activity with a peak in 2021 and a moderate rebound after a dip in 2022. Depreciation and amortization expenses showed only minor fluctuations, maintaining a relatively steady course. The ratio of capital expenditures to depreciation highlights these investment changes, indicating varying levels of asset renewal or expansion efforts from year to year within the Diagnostics segment.
Sales
Danaher Corp., sales by reportable segment
US$ in millions
| 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).
- Overall Sales Trend
- The total segment sales exhibit an increasing trend from 2020 through 2022, rising from $22,284 million to $31,471 million. However, a notable decline occurs in 2023, with sales dropping to $23,890 million, and this lower level is sustained in 2024 at $23,875 million.
- Biotechnology Segment
- Sales in the Biotechnology segment increase significantly from 2020 ($5,276 million) to 2022 ($8,758 million), reflecting strong growth. However, this upward momentum reverses in the following years, with sales declining to $7,172 million in 2023 and further to $6,759 million in 2024, indicating a contraction in this area.
- Life Sciences Segment
- The Life Sciences segment demonstrates steady growth throughout the period. Sales rise consistently from $5,300 million in 2020 to $7,329 million by 2024. This segment does not show signs of volatility and contributes increasingly to the overall mix.
- Diagnostics Segment
- Diagnostics sales show a growth trend from 2020 ($7,403 million) through 2022 ($10,849 million), followed by a decline in 2023 to $9,577 million. However, there is a partial recovery in 2024, with sales increasing slightly to $9,787 million. This segment remains a substantial portion of total sales despite the fluctuations.
- Environmental & Applied Solutions Segment
- The Environmental & Applied Solutions data is incomplete beyond 2022, but available figures indicate moderate growth from $4,305 million in 2020 to $4,828 million in 2022. The absence of data for 2023 and 2024 limits analysis of recent performance.
- Summary of Segment Contributions and Volatility
- The Biotechnology and Diagnostics segments exhibit significant volatility with peak sales in 2022 followed by declines. Life Sciences shows steady, continuous growth without evident volatility. The Environmental & Applied Solutions segment appears stable up to 2022 but lacks recent data for full trend analysis. The overall sales trend is strongly influenced by the declines in Biotechnology and Diagnostics after 2022, leading to the total revenue downturn starting in 2023.
Operating profit
Danaher Corp., operating profit by reportable segment
US$ in millions
| 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).
The annual reportable segment operating profit data over the five-year period exhibits several notable trends and fluctuations across the various business segments.
- Biotechnology
- This segment experienced significant growth from 2020 to 2021, with operating profit nearly tripling from approximately 1,082 million USD to 3,074 million USD. However, the following years saw a decline, with profits decreasing to 3,008 million USD in 2022, then sharply dropping to 1,909 million USD in 2023, and further to 1,685 million USD in 2024.
- Life Sciences
- This segment showed steady but moderate growth between 2020 and 2022, increasing from 972 million USD to 1,414 million USD. Subsequently, operating profit declined to 1,209 million USD in 2023 and declined even more steeply to 879 million USD in 2024, indicating weakening performance in more recent years.
- Diagnostics
- The Diagnostics segment presented consistent growth in the initial three years, rising from 1,538 million USD in 2020 to 3,436 million USD in 2022. However, there was a reduction in 2023 to 2,406 million USD, followed by a moderate recovery to 2,625 million USD in 2024. Despite the recent fluctuations, the segment’s profit in 2024 remains significantly higher than at the beginning of the period.
- Environmental & Applied Solutions
- Operating profit data are only available up to 2022 for this segment, showing a gradual increase from 979 million USD in 2020 to 1,135 million USD in 2022. The absence of data beyond 2022 limits the ability to analyze more recent trends, but the segment demonstrated steady growth over the observed period.
