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Thermo Fisher Scientific Inc. (TMO) vs Waters Corporation (WAT)

Thermo Fisher Scientific Inc. and Waters Corporation are both Diagnostics & Research companies. Thermo Fisher Scientific Inc. is the larger, with a market value of $250.8B against $44.5B — 5.6× the size. Thermo Fisher Scientific Inc. trades at the lower P/E: 35.8× against 194×. Waters Corporation grew revenue faster over the last twelve months: 80.7% against 8.27%. Thermo Fisher Scientific Inc. has the higher net margin (14.9% vs 1.76%) and the higher return on invested capital (6.03% vs 1.13%). Across the 22 metrics below, Thermo Fisher Scientific Inc. leads on 16 and Waters Corporation on 6.

Valuation

Metric TMO WAT Diagnostics & Research median
P/E 35.78 193.97 34.52
P/S 5.31 7.96 4.24
P/B 4.59 2.94 3.42
Price to free cash flow 32.92 172.93 33.51
EV/EBITDA 24.58 51.94 23.44
EV/Sales 6.01 8.73 5.18
Earnings yield 2.79% 0.52% (1.50%)
Free cash flow yield 3.04% 0.58% 0.00%

Profitability

Metric TMO WAT Diagnostics & Research median
Gross margin 41.08% 49.53% 48.32%
Operating margin 17.89% 4.73% (5.68%)
Net margin 14.94% 1.76% (4.10%)
Free cash flow margin 16.13% 4.60% 0.00%
Return on equity 13.37% 0.00% 0.00%
Return on assets 6.51% 0.68% (6.05%)
Return on invested capital 6.03% 1.13% 0.00%

Growth

Metric TMO WAT Diagnostics & Research median
Revenue growth (TTM) 8.27% 80.69% 8.99%
EPS growth (last fiscal year) 7.32% 0.47% 20.36%
Revenue growth, 5-year CAGR 6.70% 6.00% 7.30%
Net income growth, 5-year CAGR 1.01% 4.26% 0.00%

Health

Metric TMO WAT Diagnostics & Research median
Debt to equity 0.71 0.00 0.01
Current ratio 1.81 0.66 2.27
Net debt to EBITDA 2.45 0.36 0.68

Dividend

Metric TMO WAT Diagnostics & Research median
Dividend yield 0.27% — 0.67%
Payout ratio 0.10 — 0.20

Size

Metric TMO WAT Diagnostics & Research median
Market cap 250.82b 44.51b 2.22b

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