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Thermo Fisher Scientific Inc.

TMO Healthcare Diagnostics & Research

Thermo Fisher Scientific Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.6 billion, up 3.91% from fiscal 2024.

Revenue
+9.13%
EPS
+8.64%
Free cash flow
+15.0%
Total debt
+22.8%

Quarter to September 2026, against a year earlier

679.52 26.64 −3.77%
Market cap
$250.8B
P/E
35.8×
Fwd P/E
35.7×
Dividend yield
0.27%
F-score
5/9
Altman Z
3.84
Beneish M
−2.46
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Laboratory Products and Biopharma Services
  • Life Sciences Solutions
  • Analytical Instruments
  • Specialty Diagnostics

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 120.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 1 3 1 — — 1 10 — 1 —
Insider Ownership 0.12%

Capital & Financial Ratios $m

Size
Market Cap 250,820.00
Revenue ttm 47,351.00
Net income ttm 7,094.00
Free cash flow ttm 7,637.00
Net debt Q 33,047.00
Valuation
P/E 35.78 (above 35: high)
Forward P/E 35.70 (above 35: high)
Price / sales 5.31
Forward P/S Powerpack
Price / FCF 32.92
Price / book 4.59
Financial health
Current ratio Q 1.81 (at or above 1.5: strong)
Debt / equity Q 0.71
Interest coverage Q 5.43
Growth
Revenue growth Q +9.13% (above 0%: growing)
Operating income growth Q +16.65% (above 0%: growing)
EPS, this year +10.58%
EPS, next year A +9.71%
Revenue, next year A +7.74%
EPS, past 5 yrs +2.14%
EPS, next 5 yrs A +10.23%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.0×, against a ten-year median of 5.2×; over the ten years it ranged from 3.7× in 2016 to 7.4× in 2021.
P/E against its own 10 years 75.47%
10-year low 10-year high
P/S against its own 10 years 79.90%
10-year low 10-year high
P/B against its own 10 years 63.37%
10-year low 10-year high
EV/Sales against its own 10 years 84.82%
10-year low 10-year high
EV/FCF against its own 10 years 81.63%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.27%
Annual rate
1.84
Payout ratio
9.70%
Growth, 2017–25
+14.1%/yr
  1. 0.60 ’17
  2. 0.68 ’18 +13
  3. 0.76 ’19 +12
  4. 0.88 ’20 +16
  5. 1.04 ’21 +18
  6. 1.20 ’22 +15
  7. 1.40 ’23 +17
  8. 1.56 ’24 +11
  9. 1.72 ’25 +10
  10. 1.86 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,080 5,570 10,105 6,061
Receivables 8,221 8,191 8,900 9,625
Inventory 5,088 4,978 5,425 5,643
Other 3,200 3,399 4,278 4,286
24,589 22,137 28,707 25,615
2023 2024 2025 Q'26
Payables 2,872 3,079 3,622 3,087
ST’ Debt — — — —
Other 2,689 2,852 2,710 2,941
14,012 13,332 15,189 14,170

Compound Annual Growth %

10y 5y 3y
Sales 10.14% 6.70% (0.27%)
Cash Flow 10.27% (1.16%) (5.12%)
Earnings 13.00% 1.01% (1.19%)
Book Value 9.60% 9.13% 6.65%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.40 Actual 6.68

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 6.43 6.57 Beat by 0.14
Q1 FY26 5.20 5.44 Beat by 0.24
Q2 FY26 5.71 6.03 Beat by 0.32
Q3 FY26 6.40 6.68 Beat by 0.28
Q4 FY26 7.13 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.43 4.68 4.64 — —
’25 3.98 4.28 4.27 5.21 17.74
’24 3.46 4.04 4.25 4.78 16.53
’23 3.32 3.51 4.42 4.20 15.45
’22 5.61 4.22 3.79 4.01 17.63
’21 5.88 4.61 4.79 4.17 19.46
’20 1.97 2.90 4.84 6.24 15.96
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11,005 11,994 12,137 — —
’25 10,364 10,855 11,122 12,215 44,556
’24 10,345 10,541 10,598 11,395 42,879
’23 10,710 10,687 10,574 10,886 42,857
’22 11,818 10,970 10,677 11,450 44,915
’21 9,906 9,273 9,330 10,702 39,211
’20 6,230 6,917 8,521 10,550 32,218
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,192 2,125 2,550 — —
’25 723 1,399 2,239 3,457 7,818
’24 1,251 1,960 2,166 3,290 8,667
’23 729 1,540 2,414 3,723 8,406
’22 2,202 1,528 1,937 3,487 9,154
’21 1,978 2,227 2,650 2,457 9,312
’20 356 1,886 2,708 3,339 8,289
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 825 1,679 2,114 — —
’25 373 1,106 1,839 3,019 6,337
’24 908 1,675 1,914 2,827 7,324
’23 277 1,260 2,148 3,329 7,014
’22 1,564 1,034 1,394 2,943 6,935
’21 1,355 1,687 2,130 1,637 6,809
’20 107 1,619 2,343 2,754 6,823
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.6% a year for ten years. It grew 11.0% a year over the last ten.

