Danaher Corporation (DHR)财务

NYSE · Healthcare · Medical - Diagnostics & Research · 员工59,000人 · CEO Julie Sawyer Montgomery

股价: $232.23 -2.00%
市值: $1630亿
企业价值: $1840亿
最近财报: Q3 '26 2026-10-21提交
下次财报: 2027-01-27 EPS预期 $2.49

营收(TTM)$256亿+5.5% 对比去年同期最近4个季度;柱状图=各季度

营业利润率(TTM)20.4%-1.7 百分点对比去年同期营业利润 $52.2亿

净利润(TTM)$43.3亿+23.6% 对比去年同期税后,含营业外收益

自由现金流(TTM)$57.3亿+14.2% 对比去年同期资本支出 $11.3亿

稀释EPS(TTM)$6.11+26.0% 对比去年同期最近4个季度之和

净现金-$208亿-35.7% 对比去年同期现金 + 短期投资 - 债务

估值与关键数据

市值: $1630亿
营收: $256亿
营收增速: +7%
净利润率: 16.9%
P/E: 37.9×
P/S: 6.4×
EV / EBITDA: 26.0×
自由现金流: $57.3亿
净利润: $43.3亿
营收预期: $263亿
盈利: 2027-01-27
股息: $1.44

核心要点

根据披露数据计算,每条结论都附有其依据的数字。

最近财报(2026-10-21):营收符合预期,EPS 超预期9.9%营收$65.5亿,预期$65.6亿(-0.1%);EPS $2.11,预期$1.92(+9.9%)。
营收增长加速:同比8.3%Q3 '26营收$65.5亿,此前四个季度的平均值为4.5%。
营业利润率20.4%(TTM),较去年同期-1.7 百分点营收增长5.5%,营业利润增长-2.8%。
资本支出占营收的4.4%(去年为5.4%)最近4个季度投入$11.3亿(同比-13.0%)。自由现金流$57.3亿,相当于净利润的132.2%。
股东回报$19.4亿 = 自由现金流的33.8%回购$9.19亿(去年为$38.7亿),股息$10.2亿,股权激励$2.97亿(TTM)。
稀释股数一年内减少1.0%Q3 '26稀释股数7.07亿,一年前为7.14亿。
净债务 $208亿现金 + 短期投资 $56.8亿,含租赁债务 $265亿;一年前净债务 $153亿。

上一季度:Q3 '26

截至2026-09-25的季度。与去年同期及财报发布前的分析师一致预期对比。

本季度与去年同期

	Q3 '26	去年同期	变化
营收	$65.5亿	$60.5亿	+8.3%
毛利率	58.5%	58.2%	+0.3 百分点
营业利润	$12.5亿	$11.5亿	+7.9%
营业利润率	19.0%	19.1%	-0.1 百分点
净利润	$12.4亿	$9.08亿	+36.0%
稀释EPS	$1.75	$1.27	+37.8%
经营现金流	$18.9亿	$16.6亿	+13.5%
资本支出	$2.55亿	$2.92亿	-12.7%
自由现金流	$16.3亿	$13.7亿	+19.1%
R&D	$4.33亿	$3.78亿	+14.6%
股权激励费用	$0	$8300万	-100.0%

实际 vs 一致预期

2026-10-21

	实际	一致预期	对比预期
营收	$65.5亿	$65.6亿	-0.1%
EPS(一致预期口径)	$2.11	$1.92	+9.9%

来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。

EPS与一致预期

营收

收入从何而来,按业务线和地区逐季展示。

营收、营业利润与增速

季度

按业务线划分的营收

堆叠,季度

分部	Q3 '26	同比	占比	TTM	TTM同比	12个季度
Revenue from Contract with Customer, Measurement, Recurring	$54亿	+7.6%	82.4%	$210亿	+5.3%
Revenue from Contract with Customer, Measurement, Nonrecurring	$11.6亿	+11.5%	17.6%	$46.5亿	+6.7%

按地区划分的营收

占总额比例

分部	Q3 '26	同比	占比	TTM	TTM同比
Other developed markets	–	–	–	–	–
North America	$27.4亿	+6.2%	64.8%	–	–
Western Europe	$14.9亿	+6.7%	35.2%	–	–

分部利润

取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。

Q3 '26分部

分部	营收	同比	营业利润	同比	利润率	去年同期利润率	TTM营业利润
Biotechnology Segment	–	–	$4.77亿	+35.5%	–	–	$21.1亿
Life Sciences	–	–	–	–	–	–	–
Diagnostics	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	-$1.05亿	-23.5%	–	–	-$3.7亿
Life Sciences Segment	–	–	$2.59亿	+16.7%	–	–	$10.6亿
Diagnostics Segment	–	–	$6.14亿	-7.7%	–	–	$24.2亿

