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).
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Danaher Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 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).
The valuation multiples for Danaher Corp. from April 2022 through March 2026 exhibit a period of initial contraction, a significant expansion phase in 2024, and a subsequent stabilization or correction phase moving into early 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio began the period at 32.15 and experienced a gradual decline to a low of 24.76 by September 2023. A sharp valuation expansion occurred starting in December 2023, with the ratio peaking at 48.49 in September 2024. Following this peak, the multiple entered a period of volatility, fluctuating between 36.51 and 44.52 throughout 2025, before settling at 37.32 by March 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the trajectory of the P/E ratio. After decreasing from 26.48 in early 2022 to approximately 20.71 in late 2022, the ratio rose significantly in late 2023 and early 2024, reaching a maximum of 39.52 in September 2024. The ratio subsequently corrected and stabilized, ending the analyzed period at 28.93.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable between 5.63 and 6.77 through most of 2022 and 2023. A distinct spike occurred between December 2023 and June 2024, where the ratio climbed to a peak of 8.10. A consistent downward trend followed this peak, with the ratio contracting to 5.56 by March 2026, representing a return to, and slight dip below, early 2022 levels.
- Price to Book Value (P/BV) Ratio
- Unlike the earnings and sales metrics, the P/BV ratio demonstrated a sustained long-term downward trend. Starting at 4.36 in April 2022, the ratio declined steadily, reaching 2.78 in September 2023. While a brief recovery occurred in mid-2024, the ratio continued to compress, hitting a low of 2.60 in June 2025 and remaining at that level through March 2026.
Overall, the data indicates a significant valuation premium was applied to the company during 2024 across earnings, operating profit, and sales metrics. However, the persistent decline in the P/BV ratio suggests a decoupling between the market price and the company's book value over the four-year period.
Price to Earnings (P/E)
Danaher Corp., historical P/E calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings attributable to common stockholdersQ1 2026
+ Net earnings attributable to common stockholdersQ4 2025
+ Net earnings attributable to common stockholdersQ3 2025
+ Net earnings attributable to common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation metrics from April 2022 through March 2026 reveals a significant divergence between earnings performance and market valuation multiples. While earnings experienced a steady decline over the period, the price-to-earnings ratio expanded substantially, indicating a shift in market sentiment or future growth expectations.
- Earnings Per Share (EPS) Performance
- A sustained downward trajectory in earnings is observed beginning in early 2023. EPS peaked at 9.75 USD in December 2022 before entering a period of contraction. The most significant decline occurred between December 2023 (6.41 USD) and June 2024 (5.82 USD), eventually reaching a low of 4.77 USD in June 2025. By March 2026, earnings showed signs of stabilization at 5.21 USD, though this remains approximately 46% lower than the 2022 peak.
- Share Price Volatility
- The share price exhibited notable volatility throughout the observed timeframe. An initial period of relative stability around the 270-280 USD range was followed by a sharp decline to 196.84 USD in September 2023. A recovery phase ensued, with the price peaking at 264.18 USD in June 2024. However, the price trended downward again in late 2024 and early 2025, eventually stabilizing between 194.54 USD and 220.77 USD.
- Price-to-Earnings (P/E) Ratio Expansion
- The P/E ratio underwent a structural shift in valuation. From April 2022 to September 2023, the ratio remained relatively moderate, fluctuating between 24.76 and 32.73. Starting in December 2023, a period of rapid multiple expansion occurred, with the P/E ratio climbing from 39.09 to a peak of 48.49 by September 2024. This expansion occurred despite falling earnings, suggesting that the market attributed a higher premium to the stock regardless of the decline in nominal EPS.
- Correlation Analysis
- A negative correlation is observed between EPS and the P/E ratio during the latter half of the period. From December 2023 onward, as EPS trended lower, the P/E ratio generally moved higher. This indicates that the share price did not decline in proportion to the earnings drop, resulting in an inflated valuation multiple. For the final year of the analysis, the P/E ratio remained elevated, averaging approximately 40x, compared to the 25x-30x range observed in 2022.
