Saturday 17 October 2026 Export TMO’s income statement to Excel — free account

Thermo Fisher Scientific Inc.

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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Market cap: $257.5B
P/E: 37.1×
Fwd P/E: 23.7×
Dividend yield: 0.27%
F-score: 5/9
Altman Z: 3.84
Beneish M: −2.46
Dividend safety: 88/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 143.99

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	5	3	—	1	3	1	—	—	1	10	—	—

Insider Ownership 0.60%

Capital & Financial Ratios $m

Market Cap 257,530.00

Revenue 46,336.00

Net Income 6,988.00

Free Cash Flow 7,362.00

Net Debt 35,117.00

Current Ratio 1.55

Debt/Equity 0.74

P/E ratio 37.06

Fwd P/E 23.70

P/S ratio 5.52

P/B ratio 4.86

Past 5Y EPS Growth 2.14%

This Y EPS Growth 9.93%

Next Y EPS Growth 9.35%

Next Y revenue growth 7.45%

Next 5Y EPS Growth 9.88%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 84.63%

10-year low 10-year high

P/S against its own 10 years 86.77%

10-year low 10-year high

P/B against its own 10 years 72.54%

10-year low 10-year high

EV/Sales against its own 10 years 90.53%

10-year low 10-year high

EV/FCF against its own 10 years 88.09%

10-year low 10-year high

Dividends

Payout Ratio 0.10

Annual Dividend Rate 1.84

Annual Dividend Yield 0.27%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.85	0.47 0.47 0.47
2025	1.72	0.43 0.43 0.43 0.43
2024	1.56	0.39 0.39 0.39 0.39
2023	1.40	0.35 0.35 0.35 0.35
2022	1.20	0.30 0.30 0.30 0.30
2021	1.04	0.26 0.26 0.26 0.26
2020	0.88	0.22 0.22 0.22 0.22
2019	0.76	0.19 0.19 0.19 0.19
2018	0.68	0.17 0.17 0.17 0.17
2017	0.60	0.15 0.15 0.15 0.15
2016	0.60	0.15 0.15 0.15 0.15

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	8,080	5,570	10,105	4,064
Receivables	8,221	8,191	8,900	9,451
Inventory	5,088	4,978	5,425	5,627
Other	3,200	3,399	4,278	4,224
	24,589	22,137	28,707	23,365

	2023	2024	2025	Q'26
Payables	2,872	3,079	3,622	3,268
ST’ Debt	—	—	—	—
Other	2,689	2,852	2,710	2,918
	14,012	13,332	15,189	15,069

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	11,005	11,994	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	4.43	4.68	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	119.75	140.00	190.38	210.07	250.21	433.52	475.77	415.60	493.30	385.46	Analyst estimates 2026–2028 Powerpack
	High	160.68	201.20	253.91	330.14	532.57	672.34	664.27	609.85	627.88	610.97
People
People	Employees	55,000	70,000	70,000	75,000	80,000	130,000	130,000	122,000	125,000	125,000
	Revenue/emp, $m	0.33	0.30	0.35	0.34	0.40	0.30	0.35	0.35	0.34	0.36
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
	Gross margin, %	45.81	45.17	44.57	44.35	49.67	50.08	42.24	39.90	41.28	40.93
	EBT	2,024	2,429	3,262	4,072	7,230	8,841	7,835	6,298	7,037	7,308
	EBT margin, %	11.08	11.61	13.39	15.94	22.44	22.55	17.44	14.70	16.41	16.40
	Net income	2,022	2,225	2,938	3,698	6,377	7,728	6,960	5,955	6,338	6,721
	Depreciation	1,758	2,033	2,267	2,277	2,325	2,592	3,381	3,406	3,108	2,780
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
	Earnings	5.12	5.64	7.31	9.24	16.09	19.62	17.75	15.52	16.58	17.77
	Cash flow	8.25	10.14	11.30	12.43	20.93	23.63	23.35	21.78	22.69	20.74
	Capex	(1.06)	(1.27)	(1.76)	(2.22)	(3.70)	(6.35)	(5.66)	(3.61)	(3.52)	(3.93)
	Free cash flow	7.19	8.87	9.54	10.21	17.23	17.28	17.69	18.17	19.17	16.81
	Book value	54.53	64.34	68.62	74.19	87.16	103.69	112.33	121.05	129.71	141.68
	Shares, m	395	395	402	400	396	394	392	386	382	377
Valuation, ×
Valuation, ×	P/E	28.01	34.16	30.66	35.16	28.95	34.03	31.15	35.06	31.38	32.61
	P/S	3.11	3.64	3.69	5.09	5.73	6.70	4.83	4.90	4.63	4.90
	P/B	2.63	3.00	3.26	4.38	5.34	6.43	4.92	4.50	4.01	4.09
	EV/Sales	3.90	4.48	4.33	5.66	6.00	7.42	5.28	5.44	5.18	5.48
	EV/FCF	25.12	26.76	27.53	35.42	28.32	42.70	34.21	33.26	30.34	38.54
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
	Capex	(418)	(501)	(708)	(890)	(1,466)	(2,503)	(2,219)	(1,392)	(1,343)	(1,481)
	Free cash flow	2,840	3,504	3,835	4,083	6,823	6,809	6,935	7,014	7,324	6,337
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
	Total debt	15,372	18,873	17,719	17,076	19,107	32,333	28,909	31,308	29,061	35,852
	Net debt	14,586	17,538	15,616	14,677	8,782	27,856	20,385	23,228	23,491	25,747
	Shareholders’ equity	21,540	25,413	27,586	29,675	34,517	40,855	44,032	46,724	49,551	53,415
Returns, %
Returns, %	ROA	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
	ROE	9.43	9.48	11.09	12.91	19.86	20.50	16.37	13.21	13.16	13.02

