Thermo Fisher Scientific (TMO)
Market Price (4/6/2026): $487.26 | Market Cap: $182.2 BilSector: Health Care | Industry: Life Sciences Tools & Services
Thermo Fisher Scientific (TMO)
Market Price (4/6/2026): $487.26Market Cap: $182.2 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 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 7.8 Bil, FCF LTM is 6.3 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -76% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 27x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2% 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 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 7.8 Bil, FCF LTM is 6.3 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -76% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 21x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 27x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.2% |
| 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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1. Cautious 2026 Financial Guidance and Market Expectation Reset.
Despite reporting adjusted earnings per share (EPS) of $6.57 (beating estimates by $0.12) and revenue of $12.22 billion (exceeding estimates by $0.27 billion) for Q4 2025 on January 29, 2026, Thermo Fisher Scientific's shares declined by 2.6% the day following the announcement. This reaction reflected a market "expectation reset" due to the company's cautious outlook for its 2026 adjusted EPS guidance, which came in below prior analyst expectations at the midpoint. The 2026 revenue forecast was between $46.3 billion and $47.2 billion, with adjusted EPS projected at $24.22 to $24.80, indicating moderated growth expectations.
2. Slowdown in the Broader Life Sciences Tools Sector and Weaker Biotech Funding.
The life sciences tools industry, where Thermo Fisher Scientific is a major player, has experienced a moderation in revenue growth compared to the robust expansion seen during the pandemic years. A significant contributing factor is the substantial slowdown in biotech sector research and development funding, evidenced by a 45% year-over-year decline in capital raised during the first half of 2025. This weaker biotech funding negatively impacted future revenue growth prospects for Thermo Fisher's life science solutions segment.
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Stock Movement Drivers
Fundamental Drivers
The -15.1% change in TMO stock from 12/31/2025 to 4/5/2026 was primarily driven by a -17.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 578.88 | 491.46 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,735 | 44,555 | 1.9% |
| Net Income Margin (%) | 15.0% | 15.0% | 0.2% |
| P/E Multiple | 33.3 | 27.4 | -17.7% |
| Shares Outstanding (Mil) | 378 | 374 | 1.1% |
| Cumulative Contribution | -15.1% |
Market Drivers
12/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| TMO | -15.1% | |
| Market (SPY) | -5.4% | 42.9% |
| Sector (XLV) | -5.2% | 42.9% |
Fundamental Drivers
The 1.5% change in TMO stock from 9/30/2025 to 4/5/2026 was primarily driven by a 3.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 484.18 | 491.46 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,211 | 44,555 | 3.1% |
| Net Income Margin (%) | 15.2% | 15.0% | -1.2% |
| P/E Multiple | 27.8 | 27.4 | -1.4% |
| Shares Outstanding (Mil) | 378 | 374 | 1.1% |
| Cumulative Contribution | 1.5% |
Market Drivers
9/30/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| TMO | 1.5% | |
| Market (SPY) | -2.9% | 35.4% |
| Sector (XLV) | 5.9% | 57.3% |
Fundamental Drivers
The -0.9% change in TMO stock from 3/31/2025 to 4/5/2026 was primarily driven by a -8.3% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 495.78 | 491.46 | -0.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42,879 | 44,555 | 3.9% |
| Net Income Margin (%) | 14.8% | 15.0% | 1.8% |
| P/E Multiple | 29.9 | 27.4 | -8.3% |
| Shares Outstanding (Mil) | 382 | 374 | 2.1% |
| Cumulative Contribution | -0.9% |
Market Drivers
3/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| TMO | -0.9% | |
| Market (SPY) | 16.3% | 54.5% |
| Sector (XLV) | 1.9% | 69.3% |
Fundamental Drivers
The -13.9% change in TMO stock from 3/31/2023 to 4/5/2026 was primarily driven by a -14.9% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 571.06 | 491.46 | -13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,915 | 44,555 | -0.8% |
| Net Income Margin (%) | 15.5% | 15.0% | -2.8% |
| P/E Multiple | 32.2 | 27.4 | -14.9% |
| Shares Outstanding (Mil) | 392 | 374 | 4.8% |
| Cumulative Contribution | -13.9% |
Market Drivers
3/31/2023 to 4/5/2026| Return | Correlation | |
|---|---|---|
| TMO | -13.9% | |
| Market (SPY) | 63.3% | 47.7% |
| Sector (XLV) | 18.7% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMO Return | 44% | -17% | -3% | -2% | 12% | -15% | 8% |
| Peers Return | 28% | -15% | -9% | 1% | -2% | -11% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| TMO Win Rate | 75% | 42% | 58% | 50% | 50% | 25% | |
| Peers Win Rate | 73% | 40% | 43% | 47% | 48% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TMO Max Drawdown | -6% | -27% | -22% | -5% | -25% | -20% | |
| Peers Max Drawdown | -4% | -30% | -30% | -13% | -30% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/2/2026 (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 DHR, A, ILMN, BDX, WAT
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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About Thermo Fisher Scientific (TMO)
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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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Here are the expected drivers of future revenue growth for Thermo Fisher Scientific (TMO) over the next 2-3 years:- 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.