- Other
- The Other category consistently shows negative operating profits throughout the entire period, ranging from a loss of 340 million USD in 2020 to a somewhat reduced loss of around 269 million USD in 2021. Losses then slightly increased again, fluctuating around 300 million USD in subsequent years. This indicates persistent costs or losses not allocated to the main segments.
- Total Operating Profit
- The aggregated operating profit across all segments indicates substantial growth from 4,231 million USD in 2020 to a peak of 8,688 million USD in 2022. However, there was a pronounced decline in 2023 to 5,202 million USD, followed by a further decrease to 4,863 million USD in 2024. This pattern suggests the overall profitability improved markedly until 2022, then diminished significantly in the latest two years analyzed.
In summary, the data reveals that the company achieved strong growth in operating profits across most segments until 2022, especially in the Biotechnology and Diagnostics sectors. The subsequent decline in 2023 and 2024 appears to be a broad-based trend affecting multiple segments, resulting in a notable reduction in total operating profit. The persistent negative result in the Other category also contributes to the overall profit profile. Absence of recent data for Environmental & Applied Solutions creates some uncertainty regarding that segment's current performance.
Depreciation and amortization of intangible assets
Danaher Corp., depreciation and amortization of intangible assets by reportable segment
US$ in millions
| 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).
The data pertaining to depreciation and amortization of intangible assets across various segments reveals notable trends over the five-year period ending in 2024.
- Biotechnology Segment
- The depreciation and amortization expenses exhibited a rising trend from 761 million USD in 2020 to a peak of 1059 million USD in 2021. Thereafter, values slightly decreased to 1002 million USD in 2022 but showed marginal increases in 2023 and a minor decline in 2024, stabilizing around the 1014 million USD mark. Overall, this segment maintained a relatively high and consistent level of amortization expenses in the latter years.
- Life Sciences Segment
- This segment experienced a steady and significant increase throughout the period, beginning at 292 million USD in 2020 and rising consecutively each year to reach 743 million USD by 2024. The trend indicates sustained growth in intangible asset amortization, suggesting expanding asset bases or increased capital expenditure in this area.
- Diagnostics Segment
- Depreciation and amortization expenses for Diagnostics showed a slight decline over the period. Starting at 602 million USD in 2020, values fluctuated minimally around the 600 million USD level before slightly decreasing to 586 million USD by 2024. This indicates relative stability with a mild downward tendency in intangible asset costs.
- Environmental & Applied Solutions Segment
- This segment displayed a declining pattern, dropping from 110 million USD in 2020 to 90 million USD in 2022. The data for 2023 and 2024 are missing, preventing a full assessment of recent trends. Nonetheless, the available data suggest a reduction in amortization within this segment prior to the missing periods.
- Other
- The amortization expenses in the ‘Other’ category remained relatively low and stable, fluctuating between 5 and 10 million USD throughout the period. There is no clear upward or downward trend discernible from these figures.
- Total
- The overall depreciation and amortization of intangible assets demonstrated an increasing trend from 1775 million USD in 2020 to 2352 million USD in 2024. The total peaked in 2022 at 2222 million USD but dipped slightly in 2023 before recovering strongly in 2024. This overall rise is largely driven by significant increases in the Life Sciences segment and relatively steady contributions from Biotechnology.
In summary, the data reflect growth in intangible asset amortization primarily driven by Life Sciences and Biotechnology, stability in Diagnostics, a decline in Environmental & Applied Solutions before missing data, and consistency in the Other category. The total amortization expenses show an upward trajectory, indicative of expanding asset bases or intensified capital investment across the segments.
Identifiable assets
Danaher Corp., identifiable assets by reportable segment
US$ in millions
| 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).
The identifiable assets data across the reportable segments reveal several notable trends over the five-year period.
- Biotechnology
- There is a consistent decline in asset values from US$39,086 million in 2020 to US$34,605 million in 2024. This steady decrease suggests a gradual reduction in asset allocation or book value within this segment over the period.
