Saturday 17 October 2026
Export TMO’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 10.5%, EPS grew 9.35%, free cash flow grew 51.8% and total debt rose 18.7%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.
690.00
6.49
−0.93%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
28.01 | 34.16 | 30.66 | 35.16 | 28.95 | 34.03 | 31.15 | 35.06 | 31.38 | 32.61 |
Piotroski F-Score |
7 | 4 | 7 | 8 | 8 | 5 | 5 | 5 | 7 | 5 |
P/S ratio |
3.11 | 3.64 | 3.69 | 5.09 | 5.73 | 6.70 | 4.83 | 4.90 | 4.63 | 4.90 |
Altman Z-Score |
2.43 | 2.42 | 3.10 | 4.06 | 4.82 | 4.27 | 3.89 | 3.83 | 4.06 | 3.84 |
Altman Z″-Score (non-manufacturers) |
2.58 | 2.39 | 3.07 | 3.49 | 4.24 | 3.17 | 3.41 | 3.68 | 3.97 | 4.01 |
P/FCF ratio |
19.98 | 21.75 | 23.46 | 31.83 | 27.03 | 38.61 | 31.27 | 29.95 | 27.13 | 34.47 |
Beneish M-Score |
(2.45) | (2.50) | (2.52) | (2.51) | (2.44) | (2.18) | (2.50) | (2.53) | (2.58) | (2.46) |
P/Operating CF |
47.08 | 40.85 | 49.95 | 67.93 | 55.24 | 107.00 | 62.19 | 56.42 | 60.40 | 63.19 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 88 |
P/B ratio |
2.63 | 3.00 | 3.26 | 4.38 | 5.34 | 6.43 | 4.92 | 4.50 | 4.01 | 4.09 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
3.90 | 4.48 | 4.33 | 5.66 | 6.00 | 7.42 | 5.28 | 5.44 | 5.18 | 5.48 |
EV/EBITDA |
16.92 | 18.78 | 17.45 | 21.05 | 19.10 | 23.04 | 20.15 | 22.72 | 21.27 | 23.20 |
EV/Operating CF |
21.90 | 23.41 | 23.24 | 29.08 | 23.31 | 31.22 | 25.92 | 27.75 | 25.64 | 31.24 |
EV/FCF |
25.12 | 26.76 | 27.53 | 35.42 | 28.32 | 42.70 | 34.21 | 33.26 | 30.34 | 38.54 |
Quick Ratio |
0.87 | 0.74 | 1.02 | 1.09 | 1.56 | 0.93 | 0.98 | 1.16 | 1.03 | 1.25 |
Current Ratio |
1.44 | 1.34 | 1.73 | 1.92 | 2.13 | 1.50 | 1.48 | 1.75 | 1.66 | 1.89 |
Net Debt/EBITDA |
3.46 | 3.51 | 2.58 | 2.14 | 0.87 | 2.21 | 1.73 | 2.26 | 2.25 | 2.45 |
Debt/Assets |
33.48% | 33.30% | 31.51% | 29.25% | 27.67% | 33.99% | 29.76% | 31.71% | 29.86% | 32.49% |
Debt/Equity |
0.71 | 0.74 | 0.64 | 0.58 | 0.55 | 0.79 | 0.66 | 0.67 | 0.59 | 0.67 |
Asset Turnover |
0.42 | 0.41 | 0.43 | 0.45 | 0.51 | 0.48 | 0.47 | 0.44 | 0.44 | 0.43 |
Operating CF/Net income |
1.61 | 1.80 | 1.55 | 1.35 | 1.30 | 1.21 | 1.32 | 1.40 | 1.37 | 1.17 |
Capex/Depreciation |
(0.24) | (0.25) | (0.31) | (0.39) | (0.63) | (0.97) | (0.66) | (0.41) | (0.43) | (0.53) |
Interest Coverage |
51.21 | 5.00 | 5.67 | 6.80 | 14.09 | 18.71 | 11.56 | 4.99 | 5.28 | 5.46 |
| 9.43% | 9.48% | 11.09% | 12.91% | 19.86% | 20.50% | 16.37% | 13.21% | 13.16% | 13.02% | |
| 4.66% | 4.34% | 5.20% | 6.45% | 10.01% | 9.41% | 7.23% | 6.12% | 6.46% | 6.46% | |
ROIC |
4.25% | 4.31% | 5.47% | 6.47% | 11.25% | 9.12% | 8.14% | 6.13% | 6.28% | 6.12% |
Return on Tangible Assets |
42.72% | 34.66% | 33.99% | 35.39% | 36.29% | 51.47% | 39.72% | 29.94% | 34.98% | 27.84% |
Average Days of Receivables |
68.45 | 67.69 | 61.98 | 62.15 | 65.04 | 74.25 | 65.95 | 70.02 | 69.72 | 72.91 |
Research and Development Expense of Revenue |
4.13% | 4.24% | 3.97% | 3.93% | 3.67% | 3.59% | 3.28% | 3.12% | 3.24% | 3.14% |
Selling, General and Administrative Expense of Revenue |
27.20% | 26.31% | 24.87% | 24.05% | 21.51% | 20.42% | 20.02% | 19.71% | 20.04% | 19.60% |
Intangible Assets out of Total Assets |
0.77 | 0.74 | 0.72 | 0.68 | 0.56 | 0.65 | 0.60 | 0.61 | 0.63 | 0.59 |
Share Based Compensation of Revenue |
0.73% | 0.76% | 0.74% | 0.71% | 0.61% | 0.59% | 0.68% | 0.65% | 0.70% | 0.70% |
Graham Net Nets |
