Danaher Corporation
DHR · scored from FY2025 filings · Shallow moat
Doesn't clear the bar
The four filters
Pricing power95
Median gross margin 57.4% over 10y, very stable.
Returns on capital10
Median ROIC 6.6%, above the 9% hurdle in 10% of years.
Balance-sheet safety60
Net debt/EBITDA 2.9x, interest coverage 25x.
Capital discipline25
Owner earnings -2.5%/yr, share count growing (dilution).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $5.5B
- Est. intrinsic value / share
- $87.19
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.