Danaher Corporation (DHR)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	27,514,000	29,446,000	30,174,000	30,811,000	31,383,000	31,114,000	30,643,000	30,083,000	29,239,000	27,833,000	26,462,000	24,514,000	21,983,000	20,189,400	19,394,400	19,311,400	19,872,000	20,367,100	20,209,200	20,054,200
Property, plant and equipment	US$ in thousands	4,553,000	4,302,000	4,176,000	4,065,000	3,709,000	3,719,000	3,794,000	3,815,000	3,790,000	3,640,000	3,410,000	3,266,000	3,262,000	3,052,300	2,972,900	2,988,500	2,302,000	2,519,600	2,541,600	2,504,300
Fixed asset turnover		6.04	6.84	7.23	7.58	8.46	8.37	8.08	7.89	7.71	7.65	7.76	7.51	6.74	6.61	6.52	6.46	8.63	8.08	7.95	8.01

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $27,514,000K ÷ $4,553,000K
= 6.04

The fixed asset turnover ratio for Danaher Corp. has shown a general decreasing trend over the past eight quarters. From an average high of 8.40 in Q3 2022, the ratio declined to 7.94 in Q1 2022. However, it then witnessed a slight increase in subsequent quarters, reaching 7.61 in Q1 2023. This was followed by further increases, with the ratio peaking at 7.96 in Q4 2022.

Overall, the fixed asset turnover ratio for Danaher Corp. has displayed fluctuations but has largely remained above 5, indicating that the company generates significant revenue relative to its investment in fixed assets. The decreasing trend seen in recent quarters may suggest potential inefficiencies in asset utilization or changes in the company's operational efficiency. Further analysis would be necessary to determine the underlying reasons for these fluctuations and their implications for the company's financial performance.