A Business at a Glance
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THERMO FISHER SCIENTIFIC INC.
TMO
$214.7B
Mkt Cap
$568.26
-0.71%
THERMO FISHER SCIENTIFIC INC. (TMO) has a current P/E ratio of 32.0, compared to its historical median P/E of 32.2. The stock is currently considered Fair based on its historical valuation range.
THERMO FISHER SCIENTIFIC INC. (TMO) has a 5-year average return on invested capital (ROIC) of 9.1%. This is below average and may indicate limited pricing power.
THERMO FISHER SCIENTIFIC INC. (TMO) has a market capitalization of $211.2B. It is classified as a mega-cap stock.
Yes, THERMO FISHER SCIENTIFIC INC. (TMO) pays a dividend with a trailing twelve-month yield of 0.31%. The company also returns capital through share buybacks, with a buyback yield of 1.89%.
Based on historical P/E analysis, THERMO FISHER SCIENTIFIC INC. (TMO) appears fair. The current P/E of 32.0 is 1% below its historical median of 32.2. The estimated fair value CAGR (P/E method) is 9.9%.
THERMO FISHER SCIENTIFIC INC. (TMO) operates in the Measuring & Controlling Devices, Nec industry, within the Technology sector.
Thermo Fisher Scientific is the world leader in serving science, operating through four business segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The company provides an extensive portfolio of reagents, instruments, consumables, diagnostic test kits, and outsourced services to pharmaceutical, biotech, clinical, academic, government, and industrial customers globally. Life Sciences Solutions encompasses biosciences, genetic sciences, and bioproduction offerings for drug discovery, vaccine development, and biologics manufacturing. Analytical Instruments delivers chromatography, mass spectrometry, chemical analysis, and electron microscopy solutions. Specialty Diagnostics offers clinical diagnostics, immunodiagnostics, microbiology, and transplant diagnostics products. Laboratory Products and Biopharma Services combines self-manufactured and sourced lab consumables with comprehensive outsourced services including drug development, clinical trials, and commercial manufacturing. The company operates a capital-light, high-margin business model leveraging direct sales, electronic commerce, and third-party distributors through approximately 14,000 sales personnel, generating revenue through product sales and service delivery across diverse end-markets with strong competitive positioning built on technical innovation, product differentiation, customer service, and deep market relationships.
【End markets progressing as expected】 Management expects end markets to progress in line with original guidance, with pharma and biotech delivering the strongest growth while academic and government markets remain muted. The company anticipates modest inflationary pressure from geopolitical tensions but expects customer sentiment to remain strong and end markets to prove resilient. Thermo Fisher is raising full-year 2026 revenue and adjusted EPS guidance, reflecting strong Q1 operational performance and the positive contribution from the Clario acquisition completed in late March. The company continues to assume 3%-4% organic revenue growth for 2026 and expects to deliver strong earnings growth through active management of the business and the power of its PPI Business System, while navigating a complex macroeconomic environment.
| Metric | Target | Period |
|---|---|---|
| Revenue | $47.3 billion–$48.1 billion | FY2026 |
