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Held by 2,050 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $219.81 today, the market must believe free cash flow compounds 12.0%/yr for a decade (off $5.45B on the 3-yr avg basis).
On the basis ($5.15B) the requirement is 12.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 12.0% is more optimistic than its 9-yr track record.
Default is 9.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.70B shares (market data) · net debt $18.42B
mean 9.1% · volatility σ 25% · implied rate exceeded in 3/9 yrs
Central path = implied 12.0%/yr growth; shaded band = ±1σ (25%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| KLAC | $255.2B | 53.4× | — | 18.8× | 11.7% | 61.3% | 35.6% | 76.1% | 39.5% | — | 2,419 |
| TMO | $243.3B | 37.1× | 31.4× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 3.7× | 2,528 |
| DHR | $154.5B | 43.5× | 31.8× | 6.3× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,050 |
| TT | $104.9B | 36.8× | 25.8× | 4.9× | 7.5% | — | 13.7% | 34.0% | 22.1% | 0.7× | 1,745 |
| KEYS | $65.2B | 78.0× | 65.4× | 12.1× | 8.0% | 62.1% | 15.8% | 14.5% | 10.1% | 0.7× | 1,192 |
| TER | $63.0B | 116.0× | 80.8× | 19.7× | 13.1% | 58.2% | 17.4% | 19.8% | 18.5% | -0.1× | 1,376 |
| COHR | $61.6B | 75.9× | — | 8.7× | 22.5% | 37.5% | 11.3% | 7.4% | 5.7% | — | 1,259 |
| AME | $57.0B | 38.8× | 28.6× | 7.7× | 6.6% | 36.0% | 20.0% | 13.9% | 11.5% | 0.9× | 1,149 |
| A | $48.1B | 37.3× | 28.1× | 6.9× | 6.7% | 52.4% | 18.8% | 19.3% | 12.9% | 0.9× | 1,079 |
| ROK | $48.0B | 56.4× | 25.1× | 5.8× | 0.9% | 48.1% | 10.4% | 23.8% | 12.6% | 1.4× | 1,489 |
| WAT | $42.6B | 40.3× | 48.2× | 13.5× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 0.4× | 1,143 |
| ILMN | $42.0B | 51.0× | 39.0× | 9.7× | -0.7% | 66.1% | 19.6% | 31.2% | 31.2% | 0.0× | 903 |
| ROP | $36.0B | 25.6× | 14.4× | 4.6× | 12.3% | 69.2% | 19.4% | 7.7% | 5.3% | 2.9× | 1,041 |
| MTD | $31.1B | 36.9× | 30.7× | 7.7× | 4.0% | 59.4% | 21.6% | — | 40.8% | 2.0× | 787 |
| VLTO | $23.6B | 25.8× | 17.9× | 4.3× | 6.0% | 59.9% | 17.1% | 30.3% | 16.3% | 0.5× | 941 |
| MKSI | $17.9B | 60.5× | 34.7× | 4.5× | 9.6% | 46.7% | 7.5% | 10.8% | 4.3% | 6.0× | 739 |
| FTV | $17.3B | 33.1× | 17.4× | 4.2× | 1.9% | 63.5% | 13.9% | 9.0% | 6.0% | 2.4× | 780 |
| RVTY | $17.2B | 74.5× | 25.6× | 6.0× | 3.7% | — | 8.4% | 3.3% | 2.3% | 3.0× | 521 |
| ONTO | $14.5B | 106.0× | 91.6× | 14.4× | 1.8% | 49.7% | 13.6% | 6.5% | 6.5% | -2.3× | 656 |
| TRMB | $14.0B | 34.1× | 19.1× | 3.9× | -2.6% | 69.1% | 11.8% | 7.3% | 5.9% | 1.4× | 680 |
| NVMI | $11.2B | 44.4× | 41.3× | 12.8× | 31.0% | 57.4% | 29.4% | 19.7% | 19.7% | -0.8× | 334 |
| AVTR | $10.6B | — | — | 1.6× | -3.4% | 32.7% | -8.1% | -9.5% | -5.6% | — | 438 |
| CGNX | $10.6B | 92.5× | 56.5× | 10.6× | 8.7% | 66.9% | 11.5% | 7.7% | 7.7% | -1.4× | 624 |
| TXG | $10.5B | — | — | 16.4× | 5.2% | 69.1% | -6.8% | -5.5% | -5.5% | — | 377 |
| BIO | $9.8B | 13.2× | 49.2× | 3.8× | 0.7% | 51.9% | 29.4% | 10.2% | 8.8% | 3.2× | — |
Peers = companies sharing DHR's sector (Industrial Instruments For Measurement, Display, and Control) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 17% of free cash flow, leaving room to grow it and fund buybacks. Last year: $878.0M dividends + $3.09B buybacks = $3.97B returned on $5.26B FCF.
