Danaher Corp (DHR) is overvalued and Natera Inc (NTRA) is overvalued.
Both trade above our estimate of their intrinsic value. DHR is the closer of the two: -137%, against -573% for NTRA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $93.43; the price of $221.09 is 137% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
A 2.7x revenue multiple, discounted for its losses, values the shares at $58.09; the price of $390.90 is 573% above that value.
Leak Score 42/100 on 8 of 12 signals
| Metric | DHR | NTRA |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $221.09 | $390.90 |
| Intrinsic value | $93.43 | $58.09 |
| Margin of safety | -137% | -573% |
| Leak Score | 45/100 (10/12) | 42/100 (8/12) |
| Market cap | $155.4B | $56.3B |
| Revenue growth, 5 years | 2.0% | 42.6% |
| Operating margin | 21.2% | -10.6% |
| Net margin | 16.0% | -7.1% |
| Return on equity | 7.6% | -12.5% |
| Debt to equity | 0.53 | 0.13 |
| P/E | 39.3x | — |
| Forward P/E | 23.8x | — |
| P/B | 3.0x | 30.8x |
| Dividend yield | 0.6% | — |