Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Danaher Corp., current price multiples

	Danaher Corp.	Abbott Laboratories	Anthem Inc.	Becton, Dickinson & Co.	Boston Scientific Corp.	Bristol-Myers Squibb Co.	CVS Health Corp.	Edwards Lifesciences Corp.	Intuitive Surgical Inc.	Medtronic PLC	Stryker Corp.	UnitedHealth Group Inc.	Health Care Equipment & Services	Health Care
Selected Financial Data
Current share price (P)	$291.27
No. shares of common stock outstanding	713,899,565
Growth rate (g)	8.28%

Earnings per share (EPS)	$4.92
Next year expected EPS	$5.32
Operating profit per share	$5.93
Sales per share	$31.21
Book value per share (BVPS)	$55.70
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	59.24	47.75	20.47	95.20	—	—	15.27	82.59	109.33	47.91	61.89	25.59	50.30	38.81
Price to next year expected earnings	54.71	49.61	18.49	93.89	—	—	14.10	67.90	95.66	46.72	56.27	22.07	47.21	36.07
Price-earnings-growth (PEG)	7.15	—	1.91	68.01	—	—	1.84	3.82	7.66	18.93	6.19	1.60	7.68	5.12
Price to operating profit (P/OP)	49.15	40.07	15.60	49.20	—	—	7.88	75.77	110.45	38.52	44.52	17.59	33.23	28.16
Price to sales (P/S)	9.33	6.20	0.77	4.27	6.32	3.59	0.41	15.50	26.60	5.74	6.90	1.54	2.14	3.23
Price to book value (P/BV)	5.23	6.55	2.82	3.07	4.09	4.03	1.58	14.87	11.92	3.36	7.56	6.02	4.46	5.80

Based on: 10-K (filing date: 2021-02-25).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Danaher Corp., historical price multiples

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Price to earnings (P/E)	44.49	38.34	29.77	27.25	23.02
Price to operating profit (P/OP)	36.91	34.47	23.18	22.48	21.37
Price to sales (P/S)	7.01	6.29	3.97	3.70	3.48
Price to book value (P/BV)	3.93	3.72	2.80	2.58	2.56

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22).

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Danaher Corp.’s P/E ratio increased from 2018 to 2019 and from 2019 to 2020.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Danaher Corp.’s P/OP ratio increased from 2018 to 2019 and from 2019 to 2020.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Danaher Corp.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Danaher Corp.’s P/BV ratio increased from 2018 to 2019 and from 2019 to 2020.

Danaher Corp., historical P/E calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
No. shares of common stock outstanding¹	712,204,198	696,237,113	701,875,340	697,569,470	693,280,277
Selected Financial Data (US$)
Net earnings attributable to common stockholders (in millions)	3,510	2,940	2,651	2,492	2,554
Earnings per share (EPS)²	4.93	4.22	3.78	3.57	3.68
Share price^1, 3	219.26	161.88	112.43	97.35	84.80
Valuation Ratio
P/E ratio⁴	44.49	38.34	29.77	27.25	23.02
Benchmarks
P/E Ratio, Competitors⁵
Abbott Laboratories	48.49	41.83	56.47	220.29	55.16
Anthem Inc.	15.87	15.96	21.45	15.44	17.48
Becton, Dickinson & Co.	86.01	65.09	408.36	49.63	36.65
Boston Scientific Corp.	—	11.86	33.06	354.70	96.19
Bristol-Myers Squibb Co.	—	41.99	16.81	103.55	20.56
CVS Health Corp.	12.88	14.15	—	10.69	14.91
Edwards Lifesciences Corp.	66.48	46.05	51.14	48.16	33.48
Intuitive Surgical Inc.	87.47	48.72	53.03	70.95	37.16
Medtronic PLC	26.30	28.78	37.80	29.96	33.17
Stryker Corp.	57.72	39.24	18.96	54.36	27.92
UnitedHealth Group Inc.	20.54	20.48	21.09	20.77	21.73
P/E Ratio, Sector
Health Care Equipment & Services	42.11	26.30	31.21	29.79	25.19
P/E Ratio, Industry
Health Care	33.67	22.30	26.33	31.95	22.09

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
EPS = Net earnings attributable to common stockholders ÷ No. shares of common stock outstanding
= 3,510,000,000 ÷ 712,204,198 = 4.93

³ Closing price as at the filing date of Danaher Corp.’s Annual Report.

⁴ 2020 Calculation
P/E ratio = Share price ÷ EPS
= 219.26 ÷ 4.93 = 44.49

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Danaher Corp.’s P/E ratio increased from 2018 to 2019 and from 2019 to 2020.

