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Danaher Corporation (DHR) 财务分析 | 估值·财报 | 100Baggers.club

Danaher Corporation

DHR

Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company operates through three segments: Life Sciences, Diagnostics, and Environmental & Applied Solutions. The Life Sciences segment provides mass spectrometers; flow cytometry, genomics, lab automation, centrifugation, particle counting and characterization; microscopes; genomics consumables; and Gene and Cell Therapy. This segment also offers bioprocess technologies, consumables, and services; and filtration, separation, and purification technologies to the pharmaceutical and biopharmaceutical, food and beverage, medical, and life sciences companies, as well as universities, medical schools and research institutions, and various industrial manufacturers. The Diagnostics segment provides chemistry, immunoassay, microbiology, and automation systems, as well as hematology, molecular, acute care, and pathology diagnostics products. This segment offers clinical instruments, reagents, consumables, software, and services for hospitals, physicians' offices, reference laboratories, and other critical care settings. The Environmental & Applied Solutions segment offers instrumentation, consumables, software, services, and disinfection systems to analyze, treat, and manage ultra-pure, potable, industrial, waste, ground, source, and ocean water in residential, commercial, industrial, and natural resource applications. This segment also provides instruments, software, services, and consumables for various color and appearance management, packaging design and quality management, packaging converting, printing, marking, coding, and traceability applications for consumer, pharmaceutical, and industrial products. The company was formerly known as Diversified Mortgage Investors, Inc. and changed its name to Danaher Corporation in 1984. Danaher Corporation was founded in 1969 and is headquartered in Washington, the District of Columbia.

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

60.34%

毛利润 = $3.59B

营业收入 = $5.95B

Operating Profit Margini营业利润率

22.58%

营业利润 = $1.34B

营业收入 = $5.95B

EBITDA MarginiEBITDA利润率

25.83%

EBITDA = $1.54B

营业收入 = $5.95B

EBIT MarginiEBIT利润率

22.58%

EBIT = $1.24B

营业收入 = $5.95B

Net Profit Margini净利率

17.29%

净利润 = $1.03B

营业收入 = $5.95B

Pretax Profit Margini税前利润率

20.75%

税前利润 = $1.24B

营业收入 = $5.95B

E

运营效率指标

Interest Coveragei利息保障倍数

18.13x

EBIT (TTM) = $4.64B

利息费用 (TTM) = $0.26B

16.8x

15.0x

16.4x

17.0x

18.1x

SG&A / Revenuei销管费率

31.26%

销售及管理费用 = $1.86B

营业收入 = $5.95B

R&D / Revenuei研发占比

6.50%

研发费用 = $0.39B

营业收入 = $5.95B

R

回报率指标 (TTM)

ROAi总资产回报率

4.58%

净利润 = $3.69B

平均总资产 = $80.54B

ROEi净资产收益率

7.20%

净利润 = $3.69B

平均股东权益 = $51.25B

ROICi投入资本回报率

6.77%

NOPAT (TTM) = $4.41B

平均投入资本 = $65.18B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

3.66%

当期营收 = $5.95B

去年同期营收 = $5.74B

-0.9%

+3.4%

+4.4%

+4.6%

+3.7%

Operating Cash Flow/Sharei每股经营现金流

$9.05

经营现金流 = $6.44B

流通股数 = 0.71B

$8.67

$8.58

$8.85

$9.02

$9.05

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+3.7%	$5.95B	↑
毛利	+1.8%	$3.59B, 60.34%	↑
营业利润	+4.3%	$1.34B, 22.58%	↑
EBITDA	-14.2%	$1.54B, 25.83%	↓
税前利润	+9.4%	$1.24B, 20.75%	↑
净利润	+7.9%	$1.03B, 17.29%	↑
稀释每股收益	+9.8%	1.45	↑

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L

流动性指标

Current Ratioi流动比率

1.87

正常

流动资产 = $13.94B

流动负债 = $7.46B

Quick Ratioi速动比率

1.52

健康

速动资产 = $11.33B

流动负债 = $7.46B

Cash Ratioi现金比率

0.76

健康

现金及等价物 = $5.70B

流动负债 = $7.46B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.35

健康

总债务 = $18.48B

总权益 = $52.95B

Liabilities to Assetsi资产负债率 (总负债)

36.6%

健康

总负债 = $30.59B

总资产 = $83.54B

Equity Multiplieri权益乘数

1.58

健康

总资产 = $83.54B

总权益 = $52.95B

E

效率指标

Asset Turnoveri总资产周转率

0.31

关注

营收 (TTM) = $24.78B

平均总资产 = $80.54B

Inventory Turnoveri存货周转率

3.82

关注

营业成本 (TTM) = $9.74B

平均存货 = $2.55B

Receivables Turnoveri应收账款周转率

6.41

正常

营收 (TTM) = $24.78B

平均应收账款 = $3.87B

S

偿债能力

Interest Coveragei利息保障倍数

18.13

健康

EBIT (TTM) = $4.64B

利息费用 (TTM) = $0.26B

Net Debt to EBITDAi净债务/EBITDA

1.91

正常

净债务 = $12.78B

EBITDA (TTM) = $6.69B

Debt Service Coveragei偿债覆盖率

6.72

健康

经营现金流 (TTM) = $6.44B

债务偿付 = $0.89B

V

价值指标

Goodwill %i商誉占比

51.2%

关注

商誉 = $42.77B

总资产 = $83.54B

Working Capital Ratioi营运资本比率

0.08

关注

营运资本 = $6.47B

总资产 = $83.54B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$6.44B

自由现金流 TTMi

$5.29B

FCF = OCF - CapEx

经营现金流 (TTM) = $6.44B

资本支出 (TTM) = $-1.15B

自由现金流收益率i

3.84%

关注

FCF (TTM) = $5.29B

市值 = $137.71B

经营现金流/销售比i

25.99%

健康

经营现金流 (TTM) = $6.44B

营业收入 (TTM) = $24.78B

Q

质量与覆盖指标

收益质量i

1.75x

健康

经营现金流 (TTM) = $6.44B

净利润 (TTM) = $3.69B

现金流/债务比i

0.35x

正常

经营现金流 (TTM) = $6.44B

总负债 = $18.48B

短期覆盖率i

0.86x

健康

经营现金流 (TTM) = $6.44B

流动负债 = $7.46B

资本支出覆盖率i

5.61x

健康

经营现金流 (TTM) = $6.44B

资本支出 (TTM) = $1.15B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

82.17%

健康

自由现金流 (TTM) = $5.29B

经营现金流 (TTM) = $6.44B

资本支出/营收比i

4.63%

健康

资本支出 (TTM) = $1.15B

营业收入 (TTM) = $24.78B

净债务/EBITDAi

1.91

正常

净债务 = $12.78B

EBITDA (TTM) = $6.69B

G

增长指标

经营现金流增长率i

1.77%

关注

当期OCF (TTM) = $1.32B

上期OCF = $1.30B

股东盈余i

$4.92B

健康

净利润 (TTM) = $3.69B

+ 折旧摊销 (TTM) = $2.38B

- 资本支出 (TTM) = $-1.15B