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Thermo Fisher Scientific (TMO) stock

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NYSE: TMO NYSE Life Sciences Tools & Services Next results ~January 28, 2027

B Fundamentals grade

Thermo Fisher Scientific is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$370

Cash-flow model

Base case. Range ~$250–$520 across our lower- and higher-growth cases (0.6%–10.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $682.65, November 2, 2026

Thermo Fisher Scientific valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Thermo Fisher Scientific files

10-Q filed October 30: Thermo Fisher Scientific

Model value +8.7%

Revenue for the twelve months to September 2026 was $47.4bn, up 8.3% on a year earlier, faster than the 7.2% growth a quarter earlier. Free-cash-flow margin rose to 16.0% from 14.0% a year earlier. Our model value rises from $341 to $371 a share, against a share price of $697. The rating stays Sell. At that price, our model says the market is pricing in about 15.0% a year of cash-flow growth for five years, faster than the 3.8% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Thermo Fisher Scientific

Revenue for the twelve months to June 2026 was $47.4bn, up 8.3% on a year earlier, faster than the 7.2% growth a quarter earlier. Free-cash-flow margin rose to 16.0% from 14.0% a year earlier. Its fundamentals grade moves from C to B. Our model value is little changed at $341 a share, against a share price of $703. The rating stays Sell. At that price, our model says the market is pricing in about 15.6% a year of cash-flow growth for five years, faster than the 3.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Where Thermo Fisher Scientific stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $46.3bn, up 7.2% on a year earlier, faster than 5.4% a quarter earlier. Free-cash-flow margin rose to 15.8% from 14.3% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $273 a share, against a share price of $688. At that price, our model says the market is pricing in about 18.0% a year of cash-flow growth for five years, faster than the 3.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Thermo Fisher Scientific's trailing-twelve-month revenue grew 8.3% year on year, with a free-cash-flow margin of 16.0%. Where it stands out: stock pay as % of revenue of 0.7% ranks 4 of 53 life sciences tools & services companies we cover. Where it lags: days sales outstanding of 74 days ranks 39 of 48 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$370 per share in the base case (~$250–$520 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 24.3% while net income grew 7.6%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $682.65 is 46% above our value per share of $370.
  • Insiders selling. 7 insiders sold $146M of stock over the past 365 days and none bought (52% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 74 days ranks 39 of 48 life sciences tools & services companies we cover (median 62 days).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$6.68 against an average estimate of $6.40: beat by 4.3%
Revenue
$12.14bn, up 9.1% on a year earlier
Share reaction
-1.6% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Next report
October 21, 2026; average EPS estimate $7.14

Thermo Fisher Scientific's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.1%
  • 1 week-0.3%
  • 1 month+4.3%
  • This year+18.1%
  • 1 year+20.7%
  • 5 years+7.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$47.4B
Operating margin
17.9%
Net margin
14.9%
EPS (TTM, diluted)
$18.96

Growth

Revenue growth
+8.3%
Change in growth rate
+1.0 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$7.6B
FCF margin
16.0%
Stock pay % of revenue
0.7%

Earnings

Last results
October 21, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Results
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Deal
  8. Results
  9. Dividend

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Thermo Fisher Scientific valuation models and calculator

What the price is pricing in

The share price implies about 14.9% a year of cash-flow growth for five years.That is faster than the 3.8% a year revenue growth Thermo Fisher Scientific has delivered.

  • Priced in14.9%
  • Last 12 months8.3%
  • 3 years a year2.9%
  • 5 years a year3.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($693.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$370
Price used
$693.53close November 3, 2026
Implied change
▼ 47%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Thermo Fisher Scientific's free cash flow after stock-based pay with after-tax interest added back ($8.5B, FY2026 Q3 TTM), growing 5.4% and 5.5% in the next two years (forecasts, guidance and its record), then back to 5.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$250–~$520 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Thermo Fisher Scientific's free cash flow after stock-based pay ( $8.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Thermo Fisher Scientific as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$370 ~$250–$520 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$640 ~$500–$890 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$280 ~$190–$410 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$230–$330 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$390 ~$270–$640 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Thermo Fisher Scientific with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +15%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $236$354$511$718$988$1336
8.5% $158$244$357$505$697$945
10% $111$177$265$378$524$712

