Icon vs Thermo Fisher Scientific
Thermo Fisher Scientific is the larger business, with $44.56bn of revenue in fiscal 2025 against $8.25bn for Icon (5.4 times as much). Thermo Fisher Scientific grew faster (3.9% against 0.8%). Thermo Fisher Scientific kept more of each dollar of sales as profit: a net margin of 15.0% against 2.8%. Icon carries less debt relative to equity (37.2% against 73.9%).
| Latest fiscal year | IconICLR, 2025 | Thermo Fisher ScientificTMO, 2025 |
|---|---|---|
| Revenue | $8.25bn | $44.56bn |
| Revenue growth | 0.8% | 3.9% |
| Net income | $229m | $6.70bn |
| Operating margin | 5.4% | 17.4% |
| Net margin | 2.8% | 15.0% |
| Return on equity | 2.5% | 13.0% |
| Free cash flow | $862m | $6.29bn |
| Cash | $647m | $9.85bn |
| Total debt | $3.42bn | $39.46bn |
| Debt to equity | 37.2% | 73.9% |
| Dividend per share | — | $1.72 |
| Dividend yield | — | 0.3% |
| Share buybacks | $750m | $3.00bn |
| Employees | — | 125,000 |
| Market value | $15.75bn | $258.83bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 52 (Moderate) | 69 (Moderate) |
| Insider trades, 12 months | 0 buys, 42 sales | 0 buys, 144 sales |