各分部营业利润

季度

各分部营业利润率

季度

第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。

利润率与成本结构

每一单位营收在各层级还剩多少,成本又花在哪里。

利润率

季度

成本占营收比例

季度

现金流与资本配置

创造了多少现金,用在何处,又有多少回到股东手中。

经营现金流、资本支出、自由现金流

季度

现金用途与经营现金流

财年

股数与EPS

季度,稀释

资产负债表

各季度末的流动性、投资和债务。

现金、投资与债务

季度末

估值与回报

当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。

估值倍数与回报

TTM与过去5个财年

	当前	5年均值	当前处于5年区间的位置
P/E(TTM)	37.9×	36.3×	24.0× – 45.2×
EV / EBITDA	26.0×	23.5×	19.5× – 25.3×
EV / 营收	7.2×	7.4×	7.0× – 7.8×
股价 / FCF	28.5×	28.9×	23.2× – 31.7×
股价 / 净资产	3.0×	3.5×	3.1× – 4.6×
FCF收益率	3.5%	3.5%	3.2% – 4.3%
投入资本回报率	5.4%	7.0%	5.7% – 8.9%
净资产收益率	8.2%	10.5%	6.9% – 14.4%

分析师

一致目标价 $238.77 (+2.8%)
区间 $195.00 – $275.00 · 评级 Buy

强烈买入1

买入30

持有11

卖出1

强烈卖出0

展望

分析师对未来财年的一致预期,以及按当前股价意味着什么。

一致预期

财年	营收	增速	EPS	增速	按当前股价的P/E	分析师(EPS)
FY2026	$263亿	+6.9%	$8.59	+70.4%	27.0×	13
FY2027	$283亿	+7.6%	$9.31	+8.4%	24.9×	14
FY2028	$301亿	+6.4%	$10.24	+9.9%	22.7×	7
FY2029	$322亿	+7.1%	$11.25	+9.9%	20.6×	2
FY2030	$336亿	+4.2%	$12.21	+8.5%	19.0×	4

财务报表

利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。

利润表营收、成本、营业利润、净利润和EPS查看 资产负债表现金、投资、资产、债务、负债和权益查看 现金流量表经营现金流、资本支出、自由现金流、回购和股息查看

全部披露项目

Danaher Corporation在近期10-Q / 10-K文件中标记的全部288项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。

