Thermo Fisher Scientific (TMO)
Market Price (9/17/2025): $480.7 | Market Cap: $181.7 BilSector: Health Care | Industry: Life Sciences Tools & Services
Thermo Fisher Scientific (TMO)
Market Price (9/17/2025): $480.7Market Cap: $181.7 BilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights
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 7.6 Bil, FCF LTM is 6.2 Bil | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -77% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 28x |
Low stock price volatilityVol 12M is 31% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3% |
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 7.6 Bil, FCF LTM is 6.2 Bil |
Low stock price volatilityVol 12M is 31% |
Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -77% |
Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 24x, P/EPrice/Earnings or Price/(Net Income) is 28x |
Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3% |
Market Valuation
9/17/25 | 2024 | 2023 | 2022 | 2021 | |
---|---|---|---|---|---|
Share Price CYE | $480.70 | $518.79 | $527.88 | $546.21 | $660.35 |
Market Cap CYE ($ Bil) | 181.7 | 198.2 | 203.8 | 214.1 | 260.2 |
Total Debt ($ Bil) | 35.2 | 31.3 | 34.9 | 34.5 | 34.9 |
Total Cash ($ Bil) | 6.4 | 5.6 | 8.1 | 8.5 | 4.5 |
Enterprise Value ($ Bil) | 210.5 | 229.5 | 238.7 | 248.6 | 295.1 |
Valuation Ratios | |||||
P/S TTM | 4.2 | 4.6 | 4.8 | 4.8 | 6.7 |
P/EBIT TTM | 21.6 | 23.6 | 26.7 | 25.2 | 28.0 |
P/E TTM | 27.6 | 31.4 | 34.2 | 31.1 | 34.0 |
Sector Ratios | |||||
P/S TTM (Sector) | 3.7 | 3.6 | 4.1 | 4.5 | 7.3 |
P/EBIT TTM (Sector) | -1.6 | -1.3 | -1.4 | -1.3 | -2.9 |
P/E TTM (Sector) | -1.8 | -1.5 | -1.5 | -1.3 | -2.9 |
9/17/25 | 2024 | 2023 | |
---|---|---|---|
Share Price CYE | $480.70 | $518.79 | $527.88 |
Market Cap CYE ($ Bil) | 181.7 | 198.2 | 203.8 |
Total Debt ($ Bil) | 35.2 | 31.3 | 34.9 |
Total Cash ($ Bil) | 6.4 | 5.6 | 8.1 |
Enterprise Value ($ Bil) | 210.5 | 229.5 | 238.7 |
Valuation Ratios | |||
P/S TTM | 4.2 | 4.6 | 4.8 |
P/EBIT TTM | 21.6 | 23.6 | 26.7 |
P/E TTM | 27.6 | 31.4 | 34.2 |
Sector Ratios | |||
P/S TTM (Sector) | 3.7 | 3.6 | 4.1 |
P/EBIT TTM (Sector) | -1.6 | -1.3 | -1.4 |
P/E TTM (Sector) | -1.8 | -1.5 | -1.5 |
Business Description
Thermo Fisher Scientific Inc. offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and service worldwide. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
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Price Returns Compared
Expand for Detailed View2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
TMO Return | 44% | 44% | -17% | -3% | -2% | -7% | 50% |
Peers Return | 37% | 38% | -23% | 33% | 4% | 21% | 143% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 12% | 104% |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: TXN, MU, AMAT, ADI, TMO. See TMO Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Thermo Fisher Scientific
Financials
Median | |
---|---|
Name | |
Mkt Price | 177.63 |
Mkt Cap | 161.3 |
Rev LTM | 28,613 |
Op Inc LTM | 7,580 |
FCF LTM | 3,678 |
FCF 3Y Avg | 3,439 |
CFO LTM | 7,578 |
CFO 3Y Avg | 7,788 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 6.6% |
Rev Chg 3Y Avg | 0.3% |
Rev Chg Q | 16.4% |
QoQ Delta Rev Chg LTM | 3.9% |
Op Mgn LTM | 25.3% |
Op Mgn 3Y Avg | 27.5% |
QoQ Delta Op Mgn LTM | 0.6% |
CFO/Rev LTM | 38.6% |
CFO/Rev 3Y Avg | 32.7% |
FCF/Rev LTM | 14.3% |
FCF/Rev 3Y Avg | 15.5% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 161.3 |
P/S | 5.3 |
P/EBIT | 22.1 |
P/E | 28.5 |
P/CFO | 24.0 |
Total Yield | 3.8% |
Dividend Yield | 1.0% |
FCF Yield 3Y Avg | 3.2% |
