How Does Thermo Fisher Scientific Stock Stack Up Against Its Peers?
Thermo Fisher Scientific (TMO) stock has delivered mixed performance over the past year, posting a -2.12% return. Against peers like DHR, A, ILMN, BDX, and WAT, TMO, as of 2/27/2026, demonstrates solid operating margins of 18.79% and steady LTM revenue growth of 3.91%. However, its PE ratio of 29.25 suggests a relatively elevated valuation, and its free cash flow generation, while solid, trails some top-tier rivals like DHR (21.4%) and ILMN (21.4%), potentially limiting significant near-term upside.
- TMO’s 18.4% operating margin, strong but below WAT’s 26.5%, suggests WAT benefits more from high-margin specialized analytical consumables.
- TMO’s 3.2% revenue growth trails A, BDX, WAT, possibly diluted by broad offerings versus peers’ specific high-demand product cycles.
- TMO’s 0.1% stock drop (PE 30.0) underperforms DHR/ILMN, possibly due to DHR’s stable recurring revenue and ILMN’s genomics market acceleration.
Here’s how Thermo Fisher Scientific stacks up across size, valuation, and profitability versus key peers.
| TMO | DHR | A | ILMN | BDX | WAT | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 197.0 | 149.0 | 34.1 | 20.4 | 50.4 | 19.0 |
| Revenue ($ Bil) | 43.7 | 24.6 | 6.9 | 4.3 | 21.9 | 3.1 |
| PE Ratio | 30.0 | 41.2 | 26.2 | 24.0 | 28.7 | 29.3 |
| LTM Revenue Growth | 3.2% | 2.9% | 6.7% | -0.7% | 6.2% | 6.9% |
| LTM Operating Margin | 18.4% | 19.1% | 21.3% | 18.8% | 14.2% | 26.5% |
| LTM FCF Margin | 14.0% | 21.4% | 16.6% | 21.4% | 12.0% | 19.4% |
| 12M Market Return | -0.1% | 3.0% | -3.7% | 51.1% | -19.6% | -14.4% |
For more details on Thermo Fisher Scientific, read Buy or Sell TMO Stock. Below we compare TMO’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| TMO | 3.2% | – | 0.1% | -4.6% | 14.5% |
| DHR | 2.9% | 2.9% | -0.1% | -10.3% | |
| A | 6.7% | 6.7% | -4.7% | -0.2% | |
| ILMN | -0.7% | -0.7% | -2.9% | -1.7% | |
| BDX | 6.2% | 8.2% | 4.2% | 2.7% | |
| WAT | 6.9% | – | 0.1% | -0.5% | 6.7% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| TMO | 18.4% | – | 18.0% | 17.1% | 18.9% |
| DHR | 19.1% | 19.1% | 20.4% | 21.8% | |
| A | 21.3% | 21.3% | 22.9% | 19.8% | |
| ILMN | 18.8% | 18.8% | 13.7% | -4.9% | |
| BDX | 14.2% | 13.7% | 14.2% | 12.5% | |
| WAT | 26.5% | – | 28.3% | 27.7% | 29.7% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| TMO | 30.0 | – | 34.9 | 33.5 | 29.9 |
| DHR | 41.2 | 45.1 | 43.0 | 35.8 | |
| A | 26.2 | 29.7 | 30.2 | 33.0 | |
| ILMN | 24.0 | 23.9 | -17.4 | -18.4 | |
| BDX | 28.7 | 33.3 | 38.6 | 47.0 | |
| WAT | 29.3 | – | 35.3 | 34.1 | 27.9 |
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