Tearsheet

Thermo Fisher Scientific (TMO)


Market Price (9/18/2025): $472.64 | Market Cap: $178.7 Bil
Sector: Health Care | Industry: Life Sciences Tools & Services

Thermo Fisher Scientific (TMO)


Market Price (9/18/2025): $472.64
Market Cap: $178.7 Bil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights

0 Attractive cash flow generation
CFO/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 returns
2Y Excs Rtn is -55%, 3Y Excs Rtn is -78%
Expensive valuation multiples
P/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
1 Low stock price volatility
Vol 12M is 31%
  Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%
0 Attractive cash flow generation
CFO/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
1 Low stock price volatility
Vol 12M is 31%
2 Weak multi-year price returns
2Y Excs Rtn is -55%, 3Y Excs Rtn is -78%
3 Expensive valuation multiples
P/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
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%

Market Valuation

 9/18/252024202320222021
Share Price CYE$472.64$518.79$527.88$546.21$660.35
Market Cap CYE ($ Bil)178.7198.2203.8214.1260.2
Total Debt ($ Bil)35.231.334.934.534.9
Total Cash ($ Bil)6.45.68.18.54.5
Enterprise Value ($ Bil)207.5229.5238.7248.6295.1
Valuation Ratios     
P/S TTM4.14.64.84.86.7
P/EBIT TTM21.323.626.725.228.0
P/E TTM27.131.434.231.134.0
Sector Ratios     
P/S TTM (Sector)3.83.64.14.57.3
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
 9/18/2520242023
Share Price CYE$472.64$518.79$527.88
Market Cap CYE ($ Bil)178.7198.2203.8
Total Debt ($ Bil)35.231.334.9
Total Cash ($ Bil)6.45.68.1
Enterprise Value ($ Bil)207.5229.5238.7
Valuation Ratios   
P/S TTM4.14.64.8
P/EBIT TTM21.323.626.7
P/E TTM27.131.434.2
Sector Ratios   
P/S TTM (Sector)3.83.64.1
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. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
TMO Return44%44%-17%-3%-2%-9%50%
Peers Return37%38%-23%33%4%22%145%
S&P 500 Return16%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 9/17/2025 (YTD)

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Financials

TMOTXNMUAMATADIMedian
NameThermo F.Texas In.Micron T.Applied .Analog D. 
Mkt Price472.64180.30159.99178.13246.32180.30
Mkt Cap178.7163.7178.9142.1121.8163.7
Rev LTM43,21116,67533,81328,61310,38728,613
Op Inc LTM7,8605,8187,5808,6232,6307,580
FCF LTM6,1701,5031,8815,8233,6783,678
FCF 3Y Avg6,6622,060-1,4126,4573,4393,439
CFO LTM7,5786,43915,2007,7054,1627,578
CFO 3Y Avg8,2066,7528,5467,7884,3107,788

Growth & Margins

TMOTXNMUAMATADIMedian
NameThermo F.Texas In.Micron T.Applied .Analog D. 
Rev Chg LTM2.0%3.6%58.2%6.6%7.1%6.6%
Rev Chg 3Y Avg0.3%-4.9%10.6%4.4%-0.6%0.3%
Rev Chg Q3.0%16.4%36.6%7.7%24.6%16.4%
QoQ Delta Rev Chg LTM0.7%3.9%7.9%1.9%5.8%3.9%
Op Mgn LTM18.2%34.9%22.4%30.1%25.3%25.3%
Op Mgn 3Y Avg17.4%39.5%0.3%29.4%27.5%27.5%
QoQ Delta Op Mgn LTM-0.1%0.6%2.8%0.5%1.8%0.6%
CFO/Rev LTM17.5%38.6%45.0%26.9%40.1%38.6%
CFO/Rev 3Y Avg19.1%39.3%32.7%28.5%39.5%32.7%
FCF/Rev LTM14.3%9.0%5.6%20.4%35.4%14.3%
FCF/Rev 3Y Avg15.5%11.7%-9.0%23.7%31.5%15.5%

Valuation

TMOTXNMUAMATADIMedian
NameThermo F.Texas In.Micron T.Applied .Analog D. 
Mkt Cap178.7163.7178.9142.1121.8163.7
P/S4.19.85.35.011.75.3
P/EBIT21.326.522.315.545.922.3
P/E27.132.528.720.862.228.7
P/CFO23.625.411.818.429.323.6
Total Yield3.7%6.1%3.8%5.8%3.2%3.8%
Dividend Yield0.0%3.0%0.3%0.9%1.6%0.9%
FCF Yield 3Y Avg3.6%1.2%-2.1%4.4%3.2%3.2%
D/E0.20.10.10.00.10.1
Net D/E0.20.10.0-0.00.00.0