项目(SEC标签)	最近季度	去年同期	同比	最近财年	上一财年	同比
Accounts Payable, Trade, Current	$17.4亿	$17亿	+2.6%	$18.4亿	$17.5亿	+5.2%
Accounts Receivable, after Allowance for Credit Loss, Current	$41.3亿	$37.6亿	+9.9%	$39.1亿	$35.4亿	+10.6%
Accounts Receivable, Allowance for Credit Loss, Current	$1.22亿	$1.19亿	+2.5%	$1.14亿	$1.13亿	+0.9%
Accounts Receivable, Credit Loss Expense (Reversal)	–	–	–	$4500万	$3700万	+21.6%
Accrual for Environmental Loss Contingencies	$1.82亿2025-12-31	$1.75亿	+4.0%	$1.82亿	$1.75亿	+4.0%
Accrued Environmental Loss Contingencies, Noncurrent	$1.57亿2025-12-31	$1.5亿	+4.7%	$1.57亿	$1.5亿	+4.7%
Accrued Income Taxes, Current	$5.32亿2025-12-31	$5.68亿	-6.3%	$5.32亿	$5.68亿	-6.3%
Accrued Income Taxes, Noncurrent	$30.1亿2025-12-31	$31.4亿	-4.0%	$30.1亿	$31.4亿	-4.0%
Accrued Liabilities, Current	$52.1亿	$46亿	+13.3%	$49.6亿	$45.4亿	+9.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$50.4亿	$46.7亿	+8.1%	$47.7亿	$41亿	+16.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$8.65亿	-$5.9亿	-46.6%	-$2.07亿	-$32.2亿	+93.6%
Additional Paid in Capital, Common Stock	$176亿	$171亿	+3.2%	$172亿	$167亿	+2.8%
Amortization of Intangible Assets	$5.13亿	$4.33亿	+18.5%	$17亿	$16.3亿	+4.0%
Asset Impairment Charges	$5200万	$1.01亿	-48.5%	$5.62亿	$2.65亿	+112.1%
Assets	$933亿	$799亿	+16.8%	$835亿	$775亿	+7.6%
Assets, Current	$148亿	$96.1亿	+53.9%	$128亿	$95亿	+34.3%
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$1.80	$1.13	+59.3%	$3.742018-12-31	$3.47	+7.8%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax	–	–	–	$36亿	$39.1亿	-7.9%
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted	–	–	–	$5.03	$5.30	-5.1%
Business Acquisition, Pro Forma Net Income (Loss)	$12.7亿	$8.08亿	+57.5%	$26.5亿2018-12-31	$24.5亿	+8.3%
Business Acquisition, Pro Forma Revenue	$65.6亿	$64.3亿	+2.0%	$246亿	$239亿	+2.7%
Business Combination, Acquisition Related Costs	$8400万	–	–	$5700万2011-12-31	$3600万	+58.3%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	–	–	–	$0	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$56.8亿	$15.3亿	+271.9%	$46.2亿	$20.8亿	+122.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$13.3亿	-$14.3亿	+193.4%	$25.4亿	-$37.9亿	+167.0%
Common Stock, Capital Shares Reserved for Future Issuance	5000万	4300万	+16.3%	5400万2020-12-31	6000万	-10.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	20亿	20亿	0.0%	20亿	20亿	0.0%
Common Stock, Shares, Issued	8.89亿	8.86亿	+0.3%	8.87亿	8.84亿	+0.3%
Common Stock, Shares, Outstanding	7.03亿	7.06亿	-0.4%	7.07亿	7.19亿	-1.7%
Common Stock, Value, Issued	$900万	$900万	0.0%	$900万	$900万	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$11.7亿	$8.87亿	+31.3%	$66.3亿	$24.3亿	+172.7%
Contract with Customer, Liability	$17亿	$16亿	+6.3%	$16亿	$15亿	+6.7%
Contract with Customer, Liability, Current	$13.5亿2025-12-31	$13亿	+4.2%	$13.5亿	$13亿	+4.2%
Contract with Customer, Liability, Noncurrent	$2.31亿2025-12-31	$2.32亿	-0.4%	$2.31亿	$2.32亿	-0.4%
Contract with Customer, Liability, Revenue Recognized	$1.96亿	$2.04亿	-3.9%	$12亿	$13亿	-7.7%
Cost of Goods and Services Sold	$27.2亿	$25.3亿	+7.4%	$100亿	$96.7亿	+3.9%
Current Federal Tax Expense (Benefit)	–	–	–	$2.07亿	$2.39亿	-13.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$7.75亿	$9.29亿	-16.6%
Current State and Local Tax Expense (Benefit)	–	–	–	$9100万	$6200万	+46.8%
Debt Instrument, Face Amount	1,250,000,000 CHF2025-10-10	–	–	1,250,000,000 CHF2025-10-10	–	–
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$1.26亿	$8800万	+43.2%	$9300万	$9600万	-3.1%
Debt, Current	$20.9亿	$2300万	+9,004.3%	$200万	$5.05亿	-99.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$2.89亿	-$3亿	+3.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$1.33亿	-$1.41亿	+5.7%
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	$39亿2026-06-26	–	–	–	–	–
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$1800万	-$4200万	+57.1%
Deferred Tax Assets, in Process Research and Development	$6.79亿2025-12-31	$5.84亿	+16.3%	$6.79亿	$5.84亿	+16.3%
Deferred Tax Assets, Inventory	$1.07亿2025-12-31	$1.14亿	-6.1%	$1.07亿	$1.14亿	-6.1%
Deferred Tax Assets, Net of Valuation Allowance	$25.3亿2025-12-31	$22.9亿	+10.4%	$25.3亿	$22.9亿	+10.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$1.32亿2025-12-31	$1.22亿	+8.2%	$1.32亿	$1.22亿	+8.2%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$2000万2025-12-31	$2000万	0.0%	$2000万	$2000万	0.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$9.08亿2025-12-31	$6.31亿	+43.9%	$9.08亿	$6.31亿	+43.9%
Deferred Tax Assets, Valuation Allowance	$3.15亿2025-12-31	$2.32亿	+35.8%	$3.15亿	$2.32亿	+35.8%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$32.7亿2025-12-31	$33亿	-0.9%	$32.7亿	$33亿	-0.9%
Deferred Tax Liabilities, Gross	$40亿2025-12-31	$40.8亿	-2.1%	$40亿	$40.8亿	-2.1%
Deferred Tax Liabilities, Leasing Arrangements	$2.65亿2025-12-31	$2.38亿	+11.3%	$2.65亿	$2.38亿	+11.3%
Deferred Tax Liabilities, Net	$14.7亿2025-12-31	$17.9亿	-18.1%	$14.7亿	$17.9亿	-18.1%

来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。

数据来源

报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。已读取的文件: 10-Q 2026-09-25, 10-Q 2026-06-26, 10-Q 2026-03-27, 10-K 2025-12-31, 10-Q 2025-09-26, 10-Q 2025-06-27, 10-Q 2025-03-28, 10-K 2024-12-31, 10-Q 2024-09-27

数据截至 2026-11-01