Thermo Fisher Scientific (TMO)
Market Price (7/24/2026): $569.25 | Market Cap: $211.8 BilInvestor Relations Sector: Health Care | Industry: Life Sciences Tools & Services
Thermo Fisher Scientific (TMO)
Market Price (7/24/2026): $569.25Market Cap: $211.8 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 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 8.3 Bil, FCF LTM is 6.7 Bil Stock buyback supportStock Buyback 3Y Total is 10 Bil Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 31x 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 15%, CFO LTM is 8.3 Bil, FCF LTM is 6.7 Bil |
| Stock buyback supportStock Buyback 3Y Total is 10 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Advanced Diagnostics, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 31x |
| 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 15% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Robust Growth.
Thermo Fisher Scientific reported adjusted earnings per share (EPS) of $6.03 in fiscal Q2 2026, which ended June 27, 2026, surpassing analyst estimates of $5.72 by 5.4%. The company's revenue also exceeded expectations, reaching $11.99 billion against an estimated $11.71 billion. This represents a 10% year-over-year revenue growth, including 5% organic growth, and adjusted EPS growth of 13% year-over-year.
2. Increased Full-Year 2026 Financial Guidance.
Following its strong fiscal Q2 2026 performance, Thermo Fisher Scientific raised its full-year 2026 revenue guidance to a range of $47.4 billion to $48.1 billion, reflecting 6% to 8% reported growth. The adjusted EPS guidance was also increased to $24.93 to $25.33, an uplift of $0.25 at the midpoint from previous guidance, signaling management's confidence in continued operational strength and an expectation for second-half organic growth to step up to 4% from 3% in the first half.
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Thermo Fisher Scientific (TMO) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Earnings Beat and Robust Growth.
Thermo Fisher Scientific reported adjusted earnings per share (EPS) of $6.03 in fiscal Q2 2026, which ended June 27, 2026, surpassing analyst estimates of $5.72 by 5.4%. The company's revenue also exceeded expectations, reaching $11.99 billion against an estimated $11.71 billion. This represents a 10% year-over-year revenue growth, including 5% organic growth, and adjusted EPS growth of 13% year-over-year.
2. Increased Full-Year 2026 Financial Guidance.
Following its strong fiscal Q2 2026 performance, Thermo Fisher Scientific raised its full-year 2026 revenue guidance to a range of $47.4 billion to $48.1 billion, reflecting 6% to 8% reported growth. The adjusted EPS guidance was also increased to $24.93 to $25.33, an uplift of $0.25 at the midpoint from previous guidance, signaling management's confidence in continued operational strength and an expectation for second-half organic growth to step up to 4% from 3% in the first half.
3. Broad-Based Market Strengthening and Strategic Innovation.
Thermo Fisher Scientific experienced strengthened customer activity across all its end markets in fiscal Q2 2026, particularly in pharma and biotech, which remained the largest contributors. All four business segments demonstrated growth, with Life Sciences Solutions revenue increasing 13% (3% organic) and Analytical Instruments growing 7% (reported and organic). The company also introduced new, high-impact innovations, such as next-generation Orbitrap mass spectrometry platforms with AI-driven analytics, enhancing its leadership in the life sciences tools and diagnostics sector.
4. Strategic Capital Deployment and Acquisitions.
The company demonstrated effective capital deployment by repurchasing $1.0 billion of common stock in fiscal Q2 2026. Additionally, the successful integration of recent acquisitions, such as Clario completed in late fiscal Q1 2026, contributed to revenue and earnings growth, while the planned divestiture of its microbiology business allows for enhanced strategic focus.
