Thermo Fisher Scientific (TMO)
Market Price (11/7/2026): $698.42 | Market Cap: $258.8 BilInvestor Relations Sector: Health Care | Industry: Life Sciences Tools & Services
Thermo Fisher Scientific (TMO)
Market Price (11/7/2026): $698.42Market Cap: $258.8 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 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 9.3 Bil, FCF LTM is 7.6 Bil Stock buyback supportStock Buyback 3Y Total is 11 Bil Low stock price volatilityVol 12M is 30% 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 -2.0%, Dist 3Y High is -2.0% Weak multi-year price returns2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -22% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 36x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% 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 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 9.3 Bil, FCF LTM is 7.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 11 Bil |
| Low stock price volatilityVol 12M is 30% |
| 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 -2.0%, Dist 3Y High is -2.0% |
| Weak multi-year price returns2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -22% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 27x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x, P/EPrice/Earnings or Price/(Net Income) is 36x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksTMO key risks include [1] dampened demand from potential cuts in government research funding and new tariffs, Show more. |
Qualitative Assessment
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Thermo Fisher Scientific (TMO) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Exceeding fiscal Q3 2026 earnings expectations and raising full-year guidance.
Thermo Fisher Scientific reported adjusted earnings per share (EPS) of $6.68 for fiscal Q3 2026, which ended September 26, 2026, representing a 15% year-over-year increase and surpassing the consensus estimate of $6.40. Revenue for the quarter also grew 9% to $12.14 billion, beating analyst estimates of $11.95 billion. Following these strong results, the company raised its full-year 2026 revenue guidance to between $47.7 billion and $48.2 billion, and its adjusted EPS guidance to a range of $25.13 to $25.43, signaling confidence in continued robust performance.
2. Robust organic revenue growth and expanded operating margins in fiscal Q3 2026.
The company demonstrated strong underlying business health with organic revenue growth of 6% in fiscal Q3 2026. This growth was complemented by a significant expansion in profitability, as the adjusted operating margin for the quarter increased by 120 basis points to 24.5%. The Laboratory Products and Biopharma Services segment notably contributed to this performance with a reported revenue increase of 15%, including 10% organic growth.
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Thermo Fisher Scientific (TMO) stock has gained about 20% since 7/31/2026 because of the following key factors:
1. Exceeding fiscal Q3 2026 earnings expectations and raising full-year guidance.
Thermo Fisher Scientific reported adjusted earnings per share (EPS) of $6.68 for fiscal Q3 2026, which ended September 26, 2026, representing a 15% year-over-year increase and surpassing the consensus estimate of $6.40. Revenue for the quarter also grew 9% to $12.14 billion, beating analyst estimates of $11.95 billion. Following these strong results, the company raised its full-year 2026 revenue guidance to between $47.7 billion and $48.2 billion, and its adjusted EPS guidance to a range of $25.13 to $25.43, signaling confidence in continued robust performance.
2. Robust organic revenue growth and expanded operating margins in fiscal Q3 2026.
The company demonstrated strong underlying business health with organic revenue growth of 6% in fiscal Q3 2026. This growth was complemented by a significant expansion in profitability, as the adjusted operating margin for the quarter increased by 120 basis points to 24.5%. The Laboratory Products and Biopharma Services segment notably contributed to this performance with a reported revenue increase of 15%, including 10% organic growth.
3. Strategic portfolio optimization through significant divestiture and innovative product launches.
During the period, Thermo Fisher Scientific completed the sale of its microbiology business on August 12, 2026, for approximately $1.07 billion, resulting in a $72 million pretax gain. Concurrently, the company continued its focus on innovation by launching several high-impact new products in fiscal Q3 2026, including the Thermo Scientific Orbitrap Isora mass spectrometer and the FDA-cleared EliA CTD 13 Screen for autoimmune diseases.
4. Ongoing share repurchase program.
Thermo Fisher Scientific's commitment to returning value to shareholders was evidenced by its substantial share repurchase activity. During the first nine months of fiscal 2026, the company spent $4.00 billion to repurchase 6.9 million common shares, which can positively impact stock valuation by reducing the number of outstanding shares.
5. Positive analyst sentiment and upgraded price targets.
The company's strong performance led to favorable reception from the analyst community. As of November 3, 2026, 18 analysts maintained a "Buy" consensus rating for TMO, with an average price target of $757.44, representing an 8.67% potential upside from the then-current price of $697.00. Multiple firms, such as Morgan Stanley, TD Cowen, and Barclays, raised their price targets in October 2026 following the fiscal Q3 results, reinforcing investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in TMO stock from 7/31/2026 to 11/6/2026 was primarily driven by a 18.9% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 573.86 | 694.76 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 46,336 | 47,351 | 2.2% |
| Net Income Margin (%) | 15.0% | 14.9% | -0.7% |
| P/E Multiple | 30.6 | 36.3 | 18.9% |
| Shares Outstanding (Mil) | 371 | 370 | 0.3% |
| Cumulative Contribution | 21.1% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| TMO | 21.1% | |
| Market (SPY) | -1.6% | 34.7% |
| Sector (XLV) | 13.7% | 44.7% |
Fundamental Drivers
The 45.3% change in TMO stock from 4/30/2026 to 11/6/2026 was primarily driven by a 36.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 478.11 | 694.76 | 45.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,555 | 47,351 | 6.3% |
| Net Income Margin (%) | 15.0% | 14.9% | -0.7% |
| P/E Multiple | 26.7 | 36.3 | 36.3% |
| Shares Outstanding (Mil) | 374 | 370 | 1.1% |
| Cumulative Contribution | 45.3% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| TMO | 45.3% | |
| Market (SPY) | 2.6% | 16.8% |
| Sector (XLV) | 27.1% | 45.2% |
Fundamental Drivers
The 22.9% change in TMO stock from 10/31/2025 to 11/6/2026 was primarily driven by a 11.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 565.40 | 694.76 | 22.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,735 | 47,351 | 8.3% |
| Net Income Margin (%) | 15.0% | 14.9% | -0.6% |
| P/E Multiple | 32.5 | 36.3 | 11.7% |
| Shares Outstanding (Mil) | 378 | 370 | 2.2% |
| Cumulative Contribution | 22.9% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| TMO | 22.9% | |
| Market (SPY) | 8.7% | 29.9% |
| Sector (XLV) | 29.8% | 46.8% |
Fundamental Drivers
The 57.7% change in TMO stock from 10/31/2023 to 11/6/2026 was primarily driven by a 22.3% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 440.49 | 694.76 | 57.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,524 | 47,351 | 8.8% |
| Net Income Margin (%) | 13.1% | 14.9% | 13.6% |
| P/E Multiple | 29.7 | 36.3 | 22.3% |
| Shares Outstanding (Mil) | 386 | 370 | 4.3% |
| Cumulative Contribution | 57.7% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| TMO | 57.7% | |
| Market (SPY) | 81.9% | 42.1% |
| Sector (XLV) | 55.4% | 60.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMO Return | 44% | -17% | -3% | -2% | 12% | 20% | 52% |
| Peers Return | 28% | -15% | -9% | 1% | -2% | 31% | 28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| TMO Win Rate | 75% | 42% | 58% | 50% | 50% | 55% | |
| Peers Win Rate | 73% | 40% | 43% | 47% | 48% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| TMO Max Drawdown | -15% | -27% | -29% | -20% | -36% | -31% | |
| Peers Max Drawdown | -20% | -33% | -34% | -20% | -37% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DHR, A, ILMN, BDX, WAT. 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] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | TMO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.7% | 23.1% |
| Time to Breakeven | 131 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.2% | 10.5% |
| Time to Breakeven | 124 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.5% | -6.7% |
| % Gain to Breakeven | 13.0% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.2% | 32.4% |
| Time to Breakeven | 1190 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 33.0% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.7% | -19.2% |
| % Gain to Breakeven | 18.6% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
In The Past
Thermo Fisher Scientific's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.7% gain to breakeven.
