Danaher Gross profit (Q3, 2018)2.7 B

Danaher Gross profit margin (Q3, 2018), %55.4%

Danaher Net income (Q3, 2018)663.7 M

Danaher EBIT (Q3, 2018)830.7 M

Danaher Cash, 28-Sep-2018776.2 M

Danaher EV80.2 B

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

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 19.1b | 12.9b | 14.4b | 16.9b | 18.3b |

| 4% | 12% | 17% | 9% | |

## Cost of goods sold | 6.0b | 6.7b | 7.5b | 8.1b | |

## Gross profit | 6.8b | 7.8b | 9.3b | 10.2b | |

| 53% | 54% | 55% | 56% | |

## R&D expense | 769.4m | 861.4m | 975.1m | 1.1b | |

## General and administrative expense | 4.0b | 4.7b | 5.6b | 6.0b | |

## Operating expense total | 4.8b | 5.6b | 6.6b | 7.2b | |

## EBIT | 2.0b | 2.2b | 2.8b | 3.0b | |

| 16% | 15% | 16% | 16% | |

## Interest expense | 94.7m | 139.8m | 184.4m | 162.7m | |

## Interest income | 13.3m | 4.6m | 200.0k | 7.5m | |

## Pre tax profit | 2.1b | 2.0b | 2.6b | 2.9b | |

## Income tax expense | (871.0m) | 447.5m | 292.7m | 457.9m | (469.0m) |

## Net Income | 2.7b | 2.6b | 3.4b | 2.6b | 2.5b |

- Source: SEC Filings

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 4.7b | 5.0b | 3.5b | 3.9b | 4.2b | 4.1b | 4.2b | 4.5b | 4.5b | 4.7b | 5.0b | 4.9b |

## Cost of goods sold | 2.2b | 2.3b | 1.6b | 1.8b | 1.9b | 1.8b | 1.9b | 2.0b | 2.0b | 2.1b | 2.2b | 2.2b |

## Gross profit | 2.5b | 2.6b | 1.9b | 2.2b | 2.4b | 2.3b | 2.3b | 2.5b | 2.5b | 2.6b | 2.8b | 2.7b |

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

## R&D expense | 299.4m | 304.6m | 212.2m | 226.1m | 239.9m | 241.1m | 267.4m | 283.3m | 279.2m | 298.7m | 311.7m | 301.2m |

## General and administrative expense | 1.4b | 1.4b | 1.2b | 1.3b | 1.4b | 1.3b | 1.4b | 1.5b | 1.5b | 1.6b | 1.6b | 1.6b |

## Operating expense total | 1.7b | 1.7b | 1.4b | 1.6b | 1.7b | 1.6b | 1.7b | 1.8b | 1.8b | 1.9b | 1.9b | 1.9b |

## EBIT | 755.1m | 934.4m | 480.0m | 613.1m | 710.1m | 699.1m | 623.9m | 683.7m | 767.5m | 743.0m | 867.5m | 830.7m |

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

## Interest expense | 29.3m | 29.0m | 39.1m | 52.9m | 55.5m | 43.7m | 40.3m | 40.7m | 39.9m | 3.9m | 43.2m | 41.3m |

## Interest income | 2.3m | 2.3m | 600.0k | 100.0k | 1.6m | 1.8m | 2.2m | 1.4m | 2.5m | 2.8m | ||

## Pre tax profit | 728.1m | 907.7m | 453.9m | 783.6m | 654.6m | 476.7m | 585.2m | 644.8m | 729.8m | 713.1m | 835.1m | 801.3m |

## Income tax expense | 170.1m | 192.2m | 74.0m | 197.8m | 236.6m | 74.1m | 101.4m | 87.5m | 157.7m | 146.5m | 161.3m | 137.6m |

## Net Income | 569.8m | 695.7m | 1.4b | 758.4m | 656.7m | 391.6m | 506.1m | 557.3m | 572.1m | 566.6m | 673.8m | 663.7m |

- Source: SEC Filings

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Cash | 3.0b | 790.8m | 963.7m | 630.3m |