1 consecutive years of dividend increases · 9%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
$2.41B of principal comes due within a year. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~1.4% on $18.42B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.57B 100.0% | $23.88B 100.0% | $23.89B 100.0% | $26.64B 100.0% | $24.80B 100.0% | $22.28B 100.0% | $17.91B 100.0% | $19.89B 100.0% | $18.33B 100.0% | $16.88B 100.0% |
| Cost of Revenue | $10.04B 40.9% | $9.67B 40.5% | $9.86B 41.3% | $10.46B 39.2% | $9.56B 38.6% | $9.81B 44.0% | $7.93B 44.3% | $7.54B 37.9% | $6.95B 37.9% | $7.55B 44.7% |
| Gross Profit | $14.52B 59.1% | $14.21B 59.5% | $14.03B 58.7% | $16.19B 60.8% | $15.24B 61.4% | $12.47B 56.0% | $9.98B 55.7% | $9.51B 47.8% | $8.57B 46.8% | $9.33B 55.3% |
| Research & Development | $1.60B 6.5% | $1.58B 6.6% | $1.50B 6.3% | $1.53B 5.7% | $1.50B 6.0% | $1.35B 6.0% | $1.13B 6.3% | $1.06B 5.3% | $956.4M 5.2% | $975.1M 5.8% |
| Selling, General & Admin | $8.23B 33.5% | $7.76B 32.5% | $7.33B 30.7% | $7.12B 26.7% | $6.82B 27.5% | $6.90B 30.9% | $5.59B 31.2% | $5.39B 27.1% | $5.04B 27.5% | $5.62B 33.3% |
| Operating Income | $4.69B 19.1% | $4.86B 20.4% | $5.20B 21.8% | $7.54B 28.3% | $6.38B 25.7% | $4.23B 19.0% | $3.27B 18.3% | $3.06B 15.4% | $2.57B 14.0% | $2.74B 16.2% |
| Interest Expense | $265.0M 1.1% | $278.0M 1.2% | $286.0M 1.2% | $204.0M 0.8% | $231.0M 0.9% | $275.0M 1.2% | $108.0M 0.6% | $137.0M 0.7% | $140.1M 0.8% | $184.4M 1.1% |
| Interest & Investment Income | $30.0M 0.1% | $117.0M 0.5% | $303.0M 1.3% | $41.0M 0.2% | $11.0M 0.0% | $71.0M 0.3% | $139.0M 0.8% | $9.0M 0.0% | $7.5M 0.0% | $200K 0.0% |
| Other Income (Expense), net | -$222.0M -0.9% | -$56.0M -0.2% | -$175.0M -0.7% | -$227.0M -0.9% | $450.0M 1.8% | $494.0M 2.2% | $12.0M 0.1% | $35.0M 0.2% | — | — |
| Pretax Income | $4.23B 17.2% | $4.65B 19.5% | $5.04B 21.1% | $7.15B 26.8% | $6.51B 26.3% | $4.50B 20.2% | $3.31B 18.5% | $2.96B 14.9% | $2.54B 13.9% | $2.61B 15.5% |
| Income Tax Expense | $633.0M 2.6% | $747.0M 3.1% | $823.0M 3.4% | $818.0M 3.1% | $1.06B 4.3% | $849.0M 3.8% | $873.0M 4.9% | $556.0M 2.8% | $371.0M 2.0% | $457.9M 2.7% |
| Net Income | $3.61B 14.7% | $3.90B 16.3% | $4.76B 19.9% | $7.21B 27.1% | $6.43B 25.9% | $3.65B 16.4% | $3.01B 16.8% | $2.65B 13.3% | $2.49B 13.6% | $2.55B 15.1% |
| Per Share | ||||||||||
| EPS (Basic) | $5.07 | $5.33 | $6.44 | $9.80 | $8.77 | $4.97 | $4.11 | $3.78 | $3.58 | $3.69 |
| EPS (Diluted) | $5.05 | $5.29 | $6.38 | $9.66 | $8.61 | $4.89 | $4.05 | $3.74 | $3.53 | $3.65 |
| Weighted Avg Shares (Basic) | 712.7M | 731.0M | 736.5M | 725.1M | 714.6M | 706.2M | 715.0M | 700.6M | 695.8M | 691.2M |
| Weighted Avg Shares (Diluted) | 716.1M | 737.2M | 743.1M | 737.1M | 736.8M | 718.7M | 725.5M | 710.2M | 706.1M | 699.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 75th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 5% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 37.9 | 44.3 | 44.0 | 38.6 | 39.2 | 41.3 | 40.5 | 40.9 |
| Gross Profit | 47.8 | 55.7 | 56.0 | 61.4 | 60.8 | 58.7 | 59.5 | 59.1 |
| R&D | 5.3 | 6.3 | 6.0 | 6.0 | 5.7 | 6.3 | 6.6 | 6.5 |
| SG&A | 27.1 | 31.2 | 30.9 | 27.5 | 26.7 | 30.7 | 32.5 | 33.5 |
| Operating Income | 15.4 | 18.3 | 19.0 | 25.7 | 28.3 | 21.8 | 20.4 | 19.1 |
| Income Tax | 2.8 | 4.9 | 3.8 | 4.3 | 3.1 | 3.4 | 3.1 | 2.6 |