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| Event | TMO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.7% | 23.1% |
| Time to Breakeven | 131 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.4% | -9.5% |
| % Gain to Breakeven | 32.2% | 10.5% |
| Time to Breakeven | 124 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.2% | 32.4% |
| Time to Breakeven | 1190 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.8% | -33.7% |
| % Gain to Breakeven | 33.0% | 50.9% |
| Time to Breakeven | 35 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.5% | -17.9% |
| % Gain to Breakeven | 34.3% | 21.8% |
| Time to Breakeven | 411 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.1% | -53.4% |
| % Gain to Breakeven | 104.6% | 114.4% |
| Time to Breakeven | 888 days | 1085 days |
In The Past
Thermo Fisher Scientific's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Thermo Fisher Scientific (TMO)
Thermo Fisher Scientific (TMO) is a global leader in providing an extensive range of scientific products and services. The company essentially equips scientists, researchers, and clinicians with the essential tools and support necessary for scientific discovery, diagnostics, and production across various industries. Operating through distinct segments, Thermo Fisher addresses critical needs within the global scientific and healthcare communities.
The company's core offerings include life sciences solutions, providing reagents, instruments, and consumables vital for biological and medical research, drug and vaccine development, and disease diagnosis. They also specialize in analytical instruments, software, and services used for precise measurement and analysis in laboratories and industrial settings. Furthermore, Thermo Fisher supplies specialty diagnostic products, such as immunodiagnostic kits for allergy, asthma, and autoimmunity testing, alongside a broad portfolio of laboratory products like refrigerators, centrifuges, chemicals, and comprehensive pharmaceutical services.
Thermo Fisher's diverse customer base primarily consists of pharmaceutical and biotechnology companies, academic and government research institutions, clinical laboratories, hospitals, and environmental organizations. Their products and services are indispensable for a wide array of applications, spanning cutting-edge scientific research, new drug development, routine clinical diagnostics, and industrial quality control, thereby supporting advancements in health, science, and environmental protection worldwide.
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Here are a few analogies to describe Thermo Fisher Scientific (TMO):
Amazon for scientific labs: Thermo Fisher Scientific provides a vast catalog of everything a scientific laboratory needs, from basic consumables and reagents to advanced analytical instruments and services, similar to how Amazon is a one-stop-shop for a wide array of goods.
Home Depot for scientists: Just as Home Depot provides all the tools, materials, and supplies needed for home building and DIY projects, Thermo Fisher Scientific equips scientists with the essential instruments, chemicals, and equipment required for research, diagnostics, and production.
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- Life Sciences Reagents, Instruments, and Consumables: Offers essential tools for biological and medical research, drug discovery, vaccine production, and disease diagnosis.
- Analytical Instruments and Software: Provides instruments, consumables, software, and services for laboratory, production line, and field analysis across various research and industrial markets.
- Specialty Diagnostic Kits (e.g., ImmunoCAP, EliA): Manufactures immunodiagnostic reagent kits and tests for conditions like allergies, asthma, and autoimmune diseases.
- Culture Media and Collection Systems: Supplies dehydrated and prepared culture media, as well as collection and transport systems for microbiology and diagnostics.
- Human Leukocyte Antigen (HLA) Typing and Testing: Offers specialized typing and testing services critical for the organ transplant market.
- Laboratory Refrigerators, Freezers, and Storage Tanks: Provides equipment such as ultralow-temperature freezers, refrigerators, and cryopreservation storage tanks for laboratory samples.
- General Laboratory Equipment: Includes products for temperature control, sample preparation and preservation, centrifugation, and biological safety cabinets.
- Laboratory Plastics and Chemicals: Supplies essential consumables like various laboratory plastics products and chemicals.
- Pharma Services: Offers a range of services supporting pharmaceutical research, development, and manufacturing.
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Major Customers of Thermo Fisher Scientific (TMO)
Thermo Fisher Scientific primarily sells its life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services to other companies and institutions rather than directly to individuals. Its major customer categories include:
- Pharmaceutical and Biotechnology Companies: These customers utilize Thermo Fisher's offerings for biological and medical research, drug discovery, and the production of drugs and vaccines.
- Academic and Government Research Institutions: Universities, government laboratories, and other research bodies use the company's instruments, reagents, and laboratory products for scientific research across various fields. This category also encompasses other research and industrial markets.
- Clinical Laboratories and Healthcare Providers: This category includes hospitals, diagnostic centers, and clinical laboratories that rely on Thermo Fisher for specialty diagnostics (e.g., immunodiagnostic tests) as well as laboratory equipment and consumables for patient care and disease diagnosis.
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Marc N. Casper Chairman and Chief Executive Officer
Marc N. Casper has been the Chief Executive Officer of Thermo Fisher Scientific since October 2009 and was elected Chairman of the Board in February 2020. He also served as President from 2009 until March 2026. Casper joined Thermo Fisher in 2001 as President of the Life Sciences sector of Thermo Electron. He was named Senior Vice President in 2003, and in 2005 he assumed responsibility for all of the company's operating divisions. Following the merger that created Thermo Fisher Scientific in 2006, Casper was appointed Executive Vice President and President of its Analytical Technologies business, becoming Chief Operating Officer in 2008. Before joining Thermo Fisher, he served as President, Chief Executive Officer, and a Director of Kendro Laboratory Products. Prior to that, he was President–Americas at clinical diagnostics provider Dade Behring Inc. Casper began his career as a strategy consultant at Bain & Company and later worked for Bain Capital.