Implied
14.6%
10 years, reported
11.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 18,274 20,918 24,358 25,542 32,218 39,211 44,915 42,857 42,879 44,556 47,351 +10.4% 48,003 50,531 53,729 +6.4%
Gross margin, % 45.81 45.17 44.57 44.35 49.67 50.08 42.24 39.90 41.28 40.93 41.08 (4.9) pt
EBT 2,024 2,429 3,262 4,072 7,230 8,841 7,835 6,298 7,037 7,308 7,899 +15.3%
EBT margin, % 11.08 11.61 13.39 15.94 22.44 22.55 17.44 14.70 16.41 16.40 16.68 +5.3 pt
Net income 2,022 2,225 2,938 3,698 6,377 7,728 6,960 5,955 6,338 6,721 7,094 +14.3%
Per share, $
Per share, $ Revenue 46.26 52.96 60.59 63.86 81.36 99.52 114.58 111.03 112.25 118.19 127.98 +11.0%
Earnings 5.12 5.64 7.31 9.24 16.09 19.62 17.75 15.52 16.58 17.77 18.99 +14.8%
Cash flow 8.25 10.14 11.30 12.43 20.93 23.63 23.35 21.78 22.69 20.74 25.20 +10.8%
Capex (1.06) (1.27) (1.76) (2.22) (3.70) (6.35) (5.66) (3.61) (3.52) (3.93) (4.56) +15.7%
Free cash flow 7.19 8.87 9.54 10.21 17.23 17.28 17.69 18.17 19.17 16.81 20.64 +9.9%
Book value 54.53 64.34 68.62 74.19 87.16 103.69 112.33 121.05 129.71 141.68 148.02 +11.2%
Shares, m 395 395 402 400 396 394 392 386 382 377 373 (0.5%)
Valuation, ×
Valuation, × P/E 28.01 34.16 30.66 35.16 28.95 34.03 31.15 35.06 31.38 32.61 35.78 32.1
P/S 3.11 3.64 3.69 5.09 5.73 6.70 4.83 4.90 4.63 4.90 5.31 4.7
P/B 2.63 3.00 3.26 4.38 5.34 6.43 4.92 4.50 4.01 4.09 4.59 4.3
EV/Sales 3.90 4.48 4.33 5.66 6.00 7.42 5.28 5.44 5.18 5.48 6.01 5.3
EV/FCF 25.12 26.76 27.53 35.42 28.32 42.70 34.21 33.26 30.34 38.54 37.25 32.2
Cash, $m
Cash, $m Operating cash flow 3,258 4,005 4,543 4,973 8,289 9,312 9,154 8,406 8,667 7,818 9,324 +10.2%
Capex (418) (501) (708) (890) (1,466) (2,503) (2,219) (1,392) (1,343) (1,481) (1,687) +15.1%
Free cash flow 2,840 3,504 3,835 4,083 6,823 6,809 6,935 7,014 7,324 6,337 7,637 +9.3%
Balance, $m
Balance, $m Working capital 2,155 2,373 4,478 5,696 11,653 6,677 8,219 10,577 8,805 13,518 11,445 +22.6%
Net debt 14,586 17,538 15,616 14,677 8,782 27,856 20,385 23,228 23,491 25,747 33,047 +6.5%
Shareholders’ equity 21,540 25,413 27,586 29,675 34,517 40,855 44,032 46,724 49,551 53,415 54,767 +10.6%
Returns, %
Returns, % ROA 4.66 4.34 5.20 6.45 10.01 9.41 7.23 6.12 6.46 6.46 6.51 +1.8 pt
ROIC 4.25 4.31 5.47 6.47 11.25 9.12 8.14 6.13 6.28 6.12 6.03 +1.9 pt
ROE 9.43 9.48 11.09 12.91 19.86 20.50 16.37 13.21 13.16 13.02 13.37 +3.6 pt
People
People Employees 55,000 70,000 70,000 75,000 80,000 130,000 130,000 122,000 125,000 125,000 — +9.6%
Revenue/emp, $m 0.33 0.30 0.35 0.34 0.40 0.30 0.35 0.35 0.34 0.36 — +0.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Thermo Fisher Scientific is a science-tools, diagnostics and services company headquartered in Waltham and founded in 2006. Marc N. Casper is Chairman, President and Chief Executive Officer. Its mission is to enable customers to make the world healthier, cleaner and safer.

