Danaher Corporation (DHR) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Danaher Corporation stock $209, price $235, that is 11.0% below the price, quality 74 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $161.29 – $287.05 · fair‑value band $137.06 – $271.30 · the $234.93 price screens above the $209.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Danaher Corporation designs, manufactures, and markets professional, medical, research, and industrial products and services in the United States, China, and internationally. The company operates through Biotechnology, Life Sciences, and Diagnostics segments.
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The Biotechnology segment provides technologies, consumables, services, and solutions that advance, accelerate, and integrate the development and manufacture of therapeutics; cell line and cell culture media development services; cell culture media, process liquids and buffers for manufacturing, chromatography resins, filtration technologies, and aseptic fill finish; single-use hardware, consumables, and services, such as the design and installation of full manufacturing suites; lab filtration, separation, and purification; lab-scale protein purification and analytical tools; reagents, membranes, and services for diagnostic and assay development; and healthcare filtration solutions.
The Life Sciences segment provides mass spectrometers; bioanalytical measurement systems; flow cytometry, genomics, lab automation, centrifugation, liquid handling automation instruments, antibodies and reagents, and particle counting and characterization; genome sample preparation; microscopes; protein consumables; filtration products; and genomic medicines, such as custom nucleic acid products, and plasmid DNA, RNA, and proteins under the ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX, and SCIEX brands.
The Diagnostics segment offers clinical instruments, consumables, software, and services that hospitals, physicians' offices, reference laboratories and other critical care settings use to diagnose disease and make treatment decisions.
The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was incorporated in 1969 and is headquartered in Washington, the District Of Columbia.
Stock analysis
Danaher Corporation (DHR) currently trades at $234.93, while our model-based Fair Value estimate is $209.18, 11% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $120.80 per share, and 0 of the 24 models we run sit above the $234.93 price.
Bear case: the Earnings-Based group reads lowest at $50.59, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $137.06 (bear) to $271.30 (bull), the price of $234.93 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Danaher Corporation reported revenue of $24.6B in FY2025 versus $29.5B in FY2021, a compound −4.4%/yr. Reported net income was $3.6B in FY2025, compounding −13.4%/yr from FY2021.
Key figures
Market cap $166B Large · P/E ratio 38.9 · P/S ratio 6.49 · EPS (TTM) $6.04 · Dividend yield 0.6% · Net margin 16.9% · Return on equity 8.2% · Return on assets (EBIT) 7.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −29% fair-value upside, at −11%, DHR screens cheaper than that median.
Fair Value models
Bear$137.06Fair Value $209.18Bull$271.30
Price $234.93 · Downside -11.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.83 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $21.5M and none bought.
SaleMatthew McGrewExecutive Vice President2× since Nov 11, 2025: 45,926 shares, avg. $228.30$10.5MOct 28, 2026
SaleChristopher BoudaVP, Chief Accounting Officer7,598 shares at $234.56$1.8MOct 28, 2026
SaleRainer BlairPresident & CEO, Director58,255 shares at $218.63$12.7MAug 21, 2026
SaleAlan G SpoonDirector1,358 shares at $174.67$237,202May 1, 2026
SaleGregory M MilosevichExecutive Vice President1,320 shares at $208.01$274,573Feb 19, 2026
SaleMitchell P RalesChairman of Exec. Committee, Director2× since Nov 12, 2025: 477,625 shares, avg. $219.68$104.9MNov 25, 2025
SaleTeri ListDirector3,298 shares at $226.50$746,997Nov 18, 2025
SaleBrian W EllisSenior Vice President - GC21,776 shares at $219.22$4.8MNov 12, 2025
SaleGeorgeann CoucharaSVP, Human Resources5,174 shares at $210.41$1.1MNov 10, 2025
Plus 21 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.2%
Dividend (yield on the price)0.6%
Per share before 2023divided by the spin-off factor 1.128
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.5% vs 4.6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 21%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.1% a year for the price and +4.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Strong organization capital via DBS and recurring revenues in diagnostics form the main strength while modest ROE and elevated debt from serial acquisitions limit overall durability.
Main risk: Elevated debt from serial acquisitions is the single biggest risk to the balance sheet and could constrain future refinancing options.
Bull case: Danaher could diversify its supplier base or integrate AI-driven supply chain optimization across its operating companies to reduce dependence and maintain uninterrupted production of diagnostics and life sciences tools.
Bear case: Supply chain disruptions from single-source dependencies could delay or halt manufacturing of key instruments and consumables, reducing availability for research and diagnostic customers and pressuring revenues and margins.
Danaher is pushing AI into its lab instruments and workflows through a new NVIDIA collaboration aimed at speeding up scientific discovery. This comes alongside steady execution gains in biotechnology and diagnostics that have lifted margins despite a mixed demand backdrop. Our models see the shares as overvalued. Will the AI tools deliver faster research cycles that expand the addressable market, or will slower adoption in core customer labs cap the benefits?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Diagnostics & Research · 126 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside−11.0% · Above median
Profitability
Return on equity (12 months)8.2% · Above median
Return on assets4.3% · Above median
Net margin (12 months)16.9% · Top 25%
Operating margin (12 months)21.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.3% · Above median
Dividend yield (12 months)0.6% · Below median
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Diagnostics & Research median · lower = cheaper
P/E (12 months)38.9× · Pricier than median
P/B3.16× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Danaher Corporation Fair Value". https://www.fairvalue-calculator.com/stock/DHR
Frequently asked questions
Is Danaher Corporation (DHR) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $209.18 versus a price of $234.93, about 11% lower (overvalued).
