Avantor
AVTR · Life Sciences Tools & Services
$17.29
0.8%Thermo Fisher Scientific
TMO · Life Sciences Tools & Services
$673.82
0.4%The short version
- Thermo Fisher Scientific is the larger business, with $44.6B of revenue in fiscal 2025 against $6.6B for Avantor, about 6.8 times as much.
- Thermo Fisher Scientific grew revenue faster (3.9%, against −3.4%).
- Thermo Fisher Scientific kept more of each dollar of sales as operating profit (17.4% operating margin, against −3.8% operating margin).
- Thermo Fisher Scientific turned more of its sales into free cash flow (14.1% FCF margin, against 7.6% FCF margin).
- Thermo Fisher Scientific earned a higher return on the capital invested in it (9.1%, against −2.1%).
| Latest fiscal year | AVTR · FY25 | TMO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $250.0B |
| Revenue | $6.6B | $44.6B |
| Free cash flow | $495M | $6.3B |
| Net income | −$530M | $6.7B |
| Growth | ||
| Revenue growth | −3.4% | 3.9% |
| 5-year growth | 0.5% | 6.7% |
| Share count change | −0.2% | −1.3% |
| Profitability | ||
| Gross margin | 32.7% | — |
| Operating margin | −3.8% | 17.4% |
| Net margin | −8.1% | 15.1% |
| FCF margin | 7.6% | 14.1% |
| Return on capital | −2.1% | 9.1% |
| Return on equity | −9.2% | 13.0% |
| Balance sheet | ||
| Net debt | $3.6B | $29.3B |
| Net debt / EBITDA | 22.0x | 2.8x |
| Dividends and buybacks | $75.1M | $3.6B |
| Valuation & quality | ||
| P/E | — | 36.2x |
| Piotroski F-score | 5 | 7 |
FY16
AVTR —
TMO $18.3B
FY17
AVTR $1.2B
TMO $20.9B
FY18
AVTR $5.9B
TMO $24.4B
FY19
AVTR $6.0B
TMO $25.5B
FY20
AVTR $6.4B
TMO $32.2B
FY21
AVTR $7.4B
TMO $39.2B
FY22
AVTR $7.5B
TMO $44.9B
FY23
AVTR $7.0B
TMO $42.9B
FY24
AVTR $6.8B
TMO $42.9B
FY25
AVTR $6.6B
TMO $44.6B
AVTR
TMO
FY16
AVTR —
TMO 13.5%
FY17
AVTR −16.9%
TMO 14.2%
FY18
AVTR 7.1%
TMO 15.5%
FY19
AVTR 9.1%
TMO 18.0%
FY20
AVTR 11.1%
TMO 24.2%
FY21
AVTR 13.2%
TMO 25.6%
FY22
AVTR 15.0%
TMO 18.7%
FY23
AVTR 10.0%
TMO 16.0%
FY24
AVTR 16.0%
TMO 17.1%
FY25
AVTR −3.8%
TMO 17.4%
AVTR
TMO
FY16
AVTR —
TMO $2.8B
FY17
AVTR −$193M
TMO $3.5B
FY18
AVTR $163M
TMO $3.8B
FY19
AVTR $302M
TMO $4.0B
FY20
AVTR $868M
TMO $6.8B
FY21
AVTR $843M
TMO $6.8B
FY22
AVTR $710M
TMO $6.9B
FY23
AVTR $724M
TMO $6.9B
FY24
AVTR $692M
TMO $7.3B
FY25
AVTR $495M
TMO $6.3B
AVTR
TMO
FY16
AVTR —
TMO 7.1%
FY17
AVTR —
TMO 6.7%
FY18
AVTR —
TMO 7.7%
FY19
AVTR 9.2%
TMO —
FY20
AVTR 9.6%
TMO —
FY21
AVTR 8.1%
TMO 15.0%
FY22
AVTR 8.4%
TMO 10.8%
FY23
AVTR 5.1%
TMO 9.1%
FY24
AVTR 8.9%
TMO 8.9%
FY25
AVTR −2.1%
TMO 9.1%
AVTR
TMO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.