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Danaher Corp. (DHR)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

  • Annual Data
  • 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)

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    Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014 Dec 31, 2013 Sep 27, 2013 Jun 28, 2013 Mar 29, 2013
    Price to earnings (P/E) 27.06 27.78 27.25 26.31 26.25 25.00 23.02 22.23 16.01 18.64 17.85 19.34 23.34 23.15 23.69 19.12 19.64 19.95 19.74 – – –
    Price to operating profit (P/OP) 21.72 22.58 22.48 22.35 21.13 20.83 21.37 18.48 18.09 19.87 17.27 19.07 17.68 17.64 17.94 15.19 15.36 15.46 16.24 – – –
    Price to sales (P/S) 3.74 3.77 3.70 3.52 3.32 3.35 3.48 3.05 2.94 3.34 2.91 3.20 3.05 3.00 3.09 2.64 2.65 2.66 2.78 – – –
    Price to book value (P/BV) 2.65 2.61 2.58 2.47 2.35 2.42 2.56 2.39 2.24 2.70 2.53 2.79 2.53 2.57 2.63 2.20 2.19 2.24 2.38 2.37 2.32 2.04
    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 Q4 2017 to Q1 2018 but then declined significantly from Q1 2018 to Q2 2018.
    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 Q4 2017 to Q1 2018 but then declined significantly from Q1 2018 to Q2 2018.
    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 Q4 2017 to Q1 2018 but then slightly declined from Q1 2018 to Q2 2018.
    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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

    Price to Earnings (P/E)

    Danaher Corp., historical P/E calculation (quarterly data)

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    Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014 Dec 31, 2013 Sep 27, 2013 Jun 28, 2013 Mar 29, 2013
    No. shares of common stock outstanding1 699,754,843 698,572,727 697,569,470 695,605,257 694,689,883 694,120,308 693,280,277 691,702,118 690,538,430 688,695,451 687,154,521 685,285,314 683,488,074 707,525,745 705,777,722 702,691,595 700,684,075 699,532,283 698,482,191 697,199,830 695,568,931 692,707,073
    Selected Financial Data (USD $)
    Net earnings (in thousands) 673,800  566,600  856,600  572,100  557,300  506,100  747,000  391,600  656,700  758,400  688,600  1,403,300  695,700  569,800  661,700  680,600  676,400  579,700  789,300  597,000  616,800  691,900 
    Earnings per share (EPS)3 3.81 3.65 3.57 3.43 3.17 3.32 3.68 3.61 5.08 5.15 4.89 4.86 3.82 3.66 3.68 3.88 3.77 3.69 3.86 – – –
    Share price1, 2 103.20 101.50 97.35 90.10 83.20 82.89 84.80 80.18 81.29 95.99 87.20 93.98 89.05 84.69 87.22 74.19 74.07 73.65 76.15 72.31 67.75 58.05
    P/E ratio4 27.06 27.78 27.25 26.31 26.25 25.00 23.02 22.23 16.01 18.64 17.85 19.34 23.34 23.15 23.69 19.12 19.64 19.95 19.74 – – –

    1 Data adjusted for splits and stock dividends.

    2 Close price on the filing date of Danaher Corp.'s Quarterly or Annual Report.

    Q2 2018 Calculations

    3 EPS = (Net earningsQ2 2018 + Net earningsQ1 2018 + Net earningsQ4 2017 + Net earningsQ3 2017) ÷ No. shares of common stock outstanding
    = (673,800,000 + 566,600,000 + 856,600,000 + 572,100,000) ÷ 699,754,843 = 3.81

    4 P/E ratio = Share price ÷ EPS
    = 103.20 ÷ 3.81 = 27.06

    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 Q4 2017 to Q1 2018 but then declined significantly from Q1 2018 to Q2 2018.

    Price to Operating Profit (P/OP)

    Danaher Corp., historical P/OP calculation (quarterly data)

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    Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014 Dec 31, 2013 Sep 27, 2013 Jun 28, 2013 Mar 29, 2013
    No. shares of common stock outstanding1 699,754,843 698,572,727 697,569,470 695,605,257 694,689,883 694,120,308 693,280,277 691,702,118 690,538,430 688,695,451 687,154,521 685,285,314 683,488,074 707,525,745 705,777,722 702,691,595 700,684,075 699,532,283 698,482,191 697,199,830 695,568,931 692,707,073
    Selected Financial Data (USD $)
    Operating profit (in thousands) 867,500  743,000  946,100  767,500  683,700  623,900  728,600  699,100  710,100  613,100  978,800  800,800  934,400  755,100  887,300  865,800  889,300  788,900  888,000  812,400  843,600  730,900 
    Operating profit per share3 4.75 4.50 4.33 4.03 3.94 3.98 3.97 4.34 4.49 4.83 5.05 4.93 5.04 4.80 4.86 4.88 4.82 4.76 4.69 – – –
    Share price1, 2 103.20 101.50 97.35 90.10 83.20 82.89 84.80 80.18 81.29 95.99 87.20 93.98 89.05 84.69 87.22 74.19 74.07 73.65 76.15 72.31 67.75 58.05
    P/OP ratio4 21.72 22.58 22.48 22.35 21.13 20.83 21.37 18.48 18.09 19.87 17.27 19.07 17.68 17.64 17.94 15.19 15.36 15.46 16.24 – – –

    1 Data adjusted for splits and stock dividends.

    2 Close price on the filing date of Danaher Corp.'s Quarterly or Annual Report.

    Q2 2018 Calculations

    3 Operating profit per share = (Operating profitQ2 2018 + Operating profitQ1 2018 + Operating profitQ4 2017 + Operating profitQ3 2017) ÷ No. shares of common stock outstanding
    = (867,500,000 + 743,000,000 + 946,100,000 + 767,500,000) ÷ 699,754,843 = 4.75

    4 P/OP ratio = Share price ÷ Operating profit per share
    = 103.20 ÷ 4.75 = 21.72

    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 Q4 2017 to Q1 2018 but then declined significantly from Q1 2018 to Q2 2018.

