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Friday 6 November 2026
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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
689.99
13.05
+1.93%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
32.61 | 31.38 | 35.06 | 31.15 | 34.03 | 28.95 | 35.16 | 30.66 | 34.16 | 28.01 |
Piotroski F-Score |
5 | 7 | 5 | 5 | 5 | 8 | 8 | 7 | 4 | 7 |
P/S ratio |
4.90 | 4.63 | 4.90 | 4.83 | 6.70 | 5.73 | 5.09 | 3.69 | 3.64 | 3.11 |
Altman Z-Score |
3.84 | 4.06 | 3.83 | 3.89 | 4.27 | 4.82 | 4.06 | 3.10 | 2.42 | 2.43 |
Altman Z″-Score (non-manufacturers) |
4.01 | 3.97 | 3.68 | 3.41 | 3.17 | 4.24 | 3.49 | 3.07 | 2.39 | 2.58 |
P/FCF ratio |
34.47 | 27.13 | 29.95 | 31.27 | 38.61 | 27.03 | 31.83 | 23.46 | 21.75 | 19.98 |
Beneish M-Score |
(2.46) | (2.58) | (2.53) | (2.50) | (2.18) | (2.44) | (2.51) | (2.52) | (2.50) | (2.45) |
P/Operating CF |
63.19 | 60.40 | 56.42 | 62.19 | 107.00 | 55.24 | 67.93 | 49.95 | 40.85 | 47.08 |
Dividend Safety Score |
88 | — | — | — | — | — | — | — | — | — |
P/B ratio |
4.09 | 4.01 | 4.50 | 4.92 | 6.43 | 5.34 | 4.38 | 3.26 | 3.00 | 2.63 |
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 |
5.48 | 5.18 | 5.44 | 5.28 | 7.42 | 6.00 | 5.66 | 4.33 | 4.48 | 3.90 |
EV/EBITDA |
23.20 | 21.27 | 22.72 | 20.15 | 23.04 | 19.10 | 21.05 | 17.45 | 18.78 | 16.92 |
EV/Operating CF |
31.24 | 25.64 | 27.75 | 25.92 | 31.22 | 23.31 | 29.08 | 23.24 | 23.41 | 21.90 |
EV/FCF |
38.54 | 30.34 | 33.26 | 34.21 | 42.70 | 28.32 | 35.42 | 27.53 | 26.76 | 25.12 |
Quick Ratio |
1.25 | 1.03 | 1.16 | 0.98 | 0.93 | 1.56 | 1.09 | 1.02 | 0.74 | 0.87 |
Current Ratio |
1.89 | 1.66 | 1.75 | 1.48 | 1.50 | 2.13 | 1.92 | 1.73 | 1.34 | 1.44 |
Net Debt/EBITDA |
2.45 | 2.25 | 2.26 | 1.73 | 2.21 | 0.87 | 2.14 | 2.58 | 3.51 | 3.46 |
Debt/Assets |
32.49% | 29.86% | 31.71% | 29.76% | 33.99% | 27.67% | 29.25% | 31.51% | 33.30% | 33.48% |
Debt/Equity |
0.67 | 0.59 | 0.67 | 0.66 | 0.79 | 0.55 | 0.58 | 0.64 | 0.74 | 0.71 |
Asset Turnover |
0.43 | 0.44 | 0.44 | 0.47 | 0.48 | 0.51 | 0.45 | 0.43 | 0.41 | 0.42 |
Operating CF/Net income |
1.17 | 1.37 | 1.40 | 1.32 | 1.21 | 1.30 | 1.35 | 1.55 | 1.80 | 1.61 |
Capex/Depreciation |
(0.53) | (0.43) | (0.41) | (0.66) | (0.97) | (0.63) | (0.39) | (0.31) | (0.25) | (0.24) |
Interest Coverage |
5.46 | 5.28 | 4.99 | 11.56 | 18.71 | 14.09 | 6.80 | 5.67 | 5.00 | 51.21 |
| 13.02% | 13.16% | 13.21% | 16.37% | 20.50% | 19.86% | 12.91% | 11.09% | 9.48% | 9.43% | |
| 6.46% | 6.46% | 6.12% | 7.23% | 9.41% | 10.01% | 6.45% | 5.20% | 4.34% | 4.66% | |
ROIC |
6.12% | 6.28% | 6.13% | 8.14% | 9.12% | 11.25% | 6.47% | 5.47% | 4.31% | 4.25% |
Return on Tangible Assets |
27.84% | 34.98% | 29.94% | 39.72% | 51.47% | 36.29% | 35.39% | 33.99% | 34.66% | 42.72% |
Average Days of Receivables |
72.91 | 69.72 | 70.02 | 65.95 | 74.25 | 65.04 | 62.15 | 61.98 | 67.69 | 68.45 |
Research and Development Expense of Revenue |
3.14% | 3.24% | 3.12% | 3.28% | 3.59% | 3.67% | 3.93% | 3.97% | 4.24% | 4.13% |
Selling, General and Administrative Expense of Revenue |
19.60% | 20.04% | 19.71% | 20.02% | 20.42% | 21.51% | 24.05% | 24.87% | 26.31% | 27.20% |
Intangible Assets out of Total Assets |
0.59 | 0.63 | 0.61 | 0.60 | 0.65 | 0.56 | 0.68 | 0.72 | 0.74 | 0.77 |
Share Based Compensation of Revenue |
0.70% | 0.70% | 0.65% | 0.68% | 0.59% | 0.61% | 0.71% | 0.74% | 0.76% | 0.73% |
Graham Net Nets |
(0.13) | (0.13) | (0.13) | (0.13) | (0.13) | (0.07) | (0.13) | (0.20) | (0.29) | (0.31) |
