We publish no single base value for Danaher Corporation. Our valuation methods put it between $146.16 and $169.24 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $146.16 | -37.0% | free cash flow $5.73bn, growth 5.52% for 5 years, then fading to 3% over 5 more, discounted at 9.63%; stress floor $95.41 |
| Exit multiple (P/E) | $169.24 | -27.1% | earnings per share $8.59 valued at 24.99× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 0.77 (5 years of monthly returns against the S&P 500; standard error 0.16) |
| Peer beta | 1.20 (median of 8 S&P 500 Life Sciences Tools & Services companies) |
| Blend of own and peers | 1.00 (46% own, 54% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 1.00 (0.67 × 1.00 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 9.63% |
Free cash flow grows 5.52% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $5.73bn | — | — |
| Year 1 | 5.52% | $6.04bn | 0.9122 | $5.51bn |
| Year 2 | 5.52% | $6.38bn | 0.8320 | $5.31bn |
| Year 3 | 5.52% | $6.73bn | 0.7589 | $5.11bn |
| Year 4 | 5.52% | $7.10bn | 0.6923 | $4.92bn |
| Year 5 | 5.52% | $7.49bn | 0.6315 | $4.73bn |
| Year 6 | 5.10% | $7.87bn | 0.5760 | $4.54bn |
| Year 7 | 4.68% | $8.24bn | 0.5254 | $4.33bn |
| Year 8 | 4.26% | $8.59bn | 0.4793 | $4.12bn |
| Year 9 | 3.84% | $8.92bn | 0.4372 | $3.90bn |
| Year 10 | 3.42% | $9.23bn | 0.3988 | $3.68bn |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (9.63% − 3%) | $143.38bn |
| Terminal value in today's money | $57.17bn |
| Present value of years 1–10 | $46.14bn |
| Total present value | $103.31bn |
| Shares outstanding | 706.80m |
| Value per share = total ÷ shares | $146.16 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth 0.52% | Growth 5.52% | Growth 10.52% |
|---|---|---|---|
| 8.63% | $127.33 | $172.84 | — |
| 9.63% | $108.61 | $146.16 | — |
| 10.63% | $94.77 | $126.51 | — |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 0.77 | 8.59% | $173.95 |
| Peer beta | 1.20 | 10.53% | $128.24 |
| Adjusted beta (used) | 1.00 | 9.63% | $146.16 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $8.59 |
| Year 1 | 5.52% | $9.07 |
| Year 2 | 4.89% | $9.51 |
| Year 3 | 4.42% | $9.93 |
| Year 4 | 4.06% | $10.33 |
| Year 5 | 3.80% | $10.72 |
| Earnings per share in year 5 | $10.72 |
| Exit P/E (the stock's own median P/E) | 24.99× |
| Value in 5 years = earnings × P/E | $268.01 |
| Discounted at 9.63% over 5 years: ÷ 1.5836 | $169.24 |
We publish no single base value for Danaher Corporation. Our valuation methods put it between $146.16 and $169.24 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $167.60 and a 10% chance it is above $356.16 in a year; a 57% chance it is higher than today's $232.16, from 29.26% volatility. The simulation assumes the price drifts up at our discount rate of 9.63% a year.
At $232.16 the price implies free cash flow growing 13.4% a year for five years and then fading toward 3% over five more; its revenue has grown 5.5%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $214.06 | — |
| 9 Oct 2026 | $219.81 | — |
| 16 Oct 2026 | $229.04 | — |
| 23 Oct 2026 | $230.50 | — |
| 30 Oct 2026 | $232.23 | — |
| 6 Nov 2026 | $230.25 | — |
| 12 Nov 2026 | $232.16 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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