(0.31) | (0.29) | (0.20) | (0.13) | (0.07) | (0.13) | (0.13) | (0.13) | (0.13) | (0.13) |
Graham Number |
79.34 | 90.44 | 106.17 | 124.19 | 177.64 | 213.90 | 211.86 | 205.60 | 219.98 | 238.01 |
Earnings Yield |
3.57% | 2.93% | 3.26% | 2.84% | 3.45% | 2.94% | 3.21% | 2.85% | 3.19% | 3.07% |
Free Cash Flow Yield |
5.00% | 4.60% | 4.26% | 3.14% | 3.70% | 2.59% | 3.20% | 3.34% | 3.69% | 2.90% |
Revenue per Share |
46.26 | 52.96 | 60.59 | 63.86 | 81.36 | 99.52 | 114.58 | 111.03 | 112.25 | 118.19 |
Operating CF per Share |
8.25 | 10.14 | 11.30 | 12.43 | 20.93 | 23.63 | 23.35 | 21.78 | 22.69 | 20.74 |
Capex per Share |
(1.06) | (1.27) | (1.76) | (2.22) | (3.70) | (6.35) | (5.66) | (3.61) | (3.52) | (3.93) |
Free Cash Flow per Share |
7.19 | 8.87 | 9.54 | 10.21 | 17.23 | 17.28 | 17.69 | 18.17 | 19.17 | 16.81 |
Cash per Share |
1.99 | 3.38 | 5.23 | 6.00 | 26.07 | 11.36 | 21.74 | 20.93 | 14.58 | 26.80 |
Shareholders Equity per Share |
54.53 | 64.34 | 68.62 | 74.19 | 87.16 | 103.69 | 112.33 | 121.05 | 129.71 | 141.68 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
54.53 | 64.34 | 68.62 | 74.19 | 87.16 | 103.69 | 112.33 | 121.05 | 129.71 | 141.68 |
Free Cash Flow |
2,840.00 | 3,504.00 | 3,835.00 | 4,083.00 | 6,823.00 | 6,809.00 | 6,935.00 | 7,014.00 | 7,324.00 | 6,337.00 |
Working Capital |
2,155.00 | 2,373.00 | 4,478.00 | 5,696.00 | 11,653.00 | 6,677.00 | 8,219.00 | 10,577.00 | 8,805.00 | 13,518.00 |
Capital Expenditures |
(418.00) | (501.00) | (708.00) | (890.00) | (1,466.00) | (2,503.00) | (2,219.00) | (1,392.00) | (1,343.00) | (1,481.00) |
Net Current Asset Value |
(17,347.00) | (21,835.00) | (18,021.00) | (16,813.00) | (12,578.00) | (34,155.00) | (27,893.00) | (27,413.00) | (25,633.00) | (28,221.00) |
EV/EBIT |
29.02 | 31.68 | 27.91 | 31.48 | 24.79 | 28.99 | 28.27 | 34.01 | 30.28 | 31.52 |
Capex to Sales |
0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.06 | 0.05 | 0.03 | 0.03 | 0.03 |
Price to Operating Income |
23.09 | 25.75 | 23.78 | 28.29 | 23.67 | 26.22 | 25.84 | 30.62 | 27.08 | 28.20 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.68 | 0.50 | 0.54 | 0.48 | 0.39 | 0.31 | 0.36 | 0.36 | 0.33 | 0.26 |
Cash ROIC |
7.53% | 7.68% | 8.09% | 8.31% | 10.67% | 8.77% | 8.51% | 8.15% | 8.70% | 6.38% |
Accounts Receivable Turnover |
5.90 | 5.73 | 6.08 | 6.02 | 6.39 | 5.72 | 5.58 | 5.25 | 5.23 | 5.21 |
Accounts Payable Turnover |
11.33 | 9.75 | 8.87 | 8.04 | 7.92 | 7.76 | 8.30 | 8.24 | 8.46 | 7.85 |
Inventory Turnover |
4.71 | 4.43 | 4.52 | 4.46 | 4.38 | 4.31 | 4.86 | 4.80 | 5.00 | 5.06 |
Average Days of Payables |
34.13 | 45.44 | 43.66 | 49.30 | 48.96 | 53.46 | 47.57 | 40.70 | 44.64 | 50.23 |
Days of Inventory on Hand |
81.57 | 94.54 | 81.24 | 86.54 | 90.70 | 94.19 | 79.26 | 72.10 | 72.17 | 75.24 |
Average Receivables |
3,095.00 | 3,653.00 | 4,007.50 | 4,242.50 | 5,045.00 | 6,859.00 | 8,046.00 | 8,168.00 | 8,206.00 | 8,545.50 |
Average Payables |
874.10 | 1,177.00 | 1,521.50 | 1,767.50 | 2,047.50 | 2,521.00 | 3,124.00 | 3,126.50 | 2,975.50 | 3,350.50 |
Average Inventory |
2,102.35 | 2,592.00 | 2,988.00 | 3,187.50 | 3,699.50 | 4,540.00 | 5,342.50 | 5,361.00 | 5,033.00 | 5,201.50 |
Average Assets |
43,371.15 | 51,288.50 | 56,450.50 | 57,306.50 | 63,716.50 | 82,087.50 | 96,138.50 | 97,940.00 | 98,023.50 | 103,832.00 |
Average Common Equity |
21,445.10 | 23,476.50 | 26,499.50 | 28,630.50 | 32,096.00 | 37,686.00 | 42,443.50 | 45,378.00 | 48,138.00 | 51,483.00 |
Columns are period end dates