Danaher Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings	3,899)	4,764)	7,209)	6,433)	3,646)
Net noncash charges	2,504)	992)	2,270)	2,354)	2,508)
Change in operating capital	285)	734)	(960)	(429)	61)
Net cash provided by operating activities	6,688)	6,490)	8,519)	8,358)	6,215)
Interest payments, net of tax¹	310)	328)	302)	377)	268)
Payments for additions to property, plant and equipment	(1,392)	(1,383)	(1,152)	(1,294)	(791)
Proceeds from sales of property, plant and equipment	13)	12)	9)	13)	2)
Free cash flow to the firm (FCFF)	5,619)	5,447)	7,678)	7,454)	5,694)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Danaher Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Danaher Corp. FCFF decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Danaher Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	16.10%	16.30%	13.10%	16.50%	18.90%
Interest Paid, Net of Tax
Interest payments, before tax	370)	392)	347)	452)	331)
Less: Interest payments, tax²	60)	64)	45)	75)	63)
Interest payments, net of tax	310)	328)	302)	377)	268)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² 2024 Calculation
Interest payments, tax = Interest payments × EITR
= 370 × 16.10% = 60

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Danaher Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	160,564)
Free cash flow to the firm (FCFF)	5,619)
Valuation Ratio
EV/FCFF	28.57
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	21.14
Amgen Inc.	15.94
Bristol-Myers Squibb Co.	10.40
Eli Lilly & Co.	190.01
Gilead Sciences Inc.	14.22
Johnson & Johnson	17.94
Merck & Co. Inc.	12.61
Pfizer Inc.	14.70
Regeneron Pharmaceuticals Inc.	16.63
Thermo Fisher Scientific Inc.	24.03
Vertex Pharmaceuticals Inc.	—
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.11
EV/FCFF, Industry
Health Care	22.95

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Danaher Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	162,558)	197,948)	197,582)	210,569)	174,606)
Free cash flow to the firm (FCFF)²	5,619)	5,447)	7,678)	7,454)	5,694)
Valuation Ratio
EV/FCFF³	28.93	36.34	25.74	28.25	30.66
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	20.05	14.89	12.15	13.18	13.95
Amgen Inc.	15.35	22.22	16.01	15.82	14.51
Bristol-Myers Squibb Co.	9.94	9.14	13.87	10.52	11.63
Eli Lilly & Co.	200.93	655.33	59.14	38.37	39.01
Gilead Sciences Inc.	14.50	13.41	13.58	8.42	13.60
Johnson & Johnson	18.16	19.30	23.80	21.25	20.75
Merck & Co. Inc.	13.24	37.84	19.09	23.27	34.12
Pfizer Inc.	15.33	32.24	9.15	8.40	21.74
Regeneron Pharmaceuticals Inc.	19.30	23.99	17.96	9.81	25.74
Thermo Fisher Scientific Inc.	26.13	28.85	31.61	33.14	26.14
Vertex Pharmaceuticals Inc.	—	29.45	16.68	22.47	16.00
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.57	27.24	17.95	16.12	19.74
EV/FCFF, Industry
Health Care	22.99	24.06	17.76	17.08	18.03

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 162,558 ÷ 5,619 = 28.93

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Danaher Corp. EV/FCFF ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Danaher Corp. (NYSE:DHR)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical