Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Enterprise Value to EBITDA (EV/EBITDA) 

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Danaher Corp., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net earnings 6,433  3,646  3,008  2,651  2,492 
Less: Earnings from discontinued operations, net of income taxes 86  —  576  —  22 
Add: Income tax expense 1,251  849  873  642  469 
Earnings before tax (EBT) 7,598  4,495  3,305  3,293  2,939 
Add: Interest expense 238  275  109  157  163 
Earnings before interest and tax (EBIT) 7,836  4,770  3,414  3,450  3,102 
Add: Depreciation 718  637  564  602  578 
Add: Amortization of intangible assets 1,450  1,138  625  706  661 
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,004  6,545  4,603  4,758  4,340 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Danaher Corp. EBITDA increased from 2019 to 2020 and from 2020 to 2021.

Enterprise Value to EBITDA Ratio, Current

Danaher Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 228,219 
Earnings before interest, tax, depreciation and amortization (EBITDA) 10,004 
Valuation Ratio
EV/EBITDA 22.81
Benchmarks
EV/EBITDA, Competitors1
Abbott Laboratories 15.39
Bristol-Myers Squibb Co. 8.96
Cigna Corp. 10.67
CVS Health Corp. 10.08
Elevance Health Inc. 10.47
Humana Inc. 13.49
Intuitive Surgical Inc. 30.79
Medtronic PLC 14.44
UnitedHealth Group Inc. 18.98
EV/EBITDA, Sector
Health Care Equipment & Services 14.46
EV/EBITDA, Industry
Health Care 13.78

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Danaher Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 210,569  174,606  116,135  87,877  77,810 
Earnings before interest, tax, depreciation and amortization (EBITDA)2 10,004  6,545  4,603  4,758  4,340 
Valuation Ratio
EV/EBITDA3 21.05 26.68 25.23 18.47 17.93
Benchmarks
EV/EBITDA, Competitors4
Abbott Laboratories 17.42 25.99 21.70 21.41 20.08
Bristol-Myers Squibb Co. 8.65 34.35 23.84 11.97 17.25
Cigna Corp. 9.06 6.31 8.42 21.51 10.85
CVS Health Corp. 10.41 8.56 9.43 21.09 8.13
Elevance Health Inc. 10.05 7.57 9.05 11.15 9.78
Humana Inc. 11.22 6.91 9.30 12.59 6.00
Intuitive Surgical Inc. 44.54 59.12 37.53 40.47 37.53
Medtronic PLC 24.41 17.92 16.01 13.94 16.32
UnitedHealth Group Inc. 17.39 13.39 13.82 13.89 13.43
EV/EBITDA, Sector
Health Care Equipment & Services 14.60 14.70 14.41 16.18 13.54
EV/EBITDA, Industry
Health Care 13.50 16.44 14.25 15.56 14.19

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 See details »

2 See details »

3 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 210,569 ÷ 10,004 = 21.05

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Danaher Corp. EV/EBITDA ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.