Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Danaher Corp., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
| 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. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| 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. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| 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. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Danaher Corp. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
Price to Earnings (P/E)
Danaher Corp., historical P/E calculation (quarterly data)
| Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | Dec 31, 2019 | Sep 27, 2019 | Jun 28, 2019 | Mar 29, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,701,725 | 738,927,107 | 738,352,114 | 737,898,789 | 728,576,886 | 727,962,702 | 727,445,355 | 727,076,766 | 715,352,586 | 714,576,868 | 713,899,565 | 713,278,866 | 712,204,198 | 710,377,467 | 709,408,837 | 697,511,185 | 696,237,113 | 718,281,174 | 717,367,599 | 715,933,649 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net earnings attributable to common stockholders (in millions) | 1,079) | 1,129) | 1,106) | 1,429) | 2,210) | 1,551) | 1,658) | 1,684) | 1,747) | 1,117) | 1,744) | 1,661) | 1,199) | 842) | 893) | 576) | 1,256) | 648) | 709) | 327) | ||||||
| Earnings per share (EPS)2 | 6.41 | 7.95 | 8.53 | 9.28 | 9.75 | 9.12 | 8.53 | 8.65 | 8.76 | 8.01 | 7.63 | 6.44 | 4.93 | 5.02 | 4.75 | 4.57 | 4.22 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 250.65 | 196.84 | 255.70 | 231.99 | 250.11 | 243.08 | 279.23 | 278.24 | 262.39 | 310.74 | 288.96 | 252.92 | 219.26 | 233.98 | 199.22 | 163.98 | 161.88 | 136.44 | 143.00 | 126.77 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 39.09 | 24.76 | 29.99 | 25.00 | 25.65 | 26.65 | 32.73 | 32.15 | 29.94 | 38.81 | 37.87 | 39.26 | 44.49 | 46.61 | 41.91 | 35.88 | 38.34 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | 34.57 | 31.95 | 36.16 | 33.21 | 26.76 | 21.95 | 22.24 | 25.48 | 29.13 | 31.42 | 33.80 | 36.79 | 48.49 | 58.45 | 58.36 | 45.61 | 41.83 | — | — | — | ||||||
| Cigna Group | 19.03 | 17.59 | 12.80 | 11.43 | 13.13 | 14.99 | 15.60 | 15.72 | 13.43 | 8.43 | 8.60 | 10.62 | 8.71 | 14.60 | 12.08 | 13.82 | 13.26 | — | — | — | ||||||
| CVS Health Corp. | 11.47 | 10.28 | 33.58 | 22.61 | 27.53 | 40.34 | 16.30 | 16.49 | 17.39 | 16.78 | 14.94 | 14.44 | 12.88 | 10.69 | 10.20 | 10.94 | 14.15 | — | — | — | ||||||
| Elevance Health Inc. | 19.80 | 18.14 | 17.03 | 17.46 | 19.20 | 18.75 | 18.07 | 20.46 | 18.13 | 18.65 | 22.10 | 19.99 | 15.87 | 14.35 | 11.97 | 14.80 | 15.96 | — | — | — | ||||||
| Humana Inc. | 17.64 | 19.98 | 17.74 | 20.27 | 22.52 | 25.24 | 19.26 | 18.48 | 18.34 | 22.09 | 22.82 | 15.20 | 14.48 | 13.49 | 15.26 | 19.09 | 18.10 | — | — | — | ||||||