- Life Sciences
- This segment experienced significant growth from 2020 to 2021, doubling its assets from US$9,833 million to US$19,768 million. However, subsequent years show fluctuation with a slight decrease to US$17,572 million in 2022, a rebound to US$23,730 million in 2023, and a minor decline to US$23,211 million in 2024. Overall, the trend indicates expansion with some volatility in asset levels.
- Diagnostics
- Assets in Diagnostics have remained relatively stable, showing a marginal downward trend from US$15,042 million in 2020 to US$14,204 million in 2024. This stability suggests a mature segment with limited expansion or contraction in reported assets.
- Environmental & Applied Solutions
- The available data for this segment shows a slight decline from US$5,083 million in 2020 to US$4,797 million in 2022. Data for 2023 and 2024 is missing, limiting conclusive analysis for the latter years. The initial decrease could indicate divestment or depreciation impacts.
- Other
- This segment shows considerable volatility. After a drop from US$7,117 million in 2020 to US$5,362 million in 2021, the assets increased markedly to US$9,723 million in 2022, followed by declines in 2023 and 2024, reaching US$5,522 million. The fluctuations may reflect changing classifications or restructuring within non-core assets.
- Total Identifiable Assets
- Total assets increased from US$76,161 million in 2020 to a peak of US$84,488 million in 2023, before declining to US$77,542 million in 2024. This pattern highlights overall growth followed by a moderate reduction in total segment assets during the period.
In summary, the data reflects a dynamic asset allocation across segments, with Biotechnology and Environmental & Applied Solutions trending downward, Life Sciences exhibiting strong growth with fluctuations, Diagnostics remaining stable, and Other segment assets showing considerable variability. The overall increase in total identifiable assets up to 2023, followed by a decline in 2024, may suggest strategic adjustments in portfolio composition or asset valuation considerations.
Capital expenditures, gross
Danaher Corp., capital expenditures, gross by reportable segment
US$ in millions
| 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).
- Trend in Biotechnology Capital Expenditures
- The capital expenditures in the Biotechnology segment show a consistent upward trend over the five-year period. Starting from US$169 million in 2020, the expenditures increased steadily each year, reaching US$447 million by 2024. This indicates a sustained investment focus and growing allocation of resources in this segment.
- Trend in Life Sciences Capital Expenditures
- Capital expenditures in the Life Sciences segment rose significantly from US$137 million in 2020 to US$325 million in 2022. However, a slight decline occurred in 2023 to US$320 million before increasing again to US$391 million in 2024. Overall, the trend is upward with a minor fluctuation observed in 2023.
- Trend in Diagnostics Capital Expenditures
- Diagnostics experienced fluctuating capital expenditures. There was a notable increase from US$447 million in 2020 to US$644 million in 2021, followed by a sharp decline to US$382 million in 2022. The expenditures then rose again to US$546 million in 2023 and stabilized near US$550 million in 2024. This pattern suggests variability in investment intensity within this segment.
- Trend in Environmental & Applied Solutions Capital Expenditures
- The Environmental & Applied Solutions segment shows inconsistent capital expenditure data, with amounts reported as US$36 million in 2020, increasing to US$54 million in 2021, then dropping to US$34 million in 2022. The data for 2023 and 2024 is missing, preventing a complete trend analysis but indicating some volatility until 2022.
- Trend in Other Capital Expenditures
- Expenditures categorized as Other remain relatively low and erratic, with values fluctuating between US$1 million and US$6 million from 2020 to 2022, spiking sharply to US$100 million in 2023, and dropping back to US$4 million in 2024. The spike in 2023 may represent an unusual or one-off investment event.
- Total Capital Expenditures Trend
- Total reportable segment capital expenditures increased overall, moving from US$791 million in 2020 to US$1,392 million in 2024. There was a significant jump from 2020 to 2021, a dip in 2022, followed by recovery and growth through 2023 and 2024. This suggests a general upward investment trajectory within the company’s segments, with some year-to-year variations.