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Thermo Fisher Scientific

TMO NYSE Life Sciences Tools & Services Financials FY2016–FY2025

Thermo Fisher Scientific's revenue rose 3.9% to $44.6 billion in fiscal 2025. Its operating margin was 17.4%, up from 17.1% a year earlier. Free cash flow was $6.3 billion, down 13.4%. It paid out $3.6 billion in dividends and buybacks, 58% of free cash flow. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$673.82

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$44.6B
3.9% vs prior year
Operating margin Operating income as a share of revenue.
17.4%
0.3 pts
Net income Profit after all expenses, interest and tax.
$6.7B
5.8%
Free cash flow Cash from operations minus capital spending.
$6.3B
13.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.1%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$250.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.2x
On $18.59 EPS (TTM)

What Thermo Fisher Scientific does

Thermo Fisher Scientific sells instruments, supplies and services to scientists and laboratories. Its customers include drug and biotech companies, hospitals and clinical labs, universities, research institutes, government agencies, and industrial and environmental testing operations. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Patheon and PPD.

It has four segments. Life Sciences Solutions sells reagents, instruments and consumables for biological research, drug and vaccine development and the production of biologic drugs. Analytical Instruments sells instruments such as mass spectrometers and electron microscopes, with the supplies, software and services that go with them. Specialty Diagnostics sells diagnostic test kits, reagents, culture media and instruments. Laboratory Products and Biopharma Services sells lab supplies, equipment and chemicals, and offers outsourced services to drug makers, including clinical trials and commercial drug manufacturing.

The company says it grows through investment in research, capacity and acquisitions, and through its global sales channels.

Legal name
THERMO FISHER SCIENTIFIC INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 26, 2026
Accession · CIK
0000097745-26-000018
0000097745

Revenue and margins

Thermo Fisher Scientific had $44.6B of revenue in fiscal 2025, up 3.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 14.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $6.3B in fiscal 2025, 14.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Thermo Fisher Scientific returned $3.6B to shareholders in fiscal 2025, 58% of free cash flow. The diluted share count fell 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Thermo Fisher Scientific yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$29.3B and divides by 378.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.2x · peers 34.7x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Thermo Fisher Scientific can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.5B$8.5B$8.1B$5.6B$10.1B
Debt incl. finance leases $34.9B$34.5B$34.9B$31.3B$39.4B
Net debt / EBITDA 2.4x2.2x2.6x2.5x2.8x
Debt / equity 0.9x0.8x0.8x0.6x0.7x
Interest coverage 18.7x11.6x5.0x5.3x5.5x
Current ratio 1.5x1.5x1.8x1.7x1.9x
Quick ratio 1.1x1.2x1.4x1.3x1.5x
Total assets $95.1B$97.2B$98.7B$97.3B$110.3B
Total liabilities $54.3B$53.1B$52.0B$47.8B$56.9B
Shareholders' equity $40.8B$44.0B$46.7B$49.6B$53.4B
Net debt (− = net cash) $30.4B$26.0B$26.8B$25.7B$29.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$61.6M

5 insiders

Of sales under plans

83%

$50.9M

DateInsiderTradeSharesPriceValueFiling
Aug 31, 2026 Gianluca PettitiPresident & COO Sold plan 4,133 $614.38 $2.5M Form 4
Aug 24, 2026 Marc N CasperChairman & CEO, Director Sold plan 275 $627.05 $0.2M Form 4
Aug 21, 2026 Marc N CasperChairman & CEO, Director Sold plan 10,000 $626.92 $6.3M Form 4
Aug 20, 2026 Marc N CasperChairman & CEO, Director Sold plan 10,000 $629.27 $6.3M Form 4
Aug 19, 2026 Lisa P. BrittSr. VP and Chief HR Officer Sold 11,440 $613.12 $7.0M Form 4
Aug 11, 2026 Michael D ShaferExecutive Vice President Sold plan 25,500 $600.00 $15.3M Form 4
Aug 7, 2026 Joseph R. HolmesVP & Chief Accounting Officer Sold 420 $584.81 $0.2M Form 4
Aug 7, 2026 Marc N CasperChairman & CEO, Director Sold plan 4,883 $586.12 $2.9M Form 4
Aug 6, 2026 Lisa P. BrittSr. VP and Chief HR Officer Sold 5,850 $580.00 $3.4M Form 4
Aug 6, 2026 Marc N CasperChairman & CEO, Director Sold plan 15,000 $574.46 $8.6M Form 4
Aug 5, 2026 Marc N CasperChairman & CEO, Director Sold plan 15,000 $575.23 $8.6M Form 4
Jul 27, 2026 Gianluca PettitiPresident & COO Sold plan 400 $565.00 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 86 / 87 / 8
Accruals ratio −2.5%−2.4%−1.1%
Altman Z'' 3.683.974.01

