Thermo Fisher Scientific Inc. (TMO)

Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.

Symbol
TMO
Exchange
NYSE
Sector
Healthcare
Industry
Diagnostics & Research
Market cap
$241.26B
52 week range
435.27 - 683.63

Valuation

Share price
$652.48 (close of 2026-10-01)
P/E (TTM)
35.04x
Price to book
4.58x
Price to free cash flow
32.97x
Enterprise value
$279.75B
Book value per share
$142.49

Price performance

PeriodChange
1 day-3.34%
5 days-3.82%
1 month+8.66%
3 months+27.11%
6 months+31.94%
Year to date+12.60%
1 year+22.94%
3 years+28.89%
5 years+13.94%
10 years+310.20%
All time+31573.78%

Members of Congress who disclosed TMO trades

Lisa McClain · Kelly Morrison · Val Hoyle · Julia Letlow · Robert Bresnahan · Bruce Westerman · Dan Newhouse · Markwayne Mullin · Rick Allen · Alan Armstrong · Angus King · Dwight Evans

And 5 others

Super investors holding TMO

Andreas Halvorsen (Viking Global Investors) · First Pacific Advisors (First Pacific Advisors, LP) · Harry Burn (Sound Shore Management) · Wallace Weitz (Weitz Investment Management)

Profitability and growth

Return on equity
12.55%
Return on invested capital
8.71%
Return on assets
6.08%
Return on capital employed
8.14%
Gross margin
40.12%
Net margin
15.05%
EBITDA margin
19.74%
Revenue growth
3.91%
Net income growth
5.82%
Free cash flow growth
-13.40%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.03%
Current ratio
1.55x
Net debt to EBITDA
3.19x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$44.56B
Cost of revenue
$26.68B
Gross profit
$17.88B
EBITDA
$8.80B
Net income
$6.70B
Earnings per share
$17.77
Research and development
$1.40B
Shares outstanding
377.00M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$44.56B$17.88B$6.70B$17.77
2024-12-31$42.88B$17.32B$6.33B$16.58
2023-12-31$42.86B$16.64B$6.00B$15.52
2022-12-31$44.91B$18.86B$6.96B$17.75
2021-12-31$39.21B$19.44B$7.73B$19.62
2020-12-31$32.22B$15.90B$6.38B$16.09
2019-12-31$25.54B$11.74B$3.70B$9.24
2018-12-31$24.36B$10.81B-$7.31
2017-12-31$20.92B$11.94B-$5.64
2016-12-31$18.27B$10.06B-$5.12

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3140.12%15.05%12.55%8.71%
2024-12-3140.40%14.77%12.78%8.88%
2023-12-3138.83%13.99%12.83%8.94%
2022-12-3141.98%15.50%15.81%10.99%
2021-12-3149.58%19.71%18.92%11.85%
2020-12-3149.37%19.79%18.47%14.86%
2019-12-3145.97%14.48%12.46%9.22%
2018-12-3144.37%0.00%0.00%7.78%
2017-12-3157.09%0.00%0.00%10.53%
2016-12-3155.05%0.00%0.00%11.17%

Cash and debt by year

Period endCashDebt
2025-12-31$10.11B$39.17B
2024-12-31$5.57B$31.07B
2023-12-31$8.08B$34.73B
2022-12-31$8.52B$34.28B
2021-12-31$4.48B$34.67B
2020-12-31$10.32B$19.11B
2019-12-31$2.40B$17.08B
2018-12-31$2.10B$17.72B
2017-12-31$1.33B-
2016-12-31$786.00M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$6.29B$310.00M
2024-12-31$7.27B$301.00M
2023-12-31$6.93B$278.00M
2022-12-31$6.91B$307.00M
2021-12-31$6.79B$230.00M
2020-12-31$6.82B$196.00M
2019-12-31$4.05B$181.00M
2018-12-31$3.79B$181.00M
2017-12-31$3.50B$159.00M
2016-12-31$2.81B$133.00M

Dividend history

Most recent payment
2026-09-15
Paid in the last twelve months
$1.84
Payment dateDividend per share
2026-09-15$0.47
2026-06-15$0.47
2026-03-13$0.47
2025-12-15$0.43
2025-09-15$0.43
2025-06-13$0.43
2025-03-14$0.43
2024-12-13$0.39

Investor relations

Next earnings report

Next confirmed report
2026-10-21
Consensus EPS estimate
$6.40

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-23Jun/2026$5.71
2026-04-23--
2026-01-29--
2025-10-22--
2025-07-23--
2025-04-23--
2025-01-30--
2024-10-23--

Filings and sources

Company website
thermofisher.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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