--- canonical_url: https://www.stockexpertai.com/zh/earnings/dhr last_updated: 2026-05-03T21:32:48.424Z --- # Danaher Corporation (DHR) Q4 FY2026 财报预览 > 此内容由 FMP 实时数据 + Q1 FY2026 财报电话会议记录自动生成。生成时间：2026-05-03T21:32:47.470Z。本工具为教育目的，不构成投资建议。 --- ## 快速摘要 | 字段 | 值 | 来源 | |---|---|---| | 价格 | $175.15 (▼ -2.12%) | fmp:quote | | 市值 | $124.0B | fmp:profile | | 52周区间 | $174.60 – $242.80 | fmp:quote | | 财报 | 周二 28 7月 | fmp:earnings-history | | EPS 预期 | $1.85 (+3% YoY) | fmp:earnings-estimate | | 营收预期 | $6.1B | fmp:earnings-estimate | | 超预期连胜 | 5/4 | fmp:earnings-history | | 评级 | B (overall 3/5) | fmp:ratings | | 分析师中位数目标价 | $249 (+42.2% upside) | fmp:price-target-consensus | | MoonshotScore | 51/100 | derived | | Council | 3/6 bullish | derived | | 芒格结论 | 低估 | derived | ## Danaher Corporation — Q4 FY2026 预期 Q4 季度共识：营收 $6.1B^{[FMP est]}，EPS $1.85^{[FMP est]}。连续 5 个季度超出预期^{[FMP earnings]}。 ## 快速概览 **得分：** B · **立场：** BUY · **Council：** 3/6 · **Moonshot：** 51 = MoonshotScore 51^{[MoonshotScore]} + Council 3/6^[Council]。Form 4: 0 笔交易^{[FMP Form 4]}。 ## 观察列表 (4个指标) ### 1. Fy26 Eps Guidance 鉴于第一季度表现强劲，Danaher 将 2026 年全年调整后摊薄后每股收益预期从之前的 8.35 美元至 8.50 美元上调至 8.35 美元至 8.55 美元。 > "此外，鉴于第一季度表现强劲，我们将全年调整后摊薄后每股收益预期从之前的 8.35 美元至 8.50 美元上调至 8.35 美元至 8.55 美元。" > — Rainer Blair, President and Chief Executive Officer, Expectation / Guide · Q1 FY2026 ### 2. Fy26 Core Revenue Guidance Danaher 维持其 2026 年全年核心收入增长 3% 至 6% 的预期。 > "对于 2026 年全年，我们对核心收入增长 3% 至 6% 的预期没有变化。" > — Rainer Blair, President and Chief Executive Officer, Expectation / Guide · Q1 FY2026 ### 3. Cepheid Nonrespiratory Growth 在性健康和医院获得性感染检测实现 20% 增长的带动下，Cepheid 的核心非呼吸道检测菜单增长了 15% 左右。 > "在性健康和医院获得性感染检测实现 20% 增长的带动下，Cepheid 的核心非呼吸道检测菜单增长了 15% 左右。" > — Rainer Blair, President and Chief Executive Officer, Investor Focus · Q1 FY2026 ### 4. Bioprocessing Equipment Orders 生物处理设备订单增长超过 30%，这是近 2 年来设备订单首次实现同比增长。 > "设备在第一季度略有下降，但我们很高兴看到订单增长超过 30%，这是近 2 年来设备订单首次实现同比增长。" > — Rainer Blair, President and Chief Executive Officer, Investor Focus · Q1 FY2026 ## MoonshotScore 支柱 | 支柱 | 得分 | 水平 | 证据 | |---|---|---|---| | 营收增长 | 0.0 | weak | Q1 vs Q2: 增长放缓 (+%0.3，低于阈值) | | 毛利率 | 6.0 | medium | Q1: 高毛利率 (%60.3) | | 经营杠杆 | 2.0 | weak | 营业利润率健康 (%22.6) | | 现金流储备 | 10.0 | strong | FCF 非常强劲 ($1.1B，是资本支出的 4.6 倍以上) | | 研发投入强度 | 5.0 | medium | 平均研发投入 (%6.5) | | 价格动能 | 4.0 | medium | RSI 32.1 动能疲弱，50日均线之下 | | 新闻情绪 | 9.0 | strong | 强烈买入共识 (92%) | **公式:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula. ## Council (7视角) | 名称 | 立场 | 背景 | |---|---|---| | Ray Dalio | bull | 宏观 · 目标上涨空间 +42.2% | | Ken Griffin | bear | 资金流 · 50日均线之下 | | Jim Simons | neutral | 量化 · RSI 32 | | Klarman | bull | 价值 · 目标上涨空间 +42.2% | | Buffett | neutral | 质量 · ROE 评分 3/5 | | Munger | bull | 估值 · 目标上涨空间 +42.2% | **公式:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr. ## 芒格视角 - **结论:** 低估 - **财务健康:** Moderate - **安全边际:** Strong - **利息覆盖率:** Adequate - **ROIC vs WACC:** Tight **公式:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget. ## 技术水平 - **RSI(14):** 32.1 — momentum zayıf — oversold yakınında değil ama alıcı baskısı az - **50日均线:** $193 — hisse %9.2 altında — kısa vadeli direnç - **200日均线:** $209 — hisse %16.1 altında — uzun vadeli baskı - **成交量 (10日):** -36% ## 历史表现 (4个季度) | 季度 | 实际 EPS | 预期 EPS | 结果 | 反应 | |---|---|---|---|---| | Q2 FY25 | $1.80 | $1.64 | BEAT | +4.2% | | Q3 FY25 | $1.89 | $1.72 | BEAT | -1.2% | | Q4 FY25 | $2.23 | $2.16 | BEAT | -2.2% | | Q1 FY26 | $2.06 | $1.94 | +6.2% EPS | -5.4% | Q1 (2026年4月21日): EPS $2.06 vs 预期 $1.94^[FMP]，超出 +%6.2。D+1 走势：-5.4%^{[FMP D+1]}。