| Intuitive Surgical Inc. | 74.11 | 61.96 | 79.78 | 79.43 | 64.99 | 56.03 | 52.74 | 55.10 | 59.94 | 71.86 | 69.15 | 89.95 | 87.47 | 82.17 | 70.73 | 44.27 | 48.72 | — | — | — | ||||||
| Medtronic PLC | 30.94 | 26.88 | 24.40 | 22.61 | 23.38 | 29.39 | 30.66 | 46.71 | 46.56 | 55.13 | 42.80 | 32.34 | 26.30 | 25.38 | 31.86 | 32.75 | 28.78 | 25.11 | 57.38 | 41.16 | ||||||
| Shockwave Medical Inc. | 65.99 | 32.51 | 36.96 | 41.86 | 32.02 | 113.90 | 144.94 | 143.13 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 20.53 | 22.75 | 22.15 | 22.01 | 22.46 | 26.13 | 27.70 | 27.29 | 26.03 | 27.92 | 27.41 | 23.06 | 20.54 | 17.70 | 16.88 | 19.91 | 20.48 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net earnings attributable to common stockholdersQ4 2023
+ Net earnings attributable to common stockholdersQ3 2023
+ Net earnings attributable to common stockholdersQ2 2023
+ Net earnings attributable to common stockholdersQ1 2023)
÷ No. shares of common stock outstanding
= (1,079,000,000 + 1,129,000,000 + 1,106,000,000 + 1,429,000,000)
÷ 739,701,725 = 6.41
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 250.65 ÷ 6.41 = 39.09
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. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Operating Profit (P/OP)
Danaher Corp., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | Dec 31, 2019 | Sep 27, 2019 | Jun 28, 2019 | Mar 29, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,701,725 | 738,927,107 | 738,352,114 | 737,898,789 | 728,576,886 | 727,962,702 | 727,445,355 | 727,076,766 | 715,352,586 | 714,576,868 | 713,899,565 | 713,278,866 | 712,204,198 | 710,377,467 | 709,408,837 | 697,511,185 | 696,237,113 | 718,281,174 | 717,367,599 | 715,933,649 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating profit (in millions) | 541) | 1,438) | 1,429) | 1,794) | 2,296) | 2,015) | 2,205) | 2,172) | 2,154) | 1,309) | 2,005) | 1,997) | 1,601) | 1,088) | 845) | 698) | 962) | 776) | 812) | 720) | ||||||
| Operating profit per share2 | 7.03 | 9.42 | 10.20 | 11.26 | 11.92 | 11.74 | 10.78 | 10.51 | 10.44 | 9.67 | 9.37 | 7.75 | 5.94 | 5.06 | 4.62 | 4.66 | 4.70 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 250.65 | 196.84 | 255.70 | 231.99 | 250.11 | 243.08 | 279.23 | 278.24 | 262.39 | 310.74 | 288.96 | 252.92 | 219.26 | 233.98 | 199.22 | 163.98 | 161.88 | 136.44 | 143.00 | 126.77 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 35.64 | 20.91 | 25.06 | 20.60 | 20.97 | 20.71 | 25.91 | 26.48 | 25.14 | 32.12 | 30.83 | 32.62 | 36.91 | 46.28 | 43.09 | 35.22 | 34.47 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | 30.54 | 27.48 | 30.47 | 27.70 | 22.18 | 18.35 | 18.63 | 21.33 | 24.45 | 26.84 | 29.01 | 31.39 | 40.69 | 45.82 | 45.19 | 35.87 | 34.03 | — | — | — | ||||||
