Common Stock Valuation Ratios (Price Multiples)
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).
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Danaher Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Aggregate Accruals
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Current Valuation Ratios
Danaher Corp., current price multiples
| Danaher Corp. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | |||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||
| Growth rate (g) | |||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||
| Next year expected EPS | |||||||||||||||||
| Operating profit per share | |||||||||||||||||
| Sales per share | |||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | |||||||||||||||||
| Price to next year expected earnings | |||||||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||||||
| Price to operating profit (P/OP) | |||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
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
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 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), 10-K (reporting date: 2020-12-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited a declining trend from 44.49 in 2020 to 25.65 in 2022, reflecting an improvement in earnings relative to the stock price. However, there was a notable increase to 39.09 in 2023, followed by a slight decrease to 38.12 in 2024. This suggests a period of increased market valuation relative to earnings after 2022, indicating changing investor perception or earnings volatility.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio decreased significantly from 36.91 in 2020 to 20.97 in 2022, indicating improving operating profitability or a more attractive valuation relative to operating profit. Thereafter, the ratio increased sharply to 35.64 in 2023 before declining somewhat to 30.56 in 2024. This pattern aligns with the fluctuations observed in the P/E ratio and reflects variations in operating profitability or market pricing.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio showed a generally downward trajectory from 7.01 in 2020 to 5.79 in 2022, suggesting that the market price became less expensive relative to sales over this period. In 2023, this ratio rose to 7.76, representing a peak above the 2020 level, then declined again to 6.23 in 2024. The variations imply fluctuating investor valuation relative to revenue generation across these years.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio demonstrated a gradual decrease from 3.93 in 2020 to 3.64 in 2022, followed by continued decline to 3.47 in 2023 and further to 3.00 in 2024. This steady downward trend suggests a reduction in market valuation relative to net asset value, possibly reflecting increased book equity or market repricing of the company’s asset base over time.
Price to Earnings (P/E)
Danaher Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings attributable to common stockholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net earnings attributable to common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price increased steadily from 219.26 US$ at the end of 2020 to a peak of 262.39 US$ in 2021. Subsequently, it experienced a slight decline to 250.11 US$ in 2022, remaining nearly stable in 2023 at 250.65 US$. However, a notable decrease occurred in 2024, with the share price dropping to 207.95 US$.
- Earnings Per Share (EPS)
- EPS showed a strong upward trend from 4.93 US$ in 2020 to 8.76 US$ in 2021, continuing to rise to 9.75 US$ in 2022. After peaking in 2022, EPS declined significantly in 2023 to 6.41 US$ and further decreased to 5.46 US$ in 2024.
- Price to Earnings (P/E) Ratio
- The P/E ratio decreased from a high of 44.49 in 2020 to 29.94 in 2021 and further lowered to 25.65 in 2022, indicating a relatively higher increase in earnings compared to share price. From 2023 onward, the P/E ratio rose again, reaching 39.09 in 2023 and slightly tapering to 38.12 in 2024, reflecting lower earnings growth relative to share price.
Price to Operating Profit (P/OP)
Danaher Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating profit (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Operating profit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed an overall increasing trend from 219.26 US$ in 2020 to a peak of 262.39 US$ in 2021, followed by a slight decline to 250.11 US$ in 2022. The price remained relatively stable in 2023 at 250.65 US$, but then decreased significantly to 207.95 US$ in 2024. This indicates a period of growth culminating in 2021, with subsequent fluctuations and a notable downward adjustment in the most recent year.
- Operating Profit Per Share (OPPS)
- The operating profit per share showed a strong upward trajectory from 5.94 US$ in 2020 to 11.92 US$ in 2022, more than doubling over this span. However, in 2023, OPPS declined sharply to 7.03 US$ and further decreased slightly to 6.80 US$ in 2024. This suggests that profitability per share improved substantially during the initial years but faced challenges or reduced efficiency in the latter periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio decreased from 36.91 in 2020 to 20.97 in 2022, indicating an increasing valuation of operating profit relative to share price. In 2023, the ratio rose markedly to 35.64, followed by a moderate decline to 30.56 in 2024. The initial downward trend implies growing investor confidence in the company's operating profitability. The subsequent rise signals a potential market revaluation or concerns regarding future profit sustainability.