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Stock Movement Drivers
Fundamental Drivers
The 16.6% change in TMO stock from 3/31/2026 to 7/23/2026 was primarily driven by a 13.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 491.04 | 572.32 | 16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,555 | 45,196 | 1.4% |
| Net Income Margin (%) | 15.0% | 15.2% | 0.7% |
| P/E Multiple | 27.4 | 31.1 | 13.5% |
| Shares Outstanding (Mil) | 374 | 372 | 0.5% |
| Cumulative Contribution | 16.6% |
Market Drivers
3/31/2026 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMO | 16.6% | |
| Market (SPY) | 13.5% | 13.6% |
| Sector (XLV) | 10.1% | 45.2% |
Fundamental Drivers
The -1.0% change in TMO stock from 12/31/2025 to 7/23/2026 was primarily driven by a -6.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 578.30 | 572.32 | -1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,735 | 45,196 | 3.3% |
| Net Income Margin (%) | 15.0% | 15.2% | 0.9% |
| P/E Multiple | 33.3 | 31.1 | -6.6% |
| Shares Outstanding (Mil) | 378 | 372 | 1.6% |
| Cumulative Contribution | -1.0% |
Market Drivers
12/31/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMO | -1.0% | |
| Market (SPY) | 8.5% | 28.0% |
| Sector (XLV) | 4.7% | 45.2% |
Fundamental Drivers
The 41.7% change in TMO stock from 6/30/2025 to 7/23/2026 was primarily driven by a 32.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 403.99 | 572.32 | 41.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42,898 | 45,196 | 5.4% |
| Net Income Margin (%) | 15.2% | 15.2% | -0.2% |
| P/E Multiple | 23.4 | 31.1 | 32.6% |
| Shares Outstanding (Mil) | 378 | 372 | 1.6% |
| Cumulative Contribution | 41.7% |
Market Drivers
6/30/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMO | 41.7% | |
| Market (SPY) | 20.5% | 28.3% |
| Sector (XLV) | 21.3% | 54.6% |
Fundamental Drivers
The 10.8% change in TMO stock from 6/30/2023 to 7/23/2026 was primarily driven by a 10.2% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 516.77 | 572.32 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,807 | 45,196 | 3.2% |
| Net Income Margin (%) | 13.8% | 15.2% | 10.2% |
| P/E Multiple | 33.1 | 31.1 | -6.1% |
| Shares Outstanding (Mil) | 386 | 372 | 3.8% |
| Cumulative Contribution | 10.8% |
Market Drivers
6/30/2023 to 7/23/2026| Return | Correlation | |
|---|---|---|
| TMO | 10.8% | |
| Market (SPY) | 72.4% | 43.1% |
| Sector (XLV) | 27.3% | 61.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TMO Return | 44% | -17% | -3% | -2% | 12% | -9% | 15% |
| Peers Return | 28% | -15% | -9% | 1% | -2% | 4% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| TMO Win Rate | 75% | 42% | 58% | 50% | 50% | 43% | |
| Peers Win Rate | 73% | 40% | 43% | 47% | 48% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| TMO Max Drawdown | -15% | -27% | -29% | -20% | -36% | -31% | |
| Peers Max Drawdown | -20% | -33% | -34% | -20% | -37% | -27% | |
| 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 7/23/2026 (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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 194.68 |
| Mkt Cap | 41.2 |
| Rev LTM | 14,299 |
| Op Inc LTM | 2,324 |
| FCF LTM | 2,072 |
| FCF 3Y Avg | 2,083 |
| CFO LTM | 2,642 |
| CFO 3Y Avg | 2,637 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 7.2% |
| Op Inc Chg 3Y Avg | 1.2% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 19.0% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 19.2% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 15.0% |
| FCF/Rev 3Y Avg | 16.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 41.2 |
| P/S | 5.4 |
| P/Op Inc | 26.2 |
| P/EBIT | 25.0 |
| P/E | 34.6 |
| P/CFO | 26.2 |
| Total Yield | 3.6% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.2% |
| 3M Rtn | 22.6% |
| 6M Rtn | -4.4% |
| 12M Rtn | 20.5% |
| 3Y Rtn | 4.4% |
| 1M Excs Rtn | 8.6% |
| 3M Excs Rtn | 9.1% |
| 6M Excs Rtn | -11.7% |
| 12M Excs Rtn | 9.7% |
| 3Y Excs Rtn | -51.3% |
