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CIK 313616 · Diversified Industrial Compounders
Danaher Corp. is a public company in Medical - Diagnostics & Research, tracked in the diversified industrial compounders sub-sector, with $25B TTM revenue and $6.7B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, DHR filings, SEC EDGAR
$121,142
Market cap ($MM)
$133,925
Enterprise value ($MM)
$24,778
Revenue · LTM ($MM)
$6,690
EBITDA · LTM ($MM)
27%
EBITDA margin
5.4x
EV / revenue
20.0x
EV / EBITDA
1.9x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 1.9x net debt / EBITDA with EBITDA of $6.7B.
$5,701
Cash & equiv. ($MM)
$18,484
Total debt ($MM)
$12,783
Net debt ($MM)
1.9x
Net debt / EBITDA
Valuation
DHR versus the scaled public Diversified Industrial Compounders comparables.
EV / EBITDA distribution · peer set
DHR 20.0x
Indexed share-price performance
DHR versus available Diversified Industrial Compounders peers and SPY.
-24%
DHR
+70%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Danaher Corp. | DHR | $24,778 | $6,690 | 27% | $121,142 | $133,925 | 5.4x | 20.0x | 1.9x |
| Roper Technologies Inc. | ROP | $8,115 | $3,239 | 40% | $34,647 | $44,728 | 5.5x | 13.8x | 3.1x |
| Heico Corporation | HEI | $4,633 | $1,258 | 27% | $40,713 | $42,959 | 9.3x | 34.2x | 1.8x |
| Emerson Electric Co. | EMR | $18,316 | $5,140 | 28% | $79,137 | $90,705 | 5.0x | 17.6x | 1.1x |
| TransDigm Group Incorporated | TDG | $9,503 | $4,778 | 50% | $67,964 | $96,083 | 10.1x | 20.1x | 5.7x |
| AMETEK, Inc. | AME | $7,598 | $2,258 | 30% | $53,267 | $54,963 | 7.2x | 24.3x | 0.3x |
| DOVER Corp | DOV | $8,280 | $1,782 | 22% | $29,603 | $31,251 | 3.8x | 17.5x | 1.3x |
| ITT Inc. | ITT | $4,237 | $924 | 22% | $18,430 | $18,307 | 4.3x | 19.8x | 3.5x |
| Diversified Industrial Compounders median | $8,198 | $2,748 | 28% | $46,990 | $49,846 | 5.5x | 19.9x | 1.8x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
DHR's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
154
Active years
18
Named deals
10
Avg / active year
8.6
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
DHR count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
14 / 24
Last three years is down 42% vs prior three.
Peak count year
FY14
17 disclosed acquisitions in the peak visible year.
Recent spend
$637MM
is down 97% vs prior three; peak FY20 at $21B.
Named evidence
10 rows
6.5% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Feb 25, 2019 | GE Biopharma Business | Diversified industrial compounders | $21,000 | On February 25, 2019, the Company entered into an Equity and Asset Purchase Agreement (the “GE Biopharma Purchase Agreement”) with GE to acquire the GE Biopharma Business for a... | 10-K† |
| Feb 25, 2019 | Biopharma Business of GE Life Sciences | Diversified industrial compounders | $21,000 | On February 25, 2019, the Company entered into an Equity and Asset Purchase Agreement (the “GE Biopharma Purchase Agreement”) with General Electric Company (“GE”) to acquire the... | 10-K† |
| Mar 31, 2020 | Biopharma business of General Electric Company’s Life Sciences division | Diversified industrial compounders | $20,700 | On March 31, 2020, the Company acquired the Biopharma business of General Electric Company’s (“GE”) Life Sciences division, now known as Cytiva, for a cash purchase price of app... | 10-K† |
| Mar 31, 2020 | Cytiva | Diversified industrial compounders | $20,700 | On March 31, 2020, the Company acquired the Biopharma business of General Electric Company’s (“GE”) Life Sciences division, now known as Cytiva, for a cash purchase price of app... | 10-K† |
| Aug 31, 2015 | Pall | Diversified industrial compounders | $13,600 | On August 31, 2015, Pentagon Merger Sub, Inc., a New York corporation and an indirect, wholly-owned subsidiary of the Company, acquired all of the outstanding shares of common s... | 10-K† |
| Aug 31, 2015 | Pall Corporation | Diversified industrial compounders | $13,600 | On August 31, 2015, Pentagon Merger Sub, Inc., a New York corporation and an indirect, wholly-owned subsidiary of the Company, acquired all of the outstanding shares of common s... | 10-K† |
| Feb 16, 2026 | Masimo Corporation | Diversified industrial compounders | $9,900 | On February 16, 2026, the Company entered into a definitive agreement to acquire all of the outstanding shares of Masimo Corporation (“Masimo”) for an aggregate cash purchase pr... | 10-K† |
| Aug 30, 2021 | Aldevron, L.L.C. | Diversified industrial compounders | $9,600 | On August 30, 2021, the Company acquired Aldevron, L.L.C. (“Aldevron”) for a cash purchase price of approximately $9.6 billion (the “Aldevron Acquisition”). Aldevron manufacture... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
9
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 24, 2026 | Annual M&A 10-K | accepted | 0 | N/A | N/A | SEC filing |
| FY2024 | Feb 20, 2025 | Annual M&A 10-K | accepted | 3 | $558MM | $708MM | SEC filing |