- Summary of Observations
- Overall, the company experienced significant growth both in market valuation and operating profit per share through the first three years, peaking around 2021-2022. However, the years 2023 and 2024 reveal signs of deceleration in profitability, reflected by decreasing operating profit per share and share price. The P/OP ratio's fluctuation further suggests evolving investor sentiment, possibly reflecting uncertainty or recalibration of growth prospects. This combination points toward a recent period of adjustment after a phase of strong performance.
Price to Sales (P/S)
Danaher Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several notable trends in share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price exhibited an upward trend from 219.26 US$ in 2020 to a peak of 262.39 US$ in 2021. Following this peak, there was a gradual decline to 250.11 US$ in 2022 and remained relatively stable at 250.65 US$ in 2023. However, the share price fell more significantly to 207.95 US$ in 2024, representing a notable reduction relative to previous years.
- Sales per Share
- Sales per share increased significantly from 31.29 US$ in 2020 to 41.17 US$ in 2021, continuing to rise slightly to 43.2 US$ in 2022. However, this momentum reversed in 2023 with a sharp decrease to 32.3 US$, followed by a modest rise to 33.41 US$ in 2024. The pattern indicates a peak around 2021-2022, with a subsequent decline in sales per share thereafter.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed a downward trend from 7.01 in 2020 to 5.79 in 2022, signaling that share prices were decreasing relative to sales per share during this period. Contrarily, the P/S ratio increased sharply to 7.76 in 2023, suggesting a rise in share price valuation relative to sales despite the drop in sales per share. In 2024, the ratio decreased again to 6.23, which aligns more closely with the earlier downward trend but remains elevated compared to 2022.
Overall, the data reflects a cycle where sales per share peaked in 2022 and then declined, while the share price experienced volatility but showed a significant drop in 2024. The P/S ratio movements imply fluctuating investor valuation multiples, with a peak in 2023 potentially indicating overvaluation compared to sales before adjusting downwards in 2024. These patterns could suggest market reactions to earnings performance and changing investor expectations over the period analyzed.
Price to Book Value (P/BV)
Danaher Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Danaher stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
BVPS = Total Danaher stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed an upward trend from 219.26 USD in 2020 to a peak of 262.39 USD in 2021. However, it subsequently declined to 250.11 USD in 2022 and stabilized slightly at 250.65 USD in 2023. By 2024, the share price experienced a further decrease, falling to 207.95 USD. Overall, the share price demonstrated volatility with an initial rise followed by a downward trend over the five-year period.
- Book Value per Share (BVPS)
- The book value per share consistently increased from 55.84 USD in 2020 to 72.31 USD in 2023, indicating steady growth in the company's net asset value per share. In 2024, however, there was a slight decline to 69.32 USD, suggesting a minor reduction in net asset value or changes in the equity base. Despite this small decrease, the overall trend indicates underlying asset strength over the period.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio decreased from 3.93 in 2020 to 3.00 in 2024. This decline reflects a relative contraction in the market valuation compared to the book value of the company. It aligns with the falling share price and the increasing then slightly decreasing book value per share, indicating that the market's valuation premium over the company's net assets has been diminishing steadily.
In summary, the data points to a company whose underlying book value per share has generally increased, signaling asset growth and potential improvement in equity strength, although this growth slightly tapered in the latest period. Meanwhile, the share price peaked early in the series before experiencing a decline, leading to a consistent reduction in the price-to-book ratio. This suggests a waning market enthusiasm or increased risk perception relative to the company's book value over the observed period.