| Adjusted EPS | $24.64–$25.12 | FY2026 |
| Organic revenue growth | 3%-4% | FY2026 |
| Free cash flow | $6.9 billion–$7.4 billion | FY2026 |
| Net capital expenditures | $1.9 billion–$2.1 billion | FY2026 |
Revenue (FY2026): “We're raising revenue guidance from a range of $46.3 billion-$47.2 billion, to a new range of $47.3 billion-$48.1 billion, which represents 6%-8% reported revenue growth over 2025”
Adjusted EPS (FY2026): “We expect adjusted earnings per share to be in the range of $24.64-$25.12, which represents 8%-10% growth over 2025”
Organic revenue growth (FY2026): “continues to assume 3%-4% organic revenue growth for the year”
Free cash flow (FY2026): “free cash flow in the range of $6.9 billion-$7.4 billion for the year”
Net capital expenditures (FY2026): “We expect between $1.9 billion and $2.1 billion of net capital expenditures”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 45.2B | 44.6B | 42.9B | 42.9B | 44.9B | 39.2B |
| Net Income | 6.8B | 6.7B | 6.3B | 6.0B | 7.0B | 7.7B |
| EPS | $17.44 | $17.74 | $16.53 | $15.45 | $17.63 | $19.46 |
| Free Cash Flow | 6.7B | 6.3B | 7.3B | 6.9B | 6.9B | 6.8B |
| ROIC | 8.0% | 7.7% | 8.8% | 8.3% | 9.5% | 11.2% |
| Gross Margin | - | 49.5% | 50.9% | 50.0% | 51.1% | 57.6% |
| Debt/Equity | 0.84 | 0.76 | 0.63 | 0.78 | 0.82 | 0.92 |
| Dividends/Share | $1.75 | $1.72 | $1.56 | $1.40 | $1.20 | $1.04 |
| Operating Income | 7.9B | 7.7B | 7.3B | 6.9B | 8.4B | 10.0B |
| Operating Margin | 17.5% | 17.4% | 17.1% | 16.0% | 18.7% | 25.6% |
| ROE | 13.2% | 13.0% | 13.2% | 13.2% | 16.4% | 20.5% |
| Shares Outstanding | 372M | 378M | 383M | 388M | 394M | 397M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 16.9B | 17.0B | 18.3B | 20.9B | 24.4B | 25.5B | 32.2B | 39.2B | 44.9B | 42.9B | 42.9B | 44.6B | 45.2B |
| Gross Margin | 53.0% | 55.3% | 55.1% | 57.1% | 56.4% | 57.5% | 58.3% | 57.6% | 51.1% | 50.0% | 50.9% | 49.5% | N/A |
| R&D | 691M | 692M | 754M | 887M | 967M | 1.0B | 1.2B | 1.4B | 1.5B | 1.3B | 1.4B | 1.4B | 1.4B |
| SG&A | 4.9B | 4.6B | 5.0B | 5.5B | 6.1B | 6.1B | 6.9B | 8.0B | 9.0B | 8.4B | 8.6B | 8.7B | 8.8B |
| EBIT | 2.5B | 2.3B | 2.5B | 3.0B | 3.8B | 4.6B | 7.8B | 10.0B | 8.4B | 6.9B | 7.3B | 7.7B | 7.9B |
| Op. Margin | 14.8% | 13.8% | 13.5% | 14.2% | 15.5% | 18.0% | 24.2% | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% | 17.5% |
| Net Income | 1.9B | 2.0B | 2.0B | 2.2B | 2.9B | 3.7B | 6.4B | 7.7B | 7.0B | 6.0B | 6.3B | 6.7B | 6.8B |
| Net Margin | 11.2% | 11.6% | 11.1% | 10.6% | 12.1% | 14.5% | 19.8% | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% | 15.2% |
| Non-Recurring | 254M | 90M | 172M | 106M | 88M | 52M | 83M | 159M | 68M | 320M | 308M | 291M | 188M |
| Returns on Capital | |||||||||||||
| ROIC | 8.2% | 7.0% | 6.9% | 6.4% | 7.5% | 9.0% | 14.6% | 11.2% | 9.5% | 8.3% | 8.8% | 7.7% | 8.0% |
| ROE | 10.1% | 9.4% | 9.4% | 9.5% | 11.1% | 12.9% | 19.9% | 20.5% | 16.4% | 13.2% | 13.2% | 13.0% | 13.2% |
| ROA | 5.1% | 4.7% | 4.7% | 4.3% | 5.2% | 6.4% | 10.0% | 9.4% | 7.2% | 6.1% | 6.5% | 6.5% | 6.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.6B | 2.9B | 3.3B | 4.0B | 4.5B | 5.0B | 8.3B | 9.3B | 9.2B | 8.4B | 8.7B | 7.8B | 8.3B |
| Free Cash Flow | 2.2B | 2.5B | 2.8B | 3.5B | 3.8B | 4.0B | 6.8B | 6.8B | 6.9B | 6.9B | 7.3B | 6.3B | 6.7B |
| Owner Earnings | 818M | 1.1B | 1.4B | 1.8B | 2.1B | 2.5B | 5.8B | 6.5B | 5.5B | 4.7B | 5.3B | 4.7B | 124M |
| CapEx | 428M | 423M | 444M | 508M | 758M | 926M | 1.5B | 2.5B | 2.2B | 1.5B | 1.4B | 1.5B | 1.5B |