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$257.5B	37.1×	23.7×	+10.49% (above 0%: growing)	+9.35% (above 0%: growing)	+51.81% (above 0%: growing)	40.70%	17.40%
DHR Danaher Corporation	$162.7B	40.5×	29.2×	+5.54% (above 0%: growing)	+59.74% (above 0%: growing)	+15.63% (above 0%: growing)	57.64%	17.99%	Compare
NTRA Natera, Inc.	$58.4B	— (loss-making)	— (loss-making)	+37.71% (above 0%: growing)	n/m	−173.96% (below 0%: shrinking)	64.46%	(10.07%)	Compare
A Agilent Technologies, Inc.	$49.5B	34.0×	26.3×	+8.06% (above 0%: growing)	+8.47% (above 0%: growing)	+69.50% (above 0%: growing)	55.48%	23.64%	Compare
IQV IQVIA Holdings Inc.	$44.6B	32.8×	22.3×	+8.74% (above 0%: growing)	−0.65% (below 0%: shrinking)	+23.29% (above 0%: growing)	32.85%	11.58%	Compare
WAT Waters Corporation	$43.6B	109×	44.3×	+113.36% (above 0%: growing)	n/m	+750.00% (above 0%: growing)	44.62%	(5.23%)	Compare
IDXX IDEXX Laboratories, Inc.	$43.1B	39.1×	38.3×	+9.66% (above 0%: growing)	+17.21% (above 0%: growing)	+111.44% (above 0%: growing)	64.04%	34.98%	Compare
ILMN Illumina, Inc.	$40.5B	48.4×	34.7×	+9.44% (above 0%: growing)	−8.05% (below 0%: shrinking)	−18.27% (below 0%: shrinking)	66.44%	21.14%	Compare
MTD Mettler-Toledo International, Inc.	$32.8B	36.4×	25.5×	+4.48% (above 0%: growing)	+18.30% (above 0%: growing)	+33.01% (above 0%: growing)	63.29%	30.61%	Compare
Median of peers	$44.1B	39.1×	29.2×	+9.09%	+12.84%	+28.15%	60.47%	19.57%

All 52 Diagnostics & Research stocks →

Thermo Fisher Scientific Inc. (TMO) key facts

Strength: Thermo Fisher Scientific Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.6 billion, up 3.91% from fiscal 2024.
Strength: Net income was $6.7 billion, or $17.77 per share (basic), a net margin of 15.1%.
Thermo Fisher Scientific Inc. (TMO) is a Diagnostics & Research company in the Healthcare sector, listed on the New York Stock Exchange.
As of October 16, 2026, TMO traded at $690.00, a market capitalization of $257.5 billion.
At that price the stock trades at 37.1× trailing-twelve-month earnings and 5.5× sales; its P/E is higher than 85% of its own readings over the past ten years.
Thermo Fisher Scientific Inc. pays an annual dividend of $1.84 per share, a yield of 0.27%, with a payout ratio of 9.90%.
Return on equity was 13.0% and debt-to-equity 0.74.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.84 (safe zone) for fiscal 2025.