| Cigna Group | 11.51 | 11.38 | 10.51 | 9.34 | 10.40 | 12.05 | 10.20 | 10.40 | 9.08 | 9.12 | 9.28 | 11.13 | 9.03 | 9.24 | 7.58 | 8.59 | 8.38 | — | — | — | ||||||
| CVS Health Corp. | 6.96 | 6.32 | 15.41 | 11.67 | 14.75 | 20.01 | 9.97 | 10.06 | 10.43 | 9.43 | 7.87 | 7.61 | 6.65 | 5.89 | 5.98 | 6.19 | 7.83 | — | — | — | ||||||
| Elevance Health Inc. | 15.57 | 14.38 | 13.36 | 13.61 | 15.05 | 15.30 | 14.72 | 17.53 | 15.70 | 15.81 | 19.93 | 15.79 | 12.10 | 10.93 | 9.03 | 11.95 | 13.55 | — | — | — | ||||||
| Humana Inc. | 10.94 | 13.43 | 13.47 | 14.93 | 16.63 | 18.96 | 18.96 | 17.45 | 17.08 | 21.55 | 14.39 | 11.02 | 9.78 | 9.84 | 11.28 | 14.59 | 15.35 | — | — | — | ||||||
| Intuitive Surgical Inc. | 75.42 | 55.63 | 70.08 | 66.95 | 54.49 | 46.65 | 44.54 | 49.98 | 56.11 | 67.95 | 69.51 | 89.18 | 88.37 | 83.88 | 71.30 | 43.68 | 48.89 | — | — | — | ||||||
| Medtronic PLC | 21.20 | 19.53 | 17.99 | 19.55 | 20.48 | 25.40 | 27.20 | 38.83 | 37.44 | 49.88 | 42.55 | 35.86 | 26.29 | 21.01 | 23.52 | 22.21 | 21.26 | 19.74 | 21.13 | 20.04 | ||||||
| Shockwave Medical Inc. | 61.09 | 50.11 | 59.55 | 67.78 | 55.72 | 104.78 | 129.04 | 129.69 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 14.20 | 15.63 | 15.33 | 15.41 | 15.89 | 18.75 | 19.96 | 19.69 | 18.77 | 19.63 | 19.05 | 16.12 | 14.12 | 12.35 | 11.85 | 13.80 | 14.40 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating profitQ4 2023
+ Operating profitQ3 2023
+ Operating profitQ2 2023
+ Operating profitQ1 2023)
÷ No. shares of common stock outstanding
= (541,000,000 + 1,438,000,000 + 1,429,000,000 + 1,794,000,000)
÷ 739,701,725 = 7.03
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 250.65 ÷ 7.03 = 35.64
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. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Sales (P/S)
Danaher Corp., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | Dec 31, 2019 | Sep 27, 2019 | Jun 28, 2019 | Mar 29, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,701,725 | 738,927,107 | 738,352,114 | 737,898,789 | 728,576,886 | 727,962,702 | 727,445,355 | 727,076,766 | 715,352,586 | 714,576,868 | 713,899,565 | 713,278,866 | 712,204,198 | 710,377,467 | 709,408,837 | 697,511,185 | 696,237,113 | 718,281,174 | 717,367,599 | 715,933,649 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Sales (in millions) | 2,693) | 6,873) | 7,157) | 7,167) | 8,369) | 7,663) | 7,751) | 7,688) | 8,148) | 7,229) | 7,218) | 6,858) | 6,760) | 5,883) | 5,297) | 4,343) | 4,868) | 4,378) | 4,445) | 4,220) | ||||||