| Maint. CapEx | 1.7B | 1.7B | 1.8B | 2.0B | 2.3B | 2.3B | 2.3B | 2.6B | 3.4B | 3.4B | 3.1B | 2.8B | 7.8B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.7B | 1.7B | 1.8B | 2.0B | 2.3B | 2.3B | 2.3B | 2.6B | 3.4B | 3.4B | 3.1B | 2.8B | 7.8B |
| CapEx/OCF | 16.3% | 15.0% | 13.6% | 12.7% | 16.7% | 18.6% | 17.8% | 27.1% | 24.5% | 17.6% | 16.2% | 19.5% | 18.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 235M | 241M | 238M | 237M | 266M | 297M | 337M | 395M | 455M | 523M | 583M | 636M | 649M |
| Dividend Yield | 0.5% | 0.5% | 0.4% | 0.4% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% |
| Share Buybacks | 0 | 500M | 1.3B | 750M | 500M | 1.5B | 1.5B | 2.0B | 3.0B | 3.0B | 4.0B | 3.0B | 4.0B |
| Buyback Yield | N/A | 0.9% | 2.3% | 1.0% | 0.6% | 1.2% | 0.8% | 0.8% | 1.4% | 1.5% | 2.0% | 1.4% | 1.9% |
| Stock-Based Comp | 117M | 125M | 133M | 159M | 181M | 181M | 196M | 230M | 307M | 278M | 301M | 310M | 318M |
| Debt Repayment | 4.5B | 3.8B | 4.3B | 3.3B | 2.1B | 6.4B | 710M | 11.7B | 375M | 5.8B | 3.6B | 2.4B | 2.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 13.2B | 12.1B | 16.8B | 20.6B | 17.6B | 18.1B | 11.8B | 32.9B | 27.5B | 28.5B | 25.7B | 30.4B | 40.3B |
| Cash & Equiv. | 1.3B | 452M | 786M | 1.3B | 2.1B | 2.4B | 10.3B | 4.5B | 8.5B | 8.1B | 4.0B | 9.9B | 3.3B |
| Long-Term Debt | 12.4B | 11.4B | 15.4B | 18.9B | 17.7B | 17.1B | 19.1B | 32.3B | 28.9B | 31.3B | 29.1B | 35.9B | 40.1B |
| Debt/Equity | 0.71 | 0.59 | 0.82 | 0.86 | 0.71 | 0.69 | 0.64 | 0.92 | 0.82 | 0.78 | 0.63 | 0.76 | 0.84 |
| Interest Coverage | 5.2 | 5.6 | 5.2 | 5.0 | 5.7 | 6.8 | 14.1 | 18.7 | 11.6 | 5.0 | 5.3 | 5.5 | 5.4 |
| Equity | 20.5B | 21.4B | 21.5B | 25.4B | 27.6B | 29.7B | 34.5B | 40.8B | 44.0B | 46.7B | 49.6B | 53.4B | 51.9B |
| Total Assets | 42.9B | 40.8B | 45.9B | 56.7B | 56.2B | 58.4B | 69.1B | 95.1B | 97.2B | 98.7B | 97.3B | 110.3B | 113.3B |
| Total Liabilities | 22.3B | 19.5B | 24.4B | 31.3B | 28.6B | 28.7B | 34.5B | 54.3B | 53.1B | 52.0B | 47.8B | 56.9B | 598M |
| Intangibles | 14.1B | 12.8B | 14.0B | 16.7B | 15.0B | 14.0B | 12.7B | 20.1B | 17.4B | 16.7B | 15.5B | 15.8B | 19.1B |
| Retained Earnings | 10.4B | 12.1B | 13.9B | 15.9B | 18.7B | 22.1B | 28.1B | 35.4B | 41.9B | 47.4B | 53.1B | 59.2B | 60.6B |
| Working Capital | 1.2B | 1.6B | 2.2B | 2.4B | 4.5B | 5.7B | 11.7B | 6.7B | 8.2B | 10.6B | 8.8B | 13.5B | 7.7B |
| Current Assets | 6.5B | 5.7B | 7.0B | 9.4B | 10.6B | 11.9B | 22.0B | 20.1B | 25.2B | 24.6B | 22.1B | 28.7B | 22.3B |
| Current Liabilities | 5.3B | 4.1B | 4.9B | 7.0B | 6.1B | 6.2B | 10.3B | 13.4B | 17.0B | 14.0B | 13.3B | 15.2B | 14.6B |
| Per Share Data | |||||||||||||
| EPS | 4.71 | 4.92 | 5.09 | 5.59 | 7.24 | 9.17 | 15.96 | 19.46 | 17.63 | 15.45 | 16.53 | 17.74 | 17.44 |
| Owner EPS | 2.03 | 2.81 | 3.44 | 4.55 | 5.16 | 6.24 | 14.44 | 16.35 | 13.87 | 12.17 | 13.72 | 12.51 | 0.33 |
| Book Value | 51.09 | 53.19 | 54.22 | 63.85 | 67.98 | 73.63 | 86.39 | 102.76 | 111.56 | 120.44 | 129.38 | 141.32 | 139.75 |
| Cash Flow/Share | 6.51 | 7.33 | 8.20 | 10.06 | 11.20 | 12.34 | 20.75 | 23.46 | 23.22 | 21.66 | 22.61 | 20.69 | 39.54 |
| Dividends/Share | 0.60 | 0.60 | 0.60 | 0.60 | 0.68 | 0.76 | 0.88 | 1.04 | 1.20 | 1.40 | 1.56 | 1.72 | 1.75 |
| Shares Out. | 402.2M | 401.4M | 397.2M | 398.0M | 405.8M | 403.1M | 399.4M | 397.0M | 394.2M | 388.0M | 383.2M | 377.9M | 371.6M |
| Valuation | |||||||||||||
| P/E Ratio | 26.2 | 27.8 | 27.1 | 33.5 | 30.2 | 35.1 | 28.5 | 33.3 | 30.5 | 34.3 | 31.7 | 32.7 | 32.6 |
