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Danaher Corp. (DHR)


Enterprise Value (EV)

Intermediate level


Current Enterprise Value (EV)

Danaher Corp., current enterprise value calculation

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Current share price (P) $163.71
No. shares of common stock outstanding 718,281,174
US$ in thousands
Common equity (market value)1 117,589,811 
Add: Noncontrolling interests (per books) 12,300 
Total equity 117,602,111 
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 127,342,411 
Less: Cash and equivalents 787,800 
Enterprise value (EV) 126,554,611 

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 163.71 × 718,281,174


Historical Enterprise Value (EV)

Danaher Corp., EV calculation

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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.