Microsoft Excel LibreOffice Calc

Danaher Corp. (DHR)


Enterprise Value (EV)

Medium level of difficulty


Current Enterprise Value (EV)

Danaher Corp., current enterprise value calculation

Microsoft Excel LibreOffice Calc
Current share price (P) $135.54
No. shares of common stock outstanding 718,281,174
US$ in thousands
Common equity (market value)1 97,355,830 
Add: Noncontrolling interests (per books) 12,300 
Total equity 97,368,130 
Add: Notes payable and current portion of long-term debt (per books) 51,800 
Add: Long-term debt, excluding current portion (per books) 9,688,500 
Total equity and debt 107,108,430 
Less: Cash and equivalents 787,800 
Enterprise value (EV) 106,320,630 

Based on: 10-K (filing date: 2019-02-21).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 135.54 × 718,281,174


Historical Enterprise Value (EV)

Danaher Corp., EV calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Share price1, 2 $112.43 $97.35 $84.80 $87.20 $87.22
No. shares of common stock outstanding1 701,875,340 697,569,470 693,280,277 687,154,521 705,777,722
US$ in thousands
Common equity (market value)3 78,911,844  67,908,388  58,790,167  59,919,874  61,557,933 
Add: Noncontrolling interests (book value) 12,300  9,600  74,000  73,700  71,700 
Total equity 78,924,144  67,917,988  58,864,167  59,993,574  61,629,633 
Add: Notes payable and current portion of long-term debt (book value) 51,800  194,700  2,594,800  845,200  71,900 
Add: Long-term debt, excluding current portion (book value) 9,688,500  10,327,400  9,674,200  12,025,200  3,401,500 
Total equity and debt 88,664,444  78,440,088  71,133,167  72,863,974  65,103,033 
Less: Cash and equivalents 787,800  630,300  963,700  790,800  3,005,600 
Enterprise value (EV) 87,876,644  77,809,788  70,169,467  72,073,174  62,097,433 

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Danaher Corp.’s Annual Report.

3 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 112.43 × 701,875,340

1 Data adjusted for splits and stock dividends.
2

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. Danaher Corp.’s EV increased from 2016 to 2017 and from 2017 to 2018.