    Price to Sales (P/S)

    Danaher Corp., historical P/S calculation (quarterly data)

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    Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014 Dec 31, 2013 Sep 27, 2013 Jun 28, 2013 Mar 29, 2013
    No. shares of common stock outstanding1 699,754,843 698,572,727 697,569,470 695,605,257 694,689,883 694,120,308 693,280,277 691,702,118 690,538,430 688,695,451 687,154,521 685,285,314 683,488,074 707,525,745 705,777,722 702,691,595 700,684,075 699,532,283 698,482,191 697,199,830 695,568,931 692,707,073
    Selected Financial Data (USD $)
    Sales (in thousands) 4,981,000  4,695,400  5,085,700  4,528,200  4,510,100  4,205,700  4,584,300  4,132,100  4,241,900  3,924,100  5,884,800  5,023,400  4,960,200  4,694,700  5,417,200  4,870,300  4,963,600  4,662,700  5,266,700  4,669,100  4,737,500  4,444,700 
    Sales per share3 27.57 26.94 26.28 25.63 25.09 24.73 24.35 26.29 27.62 28.74 29.93 29.32 29.18 28.19 28.22 28.13 27.92 27.64 27.37 – – –
    Share price1, 2 103.20 101.50 97.35 90.10 83.20 82.89 84.80 80.18 81.29 95.99 87.20 93.98 89.05 84.69 87.22 74.19 74.07 73.65 76.15 72.31 67.75 58.05
    P/S ratio4 3.74 3.77 3.70 3.52 3.32 3.35 3.48 3.05 2.94 3.34 2.91 3.20 3.05 3.00 3.09 2.64 2.65 2.66 2.78 – – –

    1 Data adjusted for splits and stock dividends.

    2 Close price on the filing date of Danaher Corp.'s Quarterly or Annual Report.

    Q2 2018 Calculations

    3 Sales per share = (SalesQ2 2018 + SalesQ1 2018 + SalesQ4 2017 + SalesQ3 2017) ÷ No. shares of common stock outstanding
    = (4,981,000,000 + 4,695,400,000 + 5,085,700,000 + 4,528,200,000) ÷ 699,754,843 = 27.57

    4 P/S ratio = Share price ÷ Sales per share
    = 103.20 ÷ 27.57 = 3.74

    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 Q4 2017 to Q1 2018 but then slightly declined from Q1 2018 to Q2 2018.

    Price to Book Value (P/BV)

    Danaher Corp., historical P/BV calculation (quarterly data)

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    Jun 29, 2018 Mar 30, 2018 Dec 31, 2017 Sep 29, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jul 1, 2016 Apr 1, 2016 Dec 31, 2015 Oct 2, 2015 Jul 3, 2015 Apr 3, 2015 Dec 31, 2014 Sep 26, 2014 Jun 27, 2014 Mar 28, 2014 Dec 31, 2013 Sep 27, 2013 Jun 28, 2013 Mar 29, 2013
    No. shares of common stock outstanding1 699,754,843 698,572,727 697,569,470 695,605,257 694,689,883 694,120,308 693,280,277 691,702,118 690,538,430 688,695,451 687,154,521 685,285,314 683,488,074 707,525,745 705,777,722 702,691,595 700,684,075 699,532,283 698,482,191 697,199,830 695,568,931 692,707,073
    Selected Financial Data (USD $)
    Total Danaher stockholders' equity (in thousands) 27,212,300  27,189,900  26,358,200  25,375,400  24,590,000  23,785,800  23,002,800  23,191,600  25,045,100  24,504,700  23,690,300  23,112,700  24,101,200  23,321,000  23,378,100  23,740,700  23,720,500  22,961,700  22,385,300  21,304,600  20,296,100  19,681,100 
    Book value per share (BVPS)3 38.89 38.92 37.79 36.48 35.40 34.27 33.18 33.53 36.27 35.58 34.48 33.73 35.26 32.96 33.12 33.79 33.85 32.82 32.05 30.56 29.18 28.41
    Share price1, 2 103.20 101.50 97.35 90.10 83.20 82.89 84.80 80.18 81.29 95.99 87.20 93.98 89.05 84.69 87.22 74.19 74.07 73.65 76.15 72.31 67.75 58.05
    P/BV ratio4 2.65 2.61 2.58 2.47 2.35 2.42 2.56 2.39 2.24 2.70 2.53 2.79 2.53 2.57 2.63 2.20 2.19 2.24 2.38 2.37 2.32 2.04

    1 Data adjusted for splits and stock dividends.

    2 Close price on the filing date of Danaher Corp.'s Quarterly or Annual Report.

    Q2 2018 Calculations

    3 BVPS = Total Danaher stockholders' equity ÷ No. shares of common stock outstanding
    = 27,212,300,000 ÷ 699,754,843 = 38.89

    4 P/BV ratio = Share price ÷ BVPS
    = 103.20 ÷ 38.89 = 2.65

    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 Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.