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Friday 6 November 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.

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

Quarter to September 2026, against a year earlier

692.76 15.82 +2.34%
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
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Thermo Fisher Scientific Inc. (TMO) Debt to equity

Alert me on Debt to equity

Thermo Fisher Scientific Inc.'s debt to equity at the end of the quarter to 30 September 2026 was 0.7×, up 0.0× from fiscal 2025 (0.7×). Over the past ten years it has ranged from 0.5× (fiscal 2015) to 0.8× (fiscal 2021); the current reading is higher than 73% of that period. That is above the Diagnostics & Research industry median of 0.0× and above the Healthcare sector median of 0.0×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 0.7× 14.44%
FY2024 0.6× (12.48%)
FY2023 0.7× 2.07%
FY2022 0.7× (17.05%)
FY2021 0.8× 42.96%
FY2020 0.6× (3.79%)
FY2019 0.6× (10.42%)
FY2018 0.6× (13.52%)
FY2017 0.7× 4.08%
FY2016 0.7× 33.41%

Quarterly newest first

Period Debt to equity Change
Sep 2026 0.7× (3.98%)
Jun 2026 0.7× (3.60%)
Mar 2026 0.8× 14.94%
Dec 2025 0.7× 7.50%
43 more quarters

Against its own ten years

Low 0.5× High 0.8×
Ten-year median 0.7×
Current reading's percentile 73

Debt to equity against peers

Company Debt to equity
WAT Waters Corporation compare 0.0×
NTRA Natera, Inc. compare 0.0×
IDXX IDEXX Laboratories, Inc. compare 0.2×
DHR Danaher Corporation compare 0.5×
A Agilent Technologies, Inc. compare 0.5×
ILMN Illumina, Inc. compare 0.6×
TMO Thermo Fisher Scientific Inc. 0.7×
IQV IQVIA Holdings Inc. compare 2.4×
MTD Mettler-Toledo International, Inc. compare 165×
Diagnostics & Research industry median 0.0×
Healthcare sector median 0.0×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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