Danaher vs Thermo Fisher Scientific
Thermo Fisher Scientific is the larger business, with $44.56bn of revenue in fiscal 2025 against $24.57bn for Danaher (1.8 times as much). Thermo Fisher Scientific grew faster (3.9% against 2.9%). Thermo Fisher Scientific kept more of each dollar of sales as profit: a net margin of 15.0% against 14.7%. Danaher carries less debt relative to equity (35.1% against 73.9%).
| Latest fiscal year | DanaherDHR, 2025 | Thermo Fisher ScientificTMO, 2025 |
|---|---|---|
| Revenue | $24.57bn | $44.56bn |
| Revenue growth | 2.9% | 3.9% |
| Net income | $3.61bn | $6.70bn |
| Operating margin | 19.1% | 17.4% |
| Net margin | 14.7% | 15.0% |
| Return on equity | 7.1% | 13.0% |
| Free cash flow | $5.26bn | $6.29bn |
| Cash | $4.62bn | $9.85bn |
| Total debt | $18.42bn | $39.46bn |
| Debt to equity | 35.1% | 73.9% |
| Dividend per share | — | $1.72 |
| Dividend yield | 0.6% | 0.3% |
| Share buybacks | $3.09bn | $3.00bn |
| Employees | 60,000 | 125,000 |
| Market value | $161.77bn | $258.83bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 73 (Strong) | 69 (Moderate) |
| Insider trades, 12 months | 0 buys, 21 sales | 0 buys, 144 sales |