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TMO

NYSE · USD
Thermo Fisher Scientific Inc.
Healthcare · Medical - Diagnostics & Research
CEO Marc N. Casper Employees 125,000 R&D / revenue 3.1%
Last price
$690.00−0.93%last session
Market cap
$255.1B
P/E (TTM)
37.1x
From 52w high
−2.0%
From 52w low
+58.5%
1-year return
+28.7%
RSI 14 · vs SMA200
64.1 · +26.1%
IS score
62.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TMO   SPY   XLV (sector ETF) · weekly closes
8090100110120130Jan 26Apr 26Jul 26Oct 26TMO 129XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
52
Profitability
49
Growth
49
Value
78
Momentum
80
Risk (safety)
75
Quality
49
Balance sheet
76
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for TMO (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Intangible AssetsPiotroski 7 / 9Altman Z 3.4Beta 0.853 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
92 open-market sales, $54.8M
Form 144 notices (12m): 34, $180.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-08-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+24
203 new holders, 145 closed
2,634 filers hold 91.4% · 937 added, 1,164 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+224
1,408 funds adding shares
1,184 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
45.7%
20-day avg 44.0%, 50-day avg 47.0%
Latest 1.7 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$44.6B
Revenue growth YoY+3.9%
Gross margin37.7%
Operating income$8.1B
Operating margin18.2%
Net income$6.7B
Net margin15.1%
EPS (diluted)$17.74
Cash flow
Operating cash flow$7.8B
Capital expenditure$1.5B
Free cash flow$6.3B
FCF conversion (FCF / OCF)80.5%
Stock-based compensation$0
FCF less SBC$6.3B
Buybacks$3.0B
Dividends$636.0M
Balance sheet & returns
Cash & short-term investments$10.1B
Total debt$39.7B
Net debt$29.6B
Shareholders' equity$53.5B
Goodwill & intangibles$65.2B
Debt / equity0.81
ROE (TTM)13.4%
ROIC (TTM)7.6%
Operating margin by fiscal year
26.4%FY202119.0%FY202217.4%FY202317.9%FY202418.0%FY2025
Revenue $39.2B (FY2021) to $44.6B (FY2025), a 3.2% CAGR.

Valuation

P/E (TTM)37.1x
EV / EBITDA25.4x
Price / sales5.51x
Price / FCF34.9x
FCF yield2.87%
Buyback yield1.18%
SBC / revenue0.2%
Price / book4.86x
Forward P/E FY202627.4x
Forward P/E FY202725.1x
Forward P/E FY202822.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $689.00 across 12 analysts last quarter is theirs, not ours.

TMO vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 41.0% 48.5% Operating margin 18.0% -9.4% Net margin 15.1% -9.5% ROIC 7.6% -2.5%
TMO (TTM)Industry median Asset turnover 0.41 vs industry 0.54 · financial leverage 2.15

