Thermo Fisher Scientific (TMO)
Market Price (12/28/2025): $580.78 | Market Cap: $219.5 BilSector: Health Care | Industry: Life Sciences Tools & Services
Thermo Fisher Scientific (TMO)
Market Price (12/28/2025): $580.78Market Cap: $219.5 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 7.7 Bil, FCF LTM is 6.1 Bil | Trading close to highsDist 52W High is -3.9% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Low stock price volatilityVol 12M is 32% | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -70% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Key risksTMO key risks include [1] dampened demand from potential cuts in government research funding and new tariffs, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 7.7 Bil, FCF LTM is 6.1 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Trading close to highsDist 52W High is -3.9% |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -70% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 26x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.3% |
| Key risksTMO key risks include [1] dampened demand from potential cuts in government research funding and new tariffs, Show more. |
Why The Stock Moved
Qualitative Assessment
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<b>1. Strong Third Quarter 2025 Financial Performance:</b> Thermo Fisher Scientific reported robust financial results for the third quarter of 2025, with adjusted earnings per share (EPS) of $5.79, surpassing analyst estimates. Revenue for the quarter grew 5% to $11.12 billion, reflecting a 3% organic growth rate, driven by strong operational performance.
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<b>2. Strategic Acquisitions to Expand Capabilities:</b> The company completed significant acquisitions in 2025, including the purification and filtration business from Solventum for approximately $4.1 billion, and Sanofi's sterile fill-finish and packaging site in Ridgefield, New Jersey. These strategic moves are expected to enhance Thermo Fisher's capabilities in bioproduction and drug product manufacturing, addressing increasing demand for domestic manufacturing capacity.
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<b>3. Continuous Product Innovation and Launches:</b> Thermo Fisher Scientific introduced several high-impact new products during 2025. Notable launches include the FDA-approved Oncomine Dx Express Test for non-small cell lung cancer, the Olink Target 48 Neurodegeneration panel for research, and new handheld narcotics analyzers with enhanced detection capabilities.
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<b>4. Commitment to Shareholder Returns and Investment in Operations:</b> During the third quarter of 2025, Thermo Fisher repurchased $1.0 billion of its stock, demonstrating a commitment to returning capital to shareholders. Additionally, an announcement in April 2025 outlined a substantial $2 billion investment over four years into its U.S. operations to support capacity expansion.
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<b>5. Strategic Collaboration in Artificial Intelligence:</b> The company established a strategic collaboration with OpenAI during Q3 2025, aiming to increase the utilization of artificial intelligence across its operations. This initiative is expected to drive efficiency and innovation within the company's various segments.
Show moreStock Movement Drivers
Fundamental Drivers
The 25.2% change in TMO stock from 9/27/2025 to 12/27/2025 was primarily driven by a 25.5% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 463.89 | 580.74 | 25.19% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 43211.00 | 43735.00 | 1.21% |
| Net Income Margin (%) | 15.24% | 15.02% | -1.41% |
| P/E Multiple | 26.63 | 33.41 | 25.46% |
| Shares Outstanding (Mil) | 378.00 | 378.00 | 0.00% |
| Cumulative Contribution | 25.19% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMO | 25.2% | |
| Market (SPY) | 4.3% | 25.9% |
| Sector (XLV) | 15.2% | 73.9% |
Fundamental Drivers
The 42.5% change in TMO stock from 6/28/2025 to 12/27/2025 was primarily driven by a 41.3% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 407.61 | 580.74 | 42.48% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 42898.00 | 43735.00 | 1.95% |
| Net Income Margin (%) | 15.19% | 15.02% | -1.09% |
| P/E Multiple | 23.65 | 33.41 | 41.28% |
| Shares Outstanding (Mil) | 378.00 | 378.00 | 0.00% |
| Cumulative Contribution | 42.48% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMO | 42.5% | |
| Market (SPY) | 12.6% | 28.8% |
| Sector (XLV) | 17.0% | 66.7% |
Fundamental Drivers
The 10.8% change in TMO stock from 12/27/2024 to 12/27/2025 was primarily driven by a 3.7% change in the company's Net Income Margin (%).| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 524.22 | 580.74 | 10.78% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 42370.00 | 43735.00 | 3.22% |
| Net Income Margin (%) | 14.48% | 15.02% | 3.73% |
| P/E Multiple | 32.64 | 33.41 | 2.38% |
| Shares Outstanding (Mil) | 382.00 | 378.00 | 1.05% |
| Cumulative Contribution | 10.77% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMO | 10.8% | |
| Market (SPY) | 17.0% | 51.6% |
| Sector (XLV) | 13.8% | 72.6% |
Fundamental Drivers
The 7.8% change in TMO stock from 12/28/2022 to 12/27/2025 was primarily driven by a 11.3% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 538.58 | 580.74 | 7.83% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 44167.00 | 43735.00 | -0.98% |
| Net Income Margin (%) | 15.92% | 15.02% | -5.65% |
| P/E Multiple | 30.02 | 33.41 | 11.29% |
| Shares Outstanding (Mil) | 392.00 | 378.00 | 3.57% |
| Cumulative Contribution | 7.69% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| TMO | 9.7% | |
| Market (SPY) | 48.0% | 47.7% |
| Sector (XLV) | 17.9% | 69.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMO Return | 44% | 44% | -17% | -3% | -2% | 12% | 81% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| TMO Win Rate | 67% | 75% | 42% | 58% | 50% | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| TMO Max Drawdown | -21% | -6% | -27% | -22% | -5% | -25% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See TMO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | TMO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -35.3% | -25.4% |
| % Gain to Breakeven | 54.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -24.9% | -33.9% |
| % Gain to Breakeven | 33.2% | 51.3% |
| Time to Breakeven | 35 days | 148 days |
| 2018 Correction | ||
| % Loss | -17.3% | -19.8% |
| % Gain to Breakeven | 20.9% | 24.7% |
| Time to Breakeven | 53 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.9% | -56.8% |
| % Gain to Breakeven | 117.0% | 131.3% |
| Time to Breakeven | 909 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Thermo Fisher Scientific's stock fell -35.3% during the 2022 Inflation Shock from a high on 12/31/2021. A -35.3% loss requires a 54.7% gain to breakeven.
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- Amazon for scientific labs
- "Intel Inside" for biotech and pharma
- A General Electric (GE) for scientific instruments and services
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Thermo Fisher Scientific (TMO) Major Products and Services
- Analytical Instruments: Provides high-tech instruments like mass spectrometers and electron microscopes for scientific analysis and research.
- Life Science Solutions: Offers reagents, consumables, and instruments for research in molecular biology, cell biology, and genomics.
- Specialty Diagnostics: Develops diagnostic tests, instruments, and reagents for clinical and healthcare applications.
- Laboratory Products: Supplies a wide range of laboratory equipment, chemicals, and consumables for scientific work.
- Biopharma Services: Offers contract development and manufacturing services for pharmaceutical and biotechnology companies.
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Thermo Fisher Scientific (Symbol: TMO) - Major Customers
Thermo Fisher Scientific primarily sells its products and services to other companies, institutions, and organizations (Business-to-Business, B2B). Due to the highly diversified nature of its business and extensive customer base (serving over 600,000 customers in more than 125 countries), no single customer accounts for more than 10% of the company's total revenues, as stated in their SEC filings. Therefore, there are no specific "major customer companies" that can be listed by name.
Instead, Thermo Fisher Scientific's major customers are broadly categorized into the following segments:
- Pharmaceutical and Biotechnology Companies: These customers utilize Thermo Fisher's instruments, reagents, and services for drug discovery, development, manufacturing, and quality control. This includes both large multinational pharmaceutical firms and smaller biotechnology startups.
- Academic, Research, and Government Institutions: This category encompasses universities, government research laboratories (e.g., NIH, CDC, national labs), and other non-profit research organizations globally. They use TMO's offerings for basic and applied scientific research across various disciplines.
- Hospitals, Clinical Diagnostic Labs, and Applied Markets: This segment includes hospitals, private clinical diagnostic laboratories, and various industrial and applied customers such as food and beverage testing labs, environmental testing agencies, forensic labs, and material science companies. They rely on Thermo Fisher for diagnostic solutions, analytical instruments, and consumables.
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Marc N. Casper, Chairman, President and Chief Executive Officer
Marc N. Casper has served as President and Chief Executive Officer of Thermo Fisher Scientific since October 2009 and was elected Chairman of the Board in February 2020. He joined Thermo Electron Corporation in 2001. Prior to joining Thermo Fisher, Mr. Casper served as President, Chief Executive Officer, and a Director of Kendro Laboratory Products. He also worked for clinical diagnostics provider Dade Behring Inc., serving as President–Americas. Mr. Casper began his career as a strategy consultant at Bain & Company and later joined Bain Capital, where he oversaw business development, strategy, and business integration in select companies owned by Bain.
Stephen Williamson, Senior Vice President and Chief Financial Officer
Stephen Williamson was named Senior Vice President and Chief Financial Officer of Thermo Fisher Scientific in August 2015. He joined Thermo Fisher Scientific in July 2001 and held various finance leadership roles, including Vice President, European Financial Operations, and Vice President of Financial Operations. Before joining Thermo Fisher Scientific, Mr. Williamson held various finance positions at Honeywell, including Vice President and Chief Financial Officer, Asia Pacific. He began his career with Price Waterhouse.
Michel Lagarde, Executive Vice President and Chief Operating Officer
Michel Lagarde serves as Executive Vice President and Chief Operating Officer. He was named Executive Vice President in January 2022 and previously served as Senior Vice President and President of Pharma Services.
Gianluca Pettiti, Executive Vice President and President, Life Sciences, Diagnostics and Applied
Gianluca Pettiti became Executive Vice President and President, Life Sciences, Diagnostics and Applied in April 2024. He was appointed Executive Vice President in January 2022 and previously served as Senior Vice President and President, Specialty Diagnostics.
Frederick M. Lowery, Executive Vice President and President, Laboratory Products and BioProduction
Frederick M. Lowery became Executive Vice President and President, Laboratory Products and BioProduction in April 2024. Prior to this role, he served as Senior Vice President and President, Customer Channels since January 2021. He joined the company in 2005.
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The key risks to Thermo Fisher Scientific's business include macroeconomic and geopolitical headwinds, regulatory challenges, and intense competition demanding continuous innovation.
- Macroeconomic and Geopolitical Headwinds: Thermo Fisher Scientific faces significant exposure to challenging macroeconomic conditions, including disruptions in economic activity, global supply chains, and labor markets. International conflicts and geopolitical instability, such as the Russia-Ukraine war and tensions between China and Taiwan, contribute to a challenging business environment and can increase cybersecurity risks globally. Fluctuations in currency exchange rates significantly impact reported revenues and profitability, particularly given that international markets contribute a substantial portion of the company's revenues. Additionally, new tariffs, like those between the U.S. and China, and potential cuts in government research funding can dampen demand from academic and public institutions.
- Regulatory Risks: The company operates in highly regulated markets, requiring compliance with a complex web of federal, state, local, and international regulations, including environmental, health and safety, food and drug, and government contract regulations. Any significant changes in these regulations or their interpretation, such as drug price negotiation provisions from acts like the Inflation Reduction Act of 2022, could reduce demand for Thermo Fisher's products, increase operating expenses, or delay product commercialization. Non-compliance with government contract regulations could also lead to adverse effects on its business.
- Intense Competition and the Need for Innovation: Thermo Fisher Scientific operates in a highly competitive landscape with a broad range of manufacturers and third-party distributors. The rapid pace of technological change and evolving customer demands necessitate continuous investment in research and development and the constant introduction of new products and services to maintain a competitive edge. Failure to innovate and adapt to these changes could adversely affect the company's market position and financial performance.
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Thermo Fisher Scientific operates in several large addressable markets for its main products and services:
- Life Science Tools/Services/Diagnostics Industry: The estimated total addressable market for the broader life science tools/services/diagnostics industry is over $235 billion globally. Robust R&D funding in the life sciences market is approximately $200 billion annually worldwide.