| Net Income | 13.3 | 16.8 | 16.4 | 25.9 | 27.1 | 19.9 | 16.3 | 14.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DHR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.64pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.3% | 9.1% (today's — no rate published for this year) | -0.8pts |
| FY2020 | 5.8% | 9.1% (today's — no rate published for this year) | -3.4pts |
| FY2021 | 7.8% | 5.2% | 2.7pts |
| FY2022 | 9.0% | 8.3% | 0.7pts |
| FY2023 | 6.0% | 8.7% | -2.7pts |
| FY2024 | 6.1% | 8.6% | -2.5pts |
| FY2025 | 5.5% | 8.1% | -2.7pts |
| Now | 5.1% | 9.1% | -4.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 55.3% | 16.2% | 15.1% |
| FY2017 | 46.8% | 14.0% | 13.6% |
| FY2018 | 47.8% | 15.4% | 13.3% |
| FY2019 | 55.7% | 18.3% | 16.8% |
| FY2020 | 56.0% | 19.0% | 16.4% |
| FY2021 | 61.4% | 25.7% | 25.9% |
| FY2022 | 60.8% | 28.3% | 27.1% |
| FY2023 | 58.7% | 21.8% | 19.9% |
| FY2024 | 59.5% | 20.4% | 16.3% |
| FY2025 | 59.1% | 19.1% | 14.7% |
Return on equity (7%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$47.4B of goodwill — 66% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 16.01% against 5.48% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.23x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 12.4x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 17.70x |
| 5% | 16.81x |
| 10% | 15.93x |
| 15% | 15.04x |
| 20% | 14.16x |
| 25% | 13.27x |
| 30% | 12.39x |
| 35% | 11.50x |
| 40% | 10.62x |
| 45% | 9.73x |
| 50% | 8.85x |
| 55% | 7.96x |
| 60% | 7.08x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. No cash figure on the matching balance sheet, so no coverage line is drawn.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 3.6x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $219.81, free cash flow must compound 12.14%/yr for 10 years. It has done 7.99%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 63.4% | 12.1% |
| FY2021 | 31.4% | 12.1% |
| FY2022 | 4.0% | 12.1% |
| FY2023 | −21.9% | 12.1% |
| FY2024 | −8.4% | 12.1% |
| FY2025 | −0.7% | 12.1% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.61B | $3.61B |
| Share-based comp | $298M | $3.91B |
| Other non-cash & working capital | $2.50B | $6.42B |
| Operating cash flow | $6.42B | $6.42B |
| Capex | −$1.16B | $5.26B |
| Free cash flow | $5.26B | $5.26B |
| FCF after SBC | $4.96B | $4.96B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 24.4% | 26.8% | 2.3 points |
| FY2021 | 11.3% | 14.5% | 3.2 points |
| FY2022 | 7.4% | -11.4% | -18.8 points |
| FY2023 | -10.3% | -4.4% | 5.9 points |
| FY2024 | -0.1% | -9.8% | -9.8 points |
| FY2025 | 2.9% | 10.6% | 7.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 65 days | 75 days | 69.8 days | 70.2 days |
| FY2020 | 66.3 days | 85.3 days | 76.2 days | 75.3 days |
| FY2021 | 68.2 days | 105.6 days | 98.1 days | 75.7 days |
| FY2022 | 56.2 days | 96.5 days | 64.8 days | 87.9 days |
| FY2023 | 59.9 days | 96.1 days | 65.4 days | 90.6 days |
| FY2024 | 54.1 days | 88 days | 66.2 days | 75.9 days |
| FY2025 | 58.1 days | 90.4 days | 67 days | 81.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.5 percent |
| FY2020 | -3.4 percent |
| FY2021 | -2.3 percent |
| FY2022 | -1.6 percent |
| FY2023 | -2.8 percent |
| FY2024 | -3.6 percent |
| FY2025 | -3.4 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.