| Sales per share2 | 32.30 | 40.01 | 41.11 | 41.94 | 43.20 | 42.93 | 42.36 | 41.65 | 41.17 | 39.28 | 37.43 | 34.77 | 31.29 | 28.71 | 26.62 | 25.85 | 25.73 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 250.65 | 196.84 | 255.70 | 231.99 | 250.11 | 243.08 | 279.23 | 278.24 | 262.39 | 310.74 | 288.96 | 252.92 | 219.26 | 233.98 | 199.22 | 163.98 | 161.88 | 136.44 | 143.00 | 126.77 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 7.76 | 4.92 | 6.22 | 5.53 | 5.79 | 5.66 | 6.59 | 6.68 | 6.37 | 7.91 | 7.72 | 7.27 | 7.01 | 8.15 | 7.48 | 6.34 | 6.29 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | 4.93 | 4.13 | 4.64 | 4.64 | 4.25 | 3.85 | 4.18 | 4.42 | 4.78 | 5.38 | 5.36 | 5.64 | 6.30 | 6.13 | 5.77 | 5.09 | 4.83 | — | — | — | ||||||
| Cigna Group | 0.51 | 0.49 | 0.46 | 0.42 | 0.49 | 0.55 | 0.48 | 0.48 | 0.42 | 0.42 | 0.42 | 0.55 | 0.46 | 0.50 | 0.41 | 0.45 | 0.44 | — | — | — | ||||||
| CVS Health Corp. | 0.27 | 0.26 | 0.29 | 0.27 | 0.36 | 0.40 | 0.43 | 0.44 | 0.47 | 0.45 | 0.39 | 0.40 | 0.35 | 0.32 | 0.32 | 0.30 | 0.37 | — | — | — | ||||||
| Elevance Health Inc. | 0.70 | 0.66 | 0.66 | 0.68 | 0.74 | 0.77 | 0.75 | 0.89 | 0.81 | 0.78 | 0.73 | 0.76 | 0.60 | 0.61 | 0.63 | 0.65 | 0.74 | — | — | — | ||||||
| Humana Inc. | 0.42 | 0.59 | 0.61 | 0.66 | 0.68 | 0.78 | 0.68 | 0.65 | 0.65 | 0.73 | 0.71 | 0.73 | 0.64 | 0.76 | 0.76 | 0.74 | 0.76 | — | — | — | ||||||
| Intuitive Surgical Inc. | 18.71 | 13.72 | 17.06 | 16.21 | 13.81 | 12.62 | 12.69 | 15.34 | 17.89 | 22.12 | 21.73 | 23.19 | 21.29 | 20.09 | 18.44 | 13.33 | 15.01 | — | — | — | ||||||
| Medtronic PLC | 3.72 | 3.55 | 3.42 | 3.79 | 3.72 | 4.54 | 4.54 | 5.74 | 5.57 | 5.71 | 5.43 | 5.11 | 4.36 | 4.34 | 4.82 | 4.72 | 4.36 | 4.04 | 4.27 | 4.35 | ||||||
| Shockwave Medical Inc. | 13.31 | 11.81 | 14.62 | 18.07 | 14.12 | 23.32 | 21.91 | 13.88 | 26.40 | 47.87 | 51.28 | 55.81 | 60.01 | 50.01 | 34.78 | 24.98 | 21.46 | — | — | — | ||||||
| UnitedHealth Group Inc. | 1.25 | 1.39 | 1.35 | 1.37 | 1.40 | 1.62 | 1.66 | 1.61 | 1.58 | 1.55 | 1.47 | 1.49 | 1.24 | 1.18 | 1.17 | 1.12 | 1.18 | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (SalesQ4 2023
+ SalesQ3 2023
+ SalesQ2 2023
+ SalesQ1 2023)
÷ No. shares of common stock outstanding
= (2,693,000,000 + 6,873,000,000 + 7,157,000,000 + 7,167,000,000)
÷ 739,701,725 = 32.30
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 250.65 ÷ 32.30 = 7.76
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. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Book Value (P/BV)
Danaher Corp., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | Dec 31, 2019 | Sep 27, 2019 | Jun 28, 2019 | Mar 29, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,701,725 | 738,927,107 | 738,352,114 | 737,898,789 | 728,576,886 | 727,962,702 | 727,445,355 | 727,076,766 | 715,352,586 | 714,576,868 | 713,899,565 | 713,278,866 | 712,204,198 | 710,377,467 | 709,408,837 | 697,511,185 | 696,237,113 | 718,281,174 | 717,367,599 | 715,933,649 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Total Danaher stockholders’ equity (in millions) | 53,486) | 52,407) | 51,716) | 51,478) | 50,082) | 46,985) | 46,594) | 46,356) | 45,167) | 43,451) | 42,756) | 40,419) | 39,766) | 37,961) | 36,262) | 31,055) | 30,271) | 32,502) | 32,201) | 31,557) | ||||||
