Stock Analysis on Net
Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Danaher Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 27, 2024 7.59% = 4.83% × 1.57
Jun 28, 2024 8.42% = 5.35% × 1.57
Mar 29, 2024 8.24% = 5.28% × 1.56
Dec 31, 2023 8.91% = 5.64% × 1.58
Sep 29, 2023 11.29% = 6.74% × 1.67
Jun 30, 2023 12.30% = 7.49% × 1.64
Mar 31, 2023 13.47% = 8.15% × 1.65
Dec 31, 2022 14.39% = 8.55% × 1.68
Sep 30, 2022 14.40% = 8.35% × 1.72
Jul 1, 2022 13.63% = 7.76% × 1.76
Apr 1, 2022 13.93% = 7.74% × 1.80
Dec 31, 2021 14.24% = 7.73% × 1.84
Oct 1, 2021 13.54% = 7.13% × 1.90
Jul 2, 2021 13.12% = 7.19% × 1.82
Apr 2, 2021 11.76% = 6.30% × 1.87
Dec 31, 2020 9.17% = 4.79% × 1.92
Oct 2, 2020 9.70% = 5.05% × 1.92
Jul 3, 2020 9.56% = 4.86% × 1.97
Apr 3, 2020 10.53% = 4.74% × 2.22
Dec 31, 2019 9.94% = 4.85% × 2.05
Sep 27, 2019 — = — × 1.89
Jun 28, 2019 — = — × 1.66
Mar 29, 2019 — = — × 1.64

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Danaher Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 27, 2024 7.59% = 16.39% × 0.29 × 1.57
Jun 28, 2024 8.42% = 17.83% × 0.30 × 1.57
Mar 29, 2024 8.24% = 18.54% × 0.28 × 1.56
Dec 31, 2023 8.91% = 19.94% × 0.28 × 1.58
Sep 29, 2023 11.29% = 22.89% × 0.29 × 1.67
Jun 30, 2023 12.30% = 22.80% × 0.33 × 1.64
Mar 31, 2023 13.47% = 23.32% × 0.35 × 1.65
Dec 31, 2022 14.39% = 22.91% × 0.37 × 1.68
Sep 30, 2022 14.40% = 21.65% × 0.39 × 1.72
Jul 1, 2022 13.63% = 20.61% × 0.38 × 1.76
Apr 1, 2022 13.93% = 21.32% × 0.36 × 1.80
Dec 31, 2021 14.24% = 21.84% × 0.35 × 1.84
Oct 1, 2021 13.54% = 20.97% × 0.34 × 1.90
Jul 2, 2021 13.12% = 21.00% × 0.34 × 1.82
Apr 2, 2021 11.76% = 19.17% × 0.33 × 1.87
Dec 31, 2020 9.17% = 16.36% × 0.29 × 1.92
Oct 2, 2020 9.70% = 18.05% × 0.28 × 1.92
Jul 3, 2020 9.56% = 18.35% × 0.27 × 1.97
Apr 3, 2020 10.53% = 18.13% × 0.26 × 2.22
Dec 31, 2019 9.94% = 16.80% × 0.29 × 2.05
Sep 27, 2019 — = — × — × 1.89
Jun 28, 2019 — = — × — × 1.66
Mar 29, 2019 — = — × — × 1.64

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Danaher Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 27, 2024 7.59% = 0.86 × 0.94 × 20.31% × 0.29 × 1.57
Jun 28, 2024 8.42% = 0.86 × 0.94 × 21.92% × 0.30 × 1.57
Mar 29, 2024 8.24% = 0.86 × 0.95 × 22.79% × 0.28 × 1.56
Dec 31, 2023 8.91% = 0.85 × 0.95 × 24.58% × 0.28 × 1.58
Sep 29, 2023 11.29% = 0.90 × 0.96 × 26.51% × 0.29 × 1.67
Jun 30, 2023 12.30% = 0.89 × 0.97 × 26.61% × 0.33 × 1.64
Mar 31, 2023 13.47% = 0.87 × 0.97 × 27.41% × 0.35 × 1.65
Dec 31, 2022 14.39% = 0.87 × 0.98 × 27.02% × 0.37 × 1.68
Sep 30, 2022 14.40% = 0.83 × 0.98 × 26.84% × 0.39 × 1.72
Jul 1, 2022 13.63% = 0.83 × 0.97 × 25.52% × 0.38 × 1.76
Apr 1, 2022 13.93% = 0.84 × 0.97 × 26.20% × 0.36 × 1.80
Dec 31, 2021 14.24% = 0.84 × 0.97 × 26.90% × 0.35 × 1.84
Oct 1, 2021 13.54% = 0.82 × 0.97 × 26.35% × 0.34 × 1.90
Jul 2, 2021 13.12% = 0.83 × 0.96 × 26.36% × 0.34 × 1.82
Apr 2, 2021 11.76% = 0.81 × 0.95 × 24.81% × 0.33 × 1.87
Dec 31, 2020 9.17% = 0.81 × 0.94 × 21.41% × 0.29 × 1.92
Oct 2, 2020 9.70% = 0.83 × 0.95 × 22.84% × 0.28 × 1.92
Jul 3, 2020 9.56% = 0.82 × 0.96 × 23.34% × 0.27 × 1.97
Apr 3, 2020 10.53% = 0.84 × 0.97 × 22.22% × 0.26 × 2.22
Dec 31, 2019 9.94% = 0.78 × 0.97 × 22.28% × 0.29 × 2.05
Sep 27, 2019 — = — × — × — × — × 1.89
Jun 28, 2019 — = — × — × — × — × 1.66
Mar 29, 2019 — = — × — × — × — × 1.64

