Danaher Corp., current enterprise value calculation

Current share price (P)	$166.26
No. shares of common stock outstanding	707,770,627
US$ in millions
Common equity (market value)¹	117,674)
Add: Preferred stock, no par value (per books)	—)
Add: Noncontrolling interests (per books)	7)
Total equity	117,681)
Add: Notes payable and current portion of long-term debt (per books)	2)
Add: Long-term debt, excluding current portion (per books)	18,416)
Total equity and debt	136,099)
Less: Cash and equivalents	4,615)
Enterprise value (EV)	131,484)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 166.26 × 707,770,627

Danaher Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$209.19	$207.95	$250.65	$250.11	$262.39
No. shares of common stock outstanding¹	707,139,356	714,709,852	739,701,725	728,576,886	715,352,586
US$ in millions
Common equity (market value)³	147,926)	148,624)	185,406)	182,224)	187,701)
Add: Preferred stock, no par value (book value)	—)	—)	—)	1,668)	3,268)
Add: Noncontrolling interests (book value)	7)	7)	4)	8)	10)
Total equity	147,933)	148,631)	185,410)	183,900)	190,979)
Add: Notes payable and current portion of long-term debt (book value)	2)	505)	1,695)	591)	8)
Add: Long-term debt, excluding current portion (book value)	18,416)	15,500)	16,707)	19,086)	22,168)
Total equity and debt	166,351)	164,636)	203,812)	203,577)	213,155)
Less: Cash and equivalents	4,615)	2,078)	5,864)	5,995)	2,586)
Enterprise value (EV)	161,736)	162,558)	197,948)	197,582)	210,569)

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
= 209.19 × 707,139,356

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.

AI Ask an analyst for more

Download chart

Danaher Corp. (NYSE:DHR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)