Danaher Corp.
DHRHIGH VELOCITYFILING INTENSITYDanaher Corp. reads as an High Velocity (composite 78/100); Sustained Capital Deployer deploying $0 across 4 disclosed transactions, down 100% vs the prior cycle · primary market Life Sciences.
Lens
Disclosed M&A capital (2023–2025)
N/A
vs N/A in 2020–2022
Disclosed transactions
4
2/3 active fiscal years in window
Buyer archetype
Sustained Capital Deployer
Large disclosed acquisition spend recurs across many years.
Composite score
78
High Velocity dominates · Filing Intensity
Danaher (DHR) is a public-company acquirer in medical - diagnostics & research with $42.3B of disclosed M&A spend across 143 acquisitions over 15 active years. Strategy mix is led by Bolt On (44%), Geographic Expansion (22%), Talent Acquisition (15%). Current capacity: $5.7B cash, $18.5B total debt, 1.9x net leverage (conservative). Has $7.3B of incremental debt capacity to a 3.0x IG threshold and $20.7B to the 5.0x HY transition. Disclosed median deal size sits at $296M.
- “The Company continually evaluates potential acquisitions that either strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into a new and attractive business area.”- 10-K FY2024
- “The acquisition of IDT provides additional sales and earnings growth opportunities for the Company’s Life Sciences segment by expanding the segment’s product line diversity, including new product and service offerings in the area of genomics consumables.”- 10-K FY2018
- “The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Company’s consolidated financial statements.”- 10-K FY2016
- ▸Continued tuck-in cadence around existing operations
- ▸Disciplined size constraint suggests no transformational deals
- ▸Room for a $20.7B debt-funded acquisition before HY 5.0x.
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $34.9B disclosed buyer spend
- Filed within 19d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 19d
- 149 acquisition-history signals
- 288 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 47 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 47 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 47 activism filings
- Latest activism 4.6y ago; discounted
- Shareholder pressure language
Distress Watch
Issuers showing financial-distress filing patterns
- 47 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 288 8-Ks
- Filed within 19d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $133.9B
- 10-Q 35d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $20,971M · Peak count: 14
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | N/A | N/A | N/A | N/A |
| 2024 | 3 | N/A | N/A | N/A |
| 2023 | 1 | N/A | N/A | N/A |
| 2022 | 10 | $637M | $64M | N/A |
| 2021 | 14 | N/A | N/A | N/A |
| 2020 | 5 | $21B | $4.2B | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Talent Acquisition20%
- Bolt On20%
- Geographic Expansion20%
- Technology Acquisition20%
- Platform20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- geographic_expansion
- talent_acquisition
- horizontal_consolidation
- tuck_in
- platform
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“The acquisition of IDT provides additional sales and earnings growth opportunities for the Company’s Life Sciences segment by expanding the segment’s product line diversity, including new product and service offerings in the area of genomics consumables.”
“The Company continually evaluates potential acquisitions that either strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into a new and attractive business area.”
“The Company has completed a number of acquisitions that have been accounted for as purchases and have resulted in the recognition of goodwill in the Company’s consolidated financial statements.”
“As part of our commitment to the Core Value “The Best Team Wins”, we focus on identifying, attracting and recruiting diverse talent to meet our current and future business needs.”
“Danaher’s talent acquisition strategy is focused on broadening our candidate pools, which we believe will increase underrepresented talent throughout the Company.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Life Sciences
- Market spend (2023–2025)
- $68.3B
- Market spend (2020–2022)
- $107.5B
- Recent vs prior
- −36%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
DHR trades at a +2.4-turn premium to the Life Sciences peer median of 17.6×.
- EV / Revenue
- 5.4×
- Net debt / EBITDA
- 1.9×
- Peer median EV / EBITDA
- 17.6×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
AMETEK, Inc.AME | 24.3× | 7.2× | 0.3× | $7.6B | $3.3B |
| 20.1× | 10.1× | 5.7× | $9.5B | $3.5B | |
Danaher Corp.DHR | 20.0× | 5.4× | 1.9× | $24.8B | N/A |
| 17.6× | 5.0× | 1.1× | $18.3B | $9.1B | |
DOVER CorpDOV | 17.5× | 3.8× | 1.3× | $8.3B | $1.8B |
| 13.8× | 5.5× | 3.1× | $8.1B | $8.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Life Sciences. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)352026-02-24
- 10-Q (quarterly)1012026-04-21
- 8-K (event)2882026-05-07
- Proxy / DEF 14A642026-03-25
- Activism (13D / DFAN / PREC)472021-11-02
Signals on file
- elevated
Activism on file
2021-11-0247 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
- info
Signal
Shareholder pressure
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.