Danaher Corp. (NYSE:DHR)

Price to Earnings (P/E) Ratio

The P/E ratio shows notable fluctuations across the analyzed periods. Starting at 39.26, it exhibits a gradual decline reaching a low near 24.76 by the end of September 2023. Following this, there is a marked upward trend, peaking at 48.49 in September 2024. Subsequently, a decline occurs again, settling near the high 30s and low 40s towards mid and late 2025. These changes suggest varying investor sentiment regarding earnings expectations over time, with phases of optimism and caution alternating.

Price to Operating Profit (P/OP) Ratio

The P/OP ratio demonstrates a generally downward trajectory from 32.62 in early 2021 to a trough around 20.71-20.97 by late 2022. After this period, a recovery phase emerges, pushing the ratio up to nearly 39.52 in late 2024. A subsequent decline follows, stabilizing in the high 20s to low 30s in 2025. This pattern aligns somewhat with the P/E ratio's volatility, reflecting changing valuations relative to operating profitability.

Price to Sales (P/S) Ratio

The P/S ratio starts relatively stable around 7.27 to 7.91 in early 2021 and experiences a steady decrease dropping to approximately 5.63 by late 2023. A rebound is observed thereafter, peaking near 8.10 in mid-2024, then easing again to about 5.66-6.43 in 2025. These shifts indicate changing market valuation per sales dollar, possibly influenced by revenue growth expectations and market conditions.

Price to Book Value (P/BV) Ratio

The P/BV ratio shows a downward trend overall, beginning at 4.46 in early 2021 and declining steadily to a low near 2.60 by late 2025. Short-term fluctuations are present, such as a rise to around 3.82 in late 2024, but the general movement remains downward. This decrease suggests the market is attributing relatively less value to the company's net assets over time, which could reflect asset base growth outpaced by market capitalization changes or adjustments in investor perception of asset quality.

The analysis of the quarterly financial indicators reveals distinct trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.

Share Price

The share price exhibited notable fluctuations throughout the timeline. Initially, there was a general upward trajectory, peaking in October 2021 at approximately $310.74. This was followed by a decline towards the end of 2021 and early 2022. The price showed some recovery mid-2022 but then fell again drastically in late 2023 and early 2024, reaching a low around $192.07 to $196.84. A moderate rebound was observed towards the later part of the timeline, ending near $220.77 in September 2025. Overall, the share price demonstrates significant volatility with periods of both sharp increases and notable declines.

Earnings Per Share (EPS)

EPS generally increased from early 2021 to late 2022, rising from $6.44 to a peak of $9.75 in December 2022. However, after this peak, EPS entered a declining phase, falling steadily through 2023 and into 2025, reaching a low point of approximately $4.77 in September 2025. This pattern suggests that while earnings growth was strong initially, the company faced challenges that reduced profitability in the latter periods.

Price-to-Earnings (P/E) Ratio

The P/E ratio shows variability correlated partially to share price and EPS movements. Early on, the ratio hovered near the high 30s, fluctuating between 25 and 40. Notably, in late 2023 to early 2024, the P/E ratio increased significantly, peaking above 48 in December 2024. This rise occurred despite declining EPS, indicating that the share price did not fall proportionally or that investor expectations remained relatively high. Toward the end of the timeline, the ratio decreased slightly but remained elevated relative to earlier periods.

In summary, the data points to an initial phase of growth in both share price and earnings, followed by a period marked by declining earnings and increased volatility in share valuation metrics. The rising P/E ratio during declining EPS suggests a growing divergence between market valuation and underlying earnings performance, which may imply changing investor sentiment or market conditions impacting the stock's valuation independently of earnings trends.

Share Price Trends

The share price experienced fluctuations over the examined periods. Initially, it demonstrated an upward trajectory from $252.92 to a peak of $310.74 before declining to $250.11 by the end of 2022. Subsequently, the price showed volatility with notable decreases down to $192.07 in mid-2025, before a slight recovery to $220.77. Overall, the share price showed periods of increase followed by phases of decline and moderate recovery towards the latter dates.

Operating Profit Per Share Trends

Operating profit per share increased from $7.75 to a high of $11.92 during the first eight quarters, indicating improving profitability. Thereafter, it exhibited a declining trend down to around $6.17 by September 2025. The decrease after the peak suggests a contraction in operating profitability over the most recent periods, with some minor fluctuations around the downward trend.