The company supplies the products and services used across the scientific workflow: tools for biological research, instruments for analyzing samples and materials, diagnostic tests used by laboratories, laboratory supplies, and outsourced development, clinical-research and manufacturing services for medicines. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Laboratory Products and Biopharma Services 23,984 53.83%
Life Sciences Solutions 10,374 23.28%
Analytical Instruments 7,554 16.95%
Specialty Diagnostics 4,676 10.49%
Gross margin 40.93%
Operating margin 17.39%
Pre-tax margin 16.40%

Revenue by segment since 2008

Thermo Fisher Scientific Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMO Thermo Fisher Scientific Inc. $250.8B 35.8× 35.7× +9.13% (above 0%: growing) +8.64% (above 0%: growing) +14.95% (above 0%: growing) 42.28% 18.65%
DHR Danaher Corporation $159.2B 37.0× 36.9× +8.28% (above 0%: growing) +36.72% (above 0%: growing) +19.12% (above 0%: growing) 58.54% 19.00% Compare
IDXX IDEXX Laboratories, Inc. $52.8B 44.8× 37.3× +9.86% (above 0%: growing) +17.30% (above 0%: growing) +17.58% (above 0%: growing) 62.94% 33.14% Compare
NTRA Natera, Inc. $52.4B — (loss-making) — (loss-making) +34.08% (above 0%: growing) n/m −85.80% (below 0%: shrinking) 0.00% (8.60%) Compare
A Agilent Technologies, Inc. $48.4B 33.8× 34.1× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
WAT Waters Corporation $44.5B 194× 81.0× +120.91% (above 0%: growing) −67.02% (below 0%: shrinking) −66.71% (below 0%: shrinking) 50.25% 7.24% Compare
IQV IQVIA Holdings Inc. $43.7B 31.8× 34.8× +8.00% (above 0%: growing) +10.16% (above 0%: growing) −21.25% (below 0%: shrinking) 33.83% 12.92% Compare
MTD Mettler-Toledo International, Inc. $33.6B 37.6× 36.1× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
Median of peers $46.5B 37.0× 36.9× +8.17% +17.30% +18.35% 57.01% 21.32%

All 49 Diagnostics & Research stocks →

From the latest earnings call

Updated

  • CEO Marc Casper said pharma and biotech demand improved in the third quarter, while academic and government revenue was flat.
  • CFO Jim Meyer said tariff refunds benefited third-quarter earnings and that some pharma-services activity was completed earlier than expected.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
RBC Oct 16, 2026 Target raised Hold —
Bernstein Oct 13, 2026 Resumed — —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.13%
Held by the ten largest 41.02%
Holder Shares Stake Change
Vanguard 34.36m 9.29% +89.77k
BlackRock 30.92m 8.36% +492.44k
State Street 16.83m 4.55% +94.21k
Fidelity (FMR) 14.08m 3.81% +3.31m
Capital Group 13.73m 3.71% −1.45m
Morgan Stanley 10.76m 2.91% −100.46k
Franklin Templeton 8.96m 2.42% +538.86k
JPMorgan Chase 8.50m 2.30% +1.71m
Geode Capital Management 8.38m 2.27% −25.49k
T. Rowe Price 5.13m 1.39% −1.33m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 7 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 79.92m 116.09m 126.05
2024 30.45m 29.60m 112.77
2023 18.98m 9.23m 114.74
2022 28.21m (4.70m) 118.73
2021 21.23m 65.93m 143.54

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 8.87%
BlackRock, Inc. 7.62%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Thermo Fisher Scientific Inc. (TMO) Latest News

29 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · Simply Wall St.

26 Oct

Impact 3 · · StockStory

23 Oct

Impact 4 · · Insider Monkey
Impact 3 · · medtechdive.com

22 Oct

Impact 4 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat transcript
Impact 4 · · InvestorsHub
Impact 4 · · Proactive Investors
Impact 4 · · Zacks earnings
Impact 4 · · Zacks earnings
Impact 4 · · Investing.com
Impact 4 · · StockStory earnings
Impact 4 · · Zacks earnings
Impact 4 · · Business Wire
Impact 3 · · TIKR
Impact 3 · · Associated Press earnings

20 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · StockStory

16 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Insider Monkey

TMO metrics, ten years each

stockrow.com/TMO · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com