Danaher Corp., historical P/OP calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
No. shares of common stock outstanding¹	712,204,198	696,237,113	701,875,340	697,569,470	693,280,277
Selected Financial Data (US$)
Operating profit (in millions)	4,231	3,269	3,404	3,021	2,751
Operating profit per share²	5.94	4.70	4.85	4.33	3.97
Share price^1, 3	219.26	161.88	112.43	97.35	84.80
Valuation Ratio
P/OP ratio⁴	36.91	34.47	23.18	22.48	21.37
Benchmarks
P/OP Ratio, Competitors⁵
Abbott Laboratories	40.69	34.03	36.64	60.88	24.25
Anthem Inc.	12.10	13.55	15.87	14.81	9.36
Becton, Dickinson & Co.	44.46	40.02	43.37	34.59	25.02
Boston Scientific Corp.	—	36.71	36.68	28.71	74.67
Bristol-Myers Squibb Co.	—	24.42	16.16	28.87	19.79
CVS Health Corp.	6.65	7.83	18.65	7.44	7.65
Edwards Lifesciences Corp.	60.98	42.04	49.37	25.66	25.38
Intuitive Surgical Inc.	88.37	48.89	49.87	44.40	28.93
Medtronic PLC	26.29	21.26	17.64	22.64	22.18
Stryker Corp.	41.52	30.13	26.55	24.21	21.23
UnitedHealth Group Inc.	14.12	14.40	14.58	14.42	11.79
P/OP Ratio, Sector
Health Care Equipment & Services	27.82	20.08	20.95	19.46	15.79
P/OP Ratio, Industry
Health Care	24.43	18.95	19.58	18.03	15.35

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Operating profit per share = Operating profit ÷ No. shares of common stock outstanding
= 4,231,000,000 ÷ 712,204,198 = 5.94

³ Closing price as at the filing date of Danaher Corp.’s Annual Report.

⁴ 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 219.26 ÷ 5.94 = 36.91

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Danaher Corp.’s P/OP ratio increased from 2018 to 2019 and from 2019 to 2020.

Danaher Corp., historical P/S calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
No. shares of common stock outstanding¹	712,204,198	696,237,113	701,875,340	697,569,470	693,280,277
Selected Financial Data (US$)
Sales (in millions)	22,284	17,911	19,893	18,330	16,882
Sales per share²	31.29	25.73	28.34	26.28	24.35
Share price^1, 3	219.26	161.88	112.43	97.35	84.80
Valuation Ratio
P/S ratio⁴	7.01	6.29	3.97	3.70	3.48
Benchmarks
P/S Ratio, Competitors⁵
Abbott Laboratories	6.30	4.83	4.37	3.84	3.70
Anthem Inc.	0.60	0.74	0.88	0.67	0.51
Becton, Dickinson & Co.	3.85	4.07	4.06	4.23	2.87
Boston Scientific Corp.	5.54	5.19	5.62	4.08	3.98
Bristol-Myers Squibb Co.	3.16	5.52	3.67	5.02	4.72
CVS Health Corp.	0.35	0.37	0.39	0.38	0.45
Edwards Lifesciences Corp.	12.48	11.09	9.92	8.18	6.43
Intuitive Surgical Inc.	21.29	15.01	16.06	14.96	10.11
Medtronic PLC	4.36	4.36	3.92	4.06	4.07
Stryker Corp.	6.43	5.49	4.95	4.46	4.06
UnitedHealth Group Inc.	1.24	1.18	1.12	1.10	0.83
P/S Ratio, Sector
Health Care Equipment & Services	1.79	1.75	1.67	1.58	1.37
P/S Ratio, Industry
Health Care	2.80	2.67	2.65	2.60	2.37

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Sales per share = Sales ÷ No. shares of common stock outstanding
= 22,284,000,000 ÷ 712,204,198 = 31.29

³ Closing price as at the filing date of Danaher Corp.’s Annual Report.

⁴ 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 219.26 ÷ 31.29 = 7.01

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Danaher Corp.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.

Danaher Corp., historical P/BV calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
No. shares of common stock outstanding¹	712,204,198	696,237,113	701,875,340	697,569,470	693,280,277
Selected Financial Data (US$)
Total Danaher stockholders’ equity (in millions)	39,766	30,271	28,214	26,358	23,003
Book value per share (BVPS)²	55.84	43.48	40.20	37.79	33.18
Share price^1, 3	219.26	161.88	112.43	97.35	84.80
Valuation Ratio
P/BV ratio⁴	3.93	3.72	2.80	2.58	2.56
Benchmarks
P/BV Ratio, Competitors⁵
Abbott Laboratories	6.65	4.96	4.38	3.40	3.76
Anthem Inc.	2.19	2.42	2.82	2.24	1.72
Becton, Dickinson & Co.	2.78	3.34	3.09	3.95	4.69
Boston Scientific Corp.	3.58	4.02	6.33	5.26	4.96
Bristol-Myers Squibb Co.	3.55	2.80	5.89	8.88	5.66
CVS Health Corp.	1.33	1.47	1.29	1.88	2.15
Edwards Lifesciences Corp.	11.97	11.62	11.76	9.51	7.28
Intuitive Surgical Inc.	9.53	8.13	8.96	9.91	4.73
Medtronic PLC	2.48	2.66	2.31	2.40	2.25
Stryker Corp.	7.05	6.38	5.74	5.56	4.82
UnitedHealth Group Inc.	4.83	4.92	4.89	4.59	3.98
P/BV Ratio, Sector
Health Care Equipment & Services	3.73	3.51	3.53	3.59	3.20
P/BV Ratio, Industry
Health Care	5.03	4.81	4.80	4.44	4.01

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
BVPS = Total Danaher stockholders’ equity ÷ No. shares of common stock outstanding
= 39,766,000,000 ÷ 712,204,198 = 55.84

³ Closing price as at the filing date of Danaher Corp.’s Annual Report.

⁴ 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 219.26 ÷ 55.84 = 3.93

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Danaher Corp.’s P/BV ratio increased from 2018 to 2019 and from 2019 to 2020.

Danaher Corp. (NYSE:DHR)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)