Stephen Williamson Senior Vice President and Chief Financial Officer
Stephen Williamson will retire from Thermo Fisher Scientific at the end of March 2026, after serving as Chief Financial Officer since 2015. He joined the company in 2001 as Vice President, European Financial Operations, overseeing integration activities across Europe. In 2004, he moved to the U.S. and held various finance leadership roles for the company's operating businesses, becoming Vice President of Financial Operations for Thermo Fisher Scientific in 2008. Before joining Thermo Fisher, Williamson held finance positions at Honeywell International (formerly AlliedSignal), including Chief Financial Officer for Asia-Pacific in Singapore, and other roles in corporate development and operational finance. He began his career with Price Waterhouse in transaction support and audit.
Gianluca Pettiti President and Chief Operating Officer
Gianluca Pettiti will be promoted to President and Chief Operating Officer, effective March 1, 2026. He has been an Executive Vice President since 2021. Pettiti joined Thermo Fisher Scientific through the acquisition of Life Technologies in 2014.
Michael Shafer Executive Vice President
Michael Shafer, currently an Executive Vice President and President of Biopharma Services since April 2024, will take on an expanded role and report directly to the Chief Executive Officer, effective March 1, 2026.
Lisa P. Britt Senior Vice President and Chief Human Resources Officer
Lisa P. Britt joined Thermo Fisher Scientific in March 2017 as Senior Vice President and Chief Human Resources Officer, where she is responsible for leading the company's global Human Resources strategy and operations. Prior to Thermo Fisher, she spent six years with Nexeo Solutions, a global distributor of plastics and chemicals, serving as Executive Vice President and Chief Human Resources Officer. Before Nexeo, Britt worked for Covidien, a global healthcare products leader, for 13 years, holding several HR senior leadership roles, including Vice President, Global Human Resources.
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The key risks to Thermo Fisher Scientific's business are primarily driven by macroeconomic factors, regulatory and geopolitical developments, and challenges related to its acquisition strategy.
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Macroeconomic Headwinds and Funding Challenges: Thermo Fisher Scientific faces significant risk from a challenging macroeconomic environment, including potential cuts in government research funding and cautious spending in academic and government sectors globally. Economic weakness, particularly in China, has dampened demand and contributed to a cautious outlook for the company's growth. Inflationary pressures and fluctuating interest rates can also impact operational costs and profit margins, as well as affect funding for the broader biotech industry, which is a key customer segment for Thermo Fisher. This environment has led to a pullback in global biopharmaceutical spending and cost-cutting measures by the company.
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Regulatory Changes and Geopolitical Risks: The company operates in highly regulated industries and is exposed to the risk of adverse regulatory changes, such as U.S. drug price negotiation provisions, which could increase expenses or delay product development. Geopolitical factors, including tariffs and evolving policy changes in key markets like China and the U.S., create uncertainty and can directly impact Thermo Fisher's earnings and financial projections. Furthermore, expanding into emerging markets presents additional risks due to political and financial instability.
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Acquisition Integration and Financial Risks: Thermo Fisher Scientific frequently engages in strategic acquisitions to expand its market position and capabilities. However, these acquisitions come with inherent risks, including challenges in successfully integrating acquired businesses and technologies, which can lead to operational difficulties. There are also financial risks associated with these transactions, such as concerns over immediate negative impacts on earnings, increased long-term debt and leverage, and the challenge of generating anticipated returns, especially in a less favorable interest-rate environment.
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Thermo Fisher Scientific (TMO) operates within several significant addressable markets globally and in the U.S. Here are the estimated market sizes for its main product and service segments:
- Life Sciences Solutions: This segment offers reagents, instruments, and consumables for biological and medical research, drug and vaccine production, and disease diagnosis. The global life science tools market, which encompasses these offerings, was valued at approximately USD 151.62 billion in 2025 and is projected to reach around USD 500.09 billion by 2035. For North America, specifically the U.S., the life science tools market size reached USD 60.00 billion in 2025 and is anticipated to grow to approximately USD 154.33 billion by 2035.
- Analytical Instruments: Thermo Fisher Scientific's Analytical Instruments segment provides various instruments, consumables, software, and services for laboratory, production line, and field use. The global analytical instrumentation market was valued at USD 58.96 billion in 2025 and is projected to increase to USD 98.68 billion by 2034. North America held approximately 34% of the global analytical instrumentation market share in 2025, with the U.S. market reaching USD 14.6 billion in 2025.
- Specialty Diagnostics: This segment includes immunodiagnostic reagent kits, allergy and asthma tests, autoimmunity tests, culture media, and human leukocyte antigen typing. The global diagnostic tests market, which includes these specialized tests, was valued at USD 286.36 billion in 2024 and is expected to reach USD 545.94 billion by 2032. The U.S. diagnostic tests market alone accounted for 79% of the North American market in 2024.
- Laboratory Products and Services: This segment offers a broad range of laboratory equipment such as refrigerators, freezers, and biological safety cabinets, along with laboratory plastics, chemicals, and pharma services. The global laboratory supplies market was valued at USD 48.95 billion in 2025 and is projected to reach USD 103.79 billion by 2034. North America led the global laboratory supplies market with a 38% share in 2024. Additionally, the global laboratory equipment service market was valued at USD 20.51 billion in 2025 and is projected to grow to USD 64.91 billion by 2034.
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- Growth in Pharmaceutical and Biotechnology End Markets: Thermo Fisher Scientific anticipates continued strong performance within the pharmaceutical and biotechnology sectors, which collectively represent approximately 60% of its revenue. This segment delivered high single-digit growth in the fourth quarter of 2025 and mid-single-digit growth for the full year 2025. Positive customer sentiment, particularly in biotech, is expected to translate into increased spending and budgets, supporting sustained growth in these critical markets.
- Strategic Acquisitions: The company actively pursues strategic acquisitions to expand its offerings and market presence. A significant driver for future revenue is the definitive agreement to acquire Clario, a digital endpoint data provider, which generated approximately $1.5 billion in revenue in 2025. Additionally, the acquisition of Olink, a high-growth business, is projected to close in the second quarter of 2026 and is expected to enhance Thermo Fisher's endpoint solution capabilities.
- New Product Launches and Innovation: Investment in research and development (R&D) and the successful launch of innovative products are key to revenue growth. Recent examples of high-impact product launches include the Orbitrap Astro Zoom mass spectrometer and the DynaDrive bioreactor. Thermo Fisher is also leveraging advanced technologies through a new collaboration with OpenAI to promote scientific innovation and a strategic partnership with NVIDIA to advance scientific instrumentation and accelerate laboratory performance.
- Expansion of Service Capabilities and Integrated Solutions: Thermo Fisher is enhancing its comprehensive service capabilities, including integrated clinical research and manufacturing, to accelerate drug development for its customers. The company's bioproduction business has demonstrated excellent growth, and its "Accelerator program" has shown strong customer adoption, contributing to increased revenue from its service offerings.
- Reshoring and Increased U.S. Manufacturing Capacity: Significant commitments to reshoring manufacturing operations within the United States, including a $2 billion investment in capacity, are expected to drive above-trend growth from 2027 to 2029. This strategic initiative aims to increase Thermo Fisher's market share in new U.S. facilities and bolster domestic medicine production capabilities.
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Share Repurchases
- Thermo Fisher Scientific authorized a $5 billion share repurchase program in November 2025.
- The company executed annual share repurchases of $4 billion in 2024 and $3 billion in 2023.
Share Issuance
- The number of Thermo Fisher Scientific's shares outstanding has shown a declining trend, with a 1.31% decrease in 2025 from 2024, indicating net share repurchases rather than significant share issuance.
Outbound Investments
- In November 2025, Thermo Fisher acquired Clario for $9 billion, enhancing its clinical trial supply services.
- The company completed the acquisition of Solventum's Purification & Filtration business for approximately $4.0-$4.1 billion in September 2025, strengthening its bioproduction offerings and expanding into industrial filtration.
- Other significant acquisitions include Olink for $3.1 billion in 2024 (announced 2023) and PPD for $17.4 billion in 2021, a contract research organization.
Capital Expenditures
- Thermo Fisher Scientific's capital expenditures increased in each of the last five fiscal years, from $259.1 million in 2021 to $2.2128 billion in 2025.
- The average annual capital expenditures from 2021 to 2025 were $1.1013 billion.
- These expenditures are primarily focused on maintaining existing assets and expanding to new property, plant, and equipment.
Peer Outperformance in Life Sciences Tools & Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 8.1% | 55.6% | 91.6% | CAH 507% · MCK 390% · COR 176% |
| Health Care Services | 20 | 33.3% | 22.4% | 7.1% | HIMS 212% · RDNT 120% · DGX 100% |
| Health Care Facilities | 25 | 13.7% | 21.0% | 1.0% | THC 276% · NHC 212% · EHC 179% |
| Managed Health Care | 8 | 58.5% | -2.5% | -2.4% | OSCR 80% · HQY 52% · ELV 8% |
| Health Care Equipment | 50 | 11.3% | 12.9% | -18.2% | UFPT 361% · GKOS 294% · TMDX 180% |
| Pharmaceuticals | 61 | -9.5% | 10.3% | -37.3% | LQDA 975% · XERS 679% · KNSA 537% |
| Health Care Supplies | 11 | 29.2% | 17.3% | -41.2% | LNTH 248% · HAE 61% · MMSI 26% |
| Life Sciences Tools & Services ← | 108 | -8.2% | -13.1% | -74.5% | AXGN 264% · MEDP 189% · NTRA 168% |
| Biotechnology | 364 | -24.2% | -34.6% | -81.5% | ELVN 1194% · TRVI 1125% · DNTH 995% |
| Health Care Technology | 21 | -23.7% | -52.4% | -82.9% | VEEV -5% · DOCS -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 222.57 |
| Mkt Cap | 53.8 |
| Rev LTM | 15,311 |
| Op Inc LTM | 2,492 |
| FCF LTM | 1,888 |
| FCF 3Y Avg | 2,013 |
| CFO LTM | 2,436 |
| CFO 3Y Avg | 2,558 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 5.0% |
| Rev Chg Q | 8.2% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 13.3% |
| Op Inc Chg 3Y Avg | 6.0% |
| Op Mgn LTM | 19.5% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 21.7% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 17.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 53.8 |
| P/S | 6.5 |
| P/Op Inc | 30.6 |
| P/EBIT | 28.0 |
| P/E | 37.0 |
| P/CFO | 27.0 |
| Total Yield | 3.2% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.2% |
| 3M Rtn | 16.0% |
| 6M Rtn | 47.0% |
| 12M Rtn | 23.6% |
| 3Y Rtn | 57.7% |
| 1M Excs Rtn | 7.3% |
| 3M Excs Rtn | 15.1% |
| 6M Excs Rtn | 43.1% |
| 12M Excs Rtn | 10.1% |
| 3Y Excs Rtn | -14.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Laboratory Products and Biopharma Services | 23,984 | 23,157 | 23,041 | 22,511 | 14,862 |
| Life Sciences Solutions | 10,374 | 9,631 | 9,977 | 13,532 | 15,631 |
| Analytical Instruments | 7,554 | 7,463 | 7,263 | 6,624 | 6,069 |
| Specialty Diagnostics | 4,676 | 4,512 | 4,405 | 4,763 | 5,659 |
| Elimination of intersegment revenues | -2,033 | -1,885 | -1,829 | -2,515 | -3,010 |
| Total | 44,555 | 42,878 | 42,857 | 44,915 | 39,211 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Sciences Solutions | 3,768 | 3,503 | 3,420 | 5,582 | 7,817 |
| Laboratory Products and Biopharma Services | 3,350 | 3,090 | 3,358 | 2,872 | 1,844 |
| Analytical Instruments | 1,736 | 1,955 | 1,908 | 1,507 | 1,197 |
| Specialty Diagnostics | 1,256 | 1,159 | 1,124 | 1,024 | 1,280 |
| Cost of revenues adjustments | -64 | -47 | -95 | -46 | -8 |
| Selling, general and administrative expenses adjustments | -207 | 8 | -59 | -37 | -144 |
| Restructuring and other costs | -362 | -379 | -459 | -114 | -197 |
| Amortization of acquisition-related intangible assets | -1,730 | -1,952 | -2,338 | -2,395 | -1,761 |
| Total | 7,747 | 7,337 | 6,859 | 8,393 | 10,028 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Unallocated amounts | 95,919 | 84,031 | 85,314 | 83,340 | |
| Laboratory Products and Biopharma Services | 6,485 | 6,145 | 6,350 | 6,428 | 52,639 |
| Life Sciences Solutions | 3,446 | 2,982 | 3,186 | 3,845 | 22,751 |
| Analytical Instruments | 3,170 | 2,944 | 2,726 | 2,465 | 9,692 |
| Specialty Diagnostics | 1,323 | 1,218 | 1,150 | 1,076 | 6,010 |
| Corporate/Other | 4,031 | ||||
| Total | 110,343 | 97,320 | 98,726 | 97,154 | 95,123 |
Price Behavior
| Market Price | $694.76 | |
| Market Cap ($ Bil) | 257.1 | |
| First Trading Date | 09/01/1987 | |
| Distance from 52W High | -2.0% | |
| 50 Days | 200 Days | |
| DMA Price | $660.71 | $552.31 |
| DMA Trend | up | up |
| Distance from DMA | 5.2% | 25.8% |
| 3M | 1YR | |
| Volatility | 27.4% | 29.8% |
| Downside Capture | -0.45 | 43.86 |
| Upside Capture | 107.47 | 63.64 |
| Correlation (S&P 500) | 25.5% | 27.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.95 | 0.81 | 0.40 | 0.19 | 0.61 | 0.75 |
| Up Beta | 3.10 | 1.33 | -0.36 | -0.16 | 0.64 | 0.83 |
| Down Beta | 1.18 | 1.15 | 0.86 | 0.92 | 0.75 | 0.89 |
| Up Capture | 111% | 112% | 92% | 46% | 56% | 33% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 27 | 37 | 70 | 129 | 381 |
| Down Capture | 50% | 4% | -19% | -70% | 53% | 83% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 16 | 27 | 56 | 122 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 22.9% | 29.8% | 0.69 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 46.8% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 30.1% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 15.1% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -12.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 19.0% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 16.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 2.2% | 27.9% | 0.08 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 64.6% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 52.7% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 9.8% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 3.3% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 47.1% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 21.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 17.0% | 26.7% | 0.61 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 67.8% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 57.2% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 9.6% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 9.9% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 42.7% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | 1.0% | 0.8% | |
| 7/23/2026 | 8.7% | 9.5% | 19.2% |
| 4/23/2026 | -9.2% | -9.3% | -12.6% |
| 1/29/2026 | -2.6% | -7.0% | -14.3% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 1.7% | 3.5% | 3.9% |
| Median Negative | -2.7% | -2.9% | -6.9% |
| Max Positive | 9.1% | 12.8% | 19.2% |
| Max Negative | -9.2% | -9.3% | -14.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | 1.0% | 0.8% | |
| 7/23/2026 | 8.7% | 9.5% | 19.2% |
| 4/23/2026 | -9.2% | -9.3% | -12.6% |
| 1/29/2026 | -2.6% | -7.0% | -14.3% |
| 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% |
| 10/25/2023 | -5.5% | -2.9% | 6.4% |
| 7/26/2023 | 0.6% | -4.4% | -4.5% |
| 4/26/2023 | -2.8% | -0.8% | -6.9% |
| 2/1/2023 | 3.0% | 2.2% | -3.8% |
| 10/26/2022 | -2.3% | 0.6% | 6.3% |
| 7/28/2022 | 2.7% | 1.0% | 0.6% |
| 4/28/2022 | 7.4% | 8.2% | 3.8% |
| 2/2/2022 | 1.7% | -1.1% | -6.7% |
| 10/27/2021 | 0.6% | 4.6% | 4.1% |
| 7/28/2021 | -0.4% | 1.3% | 3.4% |
| 4/29/2021 | -4.4% | -3.7% | -2.7% |
| 2/1/2021 | 1.1% | -3.4% | -9.3% |
| 10/21/2020 | 0.8% | 5.2% | -2.4% |
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 1.7% | 3.5% | 3.9% |
| Median Negative | -2.7% | -2.9% | -6.9% |
| Max Positive | 9.1% | 12.8% | 19.2% |
| Max Negative | -9.2% | -9.3% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/26/2020 | 10-K |
Insider Activity
Updated 10/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 10302026 | 706.45 | 2,831 | 1,999,960 | 8,166,265 | Form |
| 2 | Pettiti, Gianluca | President & COO | Direct | Sell | 9012026 | 614.38 | 4,133 | 2,539,233 | 14,263,532 | Form |
| 3 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8262026 | 627.05 | 275 | 172,439 | 77,707,306 | Form |
| 4 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8242026 | 626.92 | 10,000 | 6,269,153 | 77,690,701 | Form |
| 5 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8242026 | 629.27 | 10,000 | 6,292,670 | 77,982,143 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 10302026 | 706.45 | 2,831 | 1,999,960 | 8,166,265 | Form |
| 2 | Pettiti, Gianluca | President & COO | Direct | Sell | 9012026 | 614.38 | 4,133 | 2,539,233 | 14,263,532 | Form |
| 3 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8262026 | 627.05 | 275 | 172,439 | 77,707,306 | Form |
| 4 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8242026 | 626.92 | 10,000 | 6,269,153 | 77,690,701 | Form |
| 5 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8242026 | 629.27 | 10,000 | 6,292,670 | 77,982,143 | Form |
| 6 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 8202026 | 613.12 | 11,440 | 7,014,093 | 9,064,457 | Form |
| 7 | Shafer, Michael D | Executive Vice President | Direct | Sell | 8132026 | 600.00 | 25,500 | 15,300,000 | 12,596,420 | Form |
| 8 | Holmes, Joseph R | VP & Chief Accounting Officer | Direct | Sell | 8102026 | 584.81 | 420 | 245,620 | 1,734,754 | Form |
| 9 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8102026 | 586.10 | 275 | 161,179 | 72,633,121 | Form |
| 10 | Casper, Marc N | Chairman & CEO | Floral Park Associates, Inc. | Sell | 8102026 | 586.12 | 4,608 | Form | ||
| 11 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8072026 | 574.47 | 10,000 | 5,744,695 | 71,191,340 | Form |
| 12 | Casper, Marc N | Chairman & CEO | Floral Park Associates, Inc. | Sell | 8072026 | 574.45 | 5,000 | 2,872,272 | 2,647,086 | Form |
| 13 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 8072026 | 580.00 | 5,850 | 3,393,000 | 8,574,806 | Form |
| 14 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8072026 | 575.23 | 10,000 | 5,752,282 | 71,285,362 | Form |
| 15 | Casper, Marc N | Chairman & CEO | Floral Park Associates, Inc. | Sell | 8072026 | 575.23 | 5,000 | 2,876,152 | 5,526,813 | Form |
| 16 | Pettiti, Gianluca | President & COO | Direct | Sell | 7282026 | 565.00 | 400 | 226,000 | 13,927,720 | Form |
| 17 | Pettiti, Gianluca | President & COO | Direct | Sell | 4292026 | 462.66 | 400 | 185,064 | 11,590,018 | Form |
| 18 | Shafer, Michael D | Executive Vice President | Direct | Sell | 3122026 | 499.40 | 1,607 | 802,536 | 10,462,407 | Form |
| 19 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3092026 | 514.82 | 4,000 | 2,059,261 | 63,798,677 | Form |