Earnings delivery

Next report 2026-10-21 · consensus EPS $6.40
100%
beat rate, 12 of 12 quarters
+2.6%
median EPS surprise
12
longest beat streak
+1+1+8+5+1+3+1+2+5+2+4+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TMO Thermo Fisher Scientific Inc $255.1B37.1x13.4%15.1%+3.9% +28.7%
DHR Danaher Corporation $161.0B40.5x7.6%13.9%+4.6% +9.4%
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% +117.9%
A Agilent Technologies, Inc. $48.8B34.0x21.0%19.3%+8.6% +22.6%
IDXX IDEXX Laboratories, Inc. $44.1B39.4x74.2%27.8%+12.8% −12.1%
IQV IQVIA Holdings Inc. $43.9B32.8x23.0%5.9%+8.2% —
WAT Waters Corporation $42.9B108.7x1.9%-8.3%+52.5% —
ILMN Illumina, Inc. $39.6B48.5x32.4%17.9%+4.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Exhibits
2026-05-26Shareholder Vote
2026-04-23Earnings Release; Exhibits
2026-03-24Other Events; Exhibits
2026-02-12Entry into Material Definitive Agreement; Other Events; Financial Statements and Exhibits
2026-01-29Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding369,747,286
Free float99.8%
Institutional ownership91.4%
Beta0.85
Dividend yield0.27%
Last dividend$0.47 on 2026-09-15
50 / 200-day average$634.49 / $546.79
Mega-cap Healthcare median P/E20.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TMO sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTMOIndustry medianIndustry percentileSector median
P/E (TTM) 36.6x 35.5x
59th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 4.33 2.73
88th		 1.28
Price / sales 5.5x 5.7x
48th		 3.7x
Price / book 4.8x 4.1x
52nd		 3.6x
Price / tangible book —
Price / free cash flow 34.9x 34.4x
53rd		 21.2x
Price / operating cash flow 28.3x 26.0x
57th		 17.1x
Enterprise value $293.6B $16.3B
100th		 $2.5B
EV / sales 6.3x 5.9x
55th		 3.8x
EV / EBITDA 26.1x 25.4x
57th		 16.2x
EV / EBIT 34.0x 29.2x
65th		 23.0x
EV / free cash flow 40.1x 35.1x
68th		 24.6x
Earnings yield 2.7% 1.7%
66th		 -0.3%
FCF yield 2.9% 2.5%
66th		 1.7%
Operating cash flow yield 3.5% 3.2%
55th		 2.9%
Graham number (per share) $245.13 $65.89
100th		 $26.70

Profitability (TTM)

MeasureTMOIndustry medianIndustry percentileSector median
Gross margin 41.0% 52.9%
38th		 65.1%
EBITDA margin 24.3% 15.0%
72nd		 6.6%
Operating margin 17.7% 11.0%
72nd		 3.5%
EBIT margin 18.6% 9.1%
69th		 2.4%
Net margin 15.1% 7.5%
69th		 0.3%
NOPAT margin 16.3% 9.5%
69th		 2.7%
FCF margin 15.8% 9.2%
62nd		 4.3%
Operating cash flow margin 19.5% 15.0%
59th		 7.1%
R&D / revenue 3.0% 7.2%
28th		 12.4%
SG&A / revenue 17.4% 29.8%
17th		 37.9%
Stock comp / revenue 0.2% 1.8%
0th		 4.5%
Effective tax rate 7.8% 20.5%
10th		 21.0%

Returns on capital

MeasureTMOIndustry medianIndustry percentileSector median
ROE (on average equity) 13.5% 4.7%
70th		 0.8%
ROA 6.5% 3.2%
72nd		 -0.3%
ROIC 8.3% 5.6%
59th		 5.5%
ROCE 8.8% 4.0%
66th		 2.3%
Return on tangible assets 8.1% 3.5%
72nd		 1.7%
Cash ROIC (OCF / invested capital) 9.9% 11.8%
38th		 9.7%
Gross profitability (GP / assets) 16.5% 22.3%
34th		 29.9%
ROIC, 3-yr average 8.3% 3.7%
83rd		 2.6%
ROIC, 5-yr average 9.8% 5.7%
83rd		 3.2%
ROE, 5-yr average 14.0% 3.1%
76th		 -4.9%
Incremental ROIC 15.6% -3.0%
59th		 17.2%

