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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

688.80 11.86 +1.75%
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) Price to free cash flow

Alert me on Price to free cash flow

As of 5 November 2026, Thermo Fisher Scientific Inc. (TMO) trades at a price to free cash flow of 32.9×. Over the past ten years it has ranged from 18.4× (December 2016) to 40.8× (September 2020); the current reading is higher than 82% of that period. That is in line with the Diagnostics & Research industry median of 33.5× and above the Healthcare sector median of 21.1×.

Price to free cash flow, daily

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Annual newest first

Period Price to free cash flow Change
FY2025 34.5× 27.05%
FY2024 27.1× (9.39%)
FY2023 29.9× (4.23%)
FY2022 31.3× (19.01%)
FY2021 38.6× 42.82%
FY2020 27.0× (15.06%)
FY2019 31.8× 35.67%
FY2018 23.5× 7.83%
FY2017 21.8× 8.87%
FY2016 20.0× (10.43%)

Quarterly newest first

Period Price to free cash flow Change
Sep 2026 32.7× 29.45%
Jun 2026 25.3× (6.19%)
Mar 2026 26.9× (21.87%)
Dec 2025 34.5× 15.54%
43 more quarters

Against its own ten years

Low 18.4× High 40.8×
Ten-year median 27.2×
Current reading's percentile 82

Price to free cash flow against peers

Company Price to free cash flow
IQV IQVIA Holdings Inc. compare 21.0×
DHR Danaher Corporation compare 27.7×
ILMN Illumina, Inc. compare 30.4×
TMO Thermo Fisher Scientific Inc. 32.9×
A Agilent Technologies, Inc. compare 38.2×
MTD Mettler-Toledo International, Inc. compare 39.1×
IDXX IDEXX Laboratories, Inc. compare 40.6×
WAT Waters Corporation compare 173×
NTRA Natera, Inc. compare 1,004×
Diagnostics & Research industry median 33.5×
Healthcare sector median 21.1×
Market median 14.1×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

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