Price to Operating Profit (P/OP)
Danaher Corp., historical P/OP calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025
+ Operating profitQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits a notable divergence between share price movements and operating profitability over the analyzed period. While the share price experienced significant volatility, the operating profit per share underwent a sustained contraction before reaching a plateau, resulting in a substantial expansion of the Price to Operating Profit (P/OP) ratio during the middle of the period.
- Share Price Performance
- The share price demonstrated a volatile downward trend, starting at 278.24 in April 2022 and reaching a low of 189.91 by June 2025. Although temporary recoveries were observed, such as the increase to 220.77 in September 2025, the price ended the period at 194.54, reflecting a general decline in market valuation.
- Operating Profitability Trends
- A consistent reduction in operating profit per share is observed. Profitability peaked at 11.92 in December 2022 before entering a steady decline, falling to 7.03 by December 2023. From March 2024 through March 2026, operating profits stabilized within a narrow range between 6.17 and 6.93, indicating a transition from a period of contraction to a phase of operational stagnation.
- P/OP Ratio Dynamics
- The P/OP ratio evolved through three distinct phases. Between April 2022 and September 2023, the ratio remained relatively moderate, ranging from 20.71 to 27.01. A period of significant valuation expansion followed, with the ratio climbing sharply from 35.64 in December 2023 to a peak of 39.52 in September 2024; this spike indicates that the share price did not decline as rapidly as the operating profits. In the final phase, from December 2024 to March 2026, the ratio corrected and stabilized between 28.49 and 33.80.
Price to Sales (P/S)
Danaher Corp., historical P/S calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025
+ SalesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Sales (P/S) ratio reveals a period of valuation volatility characterized by a decoupled relationship between share price and sales per share, particularly during the first half of 2024.
- Sales per Share Trends
- Revenue per share experienced a sustained decline from a peak of 43.20 USD in December 2022 to a trough of 32.05 USD in March 2024. Following this low point, a consistent recovery trend is observed, with sales per share rising incrementally to 35.01 USD by March 2026.
- Price to Sales Ratio Dynamics
- The P/S ratio exhibited significant fluctuations, starting at 6.68 in April 2022 and reaching a maximum of 8.10 in June 2024. After this peak, the ratio entered a downward trajectory, ultimately falling to 5.56 by March 2026, marking the lowest valuation multiple in the observed period.
- Valuation Divergence and Correlation
- A notable divergence is evident between March 2023 and June 2024. During this window, the P/S ratio expanded from 5.76 to 8.10 while sales per share remained near historical lows, ranging between 32.05 USD and 37.78 USD. This indicates that the share price increase during this period was not driven by fundamental revenue growth, but rather by market sentiment or expanded valuation multiples.
- Recent Valuation Compression
- From June 2024 through March 2026, a clear trend of valuation compression is observable. Despite the gradual improvement in sales per share, the P/S ratio declined from 8.10 to 5.56. This suggests a market correction where the share price decreased more rapidly than the growth in revenue per share could offset.
Price to Book Value (P/BV)
Danaher Corp., historical P/BV calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Total Danaher stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
An analysis of the valuation ratios indicates a consistent compression of the Price to Book Value (P/BV) ratio from April 2022 through March 2026. This contraction is characterized by a divergence between the steady growth of the company's net asset value and a general decline in market share price.
- Price to Book Value (P/BV) Trajectory
- The P/BV ratio experienced a notable downward trend, starting at a peak of 4.36 in the second quarter of 2022 and concluding at 2.60 by March 2026. While the ratio exhibited periods of volatility—including a recovery to 3.82 in June 2024—the long-term movement reflects a diminishing market premium relative to the accounting value of the company.
- Book Value per Share (BVPS) Expansion
- The Book Value per Share demonstrated consistent growth over the analyzed period, rising from 63.76 US$ in April 2022 to 74.81 US$ by March 2026. This steady increase indicates a strengthening of the company's equity base and an accumulation of net assets despite fluctuations in market valuation.
- Correlation Between Share Price and Valuation Multiple
- The contraction of the P/BV ratio is primarily driven by the decline in the share price, which fell from 278.24 US$ in April 2022 to 194.54 US$ by March 2026. The simultaneous occurrence of a falling share price and a rising book value has accelerated the reduction of the P/BV multiple, suggesting a market re-rating of the company's valuation relative to its tangible assets.