Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Danaher Corp. (NYSE:DHR)

Common Stock Valuation Ratios (Price Multiples)

Beginner level

Current Valuation Ratios

Danaher Corp., current price multiples

Microsoft Excel LibreOffice Calc
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.


Historical Valuation Ratios (Summary)

Danaher Corp., historical price multiples

Microsoft Excel LibreOffice Calc
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.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 price1, 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.