Question 1

What is Danaher's P/FCF ratio?

Accepted Answer

Danaher (DHR) P/FCF ratio is 24.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Danaher?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Danaher specifically, the relevant sector benchmark is the current sector median of 19.8×.

Question 5

Is Danaher's P/FCF ratio high or low?

Accepted Answer

Danaher's P/FCF ratio of 24.8× is below its own 5-year average of 27.9× and above the sector median of 19.8×. That places the current reading at the 31th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Danaher's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Danaher (DHR) P/FCF ratio has ranged from a low of 6.5× in 2006 to a high of 50.6× in 2005. The 5-year average is 27.9× and the 5-year median is 26.7×.

Question 7

What was Danaher's P/FCF ratio in 2025?

Accepted Answer

Danaher (DHR) P/FCF ratio at the end of 2025 was 30.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Danaher's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$161.92B	$5.26B	30.8×	-0.9×	Dec 31, 2025
2024	$167.80B	$5.30B	31.7×	+2.1×	Dec 31, 2024
2023	$171.15B	$5.78B	29.6×	+6.3×	Dec 31, 2023
2022	$171.49B	$7.37B	23.3×	-6.3×	Dec 31, 2022
2021	$208.69B	$7.06B	29.5×	+3.7×	Dec 31, 2021
2020	$140.12B	$5.42B	25.9×	-3.5×	Dec 31, 2020
2019	$97.42B	$3.32B	29.4×	+10.7×	Dec 31, 2019
2018	$64.19B	$3.44B	18.7×	-1.4×	Dec 31, 2018
2017	$57.37B	$2.86B	20.1×	+3.8×	Dec 31, 2017
2016	$47.82B	$2.93B	16.3×	+3.3×	Dec 31, 2016
2015	$42.89B	$3.29B	13.0×	+0.3×	Dec 31, 2015
2014	$40.58B	$3.18B	12.8×	+0.8×	Dec 31, 2014
2013	$36.25B	$3.03B	11.9×	+3.2×	Dec 31, 2013
2012	$25.96B	$2.96B	8.8×	-0.7×	Dec 31, 2012
2011	$21.76B	$2.29B	9.5×	-1.7×	Dec 31, 2011
2010	$20.81B	$1.87B	11.1×	+0.9×	Dec 31, 2010
2009	$16.55B	$1.61B	10.3×	+2.6×	Dec 31, 2009
2008	$12.83B	$1.67B	7.7×	-5.6×	Dec 31, 2008
2007	$19.80B	$1.48B	13.3×	+2.0×	Dec 31, 2007
2006	$15.96B	$1.41B	11.3×	+1.8×	Dec 31, 2006
2005	$11.49B	$1.20B	9.5×	-4.2×	Dec 31, 2005
2004	$12.65B	$917.31M	13.8×	+1.6×	Dec 31, 2004
2003	$9.49B	$781.20M	12.1×	+1.2×	Dec 31, 2003
2002	$7.09B	$644.92M	11.0×	-0.8×	Dec 31, 2002
2001	$6.24B	$527.89M	11.8×	—	Dec 31, 2001


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Incyte (INCY)	12.9×
UnitedHealth Group (UNH)	12.5×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	10.7×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Elevance Health (ELV)	10.0×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Centene (CNC)	2.5×

P/FCF Ratio for Danaher (DHR)

P/FCF Ratio daily chart for Danaher (DHR)

Historical P/FCF Ratio for Danaher (DHR) from 2001 to 2025

About P/FCF Ratio at Danaher (DHR)

Danaher P/FCF Ratio by Year

Danaher P/FCF Ratio 2025: 30.8×

Danaher P/FCF Ratio 2024: 31.7×

Danaher P/FCF Ratio 2023: 29.6×

Danaher P/FCF Ratio 2022: 23.3×

Danaher P/FCF Ratio 2021: 29.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Danaher (DHR) Key Financials

P/FCF Ratio daily chart for Danaher (DHR)

Historical P/FCF Ratio for Danaher (DHR) from 2001 to 2025

About P/FCF Ratio at Danaher (DHR)

Danaher P/FCF Ratio by Year

Danaher P/FCF Ratio 2025: 30.8×

Danaher P/FCF Ratio 2024: 31.7×

Danaher P/FCF Ratio 2023: 29.6×

Danaher P/FCF Ratio 2022: 23.3×

Danaher P/FCF Ratio 2021: 29.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Danaher's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Danaher?

+Is Danaher's P/FCF ratio high or low?

+What is Danaher's historical P/FCF ratio range?

+What was Danaher's P/FCF ratio in 2025?

+Why does Danaher's P/FCF ratio change over time?

Danaher (DHR) Key Financials