| FY2023 | Feb 21, 2024 | Annual M&A 10-K | accepted | 1 | $5.6B | $5.7B | SEC filing |
| FY2022 | Feb 22, 2023 | Annual M&A 10-K | accepted | 10 | $637MM | $637MM | SEC filing |
| FY2021 | Feb 23, 2022 | Annual M&A 10-K | accepted | 14 | $11B | $11B | SEC filing |
| FY2020 | Feb 25, 2021 | Annual M&A 10-K | accepted | 5 | $21B | $21B | SEC filing |
| FY2019 | Feb 21, 2020 | Annual M&A 10-K | accepted | 5 | $331MM | $331MM | SEC filing |
| FY2018 | Feb 21, 2019 | Annual M&A 10-K | accepted | 2 | $2.2B | $2.2B | SEC filing |
| FY2017 | Feb 21, 2018 | Annual M&A 10-K | accepted | 10 | $386MM | $386MM | SEC filing |
| FY2016 | Feb 22, 2017 | Annual M&A 10-K | accepted | 8 | $4.9B | $4.9B | SEC filing |
| FY2015 | Feb 24, 2016 | Annual M&A 10-K | accepted | 12 | $14B | $14B | SEC filing |
| FY2014 | Feb 25, 2015 | Annual M&A 10-K | accepted | 17 | $3.1B | $3.1B | SEC filing |
| FY2013 | Feb 21, 2014 | Annual M&A 10-K | warning (1 warn) | 14 | $957MM | N/A | SEC filing |
| FY2012 | Feb 22, 2013 | Annual M&A 10-K | accepted | 14 | $1.8B | $1.8B | SEC filing |
| FY2011 | Feb 24, 2012 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 3 | $6.2B | N/A | SEC filing |
| FY2010 | Feb 24, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | $2.1B | N/A | SEC filing |
| FY2009 | Feb 24, 2010 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 2 | $704MM | N/A | SEC filing |
| FY2008 | Feb 25, 2009 | Annual M&A 10-K | accepted | 17 | $423MM | $423MM | SEC filing |
| FY2007 | Feb 21, 2008 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 2 | $3.6B | $3.2B | SEC filing |
| FY2006 | Mar 1, 2007 | Annual M&A 10-K | accepted | 11 | N/A | N/A | SEC filing |
| FY2005 | Mar 15, 2006 | Annual M&A 10-K | accepted | 4 | N/A | N/A | SEC filing |
| FY2004 | Mar 7, 2005 | Annual M&A 10-K | accepted | 3 | N/A | N/A | SEC filing |
| FY2003 | Mar 10, 2004 | Annual M&A 10-K | warning (1 warn) | 2 | $312MM | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 24, 2026 | 10-K | Masimo Corporation | FinancialsAnnual M&ANamed deals | SEC filing |
| Feb 21, 2024 | 10-K | Aldevron, L.L.C. | Annual M&ANamed deals | SEC filing |
| Feb 22, 2023 | 10-K | Biopharma business of General Electric Company’s Life Sciences division | Annual M&ANamed deals | SEC filing |
| Feb 25, 2021 | 10-K | Cytiva | Annual M&ANamed deals | SEC filing |
| Feb 21, 2020 | 10-K | GE Biopharma Business; Biopharma Business of GE Life Sciences | Annual M&ANamed deals | SEC filing |
| Feb 21, 2019 | 10-K | Cepheid | Annual M&ANamed deals | SEC filing |
| Feb 21, 2018 | 10-K | Pall | Annual M&ANamed deals | SEC filing |
| Feb 24, 2016 | 10-K | Pall Corporation | Annual M&ANamed deals | SEC filing |
| Feb 21, 2014 | 10-K | Beckman Coulter, Inc. | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 24, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsRecent SEC | SEC filing |
| May 7, 2026 | 8-K | 5.02,5.07,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 29, 2026 | 8-K | 1.01,8.01,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 21, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 21, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 17, 2026 | 8-K | 1.01,2.03,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 25, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 25, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 27, 2026 | DFAN14A | N/A | DFAN14A | Recent SEC | SEC filing |
GE Biopharma Acquisition
10-K - Feb 21, 2020
On February 25, 2019, the Company entered into an Equity and Asset Purchase Agreement (the “GE Biopharma Purchase Agreement”) with GE to acquire the GE Biopharma Business for a cash purchase price of approximately $21.0…
GE Biopharma Acquisition
10-K - Feb 21, 2020
On February 25, 2019, the Company entered into an Equity and Asset Purchase Agreement (the “GE Biopharma Purchase Agreement”) with General Electric Company (“GE”) to acquire the Biopharma Business of GE Life Sciences (t…
Cytiva Acquisition
10-K - Feb 22, 2023
On March 31, 2020, the Company acquired the Biopharma business of General Electric Company’s (“GE”) Life Sciences division, now known as Cytiva, for a cash purchase price of approximately $20.7 billion (net of approxima…
Cytiva Acquisition
10-K - Feb 25, 2021
On March 31, 2020, the Company acquired the Biopharma business of General Electric Company’s (“GE”) Life Sciences division, now known as Cytiva, for a cash purchase price of approximately $20.7 billion (net of approxima…
Pall Acquisition
10-K - Feb 21, 2018
On August 31, 2015, Pentagon Merger Sub, Inc., a New York corporation and an indirect, wholly-owned subsidiary of the Company, acquired all of the outstanding shares of common stock of Pall, a New York corporation, for…
Pall Corporation Acquisition
10-K - Feb 24, 2016
On August 31, 2015, Pentagon Merger Sub, Inc., a New York corporation and an indirect, wholly-owned subsidiary of the Company, acquired all of the outstanding shares of common stock of Pall Corpora...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.