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 | ||
| Laboratory Products and Biopharma Services | 6,485 | 6,145 | 6,350 | 51,281 | 52,639 |
| Life Sciences Solutions | 3,446 | 2,982 | 3,186 | 21,848 | 22,751 |
| Analytical Instruments | 3,170 | 2,944 | 2,726 | 10,019 | 9,692 |
| Specialty Diagnostics | 1,323 | 1,218 | 1,150 | 5,542 | 6,010 |
| Corporate/Other | 8,464 | 4,031 | |||
| Total | 110,343 | 97,320 | 98,726 | 97,154 | 95,123 |
Price Behavior
| Market Price | $572.32 | |
| Market Cap ($ Bil) | 212.9 | |
| First Trading Date | 09/01/1987 | |
| Distance from 52W High | -10.3% | |
| 50 Days | 200 Days | |
| DMA Price | $489.60 | $528.71 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 16.9% | 8.2% |
| 3M | 1YR | |
| Volatility | 34.8% | 30.6% |
| Downside Capture | -88.37 | 56.64 |
| Upside Capture | 22.22 | 70.40 |
| Correlation (SPY) | 17.7% | 33.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.23 | 0.31 | 0.70 | 0.83 | 0.82 | 0.80 |
| Up Beta | -0.41 | 0.11 | 1.00 | 0.98 | 0.80 | 0.88 |
| Down Beta | 2.33 | 1.95 | 1.28 | 0.92 | 0.93 | 0.87 |
| Up Capture | -20% | -6% | 29% | 44% | 75% | 30% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 20 | 31 | 60 | 123 | 370 |
| Down Capture | -40% | -50% | 41% | 101% | 81% | 93% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 21 | 32 | 65 | 129 | 381 |
[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 | 34.5% | 31.9% | 0.95 | - |
| Sector ETF (XLV) | 22.6% | 15.8% | 1.10 | 54.5% |
| Equity (SPY) | 18.5% | 12.7% | 1.06 | 29.1% |
| Gold (GLD) | 17.6% | 28.1% | 0.57 | 6.5% |
| Commodities (DBC) | 35.2% | 19.1% | 1.45 | -14.2% |
| Real Estate (VNQ) | 11.6% | 13.9% | 0.55 | 25.9% |
| Bitcoin (BTCUSD) | -45.1% | 42.9% | -1.28 | 15.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 2.4% | 27.6% | 0.09 | - |
| Sector ETF (XLV) | 6.3% | 15.0% | 0.24 | 65.7% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 52.9% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 8.0% |
| Commodities (DBC) | 9.8% | 19.5% | 0.39 | 3.1% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.03 | 47.8% |
| Bitcoin (BTCUSD) | 15.8% | 53.4% | 0.47 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TMO | |
|---|---|---|---|---|
| TMO | 14.3% | 26.5% | 0.53 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 68.6% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 58.0% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 8.8% |
| Commodities (DBC) | 7.4% | 17.9% | 0.33 | 10.5% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 43.4% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/23/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 1.8% | 2.5% | 3.9% |
| Median Negative | -2.7% | -2.9% | -6.9% |
| Max Positive | 9.1% | 12.8% | 15.7% |
| Max Negative | -9.2% | -9.3% | -14.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 7/22/2020 | 1.9% | 1.1% | 4.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 11 | 12 |
| # Negative | 10 | 13 | 12 |
| Median Positive | 1.8% | 2.5% | 3.9% |
| Median Negative | -2.7% | -2.9% | -6.9% |
| Max Positive | 9.1% | 12.8% | 15.7% |
| Max Negative | -9.2% | -9.3% | -14.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 11/01/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
Insider Activity
Updated 6/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pettiti, Gianluca | President & COO | Direct | Sell | 4292026 | 462.66 | 400 | 185,064 | 11,590,018 | Form |
| 2 | Shafer, Michael D | Executive Vice President | Direct | Sell | 3122026 | 499.40 | 1,607 | 802,536 | 10,462,407 | Form |
| 3 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3092026 | 514.82 | 4,000 | 2,059,261 | 63,798,677 | Form |
| 4 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 512.40 | 5,000 | 2,561,994 | 63,499,201 | Form |
| 5 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 503.10 | 5,000 | 2,515,495 | 62,346,718 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pettiti, Gianluca | President & COO | Direct | Sell | 4292026 | 462.66 | 400 | 185,064 | 11,590,018 | Form |
