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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 $257.5B against $43.6B — 5.9× the size. Thermo Fisher Scientific Inc. trades at the lower P/E: 37.1× against 109×. Waters Corporation grew revenue faster over the last twelve months: 52.5% against 7.23%. Thermo Fisher Scientific Inc. has the higher net margin (15.0% vs 3.59%) and the higher return on invested capital (5.80% vs 1.05%). Across the 22 metrics below, Thermo Fisher Scientific Inc. leads on 15 and Waters Corporation on 7.

Valuation

Metric TMO WAT Diagnostics & Research median
P/E 37.06 108.69 35.56
P/S 5.52 9.24 4.37
P/B 4.86 2.82 3.06
Price to free cash flow 34.77 117.05 35.76
EV/EBITDA 26.25 50.12 24.35
EV/Sales 6.28 10.18 5.51
Earnings yield 2.70% 0.92% (1.89%)
Free cash flow yield 2.88% 0.85% (0.15%)

Profitability

Metric TMO WAT Diagnostics & Research median
Gross margin 40.80% 50.89% 50.89%
Operating margin 17.58% 7.10% (8.57%)
Net margin 15.04% 3.59% (6.37%)
Free cash flow margin 15.89% 7.89% 0.00%
Return on equity 13.51% 1.92% (2.92%)
Return on assets 6.50% 1.13% (6.71%)
Return on invested capital 5.80% 1.05% 0.00%

Growth

Metric TMO WAT Diagnostics & Research median
Revenue growth (TTM) 7.23% 52.47% 7.69%
EPS growth (last fiscal year) 7.32% 0.47% 25.92%
Revenue growth, 5-year CAGR 6.70% 6.00% 7.40%
Net income growth, 5-year CAGR 1.01% 4.26% 0.00%

Health

Metric TMO WAT Diagnostics & Research median
Debt to equity 0.74 0.32 0.11
Current ratio 1.55 1.86 2.02
Net debt to EBITDA 2.45 0.36 0.70

Dividend

Metric TMO WAT Diagnostics & Research median
Dividend yield 0.27% — 0.66%
Payout ratio 0.10 — 0.20

Size

Metric TMO WAT Diagnostics & Research median
Market cap 257.53b 43.64b 2.16b

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