Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Danaher Corp., FCFE 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)
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)
Net proceeds from (repayments of) borrowings, maturities of 90 days or less	5)	(1,006)	(723)	2,265)	(4,637)
Proceeds from borrowings, maturities longer than 90 days	—)	—)	—)	984)	8,670)
Repayments of borrowings, maturities longer than 90 days	(1,674)	(620)	(965)	(1,186)	(5,933)
Make-whole premiums to redeem borrowings prior to maturity	—)	—)	—)	(96)	(26)
Free cash flow to equity (FCFE)	3,640)	3,493)	5,688)	9,044)	3,500)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Danaher Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Danaher Corp. FCFE decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Price to FCFE Ratio, Current

Danaher Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	714,709,852
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,640)
FCFE per share	5.09
Current share price (P)	207.95
Valuation Ratio
P/FCFE	40.83
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	14.14
Amgen Inc.	26.09
Bristol-Myers Squibb Co.	8.63
Eli Lilly & Co.	65.39
Gilead Sciences Inc.	19.18
Johnson & Johnson	12.86
Merck & Co. Inc.	16.64
Pfizer Inc.	3.60
Regeneron Pharmaceuticals Inc.	20.65
Thermo Fisher Scientific Inc.	41.23
Vertex Pharmaceuticals Inc.	37.58
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	17.27
P/FCFE, Industry
Health Care	17.35

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

¹ Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Danaher Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	714,709,852	739,701,725	728,576,886	715,352,586	712,204,198
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,640)	3,493)	5,688)	9,044)	3,500)
FCFE per share³	5.09	4.72	7.81	12.64	4.91
Share price^1, 4	207.95	250.65	250.11	262.39	219.26
Valuation Ratio
P/FCFE⁵	40.83	53.08	32.04	20.75	44.62
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	13.57	17.37	22.66	18.76	13.16
Amgen Inc.	25.50	4.71	8.32	13.52	11.06
Bristol-Myers Squibb Co.	—	7.52	22.85	16.17	7.80
Eli Lilly & Co.	64.93	75.06	60.51	35.17	36.62
Gilead Sciences Inc.	—	12.81	15.22	12.70	5.98
Johnson & Johnson	12.67	24.31	16.73	23.28	15.60
Merck & Co. Inc.	—	24.48	22.40	18.72	17.85
Pfizer Inc.	—	3.82	10.56	8.88	—
Regeneron Pharmaceuticals Inc.	21.27	26.52	19.29	10.35	13.30
Thermo Fisher Scientific Inc.	41.23	31.16	27.98	13.44	18.58
Vertex Pharmaceuticals Inc.	—	33.45	19.91	26.08	18.46
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	—	16.91	19.28	16.49	17.09
P/FCFE, Industry
Health Care	—	16.85	18.12	17.81	17.23

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,640,000,000 ÷ 714,709,852 = 5.09

⁴ Closing price as at the filing date of Danaher Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 207.95 ÷ 5.09 = 40.83

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Danaher Corp. P/FCFE ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Danaher Corp. (NYSE:DHR)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical