Is Waters a Better Buy Than Thermo Fisher Scientific?
Thermo Fisher Scientific fell -16% during the past Month. You may be tempted to buy more, or may want to reduce your exposure. But there is an entirely different perspective you might be missing. Is there a better alternative? Turns out, its peer Waters gives you more. Waters (WAT) stock offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Thermo Fisher Scientific (TMO) stock, suggesting you may be better off investing in WAT
- WAT’s quarterly revenue growth was 8.0%, vs. TMO’s 4.9%.
- In addition, its Last 12 Months revenue growth came in at 6.9%, ahead of TMO’s 3.2%.
- WAT leads on profitability over both periods – LTM margin of 26.5% and 3-year average of 27.5%.
These differences become even clearer when you look at the financials side by side. The table highlights how TMO’s fundamentals stack up against those of WAT on growth, margins, momentum, and valuation multiples.
Valuation & Performance Overview
| TMO | WAT | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 23.9 | 23.1 | WAT |
| Revenue Growth | |||
| Last Quarter | 4.9% | 8.0% | WAT |
| Last 12 Months | 3.2% | 6.9% | WAT |
| Last 3 Year Average | -0.3% | 1.8% | WAT |
| Operating Margins | |||
| Last 12 Months | 18.4% | 26.5% | WAT |
| Last 3 Year Average | 17.6% | 27.5% | WAT |
| Momentum | |||
| Last 3 Year Return | -10.0% | -4.2% | WAT |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: TMO Revenue Comparison | WAT Revenue Comparison
See more margin details: TMO Operating Income Comparison | WAT Operating Income Comparison
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See detailed fundamentals on Buy or Sell WAT Stock and Buy or Sell TMO Stock. Below we compare market return and related metrics across years.
Historical Market Performance
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| TMO Return | 44% | -17% | -3% | -2% | 12% | -9% | 15% | ||
| WAT Return | 51% | -8% | -4% | 13% | 2% | -13% | 33% | ||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% | <=== | |
| Monthly Win Rates [3] | |||||||||
| TMO Win Rate | 75% | 42% | 58% | 50% | 50% | 0% | 46% | ||
| WAT Win Rate | 83% | 42% | 42% | 50% | 42% | 0% | 43% | ||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | 71% | <=== | |
| Max Drawdowns [4] | |||||||||
| TMO Max Drawdown | -6% | -27% | -22% | -5% | -25% | -9% | -16% | ||
| WAT Max Drawdown | 0% | -28% | -31% | -14% | -25% | -14% | -19% | ||
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | -7% | <=== | |
[1] Cumulative total returns since the beginning of 2021
[2] 2026 data is for the year up to 2/12/2026 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
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