## Accounts Receivable | 3.4b | 3.0b | 3.2b | 3.5b |

## Prepaid Expenses | 952.7m | 889.5m | 805.9m | 857.1m |

## Inventories | 1.8b | 1.6b | 1.7b | 1.8b |

## Current Assets | 9.4b | 7.8b | 6.7b | 6.9b |

## PP&E | 2.2b | 2.3b | 2.4b | 2.5b |

## Goodwill | 15.7b | 21.0b | 23.8b | 25.1b |

## Total Assets | 37.0b | 48.2b | 45.3b | 46.6b |

## Accounts Payable | 1.9b | 1.4b | 1.5b | 1.5b |

## Short-term debt | 71.9m | 845.2m | 2.6b | 194.7m |

## Current Liabilities | 5.4b | 6.2b | 6.9b | 4.8b |

## Long-term debt | 3.4b | 12.0b | 9.7b | 10.3b |

## Total Debt | 3.5b | 12.9b | 12.3b | 10.5b |

## Common Stock | 7.9m | 8.0m | 8.1m | 8.1m |

## Additional Paid-in Capital | 4.5b | 5.0b | 5.3b | 5.5b |

## Retained Earnings | 20.3b | 21.0b | 20.7b | 22.8b |

## Total Equity | 23.4b | 23.8b | 23.1b | 26.4b |

## Debt to Equity Ratio | 0.1 x | 0.5 x | 0.5 x | 0.4 x |

## Debt to Assets Ratio | 0.1 x | 0.3 x | 0.3 x | 0.2 x |

## Financial Leverage | 1.6 x | 2 x | 2 x | 1.8 x |

USD | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 2.5b | 3.3b | 1.8b | 664.3m | 4.1b | 971.4m | 803.9m | 726.4m | 648.6m | 1.0b | 904.0m | 776.2m | ||

## Accounts Receivable | 3.4b | 3.6b | 3.9b | 3.9b | 4.0b | 3.1b | 3.0b | 3.2b | 3.3b | 3.3b | 3.3b | 3.3b | ||

## Prepaid Expenses | 919.3m | 835.1m | 851.6m | 974.0m | 898.4m | 727.8m | 715.2m | 523.7m | 464.7m | 809.6m | 732.0m | 701.8m | ||

## Inventories | 1.9b | 1.9b | 1.9b | 2.3b | 2.2b | 2.2b | 1.7b | 1.8b | 1.8b | 1.9b | 1.9b | 2.0b | 2.0b | |

## Current Assets | 8.8b | 9.7b | 8.9b | 7.7b | 11.2b | 6.5b | 6.3b | 6.3b | 6.3b | 7.1b | 6.9b | 6.8b | ||

## PP&E | 2.1b | 2.2b | 2.8b | 2.9b | 2.8b | 2.3b | 2.4b | 2.4b | 2.4b | 2.5b | 2.5b | 2.5b | ||

## Goodwill | 16.7b | 16.9b | 25.1b | 25.5b | 25.4b | 21.6b | 24.0b | 24.5b | 24.8b | 25.4b | 25.9b | 26.0b | ||

## Total Assets | 36.1b | 37.0b | 49.7b | 48.4b | 51.5b | 41.3b | 45.2b | 45.6b | 45.9b | 47.1b | 48.1b | 47.7b | ||

## Accounts Payable | 1.7b | 1.7b | 1.7b | 1.8b | 1.9b | 2.0b | 1.4b | 1.4b | 1.4b | 1.5b | 1.6b | 1.6b | 1.6b | |

## Short-term debt | 123.7m | 110.1m | 3.5b | 197.0m | 2.6b | 809.1m | 2.2b | 169.5m | 182.2m | 98.7m | 175.1m | 59.8m | ||

## Current Liabilities | 5.0b | 5.1b | 8.6b | 5.3b | 8.0b | 4.8b | 6.0b | 4.2b | 4.4b | 4.4b | 4.6b | 4.5b | ||

## Long-term debt | 3.0b | 3.1b | 3.1b | 11.5b | 12.2b | 12.0b | 7.5b | 9.7b | 11.4b | 10.7b | 10.4b | 11.1b | 10.6b | |

## Total Debt | 3.0b | 3.2b | 3.2b | 15.0b | 12.4b | 14.7b | 8.3b | 12.0b | 11.6b | 10.9b | 10.5b | 11.3b | 10.6b | |

## Common Stock | 8.0m | 8.0m | 8.0m | 8.0m | 8.1m | 8.1m | 8.1m | 8.1m | 8.1m | 8.1m | 8.2m | 8.2m | ||

## Additional Paid-in Capital | 4.6b | 4.7b | 4.9b | 5.1b | 5.2b | 5.3b | 5.4b | 5.4b | 5.5b | 5.6b | 5.7b | 5.8b | ||

## Retained Earnings | 20.8b | 21.4b | 20.4b | 21.7b | 22.2b | 20.0b | 21.1b | 21.6b | 22.0b | 23.4b | 24.0b | 24.5b | ||

## Total Equity | 23.4b | 24.2b | 23.2b | 24.6b | 25.1b | 23.3b | 23.8b | 24.6b | 25.4b | 27.2b | 27.2b | 27.7b | ||

## Debt to Equity Ratio | 0.1 x | 0.1 x | 0.6 x | 0.5 x | 0.6 x | 0.4 x | 0.5 x | 0.5 x | 0.4 x | 0.4 x | 0.4 x | 0.4 x | ||

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.3 x | 0.3 x | 0.3 x | 0.2 x | 0.3 x | 0.3 x | 0.2 x | 0.2 x | 0.2 x | 0.2 x | ||