尽管超出预期，但股价下跌 — 市场对指引而非数据做出反应。 ## 3种情景 ### 情景 A · 超预期 **Q4 EPS > $1.85 + 资本支出纪律** 阈值：EPS > $1.85^{[FMP est]}。目标：突破中位数目标价 $249^{[FMP target]}；高目标价 $270^[FMP] 为上限。 ### 情景 B · 符合预期 **EPS ≈ $1.85 + CapEx < $237.0M** 阈值：EPS ≈ $1.85^{[FMP est]}，Q4 资本支出 < $237.0M^[FMP]。目标：在当前价 $175^[FMP] 与中位数目标价 $249^[FMP] 区间内盘整。 ### 情景 C · 未达预期 **EPS < $1.79 或 CapEx ≥ $237.0M** 阈值：EPS < $1.79^{[FMP est×0.97]}。目标：当前价 $175 低于 200日均线 $209^[FMP]，若持续拒绝，则激活 $177^[derived] 支撑位。 ## 风险提示 ### {{segment}} 低于阈值 Q1 季度：EPS $2.06 vs 预期 $1.94^[FMP]，超出预期，股价 D+1 -5.4%^[FMP]。 ### 对 OpenAI 的依赖 Q1 财报电话会议中未披露 RPO/积压集中度。 ### 内幕交易 Form 4 数据已在表格中标记 — 本页面不为此股票生成假设。 | 高管 | 操作 | 金额 | 日期 | |---|---|---|---| **净额:** — (0 笔交易 · 0 笔卖出 · 0 笔买入) · Q1 FY26 ### 资本支出冲击 Q1 季度资本支出 $237.0M^{[FMP cashflow]}。 Q1 营业利润率 %22.6^{[FMP op margin]} — Q4 的这一水平对资本支出修订风险敏感。 ## 华尔街共识 - **中位数目标价:** $249 (+42.2% upside vs current $175) - **高 / 低:** $270 / $205 - **买入 / 持有 / 卖出:** 22 / 2 / 0 - **分析师数量:** 4 (上一季度), 49 历史总数 ## 额外财报电话会议洞察 ### 1. fy26_eps_guidance **主张:** Danaher is raising its full year 2026 adjusted diluted net EPS guidance to a range of $8.35 to $8.55 versus its previous range of $8.35 to $8.50, given their strong Q1 performance. **证据 (会议记录):** "Additionally, given our strong Q1 performance, we're raising our full year adjusted diluted net EPS guidance to a range of $8.35 to $8.55 versus our previous range of $8.35 to $8.50." **数据:** $8.35, $8.55, $8.35, $8.50 ### 2. bioprocessing_equipment_orders **主张:** Bioprocessing equipment orders grew more than 30%, marking the first quarter of year-over-year equipment order growth in nearly 2 years. **证据 (会议记录):** "Equipment declined modestly in Q1, but we were encouraged to see orders growth of more than 30%, marking the first quarter of year-over-year equipment order growth in nearly 2 years." **数据:** 30%, 2 ### 3. masimo_acquisition **主张:** Danaher expects the Masimo acquisition to be accretive to adjusted diluted net earnings per common share in the first full year post acquisition and to deliver high single-digit return on invested capital by the fifth full year of their ownership. **证据 (会议记录):** "We expect Masimo to be accretive to adjusted diluted net earnings per common share in the first full year post acquisition and to deliver high single-digit return on invested capital by the fifth full year of our ownership." **数据:** — ### 4. cepheid_nonrespiratory_growth **主张:** Cepheid's core nonrespiratory test menu was up mid-teens, led by our 20% growth in sexual health and hospital-acquired infection assays. **证据 (会议记录):** "Cepheid's core nonrespiratory test menu was up mid-teens, led by our 20% growth in sexual health and hospital-acquired infection assays." **数据:** 20% ### 5. biotech_china_growth **主张:** In China, better-than-expected growth in Biotechnology and Life Sciences more than offset the expected high single-digit decline in Diagnostics. **证据 (会议记录):** "In China, better-than-expected growth in Biotechnology and Life Sciences more than offset the expected high single-digit decline in Diagnostics, which continued to be impacted by volume-based procurement and reimbursement policy changes." **数据:** — ### 6. fy26_core_revenue_guidance **主张:** For the full year 2026, Danaher maintains its expectation of core revenue growth in the 3% to 6% range. **证据 (会议记录):** "For the full year 2026, there is no change to our expectation of core revenue growth in the 3% to 6% range." **数据:** 3%, 6% --- *数据来源：FMP (实时查询，2026-05-03)，Q1 FY2026 财报电话会议记录 (由 Gemini 2.0 Flash 翻译成中文)。本工具为教育目的，不构成投资建议。*