Broad end-market, customer, and region diversification; Strong brand names, with leadership positions in most product lines; Very competitive cost base and superior track record of operational execution; Low capital intensity, enabling consistent free cash flow; Exposure to cyclical industrial markets; and Research and development requirement to match the growing technological sophistication of products. Conservative financial policies; Tolerance for large, partly debt-financed acquisitions; tempered by track record of issuing equity to protect the balance sheet; and A low dividend, coupled with historically limited share repurchase activity. The outlook on Danaher Corp. is stable. We expect Danaher to continue to rely on debt-financed acquisitions to achieve long-term growth, but the company's large free cash flow and consistent financial policies support the rating.