Latest Trefis Analyses
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | 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 | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | 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 | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar 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 | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | 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 | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
| 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% | 15.0% | -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
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 172.81 |
| Mkt Cap | 38.4 |
| Rev LTM | 14,494 |
| Op Inc LTM | 2,280 |
| FCF LTM | 1,812 |
| FCF 3Y Avg | 2,028 |
| CFO LTM | 2,395 |
| CFO 3Y Avg | 2,588 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 19.1% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 20.2% |
| CFO/Rev 3Y Avg | 20.7% |
| FCF/Rev LTM | 15.6% |
| FCF/Rev 3Y Avg | 16.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 38.4 |
| P/S | 4.5 |
| P/EBIT | 21.1 |
| P/E | 26.4 |
| P/CFO | 22.2 |
| Total Yield | 4.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.3% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.7% |
| 3M Rtn | -16.4% |
| 6M Rtn | -8.4% |
| 12M Rtn | 9.3% |
| 3Y Rtn | -14.1% |
| 1M Excs Rtn | -0.2% |
| 3M Excs Rtn | -11.1% |
| 6M Excs Rtn | -4.1% |
| 12M Excs Rtn | -17.8% |
| 3Y Excs Rtn | -76.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Laboratory Products and Biopharma Services | 23,157 | 23,041 | 22,511 | 14,862 | 12,245 |
| Life Sciences Solutions | 9,631 | 9,977 | 13,532 | 15,631 | 12,168 |
| Analytical Instruments | 7,463 | 7,263 | 6,624 | 6,069 | 5,124 |
| Specialty Diagnostics | 4,512 | 4,405 | 4,763 | 5,659 | 5,343 |
| Elimination of intersegment revenues | -1,885 | -1,829 | -2,515 | -3,010 | -2,662 |
| Total | 42,878 | 42,857 | 44,915 | 39,211 | 32,218 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Sciences Solutions | 3,503 | 3,420 | 5,582 | 7,817 | 6,109 |
| Laboratory Products and Biopharma Services | 3,090 | 3,358 | 2,872 | 1,844 | 1,271 |
| Analytical Instruments | 1,955 | 1,908 | 1,507 | 1,197 | 808 |
| Specialty Diagnostics | 1,159 | 1,124 | 1,024 | 1,280 | 1,368 |
| Selling, general and administrative expenses adjustments | 8 | -59 | -37 | -144 | 10 |
| Cost of revenues adjustments | -47 | -95 | -46 | -8 | -6 |
| Restructuring and other costs | -379 | -459 | -114 | -197 | -99 |
| Amortization of acquisition-related intangible assets | -1,952 | -2,338 | -2,395 | -1,761 | -1,667 |
| Total | 7,337 | 6,859 | 8,393 | 10,028 | 7,794 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Unallocated amounts | 84,031 | 85,314 | |||
| Laboratory Products and Biopharma Services | 6,145 | 6,350 | 51,281 | 52,639 | 22,711 |
| Life Sciences Solutions | 2,982 | 3,186 | 21,848 | 22,751 | 20,209 |
| Analytical Instruments | 2,944 | 2,726 | 10,019 | 9,692 | 9,773 |
| Specialty Diagnostics | 1,218 | 1,150 | 5,542 | 6,010 | 6,534 |
| Corporate/Other | 8,464 | 4,031 | 9,825 | ||
| Total | 97,320 | 98,726 | 97,154 | 95,123 | 69,052 |
Price Behavior
| Market Price | $491.46 | |
| Market Cap ($ Bil) | 183.8 | |
| First Trading Date | 09/01/1987 | |
| Distance from 52W High | -23.1% | |
| 50 Days | 200 Days | |
| DMA Price | $521.27 | $517.64 |
| DMA Trend | up | down |
| Distance from DMA | -5.7% | -5.1% |
| 3M | 1YR | |
| Volatility | 27.0% | 32.0% |
| Downside Capture | 0.81 | 0.64 |
| Upside Capture | 70.23 | 90.27 |
| Correlation (SPY) | 41.2% | 53.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.93 | 0.86 | 0.92 | 0.77 | 0.94 | 0.81 |
| Up Beta | 2.76 | 0.84 | 1.23 | 0.44 | 0.87 | 0.88 |
| Down Beta | 0.97 | 0.93 | 0.33 | 0.63 | 1.02 | 0.84 |
| Up Capture | 60% | 32% | 83% | 104% | 80% | 34% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 20 | 30 | 63 | 123 | 369 |
| Down Capture | 85% | 124% | 135% | 84% | 104% | 96% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 22 | 33 | 63 | 129 | 382 |
[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 | 2.1% | 32.7% | 0.10 | - |
| Sector ETF (XLV) | 3.8% | 17.6% | 0.06 | 69.0% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 54.9% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 1.9% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 14.3% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 45.6% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 25.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 1.6% | 26.6% | 0.06 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.25 | 67.4% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 55.1% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 7.9% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 6.1% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 48.1% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 21.6% |
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 | 13.8% | 25.9% | 0.52 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 70.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 60.3% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 7.4% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 13.7% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 44.2% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 14.3% |
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 |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 13 |
| # Negative | 9 | 12 | 11 |
| Median Positive | 2.7% | 4.3% | 4.1% |
| Median Negative | -2.6% | -2.3% | -6.9% |
| Max Positive | 9.1% | 12.8% | 15.7% |
| Max Negative | -5.5% | -7.0% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12052025 | 563.56 | 22,046 | 12,424,244 | 47,404,925 | Form |
| 2 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 581.92 | 30,000 | 17,457,600 | 17,154,949 | Form |
| 3 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 583.39 | 32,000 | 18,668,526 | 38,200,419 | Form |
| 4 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 597.68 | 6,913 | 4,131,762 | 8,587,091 | Form |
| 5 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 581.94 | 6,912 | 4,022,369 | 8,360,949 | Form |
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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