Enterprise Value (EV)
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Danaher Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Current Enterprise Value (EV)
Danaher Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, no par value (per books) | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Notes payable and current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Danaher Corp., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Danaher Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
An examination of the financial information reveals a generally decreasing trend in enterprise value over the five-year period. While common equity market value fluctuates, the overall trajectory points towards a reduction in valuation. Total equity and the combined value of equity and debt also demonstrate similar declines, contributing to the observed trend in enterprise value.
- Enterprise Value Trend
- Enterprise value decreased from US$210,569 million in 2021 to US$161,736 million in 2025. The most significant decline occurred between 2023 and 2024, with a reduction of US$35,390 million. The decrease from 2024 to 2025 was more moderate, at US$822 million.
- Equity Components
- Total equity experienced a decrease from US$190,979 million in 2021 to US$147,933 million in 2025. Common equity mirrored this trend, moving from US$187,701 million to US$147,926 million over the same period. The values for total equity and common equity are very close throughout the period, suggesting that common equity represents a substantial portion of the total equity.
- Debt Consideration
- Total equity and debt decreased from US$213,155 million in 2021 to US$166,351 million in 2025. The difference between total equity and total equity plus debt represents the company’s debt. This debt component decreased over the period, but not at the same rate as the equity components, indicating a potential shift in the capital structure.
The consistency of the downward trend across multiple metrics suggests a broader valuation contraction. The relatively stable difference between total equity and common equity suggests that changes in enterprise value are primarily driven by overall market sentiment or company-specific performance impacting equity valuations, rather than significant shifts in equity structure.