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Analytical Instrumentation Market: The global analytical instrumentation market was valued at approximately USD 54.85 billion in 2024 and is projected to reach USD 115.17 billion by 2034, growing at a CAGR of 7.70% from 2025-2034. North America accounted for 35% of this market in 2024.
- Within this, the pharmaceutical and biotechnology industry segment held a dominant market share in 2024, valued at over USD 28.1 billion globally.
- The clinical research segment of the analytical instrumentation market was valued at USD 33.4 billion globally in 2024.
- Clinical Research Services Industry (CRO): The global clinical research services industry is estimated to be approximately $50 billion and is forecasted to grow at a mid-single-digit annual rate.
- Cell Therapy Market: The global cell therapy market is estimated to reach a total addressable market (TAM) of $12 billion by 2024.
- Gene Therapy Market: The global gene therapy market is estimated to reach a TAM of $13 billion by 2024.
- U.S. Next Generation Sequencing (NGS) Market: This market is forecasted to grow from $3.88 billion in 2024 to $16.57 billion by 2033 in the U.S., with a compound annual growth rate (CAGR) of 17.5%.
- Biopharmaceutical Process Analytical Technology Market: The global biopharmaceutical process analytical technology market is projected to reach USD 2.6 billion by 2029 from USD 1.2 billion in 2024, growing at a CAGR of 16.0%.
- Immunodiagnostics Market: The immunodiagnostics market is set to reach USD 38.40 billion by 2032 globally. North America is projected to be the largest and fastest-growing region in this market in 2024.
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Thermo Fisher Scientific (TMO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
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High-Impact Innovation and New Product Launches: The company continues to invest significantly in research and development, evidenced by a $2 billion investment in U.S. R&D over four years, including $500 million annually. This investment fuels the launch of high-impact innovations such as the Krios 5 Cryo-TEM and the Olink Explore HT proteomics platform, which are critical for advancing molecular research and drug discovery.
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Strategic Acquisitions: Thermo Fisher Scientific employs a disciplined capital deployment strategy that includes strategic mergers and acquisitions. An example is the acquisition of Sventum's purification and filtration business, expected to be completed by the end of 2025, which will integrate into its Life Science Solutions segment and contribute to growth.
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Growth in Key End Markets and Segments: The company is experiencing strong performance in several vital sectors. The Analytical Instruments segment, particularly its electron microscopy and chromatography and mass spectrometry businesses, consistently shows robust growth. The Pharma and Biotech segment, led by its bioproduction and pharma services businesses, also delivered mid-single-digit growth in recent quarters. Additionally, the Specialty Diagnostics segment, driven by immunodiagnostics, transplant diagnostics, and the healthcare market channel, continues to be a growth area.
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Market Share Gains: Thermo Fisher Scientific emphasizes its role as a "trusted partner" to its customers, which enables it to consistently gain market share across various market environments. This strategy focuses on expanding its customer base and deepening its penetration within existing accounts by providing essential products and services.
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Operational Excellence through the PPI Business System: The company's Practical Process Improvement (PPI) Business System is a core driver of operational excellence. This system contributes to outstanding execution, increased productivity, and cost reduction, which in turn supports margin expansion and allows for reinvestment into growth initiatives, indirectly boosting revenue.
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Share Repurchases
- Thermo Fisher Scientific executed share buybacks of $3 billion in 2022 and $3 billion in 2023.
- In 2024, annual share buybacks totaled $4 billion.
- As of November 2025, the Board of Directors authorized a new $5 billion share repurchase program with no expiration date, replacing a $4 billion authorization from November 2024 which was successfully concluded in October 2025 after $3 billion was purchased in 2025.
Outbound Investments
- In April 2021, Thermo Fisher Scientific acquired PPD, Inc. for a total cash purchase price of $17.4 billion, plus the assumption of approximately $3.5 billion of net debt.
- The company acquired PeproTech for $1.85 billion in January 2022 and The Binding Site Group for $2.6 billion in October 2022 (completed January 2023).