D/E | 0.1 |
Net D/E | 0.0 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 5.8% |
3M Rtn | 7.7% |
6M Rtn | 13.7% |
12M Rtn | -6.5% |
3Y Rtn | 72.4% |
1M Excs Rtn | 3.4% |
3M Excs Rtn | -3.8% |
6M Excs Rtn | -4.1% |
12M Excs Rtn | -22.4% |
3Y Excs Rtn | 4.5% |
Comparison Analyses
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Laboratory Products and Biopharma Services | 23,041 | 22,511 | 14,862 | 12,245 | 10,599 |
Life Sciences Solutions | 9,977 | 13,532 | 15,631 | 12,168 | 6,856 |
Analytical Instruments | 7,263 | 6,624 | 6,069 | 5,124 | 5,522 |
Specialty Diagnostics | 4,405 | 4,763 | 5,659 | 5,343 | 3,718 |
Elimination of intersegment revenues | -1,829 | -2,515 | -3,010 | -2,662 | -1,153 |
Total | 42,857 | 44,915 | 39,211 | 32,218 | 25,542 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Life Sciences Solutions | 3,420 | 5,582 | 7,817 | 6,109 | 2,446 |
Laboratory Products and Biopharma Services | 3,358 | 2,872 | 1,844 | 1,271 | 1,324 |
Analytical Instruments | 1,908 | 1,507 | 1,197 | 808 | 1,273 |
Specialty Diagnostics | 1,124 | 1,024 | 1,280 | 1,368 | 930 |
Selling, general and administrative expenses adjustments | -59 | -37 | -144 | 10 | -62 |
Cost of revenues adjustments | -95 | -46 | -8 | -6 | -17 |
Restructuring and other costs | -459 | -114 | -197 | -99 | 413 |
Amortization of acquisition-related intangible assets | -2,338 | -2,395 | -1,761 | -1,667 | -1,713 |
Total | 6,859 | 8,393 | 10,028 | 7,794 | 4,594 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Unallocated amounts | 85,314 | 83,340 | |||
Laboratory Products and Biopharma Services | 6,350 | 6,428 | 52,639 | 22,711 | 21,761 |
Life Sciences Solutions | 3,186 | 3,845 | 22,751 | 20,209 | 18,306 |
Analytical Instruments | 2,726 | 2,465 | 9,692 | 9,773 | 9,896 |
Specialty Diagnostics | 1,150 | 1,076 | 6,010 | 6,534 | 5,867 |
Corporate/Other | 4,031 | 9,825 | 2,551 | ||
Total | 98,726 | 97,154 | 95,123 | 69,052 | 58,381 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
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% |
... | |||
SUMMARY STATS | |||
# Positive | 15 | 13 | 13 |
# Negative | 9 | 11 | 11 |
Median Positive | 3.0% | 4.6% | 6.3% |
Median Negative | -2.8% | -1.7% | -6.9% |
Max Positive | 9.1% | 12.8% | 15.7% |
Max Negative | -5.5% | -6.6% | -12.9% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 8012025 | 10-Q 6/28/2025 |
3312025 | 5022025 | 10-Q 3/29/2025 |
12312024 | 2202025 | 10-K 12/31/2024 |
9302024 | 11012024 | 10-Q 9/30/2024 |
6302024 | 8022024 | 10-Q 6/29/2024 |
3312024 | 5032024 | 10-Q 3/30/2024 |
12312023 | 2222024 | 10-K 12/31/2023 |
9302023 | 11032023 | 10-Q 9/30/2023 |
6302023 | 8042023 | 10-Q 7/1/2023 |
3312023 | 5052023 | 10-Q 4/1/2023 |
12312022 | 2232023 | 10-K 12/31/2022 |
9302022 | 11042022 | 10-Q 10/1/2022 |
6302022 | 8052022 | 10-Q 7/2/2022 |
3312022 | 5062022 | 10-Q 4/2/2022 |
12312021 | 2242022 | 10-K 12/31/2021 |
9302021 | 11042021 | 10-Q 10/2/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | Pettiti Gianluca | Executive Vice President | 7282025 | Sell | 479.98 | 400 | 191,992 | 10,735,677 | Form |
1 | Pettiti Gianluca | Executive Vice President | 5132025 | Sell | 411.11 | 400 | 164,444 | 9,359,711 | Form |
2 | Pettiti Gianluca | Executive Vice President | 4302025 | Sell | 429.93 | 300 | 128,979 | 9,960,156 | Form |
3 | Boxer Michael A | SVP and General Counsel | 3112025 | Sell | 532.52 | 3,775 | 2,010,537 | 5,759,762 | Form |
4 | Chai Nelson | 2212025 | Buy | 555.89 | 16 | 8,894 | 7,929,215 | Form |
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