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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	4,764)	7,209)	6,433)	3,646)	3,008)
Net noncash charges	915)	2,270)	2,354)	2,508)	364)
Change in operating capital	811)	(960)	(429)	61)	285)
Net cash provided by operating activities	6,490)	8,519)	8,358)	6,215)	3,657)
Payments for additions to property, plant and equipment	(1,383)	(1,152)	(1,294)	(791)	(636)
Proceeds from sales of property, plant and equipment	12)	9)	13)	2)	13)
Net proceeds from (repayments of) borrowings, maturities of 90 days or less	(1,006)	(723)	2,265)	(4,637)	2,802)
Proceeds from borrowings, maturities longer than 90 days	—)	—)	984)	8,670)	12,113)
Repayments of borrowings, maturities longer than 90 days	(620)	(965)	(1,186)	(5,933)	(1,565)
Make-whole premiums to redeem borrowings prior to maturity	—)	—)	(96)	(26)	(7)
Free cash flow to equity (FCFE)	3,493)	5,688)	9,044)	3,500)	16,378)

Based on: 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), 10-K (reporting date: 2019-12-31).

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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 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

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

No. shares of common stock outstanding	722,275,141
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,493)
FCFE per share	4.84
Current share price (P)	230.84
Valuation Ratio
P/FCFE	47.73
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	16.47
Amgen Inc.	4.56
Bristol-Myers Squibb Co.	9.01
Eli Lilly & Co.	73.37
Gilead Sciences Inc.	15.29
Johnson & Johnson	23.74
Merck & Co. Inc.	18.32
Moderna Inc.	—
Pfizer Inc.	3.49
Regeneron Pharmaceuticals Inc.	21.11
Thermo Fisher Scientific Inc.	28.39
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	16.08
P/FCFE, Industry
Health Care	16.45

Based on: 10-K (reporting date: 2023-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	739,701,725	728,576,886	715,352,586	712,204,198	696,237,113
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,493)	5,688)	9,044)	3,500)	16,378)
FCFE per share³	4.72	7.81	12.64	4.91	23.52
Share price^1, 4	250.65	250.11	262.39	219.26	161.88
Valuation Ratio
P/FCFE⁵	53.08	32.04	20.75	44.62	6.88
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	17.37	22.66	18.76	13.16	3.64
Amgen Inc.	4.71	8.32	13.52	11.06	33.32
Bristol-Myers Squibb Co.	7.52	22.85	16.17	7.80	5.80
Eli Lilly & Co.	75.06	60.51	35.17	36.62	15.87
Gilead Sciences Inc.	12.81	15.22	12.70	5.98	15.91
Johnson & Johnson	24.31	16.73	23.28	15.60	23.06
Merck & Co. Inc.	24.48	22.40	18.72	17.85	18.08
Moderna Inc.	—	12.24	4.62	31.68	—
Pfizer Inc.	3.82	10.56	8.88	—	9.87
Regeneron Pharmaceuticals Inc.	26.52	19.29	10.35	13.30	21.00
Thermo Fisher Scientific Inc.	31.16	27.98	13.44	18.58	46.04
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	17.23	19.02	15.27	17.30	11.46
P/FCFE, Industry
Health Care	16.99	18.08	16.76	17.08	13.39

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,493,000,000 ÷ 739,701,725 = 4.72

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

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 250.65 ÷ 4.72 = 53.08

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 2021 to 2022 and from 2022 to 2023.

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