Returns

TMOTXNMUAMATADIMedian
NameThermo F.Texas In.Micron T.Applied .Analog D. 
1M Rtn-3.0%-7.2%29.5%8.9%6.8%6.8%
3M Rtn20.5%-8.4%31.5%3.4%7.7%7.7%
6M Rtn-8.7%0.8%57.1%16.0%18.3%16.0%
12M Rtn-22.3%-7.8%81.2%-4.6%11.2%-4.6%
3Y Rtn-11.9%19.4%208.2%106.0%73.9%73.9%
1M Excs Rtn-5.3%-9.6%27.1%6.6%4.5%4.5%
3M Excs Rtn10.9%-18.5%22.7%-7.7%-1.6%-1.6%
6M Excs Rtn-26.7%-15.5%40.1%-0.9%1.2%-0.9%
12M Excs Rtn-39.7%-24.4%58.9%-21.8%-6.2%-21.8%
3Y Excs Rtn-78.2%-44.9%120.5%29.5%6.3%6.3%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Laboratory Products and Biopharma Services23,04122,51114,86212,24510,599
Life Sciences Solutions9,97713,53215,63112,1686,856
Analytical Instruments7,2636,6246,0695,1245,522
Specialty Diagnostics4,4054,7635,6595,3433,718
Elimination of intersegment revenues-1,829-2,515-3,010-2,662-1,153
Total42,85744,91539,21132,21825,542


Operating Income by Segment
$ Mil20242023202220212020
Life Sciences Solutions3,4205,5827,8176,1092,446
Laboratory Products and Biopharma Services3,3582,8721,8441,2711,324
Analytical Instruments1,9081,5071,1978081,273
Specialty Diagnostics1,1241,0241,2801,368930
Selling, general and administrative expenses adjustments-59-37-14410-62
Cost of revenues adjustments-95-46-8-6-17
Restructuring and other costs-459-114-197-99413
Amortization of acquisition-related intangible assets-2,338-2,395-1,761-1,667-1,713
Total6,8598,39310,0287,7944,594


Assets by Segment
$ Mil20242023202220212020
Unallocated amounts85,31483,340   
Laboratory Products and Biopharma Services6,3506,42852,63922,71121,761
Life Sciences Solutions3,1863,84522,75120,20918,306
Analytical Instruments2,7262,4659,6929,7739,896
Specialty Diagnostics1,1501,0766,0106,5345,867
Corporate/Other  4,0319,8252,551
Total98,72697,15495,12369,05258,381


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity3,944,909
Short Interest: % Change Since 81520253.2%
Average Daily Volume1,659,725
Days-to-Cover Short Interest2.38
Basic Shares Quantity378,000,000
Short % of Basic Shares1.0%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/20259.1%12.8%15.7%
4/23/2025-0.7%-1.7%-8.4%
1/30/20256.8%2.5%-6.9%
10/23/2024-1.7%-6.6%-12.5%
7/24/20244.1%11.4%10.5%
4/24/20240.5%-1.0%2.8%
1/31/2024-5.0%-1.2%0.5%
10/25/2023-5.5%-2.9%6.4%
...
SUMMARY STATS   
# Positive151313
# Negative91111
Median Positive3.0%4.6%6.3%
Median Negative-2.8%-1.7%-6.9%
Max Positive9.1%12.8%15.7%
Max Negative-5.5%-6.6%-12.9%

SEC Filings

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Report DateFiling DateFiling
6302025801202510-Q 6/28/2025
3312025502202510-Q 3/29/2025
12312024220202510-K 12/31/2024
93020241101202410-Q 9/30/2024
6302024802202410-Q 6/29/2024
3312024503202410-Q 3/30/2024
12312023222202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023804202310-Q 7/1/2023
3312023505202310-Q 4/1/2023
12312022223202310-K 12/31/2022
93020221104202210-Q 10/1/2022
6302022805202210-Q 7/2/2022
3312022506202210-Q 4/2/2022
12312021224202210-K 12/31/2021
93020211104202110-Q 10/2/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Pettiti GianlucaExecutive Vice President7282025Sell479.98400191,99210,735,677Form
1Pettiti GianlucaExecutive Vice President5132025Sell411.11400164,4449,359,711Form
2Pettiti GianlucaExecutive Vice President4302025Sell429.93300128,9799,960,156Form
3Boxer Michael ASVP and General Counsel3112025Sell532.523,7752,010,5375,759,762Form
4Chai Nelson 2212025Buy555.89168,8947,929,215Form