Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents.
It is a $243B healthcare company. Revenue grew 7.2% over the last year, it keeps 15¢ of every dollar of sales as profit, and its net debt equals ~4.0 years of free cash flow. It trades at 34.9× earnings — in the most expensive third of its own history.
- Website
- thermofisher.com
- Location
- Waltham, MA
- Employees
- 125 000
- Sector
- Healthcare
- Founded
- 1956
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Valuation and Growth lag behind.
Valuation34
- P/E vs own history76th pct · 5/25
- FCF yield3.0% · 12/25
- P/S5.3x · 12/25
- EV/EBITDA29.8x · 5/25
Growth37
- Revenue CAGR3.2% · 6/25
- Net income CAGR-3.5% · 0/25
- EPS CAGR ~5Y2.1% · 6/25
- Fwd implied growth42.2% · 25/25
Profitability64
- ROIC8.1% · 12/25
- ROE13.3% · 12/25
- Net margin15.0% · 20/25
- Operating margin17.6% · 20/25
Health55
- Altman Zn/a · 0/25
- Current ratio1.55 · 18/25
- Interest coverage18.7x · 25/25
- Net cash / debtD/A 27% · 12/25
Quality85
- Piotroski F5/9 · 15/25
- Beneish M-2.31 · 20/25
- FCF conversion105% · 25/25
- Margin stabilityσ 4.3% · 25/25
Moat70
- ROIC >12% years1/10 yrs · 0/25
- Median gross margin43.3% · 20/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 10.6% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025AcquisitionThermo Fisher announced the acquisition of Solventum’s purification and filtration business for…
- 2023AcquisitionThermo Fisher Scientific acquired Olink Holding for $3.1 billion
- 2022AcquisitionThermo Fisher Scientific acquired PeproTech, a developer and manufacturer of recombinant proteins,…
- FY2021FinancialBest year on record$7.72B net income
- 2021AcquisitionThermo Fisher Scientific announced the acquisition of PPD, Inc., a contract research organization,…
- 2019AcquisitionThermo Fisher Scientific announced its entry into the gene therapy manufacturing market with a $1.7…
- 2018AcquisitionThermo Fisher Scientific announced it had signed a definitive agreement with Becton, Dickinson…
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $10B$18.3B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2013AcquisitionAfter a competitive bidding with Hoffmann-La Roche, Thermo Fisher acquired Life Technologies…
- 2011AcquisitionThermo Fisher Scientific Inc. bought Phadia to expand into the testing of allergies and autoimmune…
- 2010AcquisitionThermo Fisher Scientific announced its acquisition of Dionex for $2.1 billion
- 1956FoundedThermo Electron was co-founded in 1956 by George N
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (40.9%)
- Strong cash conversion — FCF is 15.8% of revenue
- Interest covered 18.7× by operating earnings
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+7.2% YoY
- Profitable — makes more than it spends$6.97B TTM
- Profit growing — earnings are higher than last year+0.2% YoY
- Generates cash — cash left after running and investing$7.32B TTM
- Debt under control — could handle its obligations~4.0y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$243B market cap
- Not printing shares — share count not ballooning — you keep your slice-5.3% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 43/100
- Pays a dividend — returns cash to shareholdersyield 0.27%
- Valuation not extreme — price not wildly above earningsP/E 34.9
Peer comparisonThermo Fisher Scientific, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| TMO this company | $243.3B | 34.9 | +7.2% | 15.0% | Mixed |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: TMO vs LLY · TMO vs JNJ · TMO vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/TMO
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of TMO on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $658.02 · market cap $243B.