Danaher vs Thermo Fisher Scientific
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The short version
- Thermo Fisher Scientific is the larger business, with $44.6B of revenue in fiscal 2025 against $24.6B for Danaher, about 1.8 times as much.
- Thermo Fisher Scientific grew revenue faster (3.9%, against 2.9%).
- Danaher kept more of each dollar of sales as operating profit (19.1% operating margin, against 17.4%).
- Danaher turned more of its sales into free cash flow (21.4% FCF margin, against 14.1%).
- Thermo Fisher Scientific earned a higher return on the capital invested in it (9.1%, against 6.1%).
- Investors pay more for each dollar of Danaher’s earnings: a P/E of 37.7x against 36.2x for Thermo Fisher Scientific.
| Latest fiscal year | DHR · FY25 | TMO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $162.9B | $250.0B |
| Revenue | $24.6B | $44.6B |
| Free cash flow | $5.3B | $6.3B |
| Net income | $3.6B | $6.7B |
| Growth | ||
| Revenue growth | 2.9% | 3.9% |
| 5-year growth | 2.0% | 6.7% |
| Share count change | −2.9% | −1.3% |
| Profitability | ||
| Gross margin | 59.1% | — |
| Operating margin | 19.1% | 17.4% |
| Net margin | 14.7% | 15.1% |
| FCF margin | 21.4% | 14.1% |
| Return on capital | 6.1% | 9.1% |
| Return on equity | 7.1% | 13.0% |
| Balance sheet | ||
| Net debt | $13.8B | $29.3B |
| Net debt / EBITDA | 1.9x | 2.8x |
| Dividends and buybacks | $4.0B | $3.6B |
| Valuation & quality | ||
| P/E | 37.7x | 36.2x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
DHR $16.9B
TMO $18.3B
FY17
DHR $18.3B
TMO $20.9B
FY18
DHR $19.9B
TMO $24.4B
FY19
DHR $17.9B
TMO $25.5B
FY20
DHR $22.3B
TMO $32.2B
FY21
DHR $24.8B
TMO $39.2B
FY22
DHR $26.6B
TMO $44.9B
FY23
DHR $23.9B
TMO $42.9B
FY24
DHR $23.9B
TMO $42.9B
FY25
DHR $24.6B
TMO $44.6B
DHR
TMO
Operating margin
FY16
DHR 16.2%
TMO 13.5%
FY17
DHR 14.0%
TMO 14.2%
FY18
DHR 15.4%
TMO 15.5%
FY19
DHR 18.3%
TMO 18.0%
FY20
DHR 19.0%
TMO 24.2%
FY21
DHR 25.7%
TMO 25.6%
FY22
DHR 28.3%
TMO 18.7%
FY23
DHR 21.8%
TMO 16.0%
FY24
DHR 20.4%
TMO 17.1%
FY25
DHR 19.1%
TMO 17.4%
DHR
TMO
Free cash flow
FY16
DHR $2.9B
TMO $2.8B
FY17
DHR $2.9B
TMO $3.5B
FY18
DHR $3.4B
TMO $3.8B
FY19
DHR $3.3B
TMO $4.0B
FY20
DHR $5.4B
TMO $6.8B
FY21
DHR $7.1B
TMO $6.8B
FY22
DHR $7.4B
TMO $6.9B
FY23
DHR $5.8B
TMO $6.9B
FY24
DHR $5.3B
TMO $7.3B
FY25
DHR $5.3B
TMO $6.3B
DHR
TMO
Return on capital
FY16
DHR —
TMO 7.1%
FY17
DHR 6.2%
TMO 6.7%
FY18
DHR 6.8%
TMO 7.7%
FY19
DHR 6.9%
TMO —
FY20
DHR 7.9%
TMO —
FY21
DHR 8.9%
TMO 15.0%
FY22
DHR 10.4%
TMO 10.8%
FY23
DHR 6.7%
TMO 9.1%
FY24
DHR 6.3%
TMO 8.9%
FY25
DHR 6.1%
TMO 9.1%
DHR
TMO
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.