Growth

MeasureTMOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.2% 8.1%
46th		 10.5%
Revenue growth (QoQ) 9.0% 8.1%
66th		 7.2%
Revenue CAGR, 3 yr 2.1% 4.9%
41st		 10.7%
Revenue CAGR, 5 yr 3.9% 7.0%
41st		 12.1%
Gross profit CAGR, 3 yr 3.4% 5.3%
37th		 10.6%
Operating income CAGR, 3 yr 4.3% 6.4%
40th		 11.7%
Net income growth (TTM YoY) 6.0% 11.8%
25th		 17.5%
Net income CAGR, 3 yr 6.8% 6.7%
58th		 11.3%
EPS growth (TTM YoY) 8.0% 15.1%
25th		 19.2%
EPS CAGR, 3 yr 8.5% 9.3%
42nd		 14.0%
EPS CAGR, 5 yr -2.8% -1.0%
43rd		 8.1%
FCF growth (TTM YoY) 18.6% 12.4%
61st		 18.6%
FCF CAGR, 3 yr 7.7% 7.7%
50th		 15.4%
Operating cash flow CAGR, 3 yr 5.4% 8.0%
41st		 11.9%
Book value CAGR, 3 yr 8.0% 2.6%
76th		 2.1%
Dividend CAGR, 3 yr 4.3% 2.5%
80th		 2.2%
Sustainable growth rate 12.2% 10.3%
56th		 12.2%

Margin history & stability

MeasureTMOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 39.9% 53.7%
39th		 62.6%
Operating margin, 3-yr average 17.9% 8.7%
75th		 1.0%
Net margin, 3-yr average 15.0% 4.1%
79th		 -2.6%
FCF margin, 3-yr average 16.3% 10.5%
71st		 3.2%
Revenue stability (0-1) 0.82 0.82
54th		 0.80
Earnings stability (0-1) 0.29 0.46
36th		 0.37
Margin stability (0-1) 0.88 0.93
32nd		 0.93

Liquidity (latest quarter)

MeasureTMOIndustry medianIndustry percentileSector median
Cash & short-term investments $4.1B $520.8M
97th		 $330.9M
Net cash (− = net debt) −$38.5B −$874.6M
0th		 $8.4M
Working capital $8.3B $404.8M
100th		 $381.1M
Current ratio 1.55 2.13
24th		 3.02
Quick ratio 1.18 1.77
21st		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.27 0.96
24th		 1.43
Defensive interval (days) 469 days 466 days
52nd		 415 days

Leverage & solvency (latest quarter)

MeasureTMOIndustry medianIndustry percentileSector median
Total debt $42.5B $1.7B
100th		 $289.1M
Debt / equity 0.81 0.50
78th		 0.45
Net debt / equity 0.73 0.30
78th		 −0.13
Debt / assets 37.6% 28.5%
72nd		 24.4%
Debt / capital 44.7% 33.6%
75th		 31.1%
Debt / EBITDA 3.78 3.30
62nd		 2.62
Net debt / EBITDA 3.42 2.39
71st		 1.42
Interest coverage (EBIT / interest) 5.9x 2.9x
64th		 2.1x
Cash interest coverage 6.1x 6.7x
44th		 3.6x
Debt payback (years of OCF) 4.7 yrs 3.8 yrs
65th		 2.7 yrs
Liabilities / assets 53.4% 45.2%
66th		 49.8%
IS credit model rating A- — —
Implied credit spread (bps) 175 175
45th		 225

Efficiency

MeasureTMOIndustry medianIndustry percentileSector median
Asset turnover 0.43 0.56
38th		 0.56
Fixed asset turnover 4.31 4.31
48th		 4.87
Inventory turnover 4.9 7.2
40th		 2.7
Receivables turnover 4.8 6.5
21st		 6.4
Days sales outstanding 77 days 56 days
79th		 57 days
Days inventory outstanding 74 days 51 days
60th		 136 days
Days payables outstanding 41 days 45 days
45th		 59 days
Cash conversion cycle (days) 109 days 67 days
79th		 70 days
Capex / revenue 3.7% 3.4%
55th		 2.6%
Capex / depreciation 0.64 0.69
45th		 0.55
Operating expense ratio 23.8% 45.1%
24th		 56.5%

