Danaher Corporation

Year‑end 2025 cash and equivalents were $4.6B against long‑term debt of $18.4B and minimal current maturities. This equates to manageable net leverage given EBITDA that includes $750M depreciation and $1.7B amortization with operating profit of $4.7B.

Interest expense of $265M is well covered by operating profit and by free cash flow of $5.3B, and the balance sheet capacity supports organic investment and selective M&A. The company’s liquidity and consistent FCF conversion provide resilience across cycles. Key sensitivities are event‑driven M&A and macro FX.