| 2 | Shafer, Michael D | Executive Vice President | Direct | Sell | 3122026 | 499.40 | 1,607 | 802,536 | 10,462,407 | Form |
| 3 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3092026 | 514.82 | 4,000 | 2,059,261 | 63,798,677 | Form |
| 4 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 512.40 | 5,000 | 2,561,994 | 63,499,201 | Form |
| 5 | Casper, Marc N | Chairman & CEO | Direct | Sell | 3052026 | 503.10 | 5,000 | 2,515,495 | 62,346,718 | Form |
| 6 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 2112026 | 541.20 | 400 | 216,480 | 11,231,103 | Form |
| 7 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12052025 | 563.56 | 22,046 | 12,424,244 | 47,404,925 | Form |
| 8 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 583.39 | 32,000 | 18,668,526 | 38,200,419 | Form |
| 9 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 12042025 | 581.92 | 30,000 | 17,457,600 | 17,154,949 | Form |
| 10 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 581.94 | 6,912 | 4,022,369 | 8,360,949 | Form |
| 11 | Lowery, Frederick M | Executive Vice President | Direct | Sell | 12032025 | 597.68 | 6,913 | 4,131,762 | 8,587,091 | Form |
| 12 | Shafer, Michael D | Executive Vice President | Direct | Sell | 11262025 | 600.00 | 10,725 | 6,435,000 | 11,238,482 | Form |
| 13 | Lagarde, Michel | Executive Vice President & COO | Direct | Sell | 11142025 | 594.42 | 4,638 | 2,756,920 | 13,956,928 | Form |
| 14 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 11142025 | 588.26 | 1,058 | 622,136 | 7,698,758 | Form |
| 15 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 11122025 | 580.00 | 2,975 | 1,725,500 | 12,268,289 | Form |
| 16 | Britt, Lisa P | Sr. VP and Chief HR Officer | Direct | Sell | 11102025 | 571.62 | 10,225 | 5,844,850 | 8,085,502 | Form |
| 17 | Casper, Marc N | Chairman & CEO | Direct | Sell | 10282025 | 566.10 | 7,250 | 4,104,242 | 64,401,093 | Form |
| 18 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 10282025 | 574.15 | 400 | 229,660 | 12,144,549 | Form |
| 19 | Casper, Marc N | Chairman & CEO | Direct | Sell | 10282025 | 573.54 | 17,104 | 9,809,862 | 65,247,446 | Form |
| 20 | Casper, Marc N | Chairman & CEO | Direct | Sell | 9092025 | 500.50 | 400 | 200,201 | 56,938,308 | Form |
| 21 | Holmes, Joseph R | VP & Chief Accounting Officer | Direct | Sell | 9022025 | 492.63 | 385 | 189,662 | 1,142,396 | Form |
| 22 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8262025 | 500.96 | 10,000 | 5,009,586 | 57,697,217 | Form |
| 23 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8212025 | 500.04 | 295 | 147,512 | 57,591,633 | Form |
| 24 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8212025 | 500.17 | 201 | 100,534 | 57,606,057 | Form |
| 25 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8072025 | 454.45 | 8,000 | 3,635,567 | 52,340,183 | Form |
| 26 | Casper, Marc N | Chairman & CEO | Direct | Sell | 8072025 | 451.82 | 10,000 | 4,518,216 | 52,037,931 | Form |
| 27 | Pettiti, Gianluca | Executive Vice President | Direct | Sell | 7282025 | 479.98 | 400 | 191,992 | 10,735,677 | Form |
Investor Activity (13F)
Updated Jul 24, 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
Constructive
CONVICTION RATIONALE
Conviction is constructive, based on management's strong record of execution and a raised full-year outlook for 6% to 8% reported revenue growth. While Q1 organic growth was soft, the company's core pharma and biotech end market remains solid. The thesis hinges on management delivering the guided re-acceleration in coming quarters.
STOCK ARCHETYPE
Diversified Consumables & Capital Equipment Supplier(Volume of R&D/Clinical Activity) x (Mix of Consumables, Instruments, & Services) x (Price) Mix shift towards higher-margin segments like Life Sciences Solutions and Specialty Diagnostics, combined with operational efficiencies from the PPI Business System.
