Discounted Cash Flow

Danaher Corp. /De/

DHR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $16.9b $2.6b $3.5b 15.1% $3.69
2017 $18.3b (8.6%) $2.5b (-2.4%) $3.5b (-1.2%) 13.6% (-10.1%) $3.58 (-3.0%)
2018 $19.9b (8.5%) $2.7b (6.4%) $3.9b (11.4%) 13.3% (-2.0%) $3.78 (5.6%)
2019 $17.9b (-10.0%) $3.0b (13.5%) $3.7b (-4.2%) 16.8% (26.0%) $4.11 (8.7%)
2020 $22.3b (24.4%) $3.6b (21.2%) $5.9b (58.1%) 16.4% (-2.6%) $4.97 (20.9%)
2021 $29.5b (32.2%) $6.4b (76.4%) $7.4b (26.6%) 21.8% (33.5%) $8.77 (76.5%)
2022 $31.5b (6.9%) $7.2b (12.1%) $8.0b (7.7%) 22.9% (4.9%) $9.80 (11.7%)
2023 $23.9b (-24.1%) $4.8b (-33.9%) $7.0b (-12.6%) 19.9% (-12.9%) $6.44 (-34.3%)
2024 $23.9b (-0.1%) $3.9b (-18.2%) $6.4b (-9.1%) 16.3% (-18.1%) $5.33 (-17.2%)
2025 $24.6b (2.9%) $3.6b (-7.3%) $6.3b (-1.1%) 14.7% (-9.9%) $5.07 (-4.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model