I just ran over the number of the last earnings of Danaher. They project a 3-6% revenue growth and a 7 or 8% earnings growth. Even after a significant price drop the stock trades almost at 27 times 2026 earnings.
Apparently they are in a downscycle but at the same time there are extremely expensive, valued as if they would never experience any downcycle headwinds. Gemini says analysts expect a longer term revenue growth of 5% which is nothing special.
What am i not seeing? I know this is regarded a high quality business but it seems very expensive.