INVESTMENT THESIS
Evidence suggests a temporary slowdown, with a credible path to re-acceleration backed by a strong execution track record.
- Full-year 2026 revenue guidance was raised to $47.3 billion - $48.1 billion.
- The clinical research business delivered strong authorizations growth in Q1 2026.
- The core pharma and biotech end market grew mid-single-digits in Q1 2026.
- Inventory grew slower than revenue, a positive sign for working capital.
PRIMARY RISK
The 1% organic growth in Q1 2026, which trailed peers, could signal a broader-than-expected slowdown, making the guided full-year recovery of 3% to 4% unattainable.
- Q1 2026 organic revenue growth was 1%, decelerating from 3% in Q4 2025.
- The academic and government end market declined by low single digits in Q1.
- Diagnostics and Health Care revenue declined mid-single digits in Q1.
- Net debt to EBITDA is elevated at 3.41x after a recent acquisition.
| KPI | Status | Rationale |
|---|---|---|
| Pharma and Biotech End Market Growth | Mid-single-digit growth in Q1 2026 - Decelerating | Growth in the company's largest end market moderated in the first quarter of 2026, returning to the mid-single-digit pace seen in Q3 2025 after a stronger high single-digit performance in Q4 2025. |
| Overall Organic Revenue Growth | 1% organic revenue growth in Q1 2026 - Decelerating | Management attributed the significant slowdown to temporary factors, including one fewer selling day which impacted growth by approximately 1 percentage point, and the timing of revenue phasing in the Pharma Services business. |
| Clinical Research Authorizations Growth | Strong (Q1 2026) | Indicates future revenue growth for the clinical research business, as authorizations represent new business signed but not yet converted to revenue. |
| Inventory-vs-Revenue Growth Divergence | -1 percentage points (Q2 2026) | A negative divergence indicates that inventory is growing slower than revenue, which is a positive sign for working capital management and demand fulfillment. |
Temporary Stumble vs. Faltering Growth Engine
BULL VIEW
Bulls see the Q1 slowdown as a one-off caused by selling days and timing, pointing to raised full-year guidance for 6% to 8% reported growth as proof of underlying strength.
CORE TENSION
Can strong pharma/biotech demand and the Clario acquisition offset the 1% Q1 organic growth and weakness in academic markets to meet the raised full-year guidance?
PREVAILING SENTIMENT
The latest evidence favors the bull view. Management's strong say-do record and the specific, non-recurring explanations for the Q1 miss lend credibility to the guided recovery.
BEAR VIEW
Bears see the 1% Q1 organic growth, which trailed peers, as a sign of market share loss or a deeper cyclical slowdown that makes the guided re-acceleration unlikely.
| Timeline | Event & Metric To Watch |
|---|---|
8/6/2026 | Peer Reports Signal Sector Weakness Watch: Commentary from BDX or A on academic/government spending, China, or pharma capital budgets. |
8/18/2026 | Peer Earnings Report Watch: Peer Agilent Technologies (A) is scheduled to report earnings. |
10/19/2026 | Peer Earnings Report Watch: Peer Danaher (DHR) is scheduled to report earnings. |
10/20/2026 | Persistent China and Academic Headwinds Watch: Updated full-year guidance and specific growth figures for the academic/government segment and China region. |
10/20/2026 | Inflation Erodes Margin Guidance Watch: Reported gross and operating margins versus guidance, and commentary on success of PPI Business System productivity initiatives. |
| Date | Event | Stock Impact |
|---|---|---|
2026-06-01 | Expands Orbitrap Platform at ASMS Details: The company expanded its suite of Thermo Scientific™ Orbitrap™ mass spectrometry platforms at the American Society for Mass Spectrometry (ASMS) Conference. | -2.1% $492.02 -> $481.60 |
2026-05-20 | Hosts Investor Day Details: The company hosted its Investor Day, where leadership highlighted industry leadership, growth outlook, and long-term value creation. | +0.3% $447.36 -> $448.92 |
2026-04-23 | Reports Q1 2026 Results Details: First quarter revenue grew 6% to $11.01 billion and adjusted EPS grew 6% to $5.44. The stock reacted negatively, with a two-day decline of -9.0%. | -8.6% $513.47 -> $469.24 |
2026-03-24 | Clario Acquisition Completed Details: The acquisition of Clario Holdings, Inc., a provider of endpoint data solutions for clinical trials, was completed for approximately $9 billion. | +2.6% $477.64 -> $490.28 |
2026-02-25 | Dividend Increased Ten Percent Details: The Board of Directors authorized a quarterly cash dividend of $0.47 per common share, reflecting a 10% increase over the previous dividend. | +0.9% $514.58 -> $519.09 |
2026-01-29 | Reports Q4 2025, Cautious Guidance Details: The company delivered a Q4 earnings beat but provided cautious 2026 guidance, with revenue projected at $46.3B-$47.2B. The stock reacted negatively, falling -5.0% over two days. | -4.8% $606.81 -> $577.46 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: TMO trades at roughly 33% annualized options-implied volatility versus about 15% for the S&P 500 (2.2x the market), around the 88th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
DHR - Danaher
Higher-Margin PeerDanaher operates with a substantially higher gross margin of 58.9% versus Thermo Fisher's 40.8%, suggesting a different, potentially more profitable business mix.