| 20 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 512.40 | 5,000 | 2,561,994 | 63,499,201 | Form |
| 21 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 503.10 | 5,000 | 2,515,495 | 62,346,718 | Form |
| 22 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 2112026 | 541.20 | 400 | 216,480 | 11,231,103 | Form |
| 23 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12052025 | 563.56 | 22,046 | 12,424,244 | 47,404,925 | Form |
| 24 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 583.39 | 32,000 | 18,668,526 | 38,200,419 | Form |
| 25 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 581.92 | 30,000 | 17,457,600 | 17,154,949 | Form |
| 26 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 581.94 | 6,912 | 4,022,369 | 8,360,949 | Form |
| 27 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 597.68 | 6,913 | 4,131,762 | 8,587,091 | Form |
| 28 | Shafer, Michael D | Executive Vice President | Direct | Sell | 11262025 | 600.00 | 10,725 | 6,435,000 | 11,238,482 | Form |
| 29 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 11142025 | 594.42 | 4,638 | 2,756,920 | 13,956,928 | Form |
| 30 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 11142025 | 588.26 | 1,058 | 622,136 | 7,698,758 | Form |
| 31 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 11122025 | 580.00 | 2,975 | 1,725,500 | 12,268,289 | Form |
| 32 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 11102025 | 571.62 | 10,225 | 5,844,850 | 8,085,502 | Form |
| 33 | Casper, Marc N | Chairman & CEO | Direct | Sell | 10282025 | 566.10 | 7,250 | 4,104,242 | 64,401,093 | Form |
| 34 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 10282025 | 574.15 | 400 | 229,660 | 12,144,549 | Form |
| 35 | Casper, Marc N | Chairman & CEO | Direct | Sell | 10282025 | 573.54 | 17,104 | 9,809,862 | 65,247,446 | Form |
Investor Activity (13F)
Updated Nov 7, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Arvin Capital Management LP | $54.9 Mil | 12.8% | 23 | ADD +64.7% | 13F |
| Spinecap SAS | $34.2 Mil | 12.5% | 15 | Hold | 13F |
| Cryder Capital Partners LLP | $185.2 Mil | 12.1% | 10 | Hold | 13F |
| C Partners Holding GmbH | $32.1 Mil | 10.1% | 7 | ADD +20.2% | 13F |
| Lindsell Train Ltd | $303.4 Mil | 9.7% | 27 | TRIM -10.5% | 13F |
| Tri Locum Partners LP | $65.1 Mil | 9.1% | 17 | New | 13F |
| Unisphere Establishment | $1.0 Bil | 8.5% | 50 | ADD +5.1% | 13F |
| EdgePoint Investment Group Inc. | $943.2 Mil | 7.6% | 37 | ADD +38.5% | 13F |
| Caledonia Investments PLC | $55.0 Mil | 6.4% | 15 | Hold | 13F |
| Route One Investment Company, L.P. | $127.2 Mil | 5.6% | 18 | Hold | 13F |
| Wilson Asset Management (International) PTY LTD | $18.7 Mil | 5.3% | 43 | ADD +14.3% | 13F |
| DKRT Investments Corp. | $20.6 Mil | 5.2% | 48 | New | 13F |
| Rempart Asset Management Inc. | $23.3 Mil | 4.9% | 36 | TRIM -8.7% | 13F |
| America First Investment Advisors, LLC | $26.0 Mil | 4.8% | 41 | Hold | 13F |
| Atle Fund Management AB | $14.4 Mil | 4.7% | 39 | TRIM -23.2% | 13F |
| Longview Partners (Guernsey) LTD | $325.8 Mil | 4.6% | 25 | TRIM -22.0% | 13F |
| Weitz Investment Management, Inc. | $59.5 Mil | 4.2% | 49 | TRIM -10.3% | 13F |
| Bristol Gate Capital Partners Inc. | $63.4 Mil | 4.1% | 31 | TRIM -6.5% | 13F |
| Jia Investment Alliance PTE. LTD. | $38.7 Mil | 4.1% | 24 | Hold | 13F |
| Southpoint Capital Advisors LP | $196.6 Mil | 4.0% | 41 | ADD +300.0% | 13F |
| Dundas Partners LLP | $47.9 Mil | 3.8% | 49 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $168.1 Mil | 3.6% | 32 | TRIM -5.1% | 13F |
| Eldred Rock Partners, LLC | $14.0 Mil | 3.6% | 31 | New | 13F |
| Mirova US LLC | $302.3 Mil | 3.4% | 42 | Hold | 13F |
| Generation Investment Management LLP | $380.2 Mil | 3.4% | 29 | TRIM -30.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $356.4 Mil | 3.2% | 44 | New | 13F |
| Tri Locum Partners LP | $65.1 Mil | 9.1% | 17 | New | 13F |
| Spear Holdings RSC Ltd | $29.8 Mil | 3.2% | 17 | New | 13F |
| PBCay One RSC Ltd | $29.8 Mil | 3.2% | 17 | New | 13F |
| MKP Capital Management, L.L.C. | $29.5 Mil | 1.0% | 19 | New | 13F |
| DKRT Investments Corp. | $20.6 Mil | 5.2% | 48 | New | 13F |
| Petrus Trust Company, LTA | $17.2 Mil | 1.9% | 27 | New | 13F |
| Eldred Rock Partners, LLC | $14.0 Mil | 3.6% | 31 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $7.8 Mil | 1.9% | 46 | New | 13F |
| Southpoint Capital Advisors LP | $196.6 Mil | 4.0% | 41 | ADD +300.0% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $21.9 Mil | 3.3% | 28 | ADD +149.0% | 13F |
| Arvin Capital Management LP | $54.9 Mil | 12.8% | 23 | ADD +64.7% | 13F |
| Nuance Investments, LLC | $14.9 Mil | 2.1% | 43 | ADD +44.3% | 13F |
| EdgePoint Investment Group Inc. | $943.2 Mil | 7.6% | 37 | ADD +38.5% | 13F |
| C Partners Holding GmbH | $32.1 Mil | 10.1% | 7 | ADD +20.2% | 13F |
| Wilson Asset Management (International) PTY LTD | $18.7 Mil | 5.3% | 43 | ADD +14.3% | 13F |
| Glenview Capital Management, LLC | $123.1 Mil | 3.3% | 41 | ADD +11.9% | 13F |
| Skye Global Management LP | $58.2 Mil | 1.3% | 44 | ADD +9.7% | 13F |
| Unisphere Establishment | $1.0 Bil | 8.5% | 50 | ADD +5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| BlueSpruce Investments, LP | $230.6 Mil | 5.9% | 9 | Exited | Dec 31, 2025 | 13F |
| Third Point LLC | $29.0 Mil | 0.4% | 44 | Exited | Dec 31, 2025 | 13F |
| Sector Gamma AS | $12.6 Mil | 2.9% | 36 | Exited | Dec 31, 2025 | 13F |
| J. Stern & Co. LLP | $27.0 Mil | 2.6% | 49 | TRIM -99.8% | Mar 31, 2026 | 13F |
| Generation Investment Management LLP | $380.2 Mil | 3.4% | 29 | TRIM -30.4% | Mar 31, 2026 | 13F |
| Atle Fund Management AB | $14.4 Mil | 4.7% | 39 | TRIM -23.2% | Mar 31, 2026 | 13F |
| Longview Partners (Guernsey) LTD | $325.8 Mil | 4.6% | 25 | TRIM -22.0% | Mar 31, 2026 | 13F |
| Lindsell Train Ltd | $303.4 Mil | 9.7% | 27 | TRIM -10.5% | Mar 31, 2026 | 13F |