## Financial Leverage | 1.5 x | 1.5 x | 2.1 x | 2 x | 2.1 x | 1.8 x | 1.9 x | 1.9 x | 1.8 x | 1.7 x | 1.8 x | 1.7 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 2.7b | 2.6b | 3.4b | 2.6b | 2.5b |

## Depreciation and Amortization | 718.1m | 880.8m | 1.1b | 1.2b | |

## Accounts Receivable | (42.7m) | 800.0k | (183.1m) | (161.4m) | |

## Inventories | 68.8m | 146.5m | 9.4m | (27.4m) | |

## Accounts Payable | 79.7m | 50.3m | 78.1m | (54.4m) | |

## Cash From Operating Activities | 3.8b | 3.8b | 3.5b | 3.5b | |

## Purchases of PP&E | (465.4m) | (512.9m) | (589.6m) | (619.6m) | |

## Cash From Investing Activities | (3.4b) | (15.0b) | (5.2b) | (843.4m) | |

## Short-term Borrowings | (3.8b) | ||||

## Long-term Borrowings | (414.7m) | (668.4m) | |||

## Dividends Paid | (227.7m) | (354.1m) | (399.8m) | (378.3m) | |

## Cash From Financing Activities | (218.2m) | 9.1b | 2.0b | (3.1b) | |

## Net Change in Cash | (109.6m) | (2.2b) | 172.9m | (333.4m) |

USD | Q1, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 569.8m | 1.3b | 2.7b | 758.4m | 1.4b | 1.8b | 506.1m | 1.1b | 1.6b | 566.6m | 1.2b | 1.9b | ||

## Depreciation and Amortization | 415.0m | 235.5m | 472.5m | 608.0m | 267.7m | 545.3m | 822.5m | 305.6m | 608.8m | 427.3m | 320.8m | 655.4m | 976.9m | |

## Accounts Receivable | 104.2m | 1.3m | 85.1m | 83.5m | (61.5m) | (94.8m) | 168.3m | 72.1m | 74.6m | 219.0m | 159.6m | 128.6m | ||

## Inventories | (67.0m) | (77.0m) | (111.1m) | (102.6m) | (40.8m) | (85.6m) | (104.9m) | (138.5m) | (56.9m) | (45.4m) | (98.2m) | (128.9m) | (197.1m) | (255.4m) |

## Accounts Payable | (84.8m) | (74.8m) | (142.2m) | (116.0m) | (42.7m) | (38.1m) | (90.9m) | (104.1m) | (48.5m) | 51.4m | 87.0m | 71.5m | ||

## Cash From Operating Activities | 2.5b | 523.6m | 1.6b | 2.6b | 772.8m | 2.1b | 2.9b | 560.2m | 1.6b | 2.6b | 828.9m | 1.9b | 2.8b | |

## Purchases of PP&E | (117.0m) | (253.2m) | (351.6m) | (122.6m) | (273.5m) | (422.1m) | (158.6m) | (306.5m) | (445.8m) | (137.9m) | (291.7m) | (441.3m) | ||

## Cash From Investing Activities | (690.7m) | (937.6m) | (14.7b) | 8.3m | (165.9m) | (319.5m) | (163.7m) | (372.9m) | (527.9m) | (122.7m) | (2.4b) | (2.7b) | ||

## Short-term Borrowings | (247.5m) | (259.9m) | (1.1b) | (1.2b) | (2.3b) | (434.9m) | (2.4b) | (3.9b) | (236.6m) | 1.0b | 882.1m | |||

## Long-term Borrowings | (1.2m) | (1.8m) | (3.9m) | 503.9m | ||||||||||

## Dividends Paid | (70.4m) | (165.9m) | (261.6m) | (92.7m) | (202.8m) | (313.3m) | (86.6m) | (183.9m) | (281.0m) | (97.5m) | (209.3m) | (321.2m) | ||

## Cash From Financing Activities | (260.8m) | (299.4m) | 11.0b | (890.6m) | 1.5b | (2.3b) | (590.7m) | (1.5b) | (2.5b) | (321.7m) | 850.4m | (16.6m) | ||

## Net Change in Cash | (494.6m) | 336.4m | (1.2b) | (126.5m) | 3.3b | 180.6m | (159.8m) | (237.3m) | (315.1m) | 415.4m | 273.7m | 145.9m | ||

## Interest Paid | 37.3m | 57.7m | 97.8m | 76.0m | 102.0m | 199.4m | 48.2m | 58.4m | 117.4m | 47.7m | 65.4m | 129.0m | ||

## Income Taxes Paid | 101.0m | 225.1m | 325.4m | 86.9m | 233.1m | 330.8m | 142.3m | 266.3m | 378.3m | 133.5m | 310.4m | 502.0m |

USD | Y, 2018 |
---|---|

## EV/EBIT | 96.6 x |

## EV/CFO | 28.8 x |

## Debt/Equity | 0.4 x |

## Debt/Assets | 0.2 x |

## Financial Leverage | 1.7 x |

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