A - a business partner
Focused Instrument PlayAgilent offers more concentrated exposure to the analytical instruments market, where it reported market-leading low double-digit growth in key product lines like LCMS.
A highly diversified 'picks and shovels' provider for the entire life sciences ecosystem, from basic research to commercial drug production.
Thermo Fisher operates as an essential supplier to a wide range of scientific and medical end markets. Its growth is tied to the overall activity and R&D spending in pharma, biotech, and healthcare. The company's strategy relies on high-impact innovation, its 'trusted partner status' with customers, and a disciplined M&A approach to add complementary capabilities.
News of increased government research funding (e.g., NIH budgets), strong R&D spending from large pharma, or a rebound in biotech funding would confirm the thesis.
A significant downturn in customer capital spending, prolonged government shutdowns delaying funding, or major regulatory changes that slow the drug development process would damage the thesis.
Quarterly fluctuations in instrument sales due to customer budget cycles or single-product news from smaller competitors.
Repricing Catalyst
Successful integration of the newly acquired Clario business, which enhances the high-growth clinical research offering, and a potential stabilization or recovery in the currently muted academic and government end markets.
Laboratory Products and Biopharma Services
$24.0B TTM (54% of Total) · 14% MarginWhat It Is
Sells lab consumables, equipment, and chemicals, and offers outsourced services for drug development, clinical research, clinical trials, and commercial drug manufacturing. It serves pharmaceutical, biotechnology, academic, government, industrial, and clinical laboratory markets.
Who Pays & How
Pharmaceutical and biotech companies pay for a comprehensive offering of outsourced services for the entire spectrum of drug development and manufacturing, enabling them to be more innovative, productive, and cost-efficient.
Competition
Life Sciences Solutions
$10.4B TTM (23% of Total) · 36% MarginWhat It Is
Provides reagents, instruments, and consumables used in biological and medical research, discovery and production of new drugs and vaccines, and disease diagnosis. Customers are in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.
Who Pays & How
Pharma and biotech customers pay for solutions for the production of biologics, including upstream cell culture and downstream purification, to improve quality and efficiency in their workflows.
Competition
Analytical Instruments
$7.6B TTM (17% of Total) · 23% MarginWhat It Is
Provides instruments, consumables, software, and services for a range of applications including chromatography, mass spectrometry, chemical analysis, and electron microscopy. Customers are in pharmaceutical, biotechnology, academic, government, environmental, industrial, and clinical laboratory markets.
Who Pays & How
Research and industrial customers pay for analytical instrumentation for organic and inorganic sample analysis, as well as leading research tools for life sciences, materials sciences, and semiconductor markets.
Competition
Specialty Diagnostics
$4.7B TTM (10% of Total) · 27% MarginWhat It Is
Offers diagnostic test kits, reagents, culture media, and instruments to customers in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. Products include tests for allergy, asthma, autoimmune diseases, and organ transplant diagnostics.
Who Pays & How
Healthcare and clinical laboratories pay for products that increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.
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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