| Weitz Investment Management, Inc. | $59.5 Mil | 4.2% | 49 | TRIM -10.3% | Mar 31, 2026 | 13F |
| Rempart Asset Management Inc. | $23.3 Mil | 4.9% | 36 | TRIM -8.7% | Mar 31, 2026 | 13F |
| Haverford Financial Services, Inc. | $5.2 Mil | 1.5% | 46 | TRIM -7.9% | Mar 31, 2026 | 13F |
| Bristol Gate Capital Partners Inc. | $63.4 Mil | 4.1% | 31 | TRIM -6.5% | Mar 31, 2026 | 13F |
| Local Pensions Partnership Investment Ltd | $168.1 Mil | 3.6% | 32 | TRIM -5.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Unisphere Establishment | $1.0 Bil | 8.5% | 50 | ADD +5.1% | 13F |
| EdgePoint Investment Group Inc. | $943.2 Mil | 7.6% | 37 | ADD +38.5% | 13F |
| Generation Investment Management LLP | $380.2 Mil | 3.4% | 29 | TRIM -30.4% | 13F |
| D1 Capital Partners L.P. | $356.4 Mil | 3.2% | 44 | New | 13F |
| Longview Partners (Guernsey) LTD | $325.8 Mil | 4.6% | 25 | TRIM -22.0% | 13F |
| Lindsell Train Ltd | $303.4 Mil | 9.7% | 27 | TRIM -10.5% | 13F |
| Mirova US LLC | $302.3 Mil | 3.4% | 42 | Hold | 13F |
| Southpoint Capital Advisors LP | $196.6 Mil | 4.0% | 41 | ADD +300.0% | 13F |
| Cryder Capital Partners LLP | $185.2 Mil | 12.1% | 10 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $168.1 Mil | 3.6% | 32 | TRIM -5.1% | 13F |
| Route One Investment Company, L.P. | $127.2 Mil | 5.6% | 18 | Hold | 13F |
| Glenview Capital Management, LLC | $123.1 Mil | 3.3% | 41 | ADD +11.9% | 13F |
| Tri Locum Partners LP | $65.1 Mil | 9.1% | 17 | New | 13F |
| Bristol Gate Capital Partners Inc. | $63.4 Mil | 4.1% | 31 | TRIM -6.5% | 13F |
| Weitz Investment Management, Inc. | $59.5 Mil | 4.2% | 49 | TRIM -10.3% | 13F |
| Skye Global Management LP | $58.2 Mil | 1.3% | 44 | ADD +9.7% | 13F |
| Caledonia Investments PLC | $55.0 Mil | 6.4% | 15 | Hold | 13F |
| Arvin Capital Management LP | $54.9 Mil | 12.8% | 23 | ADD +64.7% | 13F |
| Dundas Partners LLP | $47.9 Mil | 3.8% | 49 | Hold | 13F |
| Jia Investment Alliance PTE. LTD. | $38.7 Mil | 4.1% | 24 | Hold | 13F |
| Spinecap SAS | $34.2 Mil | 12.5% | 15 | Hold | 13F |
| C Partners Holding GmbH | $32.1 Mil | 10.1% | 7 | ADD +20.2% | 13F |
| Spear Holdings RSC Ltd | $29.8 Mil | 3.2% | 17 | New | 13F |
| PBCay One RSC Ltd | $29.8 Mil | 3.2% | 17 | New | 13F |
| MKP Capital Management, L.L.C. | $29.5 Mil | 1.0% | 19 | New | 13F |
TMO Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high as core business momentum is accelerating, with organic revenue growth reaching 6% in Q3. The critical pharma and biotech end market strengthened to high-single-digit growth. Management has a consistent record of exceeding its conservative guidance, which suggests the recent negative market reaction to the Q4 outlook is misplaced.
STOCK ARCHETYPE
Diversified Consumables & Services(Volume of instruments sold * ASP) + (Volume of consumables sold * ASP) + (Number & size of service contracts) High-margin, recurring consumables sales tied to a large and growing installed base of instruments, combined with operational leverage from the PPI Business System.
INVESTMENT THESIS
Evidence points to a strengthening, durable recovery. The company is gaining share in improving end markets, leading to accelerating organic growth and raised full-year guidance.
- Organic revenue growth accelerated to 6% in Q3 2026, up from 5% in Q2.
- The key pharma and biotech end market accelerated to high-single-digit growth in Q3.
- Full-year 2026 organic revenue growth guidance was raised to 4%.
- Adjusted EPS grew 15% in Q3 2026 to $6.68 per share.
- Management has a consistent record of beating and raising its own financial guidance.
PRIMARY RISK
The primary risk is that Q3's strength was a temporary peak. The market is focused on the company's Q4 organic growth guidance of 4%, an implied deceleration from Q3's 6% rate. This could signal that the recovery in customer spending is less robust than it appears, particularly with the academic and government market already flat.
- Q4 2026 organic revenue growth is guided at 4%, a sequential slowdown from Q3's 6%.
- The academic and government end market was flat in Q3 2026.
- The business mix is shifting toward the lower-margin Services segment (15.5% margin).
- Demand depends on customer capital spending, which can be cyclical.
| KPI | Status | Rationale |
|---|---|---|
| Organic Revenue Growth | 6% in Q3 2026 - Accelerating | Organic revenue growth has accelerated for two consecutive quarters, indicating a strengthening recovery. The latest quarter's 6% growth was significantly ahead of the company's prior guidance, which management attributed to outstanding execution and continued strength in end markets. |
| Pharma & Biotech End Market Growth | High single-digit growth in Q3 2026 - Accelerating | This key end market, which is the company's largest, is showing clear accelerating momentum. Management commentary highlighted that biotech customer activity and confidence are improving, a crucial positive indicator for future growth. |
| Clinical Research Authorizations | not quantified in available sources (Q1-Q3 2026) | Represents new business wins for the clinical research organization (CRO) business. Strong growth in authorizations is a leading indicator of future revenue growth for this service-based business. |
Accelerating Results vs. Conservative Guidance
BULL VIEW
Bulls believe Q3's 6% organic growth and accelerating pharma/biotech demand are the true signals. They see the Q4 guide as typical management conservatism, setting up another beat-and-raise quarter and continued momentum into 2027.
CORE TENSION
Can accelerating pharma/biotech demand (high-single-digit growth) overcome the implied slowdown in the Q4 guide (4% organic)?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management commentary confirms strengthening markets and a consistent history of exceeding conservative guidance makes the Q4 outlook appear prudently set.