Cash flow & earnings quality

MeasureTMOIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.29 1.58
29th		 1.61
FCF / net income 1.05 1.14
29th		 1.36
FCF / operating cash flow 81.2% 76.8%
52nd		 81.2%
Capex / operating cash flow 18.8% 23.2%
48th		 18.8%
Accruals ratio -1.9% -4.3%
83rd		 -5.4%
Sloan accruals ratio -5.8% -1.5%
21st		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureTMOIndustry medianIndustry percentileSector median
Dividend yield 0.3% 0.0%
83rd		 0.0%
Dividend per share (TTM) $1.84 $0.00
90th		 $0.00
Payout ratio (dividends / net income) 9.5% 0.0%
65th		 0.0%
Dividends / FCF 9.0% 0.0%
74th		 0.0%
Dividend growth (YoY) 10.6% 5.0%
80th		 4.5%
Buyback yield 2.0% 0.9%
66th		 0.0%
Shareholder yield (dividends + buybacks) 2.2% 1.1%
62nd		 0.0%
Share count change (YoY) -1.9% -0.7%
32nd		 2.0%
Buybacks, last 5 years $16.0B $129.7M
100th		 $0

Scores & forensic checks

MeasureTMOIndustry medianIndustry percentileSector median
IS score 63 50
76th		 46
IS profitability 52 36
69th		 22
IS growth 49 55
36th		 60
IS value 49 40
79th		 39
IS momentum 78 72
61st		 67
IS risk (safety) 80 80
38th		 80
IS quality 75 62
72nd		 49
IS balance sheet 49 51
45th		 55
IS earnings quality 76 69
86th		 56
IS cash flow 64 50
69th		 41
Piotroski F-score (0-9) 7 6
59th		 5
Altman Z-score 3.4 3.4
48th		 3.2
Beneish M-score −2.59 −2.60
54th		 −2.62
Ohlson O-score −8.95 −8.12
21st		 −7.16
IS credit score 69 67
55th		 62

Per share

MeasureTMOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.81 $1.54
97th		 −$0.03
Book value per share $141.99 $17.72
97th		 $7.10
Tangible book per share −$55.94 $0.32
3rd		 $1.91
Revenue per share $124.89 $26.05
93rd		 $9.38
FCF per share $19.73 $2.08
93rd		 $0.46
Operating cash flow per share $24.29 $3.59
93rd		 $0.93
Cash per share $10.95 $6.18
86th		 $3.51

Size (TTM)

MeasureTMOIndustry medianIndustry percentileSector median
Market cap $255.1B $13.8B
100th		 $2.4B
Revenue $46.3B $2.5B
100th		 $770.2M
EBITDA $11.3B $438.4M
100th		 $56.1M
Net income $7.0B $139.0M
100th		 −$3.3M
Free cash flow $7.3B $268.0M
100th		 $41.2M
Total assets $113.2B $3.4B
100th		 $1.3B
Shareholders' equity $52.7B $1.5B
100th		 $568.4M
Employees 125,000 6,319
100th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-26Weisler Dion J
Director
 Award / grant 56——2,847
2026-09-26Sperling Scott M
Director
 Award / grant 63——17,738
2026-09-26Lynch Karen S
Director
 Award / grant 46——399
2026-09-26Keith R. Alexandra
Director
 Award / grant 46——1,378
2026-09-26Johnson Jennifer M
Director
 Award / grant 46——769
2026-08-31Pettiti Gianluca
President & COO
 Open-market sale 3,733$614.38$2.3M23,216
2026-08-31Pettiti Gianluca
President & COO
 Option exercise 3,733$309.63$1.2M26,949
2026-08-31Pettiti Gianluca
President & COO
 Option exercise 3,733$309.63$1.2M7,467
2026-08-28Casper Marc N
Director, Chairman & CEO
 Tax withholding 725$622.18$450,935123,201
2026-08-28Casper Marc N
Director, Chairman & CEO
 Tax withholding 532$622.18$330,907122,669
2026-08-28Meyer James
Sr. Vice President & CFO
 Tax withholding 37$622.18$23,1645,793
2026-08-28Meyer James
Sr. Vice President & CFO
 Tax withholding 44$622.18$27,6765,748

