Question 1

What is Danaher's P/E ratio?

Accepted Answer

Danaher (DHR) P/E ratio is 31.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Danaher?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Danaher specifically, the relevant sector benchmark is the current sector median of 24.2×.

Question 5

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

Accepted Answer

Danaher's P/E ratio of 31.7× is below its own 5-year average of 34.6× and above the sector median of 24.2×. That places the current reading at the 42th 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/E ratio range?

Accepted Answer

In the available daily series, Danaher (DHR) P/E ratio has ranged from a low of 9.0× in 2009 to a high of 55.8× in 2002. The 5-year average is 34.6× and the 5-year median is 34.7×.

Question 7

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

Accepted Answer

Danaher (DHR) P/E ratio at the end of 2025 was 44.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$3.61B	44.8×	+1.8×	Dec 31, 2025
2024	$168B	$3.9B	43.0×	+7.1×	Dec 31, 2024
2023	$171B	$4.76B	35.9×	+12.1×	Dec 31, 2023
2022	$171B	$7.21B	23.8×	-8.7×	Dec 31, 2022
2021	$209B	$6.43B	32.4×	-6.0×	Dec 31, 2021
2020	$140B	$3.65B	38.4×	+0.3×	Dec 31, 2020
2019	$97.4B	$2.56B	38.1×	+13.9×	Dec 31, 2019
2018	$64.2B	$2.65B	24.2×	+1.2×	Dec 31, 2018
2017	$57.4B	$2.49B	23.0×	+4.3×	Dec 31, 2017
2016	$47.8B	$2.55B	18.7×	+5.9×	Dec 31, 2016
2015	$42.9B	$3.36B	12.8×	-2.8×	Dec 31, 2015
2014	$40.6B	$2.6B	15.6×	+2.2×	Dec 31, 2014
2013	$36.3B	$2.7B	13.5×	+2.6×	Dec 31, 2013
2012	$26B	$2.39B	10.9×	+0.8×	Dec 31, 2012
2011	$21.8B	$2.17B	10.0×	-1.6×	Dec 31, 2011
2010	$20.8B	$1.79B	11.6×	-2.8×	Dec 31, 2010
2009	$16.5B	$1.15B	14.4×	+4.6×	Dec 31, 2009
2008	$12.8B	$1.32B	9.7×	-4.7×	Dec 31, 2008
2007	$19.8B	$1.37B	14.5×	+0.2×	Dec 31, 2007
2006	$16B	$1.12B	14.2×	+1.4×	Dec 31, 2006
2005	$11.5B	$898M	12.8×	-4.2×	Dec 31, 2005
2004	$12.6B	$746M	17.0×	-0.7×	Dec 31, 2004
2003	$9.49B	$537M	17.7×	-6.7×	Dec 31, 2003
2002	$7.09B	$290M	24.4×	—	Dec 31, 2002


Medtronic (MDT)	22.2×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
Elevance Health (ELV)	17.0×
HCA Healthcare (HCA)	15.8×
AstraZeneca (AZN)	14.7×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Cigna (CI)	11.1×
Novo Nordisk (NVO)	8.6×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

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

P/E Ratio daily chart for Danaher (DHR)

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

About P/E Ratio at Danaher (DHR)

Danaher P/E Ratio by Year

Danaher P/E Ratio 2025: 44.8×

Danaher P/E Ratio 2024: 43.0×

Danaher P/E Ratio 2023: 35.9×

Danaher P/E Ratio 2022: 23.8×

Danaher P/E Ratio 2021: 32.4×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Danaher (DHR) Key Financials