- More recently, Thermo Fisher acquired Olink Holding for $3.1 billion in October 2023, and announced the acquisition of Solventum's purification and filtration business for $4.1 billion in February 2025, as well as a deal to acquire Clario Holdings for $8.88 billion in cash in October 2025.
Capital Expenditures
- Capital expenditures were $2.523 billion in 2021, $2.243 billion in 2022, and $1.479 billion in 2023.
- In 2024, capital expenditures were $1.4 billion, with the latest twelve months capital expenditures at $1.408 billion.
- Thermo Fisher Scientific plans to invest an additional $2 billion in the U.S. over four years, including $1.5 billion in capital expenditures to enhance and expand U.S. manufacturing operations, complemented by $500 million in R&D, to strengthen American innovation and the healthcare supply chain.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to TMO. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11142025 | CRL | Charles River Laboratories International | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 21.4% | 21.4% | -3.7% |
| 11142025 | GDRX | GoodRx | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -7.4% | -7.4% | -11.8% |
| 11142025 | ASTH | Astrana Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 18.0% | 18.0% | -5.5% |
| 11142025 | SGRY | Surgery Partners | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.9% | 3.9% | -1.4% |
| 11072025 | TFX | Teleflex | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.2% | 12.2% | -5.1% |
| 04302025 | TMO | Thermo Fisher Scientific | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 30.4% | 35.7% | -8.9% |
| 09302022 | TMO | Thermo Fisher Scientific | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 13.8% | 0.1% | -4.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Thermo Fisher Scientific
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 175.78 |
| Mkt Cap | 252.2 |
| Rev LTM | 56,496 |
| Op Inc LTM | 9,798 |
| FCF LTM | 8,982 |
| FCF 3Y Avg | 9,282 |
| CFO LTM | 10,567 |
| CFO 3Y Avg | 10,902 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 18.0% |
| Op Mgn 3Y Avg | 17.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 19.1% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 16.0% |
| FCF/Rev 3Y Avg | 17.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 252.2 |
| P/S | 4.7 |
| P/EBIT | 23.8 |
| P/E | 34.7 |
| P/CFO | 21.8 |
| Total Yield | 4.0% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.4% |
| 3M Rtn | 7.5% |
| 6M Rtn | 24.9% |
| 12M Rtn | 13.5% |
| 3Y Rtn | 76.2% |
| 1M Excs Rtn | -3.0% |
| 3M Excs Rtn | 3.2% |
| 6M Excs Rtn | 12.6% |
| 12M Excs Rtn | -2.9% |
| 3Y Excs Rtn | -6.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Laboratory Products and Biopharma Services | 23,041 | 22,511 | 14,862 | 12,245 | 10,599 |
| Life Sciences Solutions | 9,977 | 13,532 | 15,631 | 12,168 | 6,856 |
| Analytical Instruments | 7,263 | 6,624 | 6,069 | 5,124 | 5,522 |
| Specialty Diagnostics | 4,405 | 4,763 | 5,659 | 5,343 | 3,718 |
| Elimination of intersegment revenues | -1,829 | -2,515 | -3,010 | -2,662 | -1,153 |
| Total | 42,857 | 44,915 | 39,211 | 32,218 | 25,542 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Life Sciences Solutions | 3,420 | 5,582 | 7,817 | 6,109 | 2,446 |
| Laboratory Products and Biopharma Services | 3,358 | 2,872 | 1,844 | 1,271 | 1,324 |
| Analytical Instruments | 1,908 | 1,507 | 1,197 | 808 | 1,273 |
| Specialty Diagnostics | 1,124 | 1,024 | 1,280 | 1,368 | 930 |
| Selling, general and administrative expenses adjustments | -59 | -37 | -144 | 10 | -62 |
| Cost of revenues adjustments | -95 | -46 | -8 | -6 | -17 |
| Restructuring and other costs | -459 | -114 | -197 | -99 | 413 |
| Amortization of acquisition-related intangible assets | -2,338 | -2,395 | -1,761 | -1,667 | -1,713 |