What is the fair value of DHR?
Our model-based fair value for Danaher Corporation is $209.18 (as of Nov 5, 2026), built from audited fundamentals. The current price: $234.93.
What is the quality score of DHR?
Danaher Corporation has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Danaher Corporation (DHR)?
Our model-based price target is the fair value of $209.18 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario $137.06, optimistic scenario $271.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Danaher Corporation stock forecast for 2026?
Our models put fair value at $209.18, about 11% lower versus a price of $234.93 (overvalued). Cautious scenario $137.06, optimistic scenario $271.30. The calculation is refreshed regularly with new filings.
What is the revenue of Danaher Corporation (DHR)?
Danaher Corporation reported trailing-twelve-month revenue of about $25.6B (latest available figure, as of Nov 5, 2026).
Does Danaher Corporation pay a dividend?
Danaher Corporation currently shows a dividend yield of 0.65% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Danaher Corporation (DHR)?
For today's price to be fair in a discounted-cash-flow model, Danaher Corporation would have to grow free cash flow by +16.8 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.0 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of DHR use?
Our models discount Danaher Corporation at 8.8 %: a base by market capitalisation (large), damped by beta 0.80, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Danaher Corporation that is +16.8 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Danaher Corporation (DHR) delivered so far?
Over the past 5 years revenue at Danaher Corporation grew +2.0 % a year. The price currently implies +16.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Danaher Corporation (DHR) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Danaher Corporation (+16.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Danaher Corporation (DHR)?
The free-cash-flow yield on the price is 3.16 %: that much free cash flow Danaher Corporation produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Danaher Corporation (DHR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Danaher Corporation it is $209.18 per share (as of Nov 5, 2026), against a price of $234.93. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Danaher Corporation stock overvalued or undervalued in 2026?
As of Nov 5, 2026, DHR trades above its calculated fair value: price $234.93, fair value $209.18, a gap of about −11% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHR?
No. The price is what the market pays today ($234.93); the fair value is what the company's own numbers justify ($209.18). For Danaher Corporation the two are $25.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is Danaher Corporation worth?
The market values Danaher Corporation at about $166B (market capitalisation, as of Nov 5, 2026). Per share that is $234.93; our models calculate a fair value of $209.18 per share.
What do the bullish and bearish scenarios say about DHR?
Our models span a range for Danaher Corporation: cautious scenario $137.06, base $209.18, optimistic $271.30 per share (as of Nov 5, 2026, price $234.93). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHR?
Danaher Corporation trades at a price-to-earnings ratio of 38.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $209.18 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 40.4 (reported for FY2025: 46.3). Other multiples: PEG 1.3, P/B 3.2, P/S 6.5, EV/EBITDA 21.8.
What is the PEG ratio of DHR?
The PEG ratio of Danaher Corporation is 1.33 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Danaher Corporation (DHR)?
Balance-sheet figures for Danaher Corporation (as of Nov 5, 2026): return on equity 8.2%, debt of 0.35 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is DHR from its 52-week high?
Danaher Corporation trades at $234.93, about 2% below its 52-week high of $240.61 and 46% above the low of $161.29 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $209.18 is for.
Which stocks are comparable to Danaher Corporation?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, WuXi AppTec Co, Lonza Group, IDEXX Laboratories, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Danaher Corporation stock attractive at the current price?
The data as of Nov 5, 2026: price $234.93, calculated fair value $209.18 (−11%), Quality Score 74/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHR calculated?
We run Danaher Corporation through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $209.18, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. Danaher Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Danaher Corporation (DHR)?
The closing price on Nov 4, 2026 was $234.93. Our model-based fair value is $209.18, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Danaher Corporation right now?
A fairly wide model range ($137.06 to $271.30) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Danaher Corporation (DHR) come from?
Earnings per share at Danaher Corporation grew +4.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.5 %, EBIT margin +2.2 %, tax rate +0.7 %, residual (interest, one-offs) −1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Danaher Corporation
How large is the market capitalisation of Danaher Corporation (DHR)?
The market capitalisation of Danaher Corporation is $166B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Danaher Corporation (DHR)?
The price-to-sales ratio of Danaher Corporation is 6.49 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Danaher Corporation (DHR)?
Earnings per share at Danaher Corporation are $6.04 (price ÷ EPS = P/E 38.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Danaher Corporation (DHR)?
The dividend yield of Danaher Corporation is 0.6% (payout 22.0%, on adjusted earnings, reported 25.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Danaher Corporation (DHR)?
The net margin of Danaher Corporation is 16.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Danaher Corporation (DHR)?
The return on equity (ROE) of Danaher Corporation is 8.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Danaher Corporation (DHR)?
On an EBIT basis the return on assets of Danaher Corporation is 7.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Danaher Corporation (DHR)?
The operating margin of Danaher Corporation is 21.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Danaher Corporation (DHR)?
Revenue at Danaher Corporation is growing +8.3% versus a year earlier (3y avg −2.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Danaher Corporation (DHR)?
Earnings per share at Danaher Corporation are growing +37.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Danaher Corporation (DHR) carry?
The net debt of Danaher Corporation is $13.8B (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026