Danaher vs Thermo Fisher Scientific
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KIRA’s take AI analyst
I put Danaher and Thermo Fisher Scientific side by side, using each one’s latest annual report. Here is what stands out:
- 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 38.1x against 36.8x for Thermo Fisher Scientific.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Danaher
DHR
4/10
Operating marginFCF marginNet debt / EBITDAShare count change
Thermo Fisher Scientific
TMO
5/10
Revenue growth5-year growthNet marginReturn on capitalReturn on equity
Side by side
Best in the row
| Latest fiscal year | DHR FY25 | TMO FY25 |
|---|---|---|
| Size | ||
| Market cap | $164.7B | $254.1B |
| 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 | 38.1x | 36.8x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.