Danaher Corporation

Predictability is anchored by a high share of recurring revenue from consumables and services and by diversified end‑markets across biotechnology, life sciences and diagnostics.

Management has repeatedly highlighted that more than 80% of revenue is recurring, which historically yields strong free cash flow conversion. 2025 revenue of $24.6B and FCF of $5.3B, along with 2026 guidance for low‑to‑mid single digit core growth and continued product launches, reinforce a stable base with moderate growth.

Risks include normalizing demand post‑COVID, variable research funding, and China exposure, but the company’s breadth and DBS execution mitigate volatility relative to peers.