Thermo Fisher Scientific
TMO NYSE· Life Sciences Tools & Services
Last close · Oct 26, 2026
$684.89
KIRA · Stoqly’s AI analyst, in plain words
- Thermo Fisher Scientific had $44.6B of revenue in fiscal 2025, up 3.9% on the year before. Over five years, revenue changed +6.7% a year on average.
- Its operating margin was 17.4%, up 0.3 pts: of every 100 in sales, about 17 is left after running the business.
- Thermo Fisher Scientific made $6.7B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 14.9% a year.
- Free cash flow was $6.3B in fiscal 2025, 14.1% of revenue.
- Thermo Fisher Scientific returned $3.6B to shareholders in fiscal 2025, 58% of free cash flow. The diluted share count fell 1.3%.
- Thermo Fisher Scientific owes $29.3B more than it holds in cash, about 2.8 years of operating profit.
Market cap
$254.1B
P/E
36.8x
Revenue
$44.6B
Net income
$6.7B
Free cash flow
$6.3B
Operating margin
17.4%
Thermo Fisher Scientific in 30 seconds · fiscal 2025
Are sales growing?
+3.9%
Only a little. Sales grew 3.9% last year.
Does it make a profit?
15.1%
Yes. It keeps 15.1% of every sale as profit.
Does profit turn into cash?
14.1%
Yes. 14.1% of sales ends up as free cash.
Is debt under control?
2.8x
Keep an eye on it. Repaying its debt would take 2.8 years of operating profit.
How healthy are the accounts?
7 / 8
Solid. It passes 7 of 8 health tests.
How is the share priced?
36.8x
One share costs 36.8 times its yearly profit per share. Typical for its sector: 27.9x.
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.
Biggest risks, in its own words
- Slow or falling growth in the research and drug markets it sells into, which can be cyclical.
- Currency swings, tariffs and political risk in its many international markets.
- Failing to complete or successfully absorb acquisitions.
- Reliance on single or limited suppliers for some materials and parts.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Legal name
- THERMO FISHER SCIENTIFIC INC.
- CIK
- 0000097745
Thermo Fisher Scientific · TMO
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Revenue growth | 21.7% | 14.6% | −4.6% | 0.1% | 3.9% |
| Operating margin | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Net income | $7.7B | $7.0B | $6.0B | $6.3B | $6.7B |
| Net margin | 19.7% | 15.5% | 14.0% | 14.8% | 15.1% |
| Diluted EPS | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 |
| Cash | |||||
| Cash from operations | $9.3B | $9.2B | $8.4B | $8.7B | $7.8B |
| Capital expenditure | $2.5B | $2.2B | $1.5B | $1.4B | $1.5B |
| Free cash flow | $6.8B | $6.9B | $6.9B | $7.3B | $6.3B |
| FCF margin | 17.3% | 15.4% | 16.2% | 17.0% | 14.1% |
| Dividends paid | $395M | $455M | $523M | $583M | $636M |
| Share buybacks | $2.0B | $3.0B | $3.0B | $4.0B | $3.0B |
| Share count change | −0.5% | −0.8% | −1.5% | −1.3% | −1.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $40.8B | $44.0B | $46.7B | $49.6B | $53.4B |
| Net debt / EBITDA | 2.4x | 2.2x | 2.6x | 2.5x | 2.8x |
| Current ratio | 1.5x | 1.5x | 1.8x | 1.7x | 1.9x |
| Interest coverage | 18.7x | 11.6x | 5.0x | 5.3x | 5.5x |
| Returns and quality | |||||
| Return on capital | 15.0% | 10.8% | 9.1% | 8.9% | 9.1% |
| Return on equity | 20.5% | 16.4% | 13.2% | 13.2% | 13.0% |
| Piotroski F-score | 6 | 5 | 6 | 6 | 7 |
| Altman Z'' | 3.2 | 3.4 | 3.7 | 4.0 | 4.0 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$144M
7 insiders
Of sales under plans
52%
$75.6M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Thermo Fisher Scientific · TMO
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Thermo Fisher Scientific TMO | $254.1B | 3.9% | 17.4% | 14.1% | 9.1% | 36.8x | 7 |
| Danaher DHR | $164.7B | 2.9% | 19.1% | 21.4% | 6.1% | 38.1x | 7 |
| IQVIA IQV | $46.5B | 5.9% | 13.4% | 12.6% | 9.5% | 33.9x | 5 |
| Agilent Technologies A | $49.8B | 6.7% | 21.3% | 16.6% | 16.5% | 34.7x | 5 |
| Avantor AVTR | $11.7B | −3.4% | −3.8% | 7.6% | −2.1% | — | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $684.89 a share, the company is worth $254.1B: 36.8 times its earnings of the last four quarters.
Thermo Fisher Scientific grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000097745). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.