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired205,586—
Open-market saleDisposed9291,701$54.8M
Option exerciseDisposed1287,493$29.9M
Option exerciseAcquired1177,493$26.8M
Tax withholdingDisposed263,955$2.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 34 notices · 336,587 shares · $180.5M
FiledFilerShares proposedEst. proceeds
2026-08-31Pettiti Gianluca4,133$2.5M
2026-08-24Casper Marc N275$172,438
2026-08-21Casper Marc N10,000$6.3M
2026-08-20Casper Marc N10,000$6.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (4 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-07Ro KhannaHousePurchase$1,001 - $15,0002026-09-07
2026-07-10Dan NewhouseHouseSale$1,001 - $15,0002026-07-20
2026-07-10Daniel Milton NewhouseHouseSale (Full)$1,001 - $15,0002026-07-20
2026-07-09Daniel Milton NewhouseHouseSale (Full)$1,001 - $15,0002026-07-20
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-07-21Angus KingSenateSale (Full)$1,001 - $15,0002025-08-18
2025-07-21Angus KingSenateSale (Full)$1,001 - $15,0002025-08-17
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.30,919,632$15.5B8.36%
VANGUARD CAPITAL MANAGEMENT LLC24,276,316$12.2B6.57%
STATE STREET CORP16,825,879$8.4B4.55%
FMR LLC14,084,488$7.1B3.81%
GEODE CAPITAL MANAGEMENT, LLC8,382,401$4.2B2.27%
FRANKLIN RESOURCES INC7,271,292$3.6B1.97%
VANGUARD PORTFOLIO MANAGEMENT LLC6,226,169$3.1B1.68%
Capital World Investors6,195,370$3.1B1.68%
JPMORGAN CHASE & CO5,790,567$2.9B1.57%
PRICE T ROWE ASSOCIATES INC /MD/5,116,336$2.6B1.38%
NORGES BANK5,087,903$2.6B1.38%
Capital Research Global Investors4,147,545$2.1B1.12%
BANK OF AMERICA CORP /DE/3,895,265$2.0B1.05%
Bank of New York Mellon Corp3,621,505$1.8B0.98%
ROYAL BANK OF CANADA3,226,939$1.6B0.87%

Institutional ownership by quarter

2023-092026-0691.4%
% of shares held by 13F filers
2023-092026-062,634
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,63491.4%2039371,164145
2026-03-312,61089.6%1729791,099231
2025-12-312,712101.1%3769471,039115
2025-09-302,51689.5%241981959149
2025-06-302,46590.7%1869071,053261
2025-03-312,58091.5%1541,0461,003158
2024-12-312,62591.3%3018881,089204
2024-09-302,58191.3%1721,036998116
2024-06-302,55591.5%1661,065930115
2024-03-312,54091.1%1931,025962117
2023-12-312,50192.2%296886989129
2023-09-302,37592.2%143971889130

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%28,008,822
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.34%$7.9B
VSMPX0.34%$7.9B
VTSAX0.34%$7.9B
VTI0.34%$7.9B
VOO0.38%$6.6B
VFFSX0.38%$6.6B

