Thermo Fisher Scientific (TMO)
Health Care · $245B market cap · SEC CIK 0000097745
fundamentals score out of 100
Next reports on Oct 20, 2026, before the open, with analysts expecting $6.47 in earnings per share.
The case for TMO
- Within 1% of its 52-week high: the trend is up.
The case against
- Pricey at 35.2× earnings, against a long-run market average nearer 20×.
- Long-term debt of $39.2B would take 5 years of operating cash flow to repay.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 42 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 48 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 56 |
| Momentumhow the price has behaved lately | 92 |
| Stabilityhow violently it moves, what it owes and what it pays you | 41 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 35.2× |
|---|---|
| Price / book | 3.57× |
| Price / sales | 5.3× |
| Revenue growth (YoY) | +7.2% |
| EPS growth (YoY) | +7.5% |
| Gross margin | 41% |
| Operating margin | 18% |
| Net margin | 15% |
| Return on equity | 13% |
| Debt / equity | 0.81× |
| Current ratio | 1.55 |
| Dividend yield | 0.29% |
| Beta | 0.87 |
| 52-week range | $435.27 – $663.57 |
| Position in that range | 98% of the way up |
| 3-month return | +41.8% |
| 1-year return | +37.4% |
Five years of financials, as filed
Pulled from Thermo Fisher Scientific's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $44.6B | $42.9B | $42.9B | $44.9B | $39.2B |
| Operating income | $7.7B | $7.3B | $6.9B | $8.4B | $10.0B |
| Net income | $6.7B | $6.3B | $6.0B | $7.0B | $7.7B |
| Operating cash flow | $7.8B | $8.7B | $8.4B | $9.2B | $9.3B |
| Capital expenditure | $1.5B | $1.4B | $1.5B | $2.2B | $2.5B |
| Total assets | $110B | $97.3B | $98.7B | $97.2B | $95.1B |
| Shareholder equity | $53.4B | $49.6B | $46.7B | $44.0B | $40.8B |
| Cash | $9.9B | $4.0B | $8.1B | $8.5B | $4.5B |
| Long-term debt | $39.2B | $31.1B | $34.7B | $34.3B | $34.7B |
| Free cash flow | $6.3B | $7.3B | $6.9B | $6.9B | $6.8B |
| Operating margin | 17.4% | 17.1% | 16.0% | 18.7% | 25.6% |
| Net margin | 15.1% | 14.8% | 13.9% | 15.5% | 19.7% |
| Diluted shares | 378M | 383M | 388M | 394M | 397M |
Share count is down 4.8% over 4 years. Buybacks have been shrinking the pie.
What Thermo Fisher Scientific says it does
under the caption "Forward-looking Statements". Industry and Economic Risks Our growth would be impacted if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality. Our growth depends in part on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets would diminish demand for our products and services, which would adversely affect our financial statements. Certain of our businesses operate in industries that may experience periodic, cyclical downturns. Our business is affected by general economic conditions and related uncertainties affecting markets in which we operate. Our business is affected by general economic conditions, both inside and outside the U.S. Both domestic and international markets experienced significant inflationary pressures in 2025 and inflation rates in the U.S., as well as in other countries in which…
Risk factors TMO lists in its 10-K
- Our growth would be impacted if the markets into which we sell our products and services decline, do not grow as anticipated or experience cyclicality
- Our business is affected by general economic conditions and related uncertainties affecting markets in which we operate
- Economic, political, foreign currency and other risks associated with international sales and operations could adversely affect our results of operations
- Demand for some of our products depends on capital spending policies of our customers and on government funding policies
- We are subject to risks associated with public health emergencies, pandemics, epidemics, or other health outbreaks
- We must develop new products, adapt to rapid and significant technological change, respond to introductions of new products and services by competitors and maintain quality to remain competitive
- It may be difficult for us to implement our strategies for improving internal growth
- Our inability to complete any pending acquisitions or to successfully integrate any new or previous acquisitions could have a material adverse effect on our business
- Our reliance upon sole or limited sources of supply for certain materials or components could cause production interruptions, delays and inefficiencies
- Our success is largely dependent upon our ability to attract and retain a highly qualified workforce, comprised of scientific, technical, clinical, and management talent
- We may incur unexpected costs from increases in fuel and raw material prices, which could reduce our earnings and cash flows
- Increasing attention to sustainability matters may impact our business, financial results, stock price or reputation
- Legal, Quality and Regulatory Risks
- New governmental regulations or changes in existing governmental regulations may reduce demand for our products or increase our expenses