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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. 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%
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 (at or above 1.5: strong)
Debt/Equity 0.74
P/E ratio 37.06 (above 35: high)
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
EV/Sales is 6.3×, against a ten-year median of 5.2×; over the ten years it ranged from 3.7× in 2016 to 7.4× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Thermo Fisher Scientific Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

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 →

TMO metrics, ten years each

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.

Source: company filings (standardised) and stockrow calculations.

Thermo Fisher Scientific Inc. (TMO) Latest News

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stockrow.com/TMO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com