$75.6 B

DHR Mkt cap, 21-Sep-2018

$5 B

Danaher Revenue Q2, 2018
Danaher Gross profit (Q2, 2018)2.8 B
Danaher Gross profit margin (Q2, 2018), %56.6%
Danaher Net income (Q2, 2018)673.8 M
Danaher EBIT (Q2, 2018)867.5 M
Danaher Cash, 29-Jun-2018904 M
Danaher EV86 B

Danaher Revenue

Danaher revenue was $18.33 b in FY, 2017 which is a 8.6% year over year increase from the previous period.

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Danaher Revenue Breakdown

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Danaher revenue breakdown by business segment: 21.7% from Environmental & Applied Solutions, 15.3% from Dental, 31.9% from Diagnostics and 31.2% from Life Sciences

Danaher revenue breakdown by geographic segment: 40.6% from All Other, 11.0% from China, 37.3% from United States, 6.3% from Germany and 4.8% from Other

Danaher Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

12.9 b14.4 b16.9 b18.3 b

Revenue growth, %

4%12%17%9%

Cost of goods sold

6 b6.7 b7.5 b8.1 b

Gross profit

6.8 b7.8 b9.3 b10.2 b

Gross profit Margin, %

53%54%55%56%

R&D expense

769.4 m861.4 m975.1 m1.1 b

General and administrative expense

4 b4.7 b5.6 b6 b

Operating expense total

4.8 b5.6 b6.6 b7.2 b

EBIT

2 b2.2 b2.8 b3 b

EBIT margin, %

16%15%16%16%

Interest expense

94.7 m139.8 m184.4 m162.7 m

Interest income

13.3 m4.6 m200 k7.5 m

Pre tax profit

2.1 b2 b2.6 b2.9 b

Income tax expense

447.5 m292.7 m457.9 m(469 m)