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Danaher Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 27, 2024 4.83% = 16.39% × 0.29
Jun 28, 2024 5.35% = 17.83% × 0.30
Mar 29, 2024 5.28% = 18.54% × 0.28
Dec 31, 2023 5.64% = 19.94% × 0.28
Sep 29, 2023 6.74% = 22.89% × 0.29
Jun 30, 2023 7.49% = 22.80% × 0.33
Mar 31, 2023 8.15% = 23.32% × 0.35
Dec 31, 2022 8.55% = 22.91% × 0.37
Sep 30, 2022 8.35% = 21.65% × 0.39
Jul 1, 2022 7.76% = 20.61% × 0.38
Apr 1, 2022 7.74% = 21.32% × 0.36
Dec 31, 2021 7.73% = 21.84% × 0.35
Oct 1, 2021 7.13% = 20.97% × 0.34
Jul 2, 2021 7.19% = 21.00% × 0.34
Apr 2, 2021 6.30% = 19.17% × 0.33
Dec 31, 2020 4.79% = 16.36% × 0.29
Oct 2, 2020 5.05% = 18.05% × 0.28
Jul 3, 2020 4.86% = 18.35% × 0.27
Apr 3, 2020 4.74% = 18.13% × 0.26
Dec 31, 2019 4.85% = 16.80% × 0.29
Sep 27, 2019 — = — × —
Jun 28, 2019 — = — × —
Mar 29, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Danaher Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 27, 2024 4.83% = 0.86 × 0.94 × 20.31% × 0.29
Jun 28, 2024 5.35% = 0.86 × 0.94 × 21.92% × 0.30
Mar 29, 2024 5.28% = 0.86 × 0.95 × 22.79% × 0.28
Dec 31, 2023 5.64% = 0.85 × 0.95 × 24.58% × 0.28
Sep 29, 2023 6.74% = 0.90 × 0.96 × 26.51% × 0.29
Jun 30, 2023 7.49% = 0.89 × 0.97 × 26.61% × 0.33
Mar 31, 2023 8.15% = 0.87 × 0.97 × 27.41% × 0.35
Dec 31, 2022 8.55% = 0.87 × 0.98 × 27.02% × 0.37
Sep 30, 2022 8.35% = 0.83 × 0.98 × 26.84% × 0.39
Jul 1, 2022 7.76% = 0.83 × 0.97 × 25.52% × 0.38
Apr 1, 2022 7.74% = 0.84 × 0.97 × 26.20% × 0.36
Dec 31, 2021 7.73% = 0.84 × 0.97 × 26.90% × 0.35
Oct 1, 2021 7.13% = 0.82 × 0.97 × 26.35% × 0.34
Jul 2, 2021 7.19% = 0.83 × 0.96 × 26.36% × 0.34
Apr 2, 2021 6.30% = 0.81 × 0.95 × 24.81% × 0.33
Dec 31, 2020 4.79% = 0.81 × 0.94 × 21.41% × 0.29
Oct 2, 2020 5.05% = 0.83 × 0.95 × 22.84% × 0.28
Jul 3, 2020 4.86% = 0.82 × 0.96 × 23.34% × 0.27
Apr 3, 2020 4.74% = 0.84 × 0.97 × 22.22% × 0.26
Dec 31, 2019 4.85% = 0.78 × 0.97 × 22.28% × 0.29
Sep 27, 2019 — = — × — × — × —
Jun 28, 2019 — = — × — × — × —
Mar 29, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Danaher Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 27, 2024 16.39% = 0.86 × 0.94 × 20.31%
Jun 28, 2024 17.83% = 0.86 × 0.94 × 21.92%
Mar 29, 2024 18.54% = 0.86 × 0.95 × 22.79%
Dec 31, 2023 19.94% = 0.85 × 0.95 × 24.58%
Sep 29, 2023 22.89% = 0.90 × 0.96 × 26.51%
Jun 30, 2023 22.80% = 0.89 × 0.97 × 26.61%
Mar 31, 2023 23.32% = 0.87 × 0.97 × 27.41%
Dec 31, 2022 22.91% = 0.87 × 0.98 × 27.02%
Sep 30, 2022 21.65% = 0.83 × 0.98 × 26.84%
Jul 1, 2022 20.61% = 0.83 × 0.97 × 25.52%
Apr 1, 2022 21.32% = 0.84 × 0.97 × 26.20%
Dec 31, 2021 21.84% = 0.84 × 0.97 × 26.90%
Oct 1, 2021 20.97% = 0.82 × 0.97 × 26.35%
Jul 2, 2021 21.00% = 0.83 × 0.96 × 26.36%
Apr 2, 2021 19.17% = 0.81 × 0.95 × 24.81%
Dec 31, 2020 16.36% = 0.81 × 0.94 × 21.41%
Oct 2, 2020 18.05% = 0.83 × 0.95 × 22.84%
Jul 3, 2020 18.35% = 0.82 × 0.96 × 23.34%
Apr 3, 2020 18.13% = 0.84 × 0.97 × 22.22%
Dec 31, 2019 16.80% = 0.78 × 0.97 × 22.28%
Sep 27, 2019 — = — × — × —
Jun 28, 2019 — = — × — × —
Mar 29, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

The primary reason for the decrease in net profit margin ratio over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.