| Total | 6,859 | 8,393 | 10,028 | 7,794 | 4,594 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Unallocated amounts | 85,314 | ||||
| Laboratory Products and Biopharma Services | 6,350 | 51,281 | 52,639 | 22,711 | 21,761 |
| Life Sciences Solutions | 3,186 | 21,848 | 22,751 | 20,209 | 18,306 |
| Analytical Instruments | 2,726 | 10,019 | 9,692 | 9,773 | 9,896 |
| Specialty Diagnostics | 1,150 | 5,542 | 6,010 | 6,534 | 5,867 |
| Corporate/Other | 8,464 | 4,031 | 9,825 | 2,551 | |
| Total | 98,726 | 97,154 | 95,123 | 69,052 | 58,381 |
Price Behavior
| Market Price | $580.74 | |
| Market Cap ($ Bil) | 219.5 | |
| First Trading Date | 09/01/1987 | |
| Distance from 52W High | -3.9% | |
| 50 Days | 200 Days | |
| DMA Price | $571.45 | $483.47 |
| DMA Trend | up | up |
| Distance from DMA | 1.6% | 20.1% |
| 3M | 1YR | |
| Volatility | 27.7% | 32.3% |
| Downside Capture | 9.10 | 76.49 |
| Upside Capture | 115.31 | 74.59 |
| Correlation (SPY) | 26.4% | 51.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.54 | 0.43 | 0.55 | 0.83 | 0.84 | 0.81 |
| Up Beta | 0.09 | -0.38 | 0.05 | 0.41 | 0.83 | 0.86 |
| Down Beta | 0.45 | 1.26 | 0.78 | 1.07 | 1.00 | 0.87 |
| Up Capture | 124% | 110% | 103% | 129% | 66% | 36% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 10 | 23 | 30 | 68 | 121 | 372 |
| Down Capture | 35% | -30% | 20% | 46% | 81% | 94% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 9 | 18 | 32 | 57 | 127 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of TMO With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.2% | 15.1% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 32.1% | 17.2% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.36 | 0.65 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 72.5% | 51.6% | -4.6% | 11.0% | 51.5% | 20.7% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of TMO With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 4.8% | 8.4% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 26.6% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.18 | 0.40 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 68.7% | 55.2% | 7.5% | 5.6% | 48.6% | 22.0% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of TMO With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| TMO | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 15.8% | 9.9% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 25.9% | 16.6% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.59 | 0.49 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 70.9% | 61.0% | 5.9% | 14.1% | 45.3% | 14.4% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2025 | 1.7% | -0.1% | 2.8% |
| 7/23/2025 | 9.1% | 12.8% | 15.7% |
| 4/23/2025 | -0.7% | -1.7% | -8.4% |
| 1/30/2025 | 6.8% | 2.5% | -6.9% |
| 10/23/2024 | -1.7% | -6.6% | -12.5% |
| 7/24/2024 | 4.1% | 11.4% | 10.5% |
| 4/24/2024 | 0.5% | -1.0% | 2.8% |
| 1/31/2024 | -5.0% | -1.2% | 0.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 13 |
| # Negative | 9 | 12 | 11 |
| Median Positive | 2.7% | 4.3% | 4.1% |
| Median Negative | -2.8% | -1.4% | -6.9% |
| Max Positive | 9.1% | 12.8% | 15.7% |
| Max Negative | -5.5% | -6.6% | -12.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10312025 | 10-Q 9/27/2025 |
| 6302025 | 8012025 | 10-Q 6/28/2025 |
| 3312025 | 5022025 | 10-Q 3/29/2025 |
| 12312024 | 2202025 | 10-K 12/31/2024 |
| 9302024 | 11012024 | 10-Q 9/30/2024 |
| 6302024 | 8022024 | 10-Q 6/29/2024 |
| 3312024 | 5032024 | 10-Q 3/30/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 7/1/2023 |
| 3312023 | 5052023 | 10-Q 4/1/2023 |
| 12312022 | 2232023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 10/1/2022 |
| 6302022 | 8052022 | 10-Q 7/2/2022 |
| 3312022 | 5062022 | 10-Q 4/2/2022 |
| 12312021 | 2242022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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