DHR vs TMO
Danaher Corp. and Thermo Fisher Scientific Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | DHR | TMO |
|---|---|---|
| Revenue | $24.6B | $44.6B |
| Net income | $3.6B | $6.7B |
| Gross margin | 59.1% | · |
| Net margin | 14.7% | 15.1% |
| Return on equity | 7.1% | 13.0% |
| Diluted EPS | $5.05 | $17.74 |
| Dividend / share | · | $1.72 |
| Payout ratio | 24.3% | 9.5% |
| Free cash flow | $5.3B | $6.3B |
| Equity | $52.5B | $53.4B |
| Net debt / equity | 0.26× | 0.62× |
| Current ratio | 1.87× | 1.89× |
| Revenue CAGR 5y | 2.0% | 6.7% |
| Profit CAGR 5y | −0.2% | · |
TMO bills 1.8× the revenue of DHR, and keeps more of each dollar of revenue as profit (15.1% against 14.7%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | DHR | TMO |
|---|---|---|
| FY2025 | $24.6B | $44.6B |
| FY2024 | $23.9B | $42.9B |
| FY2023 | $23.9B | $42.9B |
| FY2022 | $26.6B | $44.9B |
| FY2021 | $24.8B | $39.2B |
| FY2020 | $22.3B | $32.2B |
| FY2019 | $17.9B | $25.5B |
| FY2018 | $17.0B | $24.4B |
| FY2017 | $15.5B | $20.9B |
| FY2016 | $16.9B | $18.3B |
Bottom line
| Fiscal year | DHR | TMO |
|---|---|---|
| FY2025 | $3.6B | $6.7B |
| FY2024 | $3.9B | $6.3B |
| FY2023 | $4.8B | $6.0B |
| FY2022 | $7.2B | $7.0B |
| FY2021 | $6.4B | $7.7B |
| FY2020 | $3.6B | $6.4B |
| FY2019 | $3.0B | $3.7B |
| FY2018 | $2.7B | $2.9B |
| FY2017 | $2.5B | $2.2B |
| FY2016 | $2.6B | $2.0B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$19,988,000,000 | TMO |
| FY2024 | −$19,004,000,000 | TMO |
| FY2023 | −$18,967,000,000 | TMO |
| FY2022 | −$18,272,000,000 | TMO |
| FY2021 | −$14,409,000,000 | TMO |
| FY2020 | −$9,934,000,000 | TMO |
| FY2019 | −$7,631,000,000 | TMO |
| FY2018 | −$7,309,000,000 | TMO |
| FY2017 | −$5,399,200,000 | TMO |
| FY2016 | −$1,391,600,000 | TMO |
| FY2015 | −$2,531,300,000 | TMO |
| FY2014 | −$4,022,700,000 | TMO |
| FY2013 | +$5,192,800,000 | DHR |
| FY2012 | +$5,750,500,000 | DHR |
| FY2011 | +$4,531,700,000 | DHR |
| FY2010 | +$2,156,900,000 | DHR |
| FY2009 | +$605,081,000 | DHR |
| FY2008 | +$2,199,456,000 | DHR |
| FY2007 | +$1,279,517,000 | DHR |
The higher-revenue side has changed between DHR and TMO over this period. The gap has widened since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −0.4 pp | TMO |
| FY2024 | +1.5 pp | DHR |
| FY2023 | +6.0 pp | DHR |
| FY2022 | +11.6 pp | DHR |
| FY2021 | +6.2 pp | DHR |
| FY2020 | −3.4 pp | TMO |
| FY2019 | +2.3 pp | DHR |
| FY2013 | +5.0 pp | DHR |
| FY2012 | +3.7 pp | DHR |
| FY2011 | +2.0 pp | DHR |
| FY2010 | +4.3 pp | DHR |
| FY2009 | +2.4 pp | DHR |
| FY2008 | +1.0 pp | DHR |
| FY2007 | +4.7 pp | DHR |
The higher net margin has changed hands between DHR and TMO over this period.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
DHR's net margin has been more volatile than TMO's over the 14 comparable fiscal years — 4.8 percentage points of standard deviation against 3.8.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between DHR and TMO over these 14 fiscal years — DHR led in 12 and TMO in 2.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TMO's return on equity has been more volatile than DHR's over the 18 comparable fiscal years — 4.2 percentage points of standard deviation against 2.4.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between DHR and TMO over these 18 fiscal years — DHR led in 10 and TMO in 8.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.