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Side-by-side financial comparison of Danaher Corporation (DHR) and Fresenius Medical Care AG (FMS). Click either name above to swap in a different company.
Danaher Corporation is the larger business by last-quarter revenue ($6.0B vs $5.5B, roughly 1.1× Fresenius Medical Care AG). Danaher Corporation runs the higher net margin — 17.3% vs 7.9%, a 9.4% gap on every dollar of revenue. On growth, Danaher Corporation posted the faster year-over-year revenue change (3.7% vs -0.3%).
Danaher CorporationDHREarnings & Financial Report
Danaher Corporation is an American healthcare company headquartered in Washington, D.C.. It develops products used for advances in biotechnology, life sciences, and diagnostics. The company operates three divisions: biotechnology, which develops products for the development of therapeutics; life sciences, which develops products to identify causes of disease, new therapies, and to test and manufacture new drugs, vaccines and gene editing technologies; and diagnostics, which develops instruments,...
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
DHR vs FMS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.0B | $5.5B |
| Net Profit | $1.0B | $434.2M |
| Gross Margin | 60.3% | 27.4% |
| Operating Margin | 22.6% | 11.7% |
| Net Margin | 17.3% | 7.9% |
| Revenue YoY | 3.7% | -0.3% |
| Net Profit YoY | 7.9% | 240.4% |
| EPS (diluted) | $1.45 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.8B | $5.5B | ||
| Q3 25 | $6.1B | — | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $6.5B | $5.5B | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.7B | — |
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $434.2M | ||
| Q3 25 | $908.0M | — | ||
| Q2 25 | $555.0M | — | ||
| Q1 25 | $954.0M | — | ||
| Q4 24 | $1.1B | $127.6M | ||
| Q3 24 | $818.0M | — | ||
| Q2 24 | $907.0M | — |
| Q1 26 | 60.3% | — | ||
| Q4 25 | 58.0% | 27.4% | ||
| Q3 25 | 58.2% | — | ||
| Q2 25 | 59.3% | — | ||
| Q1 25 | 61.2% | — | ||
| Q4 24 | 59.5% | 25.0% | ||
| Q3 24 | 58.7% | — | ||
| Q2 24 | 59.7% | — |
| Q1 26 | 22.6% | — | ||
| Q4 25 | 22.0% | 11.7% | ||
| Q3 25 | 19.1% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 22.2% | — | ||
| Q4 24 | 21.8% | 5.1% | ||
| Q3 24 | 16.5% | — | ||
| Q2 24 | 20.3% | — |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 17.5% | 7.9% | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 16.6% | — | ||
| Q4 24 | 16.6% | 2.3% | ||
| Q3 24 | 14.1% | — | ||
| Q2 24 | 15.8% | — |
| Q1 26 | $1.45 | — | ||
| Q4 25 | $1.69 | — | ||
| Q3 25 | $1.27 | — | ||
| Q2 25 | $0.77 | — | ||
| Q1 25 | $1.32 | — | ||
| Q4 24 | $1.50 | — | ||
| Q3 24 | $1.12 | — | ||
| Q2 24 | $1.22 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.7B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $15.4B |
| Total Assets | — | $33.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $18.4B | — | ||
| Q3 25 | $16.9B | — | ||
| Q2 25 | $17.4B | — | ||
| Q1 25 | $16.5B | — | ||
| Q4 24 | $16.0B | — | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $17.0B | — |
| Q1 26 | — | — | ||
| Q4 25 | $52.5B | $15.4B | ||
| Q3 25 | $51.1B | — | ||
| Q2 25 | $52.3B | — | ||
| Q1 25 | $50.8B | — | ||
| Q4 24 | $49.5B | $17.0B | ||
| Q3 24 | $51.3B | — | ||
| Q2 24 | $49.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | $83.5B | $33.5B | ||
| Q3 25 | $79.9B | — | ||
| Q2 25 | $81.6B | — | ||
| Q1 25 | $79.1B | — | ||
| Q4 24 | $77.5B | $36.3B | ||
| Q3 24 | $80.6B | — | ||
| Q2 24 | $78.6B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.33× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.34× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.3B | $2.9B |
| Free Cash FlowOCF − Capex | $1.1B | — |
| FCF MarginFCF / Revenue | 18.2% | — |
| Capex IntensityCapex / Revenue | 4.0% | — |
| Cash ConversionOCF / Net Profit | 1.28× | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | $5.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.3B | — | ||
| Q4 25 | $2.1B | $2.9B | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | 18.2% | — | ||
| Q4 25 | 25.5% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | 18.4% | — | ||
| Q1 25 | 18.4% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 21.0% | — | ||
| Q2 24 | 19.7% | — |
| Q1 26 | 4.0% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 5.1% | — | ||
| Q2 24 | 5.0% | — |
| Q1 26 | 1.28× | — | ||
| Q4 25 | 1.77× | 6.67× | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 1.36× | — | ||
| Q4 24 | 1.86× | 20.20× | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
