Danaher Corporation (DHR)

Consolidated core revenue expands at 3%-4% in FY2026 and reaccelerates to 8.0% in FY2027 as customer batch manufacturing schedules normalize and deferred chromatography resin shipments deliver,. Operating margins progress from 19.09% in FY2025 to 26.5% in FY2026 and reach 28.5% over the forecast horizon,. Free cash flow conversion remains above 100%, funding debt service and regular share repurchases.

• Core revenue growth of 3%-4% in FY2026 and 8.0% in FY2027
• Operating margin expands from 19.09% to 26.5% in FY2026, reaching 28.5% by FY2034
• Respiratory revenue stabilizes at approximately $1.6B
• Cost of equity of 8.54% and terminal growth rate of 3.0%