DHRDANAHER CORP /DE/

Industrial Instruments For Measurement, Display, And Control

Revenue: $24.6B; 2.9% YoY
Operating margin: 19.1%; 6.3% YoY
EBITDA: $5.4B; 2.6% YoY
Market cap: $163.4B
Employees: 60,000; $409K revenue each
Net debt / EBITDA: 1.7×; $9.3B net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
178% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
51% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$409K · 54th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$163.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$137M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$24.8B	$26.6B	$23.9B	$23.9B	$24.6B	2.9%
Operating income	$6.4B	$7.5B	$5.2B	$4.9B	$4.7B	3.6%
Net income	$6.4B	$7.2B	$4.8B	$3.9B	$3.6B	7.3%
Operating cash flow	$8.4B	$8.5B	$7.2B	$6.7B	$6.4B	4.1%
Capex	$1.2B	$1.1B	$1.4B	$1.4B	$1.2B	17%
Stock-based comp	$184M	$295M	$306M	$288M	$298M	3.5%
Buybacks	—	$0	$0	$6.0B	$3.1B	48%
Dividends	$742M	$818M	$821M	$768M	$878M	14%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 2, 2021	RALES MITCHELL P	SC 13D/A	5.0%	Passive
Jun 14, 2021	RALES STEVEN M	SC 13D/A	6.1%	Passive
Jun 14, 2021	RALES MITCHELL P	SC 13D/A	5.0%	Passive
May 14, 2020	RALES STEVEN M	SC 13D/A	6.1%	Passive
May 12, 2020	RALES MITCHELL P	SC 13D	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $137M · 21
Net: −$137M

Pay vs performance

No pay-versus-performance disclosure yet.