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DHR (Danaher) Piotroski F-Score : 6 (As of Mar. 15, 2025)


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What is Danaher Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Danaher has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Danaher's Piotroski F-Score or its related term are showing as below:

DHR' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Danaher was 8. The lowest was 4. And the median was 6.


Danaher Piotroski F-Score Historical Data

The historical data trend for Danaher's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Danaher Piotroski F-Score Chart

Danaher Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.00 6.00 7.00 4.00 6.00

Danaher Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 5.00 7.00 6.00

Competitive Comparison of Danaher's Piotroski F-Score

For the Diagnostics & Research subindustry, Danaher's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Danaher's Piotroski F-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, Danaher's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Danaher's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Net Income was 1088 + 907 + 818 + 1086 = $3,899 Mil.
Cash Flow from Operations was 1739 + 1417 + 1513 + 2019 = $6,688 Mil.
Revenue was 5796 + 5743 + 5798 + 6538 = $23,875 Mil.
Gross Profit was 3487 + 3428 + 3401 + 3890 = $14,206 Mil.
Average Total Assets from the begining of this year (Dec23)
to the end of this year (Dec24) was
(84488 + 83402 + 78555 + 80615 + 77542) / 5 = $80920.4 Mil.
Total Assets at the begining of this year (Dec23) was $84,488 Mil.
Long-Term Debt & Capital Lease Obligation was $16,468 Mil.
Total Current Assets was $9,497 Mil.
Total Current Liabilities was $6,798 Mil.
Net Income was 1450 + 1106 + 1129 + 1079 = $4,764 Mil.

Revenue was 5949 + 5912 + 5624 + 6405 = $23,890 Mil.
Gross Profit was 3662 + 3318 + 3275 + 3779 = $14,034 Mil.
Average Total Assets from the begining of last year (Dec22)
to the end of last year (Dec23) was
(84350 + 85040 + 84902 + 87734 + 84488) / 5 = $85302.8 Mil.
Total Assets at the begining of last year (Dec22) was $84,350 Mil.
Long-Term Debt & Capital Lease Obligation was $17,661 Mil.
Total Current Assets was $13,937 Mil.
Total Current Liabilities was $8,274 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Danaher's current Net Income (TTM) was 3,899. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Danaher's current Cash Flow from Operations (TTM) was 6,688. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec23)
=3899/84488
=0.04614857

ROA (Last Year)=Net Income/Total Assets (Dec22)
=4764/84350
=0.05647896

Danaher's return on assets of this year was 0.04614857. Danaher's return on assets of last year was 0.05647896. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Danaher's current Net Income (TTM) was 3,899. Danaher's current Cash Flow from Operations (TTM) was 6,688. ==> 6,688 > 3,899 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec23 to Dec24
=16468/80920.4
=0.20350863

Gearing (Last Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=17661/85302.8
=0.20703892

Danaher's gearing of this year was 0.20350863. Danaher's gearing of last year was 0.20703892. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec24)=Total Current Assets/Total Current Liabilities
=9497/6798
=1.39702854

Current Ratio (Last Year: Dec23)=Total Current Assets/Total Current Liabilities
=13937/8274
=1.68443316

Danaher's current ratio of this year was 1.39702854. Danaher's current ratio of last year was 1.68443316. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Danaher's number of shares in issue this year was 728.5. Danaher's number of shares in issue last year was 746.1. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=14206/23875
=0.59501571

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=14034/23890
=0.58744244

Danaher's gross margin of this year was 0.59501571. Danaher's gross margin of last year was 0.58744244. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec23)
=23875/84488
=0.28258451

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec22)
=23890/84350
=0.28322466

Danaher's asset turnover of this year was 0.28258451. Danaher's asset turnover of last year was 0.28322466. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Danaher has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Danaher  (NYSE:DHR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Danaher Piotroski F-Score Related Terms

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Danaher Business Description

Address
2200 Pennsylvania Avenue, N.W., Suite 800W, Washington, DC, USA, 20037-1701
In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Then, through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life science and diagnostic industries after the late 2023 divestiture of its environmental and applied solutions group, Veralto.
Executives
Alan G Spoon director 1150 15TH ST NW, WASHINGTON DC 20071
Brian W Ellis officer: Senior Vice President - GC 2200 PENNSYLVANIA AVENUE, NW, WASHINGTON DC 20037
Daniel Raskas officer: VP-Corporate Development 2099 PENNSYLVANIA AVENUE, NORTHWEST, WASHINGTON DC 20006
Georgeann Couchara officer: SVP, Human Resources 2200 PENNSYLVANIA AVENUE, NW, SUITE 800W, WASHINGTON DC 20037
Linda Filler director 2200 PENNSYLVANIA AVE NW, SUITE 800W, WASHINGTON DC 20037
Matthew Mcgrew officer: EVP & Chief Financial Officer 2200 PENNSYLVANIA AVENUE, NW, SUITE 800 W, WASHINGTON DC 20010
Rainer Blair officer: Executive Vice President 2200 PENNSYLVANIA AVENUE, NW, SUITE 800W, WASHINGTON DC 20037
Joakim Weidemanis officer: Executive Vice President 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037
Walter G Lohr director DANAHER CORP, 2099 PENNSYLVANIA AVE NW 12TH FL, WASHINGTON DC 20006
Teri List director 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037
Jose-carlos Gutierrez-ramos officer: SVP, Chief Scientific Officer C/O MOMENTA PHARMACEUTICALS, INC., 675 WEST KENDALL STREET, CAMBRIDGE MA 02142
Raymond C Stevens director 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037
Jennifer Honeycutt officer: Executive Vice President 2200 PENNSYLVANIA AVENUE, SUITE 800W, WASHINGTON DC 20037
Feroz Dewan director C/O ARENA HOLDINGS MANAGEMENT LLC, 119 FIFTH AVENUE - 8TH FLOOR, NEW YORK NY 10003
Mitchell P Rales director, officer: Chairman of Exec. Committee 11790 GLEN ROAD, POTOMAC MD 20854