BEAR VIEW
Bears see the Q4 guide for 4% organic growth as a leading indicator of a slowdown. They believe Q3 strength was lumpy and that underlying demand is decelerating, with the flat academic market being an early warning sign.
| Timeline | Event & Metric To Watch |
|---|---|
in 2026 | Full Year Tax Rate Watch: The company expects its full-year 2026 GAAP effective tax rate will be between 9% and 11%. |
approximately 11.5% in 2026 | Full Year Adjusted Tax Rate Watch: The company expects its full-year 2026 adjusted tax rate will be approximately 11.5%. |
1/26/2027 | Peer Earnings Signal Market Weakness Watch: DHR's reported organic growth and commentary on pharma, biotech, and academic end markets. |
1/27/2027 | Disappointing Forward Guidance Watch: Full-year 2027 organic growth guidance and specific commentary on the Academic & Government and Pharma & Biotech end markets. |
1/27/2027 | Restructuring Charges Impact Margins Watch: The reported amount of restructuring charges in Q4 and any change to the forward-looking estimate or savings targets. |
1/27/2027 | Company Earnings Report Watch: Thermo Fisher Scientific is scheduled to report its next quarterly earnings. |
2/3/2027 | Peer Illumina Earnings Report Watch: Peer company Illumina (ILMN) is scheduled to report earnings. |
2/8/2027 | Peer Earnings Reports Watch: Peer companies Becton Dickinson (BDX) and Waters (WAT) are scheduled to report earnings. |
No set date | New Tariffs or Trade Restrictions Watch: Announcements of new U.S. or international tariffs on scientific instruments, consumables, or raw materials relevant to the company. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-21 | Third Quarter Results Beat Expectations Details: On October 21, 2026, the company reported Q3 revenue grew 9% to $12.14 billion with 6% organic growth, and adjusted EPS grew 15% to $6.68. | -1.6% $687.37 -> $676.54 |
2026-10-05 | Proteomics Collaboration Yields Discoveries Details: On October 5, 2026, the company announced a strategic collaboration with Singaporean research institutions led to the discovery of over 2,500 new genetic-protein associations. | +0.3% $654.80 -> $656.58 |
2026-08-27 | New Electron Detector Launched Details: On August 27, 2026, the company introduced the Thermo Scientific EMPAD G2 electron detector to advance materials research through high-speed 4D STEM. | -1.8% $633.22 -> $621.70 |
2026-08-12 | Microbiology Business Sale Completed Details: On August 12, 2026, the company completed the sale of its microbiology business to Astorg for approximately $1.075 billion. | -1.5% $604.54 -> $595.43 |
2026-07-23 | Second Quarter Results Reported Details: On July 23, 2026, the company reported Q2 revenue growth of 10% to $11.99 billion and adjusted EPS growth of 13% to $6.03 per share. | +7.9% $526.06 -> $567.82 |
2026-06-01 | Former Executive Named West Pharma CEO Details: On June 1, 2026, West Pharmaceutical announced that former Thermo Fisher executive Michel Lagarde was named its new CEO, effective August 31. | -2.1% $491.64 -> $481.23 |
2026-05-20 | Investor Day Highlights Growth Outlook Details: On May 20, 2026, the company hosted its Investor Day, highlighting its industry leadership, growth outlook, and long-term value creation strategy. | +0.3% $447.02 -> $448.58 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: TMO trades at roughly 25% annualized realized (three-month) volatility versus about 10% for the S&P 500 (2.5x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
DHR - Danaher
Higher-Margin CompounderOffers exposure to the same end markets but with a different operational philosophy and higher reported operating margins (20.4%).
A - a business partner
Pure-Play Instrument LeaderProvides more concentrated exposure to high-performance analytical instruments with superior operating margins (22.2%), appealing to investors focused on best-in-class technology.
A diversified life sciences conglomerate leveraging its immense scale, M&A strategy, and 'trusted partner' status to be the essential one-stop-shop for the entire pharma, biotech, and research ecosystem.
Thermo Fisher operates as the foundational infrastructure for the life sciences industry, selling everything from basic lab supplies to high-end analytical instruments and outsourced clinical trial services. Its growth is driven by innovation, deep customer integration, and a disciplined M&A strategy to acquire complementary capabilities like Clario. The company's PPI Business System is a key internal lever for driving productivity and margin expansion to offset unfavorable mix shifts and inflation.
Sustained or accelerating growth in the pharma and biotech end markets, successful integration and synergy realization from recent acquisitions (Clario, filtration business), and continued margin expansion despite mix headwinds.
A significant downturn in pharma/biotech R&D spending, major issues with acquisition integration, or a sustained inability to offset margin pressure from the growing services business.
Single-quarter fluctuations in the academic and government end market or minor product launches that do not move the needle for a company of this scale.
Repricing Catalyst
The continued strengthening of pharma and biotech end markets, as noted by management in the latest earnings call, combined with strong operational execution and a raised full-year guidance.
Laboratory Products and Biopharma Services
$25.1B TTM (54% of Total) · 23% MarginWhat It Is
This segment provides laboratory consumables, equipment, and chemicals, as well as outsourced services for drug development, clinical trials, and commercial drug manufacturing. It serves pharmaceutical, biotech, academic, government, research, industrial, and clinical laboratory markets.
Who Pays & How
Pharmaceutical and biotech companies pay for lab supplies and to outsource complex functions like clinical research and drug manufacturing to improve efficiency, reduce costs, and accelerate innovation.
Competition
Life Sciences Solutions
$11.0B TTM (24% of Total) · 61% MarginWhat It Is
This segment sells reagents, instruments, and consumables used in biological and medical research, drug and vaccine discovery and production, and disease diagnosis. Customers are in pharmaceutical, biotech, agricultural, clinical, healthcare, academic, and government markets.
Who Pays & How
Research-focused organizations (pharma, biotech, academic, government) pay for the tools needed to conduct biological research, discover new drugs, and develop genomic and proteomic solutions.
Competition
Analytical Instruments
$7.7B TTM (17% of Total) · 37% MarginWhat It Is
This segment provides instruments, consumables, software, and services for a range of applications in pharma, biotech, academic, government, environmental, research, industrial, and clinical laboratory markets. It includes chromatography, mass spectrometry, and electron microscopy.
Who Pays & How
Research and industrial labs pay for high-end analytical instrumentation to perform organic and inorganic sample analysis, chemical analysis, and materials science research.
Competition
Specialty Diagnostics
$4.7B TTM (10% of Total) · 47% MarginWhat It Is
This segment offers diagnostic test kits, reagents, culture media, and instruments to customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.
Who Pays & How
Healthcare providers and clinical labs pay for products that increase the speed and accuracy of diagnoses, supporting the clinical diagnosis and monitoring of allergy, asthma, and autoimmune diseases, among others.
Competition
Thermo Fisher Scientific — Investor Video Playlist
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
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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