Net Income

2.6 b3.4 b2.6 b2.5 b

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

4.7 b5 b3.5 b3.9 b4.2 b4.1 b4.2 b4.5 b4.5 b4.7 b5 b

Cost of goods sold

2.2 b2.3 b1.6 b1.8 b1.9 b1.8 b1.9 b2 b2 b2.1 b2.2 b

Gross profit

2.5 b2.6 b1.9 b2.2 b2.4 b2.3 b2.3 b2.5 b2.5 b2.6 b2.8 b

Gross profit Margin, %

53%53%54%55%56%55%56%55%56%56%57%

R&D expense

299.4 m304.6 m212.2 m226.1 m239.9 m241.1 m267.4 m283.3 m279.2 m298.7 m311.7 m

General and administrative expense

1.4 b1.4 b1.2 b1.3 b1.4 b1.3 b1.4 b1.5 b1.5 b1.6 b1.6 b

Operating expense total

1.7 b1.7 b1.4 b1.6 b1.7 b1.6 b1.7 b1.8 b1.8 b1.9 b1.9 b

EBIT

755.1 m934.4 m480 m613.1 m710.1 m699.1 m623.9 m683.7 m767.5 m743 m867.5 m

EBIT margin, %

16%19%14%16%17%17%15%15%17%16%17%

Interest expense

29.3 m29 m39.1 m52.9 m55.5 m43.7 m40.3 m40.7 m39.9 m3.9 m43.2 m

Interest income

2.3 m2.3 m600 k100 k1.6 m1.8 m2.2 m1.4 m2.5 m

Pre tax profit

728.1 m907.7 m453.9 m783.6 m654.6 m476.7 m585.2 m644.8 m729.8 m713.1 m835.1 m

Income tax expense

170.1 m192.2 m74 m197.8 m236.6 m74.1 m101.4 m87.5 m157.7 m146.5 m161.3 m

Net Income

569.8 m695.7 m1.4 b758.4 m656.7 m391.6 m506.1 m557.3 m572.1 m566.6 m673.8 m

Danaher Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

3 b790.8 m963.7 m630.3 m

Accounts Receivable

3.4 b3 b3.2 b3.5 b

Prepaid Expenses

952.7 m889.5 m805.9 m857.1 m

Inventories

1.8 b1.6 b1.7 b1.8 b

Current Assets

9.4 b7.8 b6.7 b6.9 b

PP&E

2.2 b2.3 b2.4 b2.5 b

Goodwill

15.7 b21 b23.8 b25.1 b

Total Assets

37 b48.2 b45.3 b46.6 b

Accounts Payable

1.9 b1.4 b1.5 b1.5 b

Short-term debt

71.9 m845.2 m2.6 b194.7 m

Current Liabilities

5.4 b6.2 b6.9 b4.8 b

Long-term debt

3.4 b12 b9.7 b10.3 b

Total Debt

3.5 b12.9 b12.3 b10.5 b

Common Stock

7.9 m8 m8.1 m8.1 m

Additional Paid-in Capital

4.5 b5 b5.3 b5.5 b

Retained Earnings

20.3 b21 b20.7 b22.8 b

Total Equity

23.4 b23.8 b23.1 b26.4 b

Debt to Equity Ratio

0.1 x0.5 x0.5 x0.4 x

Debt to Assets Ratio

0.1 x0.3 x0.3 x0.2 x

Financial Leverage

1.6 x2 x2 x1.8 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

2.5 b3.3 b1.8 b664.3 m4.1 b971.4 m803.9 m726.4 m648.6 m1 b904 m

Accounts Receivable

3.4 b3.6 b3.9 b3.9 b4 b3.1 b3 b3.2 b3.3 b3.3 b3.3 b

Prepaid Expenses

919.3 m835.1 m851.6 m974 m898.4 m727.8 m715.2 m523.7 m464.7 m809.6 m732 m

Inventories

1.9 b1.9 b2.3 b2.2 b2.2 b1.7 b1.8 b1.8 b1.9 b1.9 b2 b

Current Assets

8.8 b9.7 b8.9 b7.7 b11.2 b6.5 b6.3 b6.3 b6.3 b7.1 b6.9 b

PP&E

2.1 b2.2 b2.8 b2.9 b2.8 b2.3 b2.4 b2.4 b2.4 b2.5 b2.5 b

Goodwill

16.7 b16.9 b25.1 b25.5 b25.4 b21.6 b24 b24.5 b24.8 b25.4 b25.9 b

Total Assets

36.1 b37 b49.7 b48.4 b51.5 b41.3 b45.2 b45.6 b45.9 b47.1 b48.1 b

Accounts Payable

1.7 b1.7 b1.8 b1.9 b2 b1.4 b1.4 b1.4 b1.5 b1.6 b1.6 b

Short-term debt

123.7 m110.1 m3.5 b197 m2.6 b809.1 m2.2 b169.5 m182.2 m98.7 m175.1 m

Current Liabilities

5 b5.1 b8.6 b5.3 b8 b4.8 b6 b4.2 b4.4 b4.4 b4.6 b

Long-term debt

3.1 b3.1 b11.5 b12.2 b12 b7.5 b9.7 b11.4 b10.7 b10.4 b11.1 b

Total Debt

3.2 b3.2 b15 b12.4 b14.7 b8.3 b12 b11.6 b10.9 b10.5 b11.3 b

Common Stock

8 m8 m8 m8 m8.1 m8.1 m8.1 m8.1 m8.1 m8.1 m8.2 m

Additional Paid-in Capital

4.6 b4.7 b4.9 b5.1 b5.2 b5.3 b5.4 b5.4 b5.5 b5.6 b5.7 b

Retained Earnings

20.8 b21.4 b20.4 b21.7 b22.2 b20 b21.1 b21.6 b22 b23.4 b24 b

Total Equity

23.4 b24.2 b23.2 b24.6 b25.1 b23.3 b23.8 b24.6 b25.4 b27.2 b27.2 b

Debt to Equity Ratio

0.1 x0.1 x0.6 x0.5 x0.6 x0.4 x0.5 x0.5 x0.4 x0.4 x0.4 x

Debt to Assets Ratio

0.1 x0.1 x0.3 x0.3 x0.3 x0.2 x0.3 x0.3 x0.2 x0.2 x0.2 x

Financial Leverage

1.5 x1.5 x2.1 x2 x2.1 x1.8 x1.9 x1.9 x1.8 x1.7 x1.8 x

Danaher Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

2.6 b3.4 b2.6 b2.5 b

Depreciation and Amortization

718.1 m880.8 m1.1 b1.2 b

Accounts Receivable

(42.7 m)800 k(183.1 m)(161.4 m)