Share structure

Shares outstanding369,747,286
Float368,822,918
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$39.2B$44.9B$42.9B$42.9B$44.6B
Cost of revenue$19.6B$25.9B$25.7B$25.2B$27.8B
Gross profit$19.6B$19.0B$17.2B$17.7B$16.8B
R&D$1.4B$1.5B$1.3B$1.4B$1.4B
SG&A$7.9B$9.0B$8.4B$8.7B$7.3B
Operating income$10.3B$8.5B$7.4B$7.7B$8.1B
EBITDA$12.0B$11.9B$11.2B$11.8B$11.5B
Pretax income$8.8B$7.7B$6.2B$7.0B$7.3B
Income tax$1.1B$703.0M$284.0M$657.0M$547.0M
Net income$7.7B$7.0B$6.0B$6.3B$6.7B
EPS, diluted$19.46$17.64$15.45$16.53$17.74
Diluted shares397.0M394.0M388.0M383.0M377.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.5B$8.5B$8.1B$5.6B$10.1B
Receivables$8.9B$9.4B$9.7B$9.6B$10.6B
Inventory$5.1B$5.6B$5.1B$5.0B$5.4B
Total current assets$20.1B$25.2B$24.6B$22.1B$28.7B
PP&E, net$9.9B$10.9B$11.0B$10.8B$12.0B
Goodwill & intangibles$62.1B$58.7B$60.7B$61.4B$65.2B
Total assets$95.1B$97.2B$98.7B$97.3B$110.3B
Accounts payable$2.9B$3.4B$2.9B$3.1B$3.6B
Total current liabilities$13.4B$17.0B$14.0B$13.3B$15.2B
Long-term debt$32.1B$28.9B$31.3B$29.1B$35.9B
Total liabilities$54.1B$53.0B$51.9B$47.6B$56.8B
Shareholders' equity$41.0B$44.1B$46.8B$49.7B$53.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$7.7B$7.0B$6.0B$6.3B$6.7B
Depreciation & amortization$2.6B$3.4B$3.4B$3.1B$2.8B
Stock-based compensation$230.0M$307.0M$278.0M$301.0M$0
Change in working capital−$1.6B−$1.0B−$537.0M−$334.0M−$1.8B
Operating cash flow$9.5B$9.2B$8.4B$8.7B$7.8B
Capital expenditure−$2.5B−$2.2B−$1.5B−$1.4B−$1.5B
Free cash flow$7.0B$6.9B$6.9B$7.3B$6.3B
Investing cash flow−$21.9B−$2.2B−$5.1B−$5.8B−$4.0B
Net debt issued / repaid$8.9B$654.0M−$155.0M−$2.4B$5.3B
Buybacks−$2.0B−$3.0B−$3.0B−$4.0B−$3.0B
Dividends paid−$395.0M−$455.0M−$523.0M−$583.0M−$636.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin49.3%41.3%39.1%40.5%39.5%
Operating margin26.4%19.0%17.4%17.9%18.0%
Net margin19.7%15.5%14.0%14.8%15.1%
FCF margin17.9%15.4%16.2%16.9%14.1%
ROE20.5%16.4%13.2%13.2%13.0%
ROIC12.5%10.8%9.5%9.0%8.8%
ROA9.4%7.2%6.1%6.5%6.5%
Debt / equity0.890.820.780.660.76
Interest coverage17.5x11.8x5.3x5.4x6.1x
Current ratio1.501.481.751.661.89
Revenue growth+21.7%+14.5%−4.6%+0.1%+3.9%
EPS growth+21.8%−8.9%−12.6%+7.1%+7.7%
P/E at year end34.0x30.9x34.1x31.3x32.5x
EV / EBITDA at year end24.6x20.3x20.9x19.2x21.7x
FCF yield at year end2.67%3.22%3.38%3.66%2.88%
Dividend payout5.1%6.5%8.7%9.2%9.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Consumables$22.6B$20.6B$17.6B$17.6B$18.7B
Service$8.8B$16.4B$17.6B$17.8B$18.6B
Instruments$7.8B$7.9B$7.6B$7.4B$7.3B