| Book value per share (BVPS)2 | 72.31 | 70.92 | 70.04 | 69.76 | 68.74 | 64.54 | 64.05 | 63.76 | 63.14 | 60.81 | 59.89 | 56.67 | 55.84 | 53.44 | 51.12 | 44.52 | 43.48 | 45.25 | 44.89 | 44.08 | ||||||
| Share price1, 3 | 250.65 | 196.84 | 255.70 | 231.99 | 250.11 | 243.08 | 279.23 | 278.24 | 262.39 | 310.74 | 288.96 | 252.92 | 219.26 | 233.98 | 199.22 | 163.98 | 161.88 | 136.44 | 143.00 | 126.77 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 3.47 | 2.78 | 3.65 | 3.33 | 3.64 | 3.77 | 4.36 | 4.36 | 4.16 | 5.11 | 4.82 | 4.46 | 3.93 | 4.38 | 3.90 | 3.68 | 3.72 | 3.02 | 3.19 | 2.88 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | 5.12 | 4.40 | 5.02 | 5.21 | 5.06 | 4.85 | 5.21 | 5.56 | 5.75 | 6.61 | 6.38 | 6.27 | 6.65 | 6.30 | 5.94 | 5.40 | 4.96 | 4.65 | 4.86 | 4.49 | ||||||
| Cigna Group | 2.13 | 2.04 | 1.87 | 1.73 | 1.95 | 2.20 | 1.86 | 1.84 | 1.53 | 1.49 | 1.44 | 1.86 | 1.46 | 1.61 | 1.34 | 1.51 | 1.49 | 1.49 | 1.44 | 1.42 | ||||||
| CVS Health Corp. | 1.25 | 1.19 | 1.35 | 1.26 | 1.61 | 1.80 | 1.77 | 1.79 | 1.83 | 1.71 | 1.47 | 1.51 | 1.33 | 1.24 | 1.24 | 1.21 | 1.47 | 1.47 | 1.23 | 1.25 | ||||||
| Elevance Health Inc. | 3.02 | 2.87 | 2.86 | 2.90 | 3.19 | 3.24 | 3.08 | 3.55 | 3.07 | 2.88 | 2.67 | 2.78 | 2.19 | 2.10 | 2.06 | 2.23 | 2.42 | 2.13 | 2.40 | 2.15 | ||||||
| Humana Inc. | 2.70 | 3.55 | 3.56 | 3.81 | 4.13 | 4.36 | 3.91 | 3.66 | 3.34 | 3.63 | 3.82 | 3.99 | 3.55 | 3.55 | 3.71 | 4.04 | 4.07 | 3.48 | 3.38 | 3.07 | ||||||
| Intuitive Surgical Inc. | 10.01 | 7.49 | 9.57 | 9.29 | 7.78 | 6.71 | 6.29 | 7.48 | 8.59 | 10.64 | 10.35 | 10.40 | 9.53 | 9.35 | 9.19 | 7.22 | 8.13 | 8.43 | 8.49 | 8.68 | ||||||
| Medtronic PLC | 2.26 | 2.12 | 2.03 | 2.23 | 2.24 | 2.75 | 2.77 | 3.52 | 3.26 | 3.14 | 3.02 | 2.84 | 2.48 | 2.60 | 2.94 | 2.87 | 2.66 | 2.48 | 2.62 | 2.59 | ||||||
| Shockwave Medical Inc. | 14.53 | 13.19 | 14.61 | 17.65 | 13.53 | 28.17 | 26.12 | 15.49 | 25.89 | 38.17 | 32.02 | 23.09 | 18.03 | 12.53 | 7.25 | 7.15 | 4.78 | 8.90 | 9.91 | 10.55 | ||||||
| UnitedHealth Group Inc. | 5.18 | 5.84 | 5.68 | 5.60 | 5.81 | 6.80 | 6.94 | 6.54 | 6.27 | 6.13 | 5.76 | 5.86 | 4.83 | 4.54 | 4.53 | 4.81 | 4.92 | 4.32 | 4.40 | 4.37 | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Total Danaher stockholders’ equity ÷ No. shares of common stock outstanding
= 53,486,000,000 ÷ 739,701,725 = 72.31
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 250.65 ÷ 72.31 = 3.47
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 required rate of return and its actual rate of return. | Danaher Corp. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |