Danaher Corp. (DHR) 10-K Red Flags
Risk signals extracted deterministically from Danaher Corp.’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (16)
- Free cash flow deteriorating: FCF declined +21.9% YoY (from $7.40B to $5.78B). With OCF at $7.16B and capex at $1.38B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 19 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- Operating cash flow exceeds net income: OCF is 1.50x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +33.1% to $1.61B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 3 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
- Market cap $140.09B at $197.93 per share.
- Trailing P/E 31.02, P/S 8.30, P/B 2.65.
- Free cash flow deteriorating: FCF declined +21.9% YoY (from $7.40B to $5.78B). With OCF at $7.16B and capex at $1.38B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
Filings & ownership
- Latest annual report (10-K) filed Feb 24, 2026.
- Latest quarterly report (10-Q) filed Apr 21, 2026.
- 10 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Danaher Corp.; broad institutional reporting.
- Recent filers include Aldebaran Financial Inc., INVESTORS TRUST CO /PA, Gardiner Nancy B.
Full DHR analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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