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Thermo Fisher Scientific TMO $250.0B 3.9% 17.4% 14.1% 9.1% 36.2x 7
Danaher DHR $162.9B 2.9% 19.1% 21.4% 6.1% 37.7x 7 Compare →
IQVIA IQV $47.4B 5.9% 13.4% 12.6% 9.5% 34.7x 5 Compare →
Agilent Technologies A $49.0B 6.7% 21.3% 16.6% 16.5% 34.1x 5 Compare →
Avantor AVTR $11.7B −3.4% −3.8% 7.6% −2.1% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $18.3B $20.9B $24.4B $25.5B $32.2B $39.2B $44.9B $42.9B $42.9B $44.6B
Gross profit $10.1B $11.9B — — — — — — — —
Research and development $754M $887M $967M $1.0B $1.2B $1.4B $1.5B $1.3B $1.4B $1.4B
Operating income $2.5B $3.0B $3.8B $4.6B $7.8B $10.0B $8.4B $6.9B $7.3B $7.7B
Interest expense $469M $592M $667M $676M $553M $536M $726M $1.4B $1.4B $1.4B
Pretax income $2.0B $2.4B $3.3B $4.1B $7.2B $8.8B $7.8B $6.3B $7.0B $7.3B
Income tax −$1.0M $201M $324M $374M $850M $1.1B $703M $284M $657M $547M
Net income $2.0B $2.2B $2.9B $3.7B $6.4B $7.7B $7.0B $6.0B $6.3B $6.7B
Diluted EPS $5.09 $5.59 $7.24 $9.17 $15.96 $19.46 $17.63 $15.45 $16.53 $17.74
Diluted shares 0.40B 0.40B 0.41B 0.40B 0.40B 0.40B 0.39B 0.39B 0.38B 0.38B
Cash flow
Cash from operations $3.3B $4.0B $4.5B $5.0B $8.3B $9.3B $9.2B $8.4B $8.7B $7.8B
Capital expenditure $444M $508M $758M $926M $1.5B $2.5B $2.2B $1.5B $1.4B $1.5B
Free cash flow $2.8B $3.5B $3.8B $4.0B $6.8B $6.8B $6.9B $6.9B $7.3B $6.3B
Depreciation and amortization $1.8B $2.0B $2.3B $2.3B $2.3B $2.6B $3.4B $3.4B $3.1B $2.8B
Stock-based compensation $133M $159M $181M $181M $196M $230M $307M $278M $301M $310M
Acquisitions $5.2B $7.2B $536M $1.8B $38.0M $19.4B $39.0M $3.7B $3.1B $4.0B
Share buybacks $1.3B $750M $500M $1.5B $1.5B $2.0B $3.0B $3.0B $4.0B $3.0B
Dividends paid $238M $237M $266M $297M $337M $395M $455M $523M $583M $636M
Dividends and buybacks $1.5B $987M $766M $1.8B $1.8B $2.4B $3.5B $3.5B $4.6B $3.6B
Balance sheet
Cash and short-term investments $786M $1.3B $2.1B $2.4B $10.3B $4.5B $8.5B $8.1B $5.6B $10.1B
Total debt $16.3B $19.8B $19.7B — $21.7B $34.7B $34.3B $34.7B $31.1B $39.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $7.0M $200M $210M $190M $202M $213M
Current assets $7.0B $9.4B $10.6B $11.9B $22.0B $20.1B $25.2B $24.6B $22.1B $28.7B
Current liabilities $4.9B $7.0B $6.1B $6.2B $10.3B $13.4B $17.0B $14.0B $13.3B $15.2B
Inventory $2.2B $3.0B $3.0B $3.4B $4.0B $5.1B $5.6B $5.1B $5.0B $5.4B
Property and equipment, net $2.6B $4.0B $4.2B $4.7B $5.9B $8.3B $9.3B $9.4B $9.3B $10.6B
Total assets $45.9B $56.7B $56.2B $58.4B $69.1B $95.1B $97.2B $98.7B $97.3B $110.3B
Total liabilities $24.4B $31.3B $28.6B $28.7B $34.5B $54.3B $53.1B $52.0B $47.8B $56.9B
Shareholders' equity $21.5B $25.4B $27.6B $29.7B $34.5B $40.8B $44.0B $46.7B $49.6B $53.4B
Margins
Gross margin 55.1% 57.1% — — — — — — — —
Operating margin 13.5% 14.2% 15.5% 18.0% 24.2% 25.6% 18.7% 16.0% 17.1% 17.4%
EBITDA margin 23.1% 23.9% 24.8% 26.9% 31.4% 32.2% 26.2% 24.0% 24.4% 23.6%
Net margin 11.1% 10.6% 12.1% 14.5% 19.8% 19.7% 15.5% 14.0% 14.8% 15.1%
FCF margin 15.4% 16.7% 15.5% 15.8% 21.2% 17.3% 15.4% 16.2% 17.0% 14.1%
Returns
Return on capital 7.1% 6.7% 7.7% — — 15.0% 10.8% 9.1% 8.9% 9.1%
Return on capital employed 6.3% 6.5% 7.6% 9.0% 14.1% 14.3% 10.4% 8.3% 8.7% 8.7%
Return on equity 9.4% 9.5% 11.1% 12.9% 19.9% 20.5% 16.4% 13.2% 13.2% 13.0%
Return on assets 4.7% 4.3% 5.2% 6.5% 10.0% 9.4% 7.2% 6.1% 6.5% 6.5%
Growth
Revenue growth 7.7% 14.5% 16.5% 4.9% 26.1% 21.7% 14.6% −4.6% 0.1% 3.9%
Net income growth 2.4% 10.0% 32.0% 25.9% 72.4% 21.2% −9.9% −13.9% 5.7% 5.8%
EPS growth 3.5% 9.8% 29.5% 26.7% 74.1% 21.9% −9.4% −12.4% 7.0% 7.3%
FCF growth 11.7% 24.3% 8.2% 6.9% 68.4% −0.4% 1.8% 0.2% 4.9% −13.4%
Share count change −1.2% 0.3% 2.0% −0.7% −1.0% −0.5% −0.8% −1.5% −1.3% −1.3%
Financial health
Net debt / EBITDA 3.7x 3.7x 2.9x — 1.1x 2.4x 2.2x 2.6x 2.5x 2.8x
Debt / equity 0.8x 0.8x 0.7x — 0.6x 0.9x 0.8x 0.8x 0.6x 0.7x
Interest coverage 5.2x 5.0x 5.7x 6.8x 14.1x 18.7x 11.6x 5.0x 5.3x 5.5x
Current ratio 1.4x 1.3x 1.7x 1.9x 2.1x 1.5x 1.5x 1.8x 1.7x 1.9x
Quick ratio 1.0x 0.9x 1.2x 1.4x 1.7x 1.1x 1.2x 1.4x 1.3x 1.5x
Capital allocation
Capex / revenue 2.4% 2.4% 3.1% 3.6% 4.6% 6.4% 5.0% 3.5% 3.3% 3.4%
Stock comp / revenue 0.7% 0.8% 0.7% 0.7% 0.6% 0.6% 0.7% 0.7% 0.7% 0.7%
Payouts / FCF 52.9% 28.2% 20.2% 44.4% 27.0% 35.3% 50.0% 50.9% 63.1% 57.8%
Quality scores
Piotroski F-score 7.0 5.0 6.0 — — 6.0 5.0 6.0 6.0 7.0
Altman Z'' 2.6 2.4 3.1 3.5 4.2 3.2 3.4 3.7 4.0 4.0
Accruals ratio −2.9% −3.5% −2.8% −2.2% −3.0% −1.9% −2.3% −2.5% −2.4% −1.1%

Source: SEC EDGAR XBRL filings (CIK 0000097745). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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