DANAHER CORP /DE/ (DHR) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 24.3% | The figure most screeners publish. |
| Operating cash flow | 13.7% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 16.7% | What is left after maintaining the business. |
Spread between highest and lowest: 11 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $1.23 ÷ diluted EPS $5.05
- Operating cash flow — dividends paid $878.0m ÷ operating cash flow $6,416.0m
- Free cash flow — dividends paid $878.0m ÷ (operating cash flow $6,416.0m − capex $1,156.0m)
Where the figures came from
- 10-K filed 2026-02-24 · accession
0000313616-26-000062
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($1.23); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.