Question 1

What is Danaher's P/B ratio?

Accepted Answer

Danaher (DHR) P/B ratio is 2.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Danaher?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Danaher specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Danaher's P/B ratio of 2.4× is below its own 5-year average of 3.3× and below the sector median of 3.2×. That places the current reading at the 2th 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/B ratio range?

Accepted Answer

In the available daily series, Danaher (DHR) P/B ratio has ranged from a low of 1.2× in 2009 to a high of 5.1× in 2021. The 5-year average is 3.3× and the 5-year median is 3.3×.

Question 7

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

Accepted Answer

Danaher (DHR) P/B ratio at the end of 2025 was 3.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$162B	$52.5B	3.1×	-0.3×	Dec 31, 2025
2024	$168B	$49.5B	3.4×	+0.2×	Dec 31, 2024
2023	$171B	$53.5B	3.2×	-0.2×	Dec 31, 2023
2022	$171B	$50.1B	3.4×	-1.2×	Dec 31, 2022
2021	$209B	$45.2B	4.6×	+1.1×	Dec 31, 2021
2020	$140B	$39.8B	3.5×	+0.3×	Dec 31, 2020
2019	$97.4B	$30.3B	3.2×	+0.9×	Dec 31, 2019
2018	$64.2B	$28.2B	2.3×	+0.1×	Dec 31, 2018
2017	$57.4B	$26.4B	2.2×	+0.1×	Dec 31, 2017
2016	$47.8B	$23B	2.1×	+0.3×	Dec 31, 2016
2015	$42.9B	$23.7B	1.8×	+0.1×	Dec 31, 2015
2014	$40.6B	$23.4B	1.7×	+0.1×	Dec 31, 2014
2013	$36.3B	$22.4B	1.6×	+0.3×	Dec 31, 2013
2012	$26B	$19B	1.4×	+0.1×	Dec 31, 2012
2011	$21.8B	$16.9B	1.3×	-0.2×	Dec 31, 2011
2010	$20.8B	$13.7B	1.5×	+0.1×	Dec 31, 2010
2009	$16.5B	$11.6B	1.4×	+0.1×	Dec 31, 2009
2008	$12.8B	$9.81B	1.3×	-0.9×	Dec 31, 2008
2007	$19.8B	$9.09B	2.2×	-0.2×	Dec 31, 2007
2006	$16B	$6.64B	2.4×	+0.1×	Dec 31, 2006
2005	$11.5B	$5.08B	2.3×	-0.5×	Dec 31, 2005
2004	$12.6B	$4.62B	2.7×	+0.1×	Dec 31, 2004
2003	$9.49B	$3.65B	2.6×	+0.2×	Dec 31, 2003
2002	$7.09B	$3.01B	2.4×	—	Dec 31, 2002


Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for Danaher (DHR) 2002-2026

P/B Ratio daily chart for Danaher (DHR)

Historical P/B Ratio for Danaher (DHR) from 2002 to 2025

About P/B Ratio at Danaher (DHR)

Danaher P/B Ratio by Year

Danaher P/B Ratio 2025: 3.1×

Danaher P/B Ratio 2024: 3.4×

Danaher P/B Ratio 2023: 3.2×

Danaher P/B Ratio 2022: 3.4×

Danaher P/B Ratio 2021: 4.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Danaher (DHR) Key Financials