Debt to Equity
since 2005

Danaher Corp., debt to equity, long-term trends, calculation

	Debt to equity	=	Notes payable and long-term debt¹	÷	Total Danaher stockholders’ equity¹
Dec 31, 2023	0.34	=	18,402)	÷	53,486)
Dec 31, 2022	0.39	=	19,677)	÷	50,082)
Dec 31, 2021	0.49	=	22,176)	÷	45,167)
Dec 31, 2020	0.53	=	21,204)	÷	39,766)
Dec 31, 2019	0.72	=	21,729)	÷	30,271)
Dec 31, 2018	0.35	=	9,740)	÷	28,214)
Dec 31, 2017	0.40	=	10,522)	÷	26,358)
Dec 31, 2016	0.53	=	12,269)	÷	23,003)
Dec 31, 2015	0.54	=	12,870)	÷	23,690)
Dec 31, 2014	0.15	=	3,473)	÷	23,378)
Dec 31, 2013	0.16	=	3,499)	÷	22,385)
Dec 31, 2012	0.28	=	5,343)	÷	19,017)
Dec 31, 2011	0.31	=	5,305)	÷	16,905)
Dec 31, 2010	0.21	=	2,825)	÷	13,711)
Dec 31, 2009	0.25	=	2,933)	÷	11,630)
Dec 31, 2008	0.27	=	2,619)	÷	9,809)
Dec 31, 2007	0.41	=	3,726)	÷	9,086)
Dec 31, 2006	0.37	=	2,434)	÷	6,645)
Dec 31, 2005	0.21	=	1,042)	÷	5,080)

¹ US$ in millions

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Danaher Corp., debt to equity, long-term trends, comparison to competitors

	Danaher Corp.	AbbVie Inc.	Amgen Inc.	Bristol-Myers Squibb Co.	Eli Lilly & Co.	Gilead Sciences Inc.	Johnson & Johnson	Merck & Co. Inc.	Moderna Inc.	Pfizer Inc.	Regeneron Pharmaceuticals Inc.	Thermo Fisher Scientific Inc.
Dec 31, 2023	0.34	5.73	10.37	1.35	2.34	1.09	0.43	0.93	0.04	0.81	0.10	0.75
Dec 31, 2022	0.39	3.67	10.64	1.27	1.52	1.19	0.52	0.67	0.06	0.37	0.12	0.78
Dec 31, 2021	0.49	4.98	4.97	1.24	1.88	1.27	0.46	0.87	0.05	0.50	0.14	0.85
Dec 31, 2020	0.53	6.58	3.51	1.34	2.94	1.73	0.56	1.26	0.05	0.63	0.24	0.63
Dec 31, 2019	0.72	—	3.09	0.91	5.88	1.09	0.47	1.02	0.03	0.83	0.06	0.60
Dec 31, 2018	0.35	—	2.71	0.52	1.30	1.28	0.51	0.94	0.03	0.66	0.08	0.69
Dec 31, 2017	0.40	7.33	1.40	0.68	1.18	1.64	0.57	0.71	—	0.60	0.11	0.83
Dec 31, 2016	0.53	7.95	1.16	0.41	0.74	1.39	0.39	0.62	—	0.71	0.11	0.77
Dec 31, 2015	0.54	8.03	1.12	0.47	0.55	1.20	0.28	0.59	—	0.60	0.10	0.59
Dec 31, 2014	0.15	8.62	1.19	0.53	0.52	0.80	0.27	0.44	—	0.51	0.18	0.71
Dec 31, 2013	0.16	3.28	1.45	0.55	0.30	0.58	0.25	0.50	—	0.48	0.26	0.62
Dec 31, 2012	0.28	4.66	1.39	0.54	0.37	0.88	0.25	0.39	—	0.46	0.37	0.46
Dec 31, 2011	0.31	—	1.13	0.34	0.52	1.13	0.34	0.32	—	0.47	0.90	0.47
Dec 31, 2010	0.21	—	0.56	0.35	0.56	0.59	0.30	0.33	—	0.50	0.31	0.14
Dec 31, 2009	0.25	—	0.47	0.43	0.70	0.18	0.29	0.30	—	0.54	0.27	0.14
Dec 31, 2008	0.27	—	0.50	0.55	1.55	0.31	0.28	0.33	—	0.30	0.00	0.14
Dec 31, 2007	0.41	—	0.63	0.59	0.37	0.38	0.22	0.32	—	0.20	0.43	0.15
Dec 31, 2006	0.37	—	0.48	0.74	0.34	0.77	0.17	0.39	—	0.11	0.92	0.19
Dec 31, 2005	0.21	—	0.19	0.77	0.60	0.10	0.07	0.45	—	0.27	1.75	0.21

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Danaher Corp., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

	Danaher Corp.	Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2023	0.34	0.98
Dec 31, 2022	0.39	0.79
Dec 31, 2021	0.49	0.92
Dec 31, 2020	0.53	1.14
Dec 31, 2019	0.72	1.10
Dec 31, 2018	0.35	0.94
Dec 31, 2017	0.40	0.88
Dec 31, 2016	0.53	0.79
Dec 31, 2015	0.54	0.68
Dec 31, 2014	0.15	0.55
Dec 31, 2013	0.16	0.52
Dec 31, 2012	0.28	0.51
Dec 31, 2011	0.31	0.46
Dec 31, 2010	0.21	0.39
Dec 31, 2009	0.25	0.39
Dec 31, 2008	0.27	0.37
Dec 31, 2007	0.41	0.30
Dec 31, 2006	0.37	0.25
Dec 31, 2005	0.21	0.29

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Danaher Corp., debt to equity, long-term trends, comparison to industry (health care)

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Danaher Corp. (NYSE:DHR)