Graham Number |
238.01 | 219.98 | 205.60 | 211.86 | 213.90 | 177.64 | 124.19 | 106.17 | 90.44 | 79.34 |
Earnings Yield |
3.07% | 3.19% | 2.85% | 3.21% | 2.94% | 3.45% | 2.84% | 3.26% | 2.93% | 3.57% |
Free Cash Flow Yield |
2.90% | 3.69% | 3.34% | 3.20% | 2.59% | 3.70% | 3.14% | 4.26% | 4.60% | 5.00% |
Revenue per Share |
118.19 | 112.25 | 111.03 | 114.58 | 99.52 | 81.36 | 63.86 | 60.59 | 52.96 | 46.26 |
Operating CF per Share |
20.74 | 22.69 | 21.78 | 23.35 | 23.63 | 20.93 | 12.43 | 11.30 | 10.14 | 8.25 |
Capex per Share |
(3.93) | (3.52) | (3.61) | (5.66) | (6.35) | (3.70) | (2.22) | (1.76) | (1.27) | (1.06) |
Free Cash Flow per Share |
16.81 | 19.17 | 18.17 | 17.69 | 17.28 | 17.23 | 10.21 | 9.54 | 8.87 | 7.19 |
Cash per Share |
26.80 | 14.58 | 20.93 | 21.74 | 11.36 | 26.07 | 6.00 | 5.23 | 3.38 | 1.99 |
Shareholders Equity per Share |
141.68 | 129.71 | 121.05 | 112.33 | 103.69 | 87.16 | 74.19 | 68.62 | 64.34 | 54.53 |
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 |
141.68 | 129.71 | 121.05 | 112.33 | 103.69 | 87.16 | 74.19 | 68.62 | 64.34 | 54.53 |
Free Cash Flow |
6,337.00 | 7,324.00 | 7,014.00 | 6,935.00 | 6,809.00 | 6,823.00 | 4,083.00 | 3,835.00 | 3,504.00 | 2,840.00 |
Working Capital |
13,518.00 | 8,805.00 | 10,577.00 | 8,219.00 | 6,677.00 | 11,653.00 | 5,696.00 | 4,478.00 | 2,373.00 | 2,155.00 |
Capital Expenditures |
(1,481.00) | (1,343.00) | (1,392.00) | (2,219.00) | (2,503.00) | (1,466.00) | (890.00) | (708.00) | (501.00) | (418.00) |
Net Current Asset Value |
(28,221.00) | (25,633.00) | (27,413.00) | (27,893.00) | (34,155.00) | (12,578.00) | (16,813.00) | (18,021.00) | (21,835.00) | (17,347.00) |
EV/EBIT |
31.52 | 30.28 | 34.01 | 28.27 | 28.99 | 24.79 | 31.48 | 27.91 | 31.68 | 29.02 |
Capex to Sales |
0.03 | 0.03 | 0.03 | 0.05 | 0.06 | 0.05 | 0.03 | 0.03 | 0.02 | 0.02 |
Price to Operating Income |
28.20 | 27.08 | 30.62 | 25.84 | 26.22 | 23.67 | 28.29 | 23.78 | 25.75 | 23.09 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.26 | 0.33 | 0.36 | 0.36 | 0.31 | 0.39 | 0.48 | 0.54 | 0.50 | 0.68 |
Cash ROIC |
6.38% | 8.70% | 8.15% | 8.51% | 8.77% | 10.67% | 8.31% | 8.09% | 7.68% | 7.53% |
Accounts Receivable Turnover |
5.21 | 5.23 | 5.25 | 5.58 | 5.72 | 6.39 | 6.02 | 6.08 | 5.73 | 5.90 |
Accounts Payable Turnover |
7.85 | 8.46 | 8.24 | 8.30 | 7.76 | 7.92 | 8.04 | 8.87 | 9.75 | 11.33 |
Inventory Turnover |
5.06 | 5.00 | 4.80 | 4.86 | 4.31 | 4.38 | 4.46 | 4.52 | 4.43 | 4.71 |
Average Days of Payables |
50.23 | 44.64 | 40.70 | 47.57 | 53.46 | 48.96 | 49.30 | 43.66 | 45.44 | 34.13 |
Days of Inventory on Hand |
75.24 | 72.17 | 72.10 | 79.26 | 94.19 | 90.70 | 86.54 | 81.24 | 94.54 | 81.57 |
Average Receivables |
8,545.50 | 8,206.00 | 8,168.00 | 8,046.00 | 6,859.00 | 5,045.00 | 4,242.50 | 4,007.50 | 3,653.00 | 3,095.00 |
Average Payables |
3,350.50 | 2,975.50 | 3,126.50 | 3,124.00 | 2,521.00 | 2,047.50 | 1,767.50 | 1,521.50 | 1,177.00 | 874.10 |
Average Inventory |
5,201.50 | 5,033.00 | 5,361.00 | 5,342.50 | 4,540.00 | 3,699.50 | 3,187.50 | 2,988.00 | 2,592.00 | 2,102.35 |
Average Assets |
103,832.00 | 98,023.50 | 97,940.00 | 96,138.50 | 82,087.50 | 63,716.50 | 57,306.50 | 56,450.50 | 51,288.50 | 43,371.15 |
Average Common Equity |
51,483.00 | 48,138.00 | 45,378.00 | 42,443.50 | 37,686.00 | 32,096.00 | 28,630.50 | 26,499.50 | 23,476.50 | 21,445.10 |
Columns are period end dates · fundamentals updated 3 Nov 2026