Price to Operating Profit Ratio (P/OP) Trends

The P/OP ratio started at 32.62 and decreased to a low of 20.71 in the third quarter of 2022, reflecting a possibly more favorable valuation or improved operating profits relative to share price at that time. However, from late 2022 onward, the ratio increased significantly up to around 39.52 by late 2024, implying that the share price remained relatively high compared to operating profit per share. Toward mid-2025, the ratio moderated slightly to just above 30, coinciding with the drop in share price and operating profit per share.

Overall Analysis

The data reflects a cycle of early strength in both share price and operating profit, followed by a gradual weakening in profitability paired with increased valuation multiples before a return towards more moderate levels. The divergence between share price and operating profit in the later periods suggests market factors or investor sentiment influenced valuation above operational performance. The observed trends indicate the need for close monitoring of operating profit sustainability and market valuation dynamics.

The share price demonstrates notable fluctuations over the reported periods, with a peak around October 2021 followed by a general downward trend extending to late 2023. After this decline, there is partial recovery observed in early 2024, although the price does not return to previous highs. Subsequent periods reveal further declines and some volatility, indicating uncertainty or changing market perceptions.

Sales per share show an upward trajectory from early 2021 until the end of 2022, reaching a peak near that timeframe. Beginning in early 2023, sales per share experience a gradual decline through the year, stabilizing somewhat at a lower level but displaying minor fluctuations. This suggests a period of growth followed by a correction or slowing in sales performance on a per-share basis.

The Price-to-Sales (P/S) ratio exhibits significant variation over the periods. Initially, the ratio rises from early to late 2021, suggesting increasing market valuation relative to sales. However, from early 2022 onwards, the P/S ratio generally decreases and reaches its lowest points in late 2022 and mid-2023, indicating reduced market valuation relative to sales. A sharp increase in the P/S ratio is then observed in late 2023 and early 2024, possibly reflecting changes in investor sentiment or anticipated future growth. Later periods show a decline again, mirroring the fluctuations in share price and sales per share, which suggests the valuation is sensitive to recent performance and market dynamics.

Overall, the data reflect a period of share price appreciation early on, followed by volatility and a decrease, coupled with a sales per share trend that peaks and then moderates downward before stabilizing. The P/S ratio movements corroborate these trends, underscoring the dynamic interplay between market valuation and sales performance. These patterns may indicate market recalibration in response to changes in operational performance, investor expectations, or broader economic factors.

Share Price

Peaked around late 2021, followed by a general decline with intermittent recoveries through 2024 and 2025.

Sales Per Share

Increased steadily until early 2023, then experienced a gradual decrease and stabilization at a lower level.

Price-to-Sales Ratio (P/S)

Rose initially, then declined substantially through 2022 and mid-2023, before a sharp increase in late 2023 and subsequent fluctuations.

Share Price Trend

The share price exhibited notable volatility over the observed periods. Initially, the price increased from $252.92 to a peak of $310.74 within the first three quarters. Subsequently, a decline occurred, with the share price dropping to approximately $243.08 by the third quarter of 2022. Following this, fluctuations persisted, including a significant dip to $196.84 during the third quarter of 2023, before partially recovering to around $264.18 by mid-2024. The price then declined again towards the end of 2024 and the first three quarters of 2025, reaching a low near $189.91, before a modest recovery to $220.77 by the last quarter noted.

Book Value per Share (BVPS) Trend

The book value per share showed a consistent upward trend throughout the periods, growing from $56.67 initially to a peak of approximately $73.09 by the third quarter of 2025. Despite some minor fluctuations, including slight decreases after mid-2024, the overall movement was an increase, indicating gradual growth in the company's net asset value on a per-share basis over time.

Price-to-Book Value (P/BV) Ratio Trend

The price-to-book value ratio mirrored the volatility seen in the share price, initially rising from 4.46 to a high of 5.11, before experiencing a marked decline to a low of 2.60 by the third quarter of 2025. The ratio then showed some recovery, ending at 3.05 in the last period. This decline suggests that the market valuation of the share price relative to its book value per share decreased significantly over time, particularly after the peak period, indicating a possible reduction in market sentiment or expectations relative to the company’s net asset value.

Overall Insights

The data reveals that while the company's intrinsic book value per share steadily increased, the market price was subject to significant fluctuations, impacting the P/BV ratio considerably. This divergence suggests fluctuating investor confidence or external market influences affecting share price independently of the underlying book value growth. The declining P/BV ratio towards later periods may imply that the stock became comparatively undervalued relative to its book value, potentially indicating caution or skepticism from the market despite steady asset growth.