| P/FCF | 22.7 | 21.8 | 19.5 | 21.3 | 23.4 | 32.0 | 26.7 | 37.9 | 30.7 | 29.7 | 27.6 | 34.9 | 31.3 |
| EV/EBIT | 25.5 | 28.9 | 29.0 | 25.8 | 27.7 | 31.2 | 23.8 | 28.5 | 28.0 | 34.4 | 31.2 | 32.6 | 31.9 |
| Price/Book | 2.4 | 2.6 | 2.5 | 2.9 | 3.2 | 4.4 | 5.3 | 6.3 | 4.8 | 4.4 | 4.1 | 4.1 | 4.1 |
| Price/Sales | 2.8 | 3.0 | 3.1 | 3.2 | 3.6 | 4.3 | 4.7 | 5.3 | 4.8 | 4.8 | 5.1 | 4.2 | 4.7 |
| FCF Yield | 4.4% | 4.6% | 5.1% | 4.7% | 4.3% | 3.1% | 3.8% | 2.6% | 3.3% | 3.4% | 3.6% | 2.9% | 3.2% |
| Market Cap | 49.7B | 54.9B | 54.7B | 74.5B | 88.6B | 129.6B | 181.6B | 257.3B | 212.3B | 205.5B | 200.9B | 219.5B | 211.2B |
| Avg. Price | 115.57 | 126.54 | 142.05 | 169.08 | 217.16 | 273.35 | 377.02 | 522.39 | 549.63 | 525.96 | 566.35 | 495.77 | 568.26 |
| Year-End Price | 123.49 | 136.73 | 137.80 | 187.17 | 218.44 | 321.52 | 454.72 | 648.13 | 538.58 | 529.62 | 524.22 | 580.74 | 568.26 |
THERMO FISHER SCIENTIFIC INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
THERMO FISHER SCIENTIFIC INC. trades at 32.0x trailing earnings, compared to its 15-year median P/E of 32.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 33.5x vs a median of 28.7x. The company's 5-year average ROIC is 9.1% with a gross margin of 51.8%. Total shareholder yield (dividends + buybacks) is 2.2%. At current prices, the estimated annualized return to fair value is +8.7%.
THERMO FISHER SCIENTIFIC INC. (TMO) reported annual revenue of $44.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
THERMO FISHER SCIENTIFIC INC. (TMO) has a net profit margin of 15.0%. This is a healthy margin.
THERMO FISHER SCIENTIFIC INC. (TMO) generated $6.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
THERMO FISHER SCIENTIFIC INC. (TMO) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
THERMO FISHER SCIENTIFIC INC. (TMO) reported earnings per share (EPS) of $17.74 in its most recent fiscal year.
THERMO FISHER SCIENTIFIC INC. (TMO) has a return on equity (ROE) of 13.0%. This indicates moderate shareholder returns.
THERMO FISHER SCIENTIFIC INC. (TMO) has a 5-year average gross margin of 51.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for THERMO FISHER SCIENTIFIC INC. (TMO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
THERMO FISHER SCIENTIFIC INC. (TMO) has a book value per share of $141.32, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects end markets to progress in line with original guidance, with pharma and biotech delivering the strongest growth while academic and government markets remain muted. The company anticipates modest inflationary pressure from geopolitical tensions but expects customer sentiment to remain strong and end markets to prove resilient. Thermo Fisher is raising full-year 2026 revenue and adjusted EPS guidance, reflecting strong Q1 operational performance and the positive contribution from the Clario acquisition completed in late March. The company continues to assume 3%-4% organic revenue growth for 2026 and expects to deliver strong earnings growth through active management of the business and the power of its PPI Business System, while navigating a complex macroeconomic environment.
Based on recent SEC filings and earnings calls, THERMO FISHER SCIENTIFIC INC. (TMO) has provided the following forward guidance: Revenue: $47.3 billion–$48.1 billion (FY2026); Adjusted EPS: $24.64–$25.12 (FY2026); Organic revenue growth: 3%-4% (FY2026); Free cash flow: $6.9 billion–$7.4 billion (FY2026); Net capital expenditures: $1.9 billion–$2.1 billion (FY2026).