Inventories

68.8 m146.5 m9.4 m(27.4 m)

Accounts Payable

79.7 m50.3 m78.1 m(54.4 m)

Cash From Operating Activities

3.8 b3.8 b3.5 b3.5 b

Purchases of PP&E

(465.4 m)(512.9 m)(589.6 m)(619.6 m)

Cash From Investing Activities

(3.4 b)(15 b)(5.2 b)(843.4 m)

Short-term Borrowings

(3.8 b)

Long-term Borrowings

(414.7 m)(668.4 m)

Dividends Paid

(227.7 m)(354.1 m)(399.8 m)(378.3 m)

Cash From Financing Activities

(218.2 m)9.1 b2 b(3.1 b)

Net Change in Cash

(109.6 m)(2.2 b)172.9 m(333.4 m)

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

569.8 m1.3 b2.7 b758.4 m1.4 b1.8 b506.1 m1.1 b1.6 b566.6 m1.2 b

Depreciation and Amortization

235.5 m472.5 m608 m267.7 m545.3 m822.5 m305.6 m608.8 m427.3 m320.8 m655.4 m

Accounts Receivable

104.2 m1.3 m85.1 m83.5 m(61.5 m)(94.8 m)168.3 m72.1 m74.6 m219 m159.6 m

Inventories

(111.1 m)(102.6 m)(40.8 m)(85.6 m)(104.9 m)(138.5 m)(56.9 m)(45.4 m)(98.2 m)(128.9 m)(197.1 m)

Accounts Payable

(84.8 m)(74.8 m)(142.2 m)(116 m)(42.7 m)(38.1 m)(90.9 m)(104.1 m)(48.5 m)51.4 m87 m

Cash From Operating Activities

523.6 m1.6 b2.6 b772.8 m2.1 b2.9 b560.2 m1.6 b2.6 b828.9 m1.9 b

Purchases of PP&E

(117 m)(253.2 m)(351.6 m)(122.6 m)(273.5 m)(422.1 m)(158.6 m)(306.5 m)(445.8 m)(137.9 m)(291.7 m)

Cash From Investing Activities

(690.7 m)(937.6 m)(14.7 b)8.3 m(165.9 m)(319.5 m)(163.7 m)(372.9 m)(527.9 m)(122.7 m)(2.4 b)

Short-term Borrowings

(247.5 m)(259.9 m)(1.1 b)(1.2 b)(2.3 b)(434.9 m)(2.4 b)(3.9 b)(236.6 m)1 b

Long-term Borrowings

(1.2 m)(1.8 m)(3.9 m)

Dividends Paid

(70.4 m)(165.9 m)(261.6 m)(92.7 m)(202.8 m)(313.3 m)(86.6 m)(183.9 m)(281 m)(97.5 m)(209.3 m)

Cash From Financing Activities

(260.8 m)(299.4 m)11 b(890.6 m)1.5 b(2.3 b)(590.7 m)(1.5 b)(2.5 b)(321.7 m)850.4 m

Net Change in Cash

(494.6 m)336.4 m(1.2 b)(126.5 m)3.3 b180.6 m(159.8 m)(237.3 m)(315.1 m)415.4 m273.7 m

Interest Paid

37.3 m57.7 m97.8 m76 m102 m199.4 m48.2 m58.4 m117.4 m

Income Taxes Paid

101 m225.1 m325.4 m86.9 m233.1 m330.8 m142.3 m266.3 m378.3 m

Danaher Ratios

USDY, 2018

EV/EBIT

99.2 x

EV/CFO

46.1 x

Debt/Equity

0.4 x

Debt/Assets

0.2 x

Financial Leverage

1.8 x
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Danaher Operating Metrics

Danaher's Backlog was reported to be $2.7b in FY, 2017.
FY, 2014FY, 2015FY, 2016FY, 2017

Backlog

$2.36 b$1.76 b$2.67 b$2.70 b

Facilities

273 336 242 248

Countries

50 50 60 60
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