Danaher Corp
DHRAbove valueHeld by 13 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-26 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +2.9%
- Net margin
- 14.7%
- ROE
- 6.9%
- FCF margin
- 21.4%
Valuation · value band
Above fair value
Zero-growth floor
$31
Central IV
$60
Optimistic top
$70
Danaher Corp (DHR): A conservative value band $31–$70 / sh (zero-growth floor to growth-capped optimistic top); central read about $60. Today’s price sits above that band (price $215 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 11.4% · Zero-growth downside $31
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $53.47 – $68.73 · Greenwald zero-growth $69.85 · zero-growth base $69.85 · reproduction $30.68
Moat Commodity-like · terminal value 34% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$24.19 – $36.54 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-26, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$58.01 – $69.85 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.8–11.8% band (9–11% base + 0.8pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-26, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.8pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 4.6 years of owner earnings, adding 0.8pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $-16.19B + capitalized R&D $3.52B（FY 2026, 2024, 2023, 2022） = $30.68 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-26, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 16% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 4.6 years of owner earnings → +0.8pp cost-of-equity premium → effective 9.8%–11.8%.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-26, 2024, 2023, 2022, 2021 · Discount band: 9.95%–12.79% (DGS10 +4.5% to a 12% strict end, each +0.79pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-26 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
13 holders · $2.44B combined · this quarter +3 opened / -1 exited
- Value$1.78BWeight (prev→now)4.2% → 5.4% ▲
- Value$119.3MWeight (prev→now)8.8% → 7.6% ▼
- Value$107.6MWeight (prev→now)New · 1.3%
- Value$102.9MWeight (prev→now)4.8% → 2.2% ▼
- Value$93.2MWeight (prev→now)6.3% → 6.5% ▲
- Value$86.9MWeight (prev→now)New · 0.4%
- Value$71.0MWeight (prev→now)0.2% → 0.2% ▼
- Value$49.0MWeight (prev→now)0.0% → 0.0% ▲
- Value$9.6MWeight (prev→now)New · 0.2%
- Value$8.2MWeight (prev→now)1.6% → 1.7% ▲
Show all 13 holders ▸Collapse ▾
- Value$4.9MWeight (prev→now)0.0% → 0.0% ▼
- Value$350,102Weight (prev→now)0.0% → 0.0% ▲
- Value$320,197Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Danaher Corp (DHR) is held by 13 of the superinvestors tracked on Compounder, with a combined $2.44B in reported 13F value. The largest position belongs to Ravenel Boykin Curry, where it makes up 5.4% of the portfolio.
Other notable holders by value include Pat Dorsey (7.6% of its book), Steven Romick (1.3% of its book) and Daniel Loeb (2.2% of its book).
Over the latest quarter, 3 of the tracked filers opened a new position in DHR, 7 added to existing ones, 1 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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