Revenue by region · FY2025

UNITED STATES$23.0B · 52%
Europe$11.8B · 27%
Asia Pacific$8.1B · 18%
All Other Countries$1.6B · 4%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $6.40 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$47.9B$47.6B – $48.1B$25.14$25.02 – $25.221627.4x
2027$50.4B$50.0B – $51.0B$27.49$26.45 – $29.031625.1x
2028$53.5B$52.7B – $55.3B$30.34$26.98 – $32.70622.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$5.72$6.03+5.4%$11.7B$12.0B+2.5%
2026-04-23$5.25$5.44+3.6%$10.9B$11.0B+1.3%
2026-01-29$6.45$6.57+1.9%$11.9B$12.2B+2.2%
2025-10-22$5.50$5.79+5.3%$10.9B$11.1B+1.9%
2025-07-23$5.23$5.36+2.5%$10.7B$10.9B+1.6%
2025-04-23$5.10$5.15+1.0%$10.2B$10.4B+1.3%
2025-01-30$5.94$6.10+2.7%$11.3B$11.4B+1.0%
2024-10-23$5.25$5.28+0.6%$10.6B$10.6B−0.3%
2024-07-24$5.12$5.37+4.9%$10.5B$10.5B+0.3%
2024-04-24$4.71$5.11+8.5%$10.2B$10.3B+1.9%
2024-01-31$5.64$5.67+0.5%$10.7B$10.9B+1.5%
2023-10-25$5.61$5.69+1.4%$10.6B$10.6B−0.7%
2023-07-26$5.43$5.15−5.2%$11.0B$10.7B−2.7%
2023-04-26$4.95$5.03+1.6%$10.7B$10.7B+0.4%
2023-02-01$5.19$5.40+4.0%$10.4B$11.4B+9.8%
2022-10-26$4.78$5.08+6.3%$9.9B$10.7B+7.4%
2022-07-28$4.99$5.51+10.4%$10.0B$11.0B+10.1%
2022-04-28$6.18$7.25+17.3%$10.7B$11.8B+10.5%
2022-02-02$5.22$6.54+25.3%$10.5B$10.7B+1.5%
2021-10-27$4.67$5.76+23.3%$8.3B$9.3B+12.4%
2021-07-28$5.44$5.60+2.9%$8.3B$9.3B+11.7%
2021-04-29$6.65$7.21+8.4%$9.7B$9.9B+2.4%
2021-02-01$6.56$7.09+8.1%$9.7B$10.6B+8.8%
2020-10-21$4.31$5.63+30.6%$6.5B$8.5B+30.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.506-221.206-291.007-061.307-132.707-202.207-271.308-031.408-101.608-171.508-241.308-31
Week ofNotionalSharesTrades
2026-08-31$1.3B2,111,73570,578
2026-08-24$1.5B2,349,84269,630
2026-08-17$1.6B2,563,27979,616
2026-08-10$1.4B2,338,43862,728
2026-08-03$1.3B2,232,88972,033
2026-07-27$2.2B3,769,33596,576

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1545.7%
DateShort shareShort volumeTotal volume
2026-10-1545.7%804,4641,760,570
2026-10-1430.0%328,9351,096,290
2026-10-1328.8%278,259966,426
2026-10-1236.4%182,431500,886
2026-10-0936.9%262,822711,910
2026-10-0829.6%361,5101,221,148
2026-10-0739.4%286,399727,196
2026-10-0651.2%575,5931,123,140
2026-10-0556.1%459,741819,589
2026-10-0253.3%344,090645,173
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan-1.8Feb+0.9Mar+2.0Apr+0.6May+0.6Jun+5.2Jul-0.0Aug+0.2Sep+0.5Oct+1.5Nov+1.1Dec
MonthAvg returnUp yearsYears
Jan+3.1%60%20
Feb−1.8%45%20
Mar+0.9%62%21
Apr+2.0%60%20
May+0.6%60%20
Jun+0.6%50%20
Jul+5.2%80%20
Aug−0.0%55%20
Sep+0.2%65%20
Oct+0.5%65%20
Nov+1.5%60%20
Dec+1.1%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.1
MFI65.6
ADX39.4
Stochastic %K / %D77.7 / 65.6
Williams %R-20.1
CCI172
TSI / signal21.7 / 23.5
Chaikin money flow0.25
ATR$18.82
Bollinger width7.4%
Volume vs 20-day avg0.77x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$668.36 (+3.2%)
SMA 50$636.60 (+8.4%)
SMA 200$547.26 (+26.1%)
EMA 21$663.01 (+4.1%)
EMA 50$634.25 (+8.8%)
EMA 200$563.87 (+22.4%)
Bollinger upper$693.00 (−0.4%)
Bollinger lower$643.71 (+7.2%)
Parabolic SAR$636.69 (+8.4%)
Open the live chart, 110+ indicators

About Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, advanced analytical instruments, specialized diagnostic products, and an extensive portfolio of laboratory supplies and biopharmaceutical services. The company's reach extends across North America, Europe, Asia-Pacific, and other international markets. Its Life Sciences Solutions division furnishes researchers with essential reagents, state-of-the-art instruments, and consumables vital for biological and medical exploration, the development and manufacturing of therapeutics and vaccines, and the detection of infections and various diseases. This segment encompasses bioscience, genetic science, and bioproduction technologies, serving a broad spectrum of clients in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and governmental sectors. The Analytical Instruments segment delivers a variety of precision instruments, consumables, software, and support services to pharmaceutical, biotechnology, academic, governmental, environmental, and industrial research environments, as well as clinical laboratories. The Specialty Diagnostics segment offers an array of diagnostic tools, including liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, alongside calibrators, controls, protein detection assays, and accompanying instruments. This also features the creation and distribution of complete blood test systems to aid in the clinical diagnosis and monitoring of allergies, asthma, and autoimmune diseases. Furthermore, it provides dehydrated and prepared culture media, specimen collection and transport systems, related instrumentation and consumables, human leukocyte antigen (HLA) typing and testing crucial for the organ transplant sector, and other healthcare products. Lastly, the Laboratory Products and Biopharma Services segment supplies laboratory equipment, serves the research and safety markets through its channels, and offers extensive pharmaceutical services, encompassing clinical research support. The company's products and services are distributed through a dedicated direct sales team, customer service professionals, online commerce platforms, and a network of third-party distributors. Its recognized brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Thermo Fisher Scientific Inc. was established in 1956 and is headquartered in Waltham, Massachusetts.

https://www.thermofisher.com

Key executives

NameTitlePayBorn
Marc N. CasperChairman & CEO$6.2M1968
James MeyerSenior Vice President & Chief Financial Officer$3.0M1979
Gianluca PettitiPresident, COO & President of Products and Technologies$2.4M1979
Alan J. MalusSenior Vice President of Strategy & Corporate Development$1.8M1960
Thomas Bailey Shropshire Jr.Senior Vice President and General Counsel$1.8M—
Lisa BrittChief Human Resources Officer & Senior Vice President$1.2M1968
Karen E. NelsonChief Scientific Officer——
Rafael TejadaVice President of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Marc N. Casper Chairman, President and Chief Executive Officer2025$1.8M$65.7M$3.7M$79.9M
Michel Lagarde Executive Vice President and Chief Operating Officer2025$1.2M$3.6M$1.4M$8.9M
Gianluca Pettiti Executive Vice President2025$1.0M$3.3M$1.2M$8.1M
Stephen Williamson Senior Vice President and Chief Financial Officer2025$1.1M$2.5M$1.3M$6.8M
Frederick Lowery Executive Vice President2025$930,356$2.6M$974,920$6.6M

Employees

70k201875k201980k2020130k2021130k2022122k2023125k2024125k2025

Dividends

Ex-dateAmountPaid
2026-09-15$0.472026-10-15
2026-06-15$0.472026-07-15
2026-03-13$0.472026-04-15
2025-12-15$0.432026-01-15
2025-09-15$0.432025-10-15
2025-06-13$0.432025-07-15
2025-03-14$0.432025-04-15
2024-12-13$0.392025-01-15

Moat model

Wide · Intangible Assets · 2026-06-27
Cost advantage60
Intangibles95
Switching costs78
Network effect50
Efficient scale85
Our component scores (0-100) and overall 75.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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