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$137.46$137.30$185.40$219.16$318.98$458.44$658.04$544.30$526.03$516.97$577.86$682.65
Market value$55.3bn$54.5bn$73.8bn$89.0bn$128.5bn$182.9bn$261.2bn$214.5bn$204.1bn$198.0bn$218.4bn$254.6bn
+ Net debt (− = net cash)$12.0bn$15.9bn$19.8bn$17.6bn$15.6bn$11.6bn$30.5bn$26.0bn$27.0bn$27.3bn$29.6bn$35.9bn
Enterprise value$67.3bn$70.4bn$93.6bn$106.6bn$144.1bn$194.5bn$291.7bn$240.5bn$231.1bn$225.3bn$248.0bn$290.6bn
Multiples
Price / sales 3.3x3.0x3.5x3.7x5.0x5.7x6.7x4.8x4.8x4.6x4.9x5.4x
Price / earnings 28.0x27.0x33.2x30.3x34.8x28.7x33.8x30.9x34.0x31.3x32.6x36.0x
Price / free cash flow 21.9x19.4x21.1x23.5x31.8x26.8x38.5x31.0x29.5x27.2x34.7x33.5x
EV / EBITDA 16.7x16.7x18.8x17.6x27.9x23.0x26.9x25.6x29.1x26.5x28.2x29.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard Thermo Fisher Scientific's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.5% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 44.4%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 17.5%; its worst year was 13.9%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.1% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $25.26 +10% $48.0bn +8%
Next $27.74 +10% $50.5bn +5%

Next year's EPS estimate has moved +1.0% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 4 analysts raised Thermo Fisher Scientific's forecast and 0 cut it.

Consensus EPS forecast Thermo Fisher Scientific, last 90 days
$25.00 $26.00 $27.00 $28.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $25.10 Current fiscal year, 60 days ago: $25.12 Current fiscal year, 30 days ago: $25.13 Current fiscal year, 7 days ago: $25.15 Current fiscal year, Now: $25.26 $25.26 Next fiscal year, 90 days ago: $27.48 Next fiscal year, 60 days ago: $27.51 Next fiscal year, 30 days ago: $27.54 Next fiscal year, 7 days ago: $27.58 Next fiscal year, Now: $27.74 $27.74

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $25.10$27.48
60 days ago $25.12$27.51
30 days ago $25.13$27.54
7 days ago $25.15$27.58
Now $25.26$27.74

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.40 $6.68 +4.3%
Jun 2026 $5.71 $6.03 +5.5%
Mar 2026 $5.24 $5.44 +3.8%
Dec 2025 $6.45 $6.57 +1.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026

No numeric guidance in Thermo Fisher Scientific's latest earnings release (filed October 21, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Thermo Fisher Scientific's revenue by +5.4% next year and +5.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.3%, weight 70%) and the company's own record (+5.6%, weight 30%) . How the weights are set.

Analyst recommendations

27 analysts, Oct 2026
Buy2385%
Hold311%
Sell14%

Monthly trend

  1. Oct 2026320327
  2. Sep 2026419428
  3. Aug 2026319528
  4. Jul 2026319628

Counts of recommendations published by analysts covering Thermo Fisher Scientific, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
1.98
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.1%
of shares
Employees
125,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +20.7%

$565.40 on October 31, 2025 to $682.65

ThenNowEffect
Revenue (last 12 months) $43.2bn $46.3bn +7.2%
Net margin 15.2% 15.0% −1.3%
P/E multiple 32.7x 36.7x +12.4%
Share count 381m 375m +1.5%

Biggest factor: p/e multiple.

Last 3 years +51.6%

$450.36 on November 3, 2023 to $682.65

ThenNowEffect
Revenue (last 12 months) $43.5bn $46.3bn +6.5%
Net margin 13.1% 15.0% +14.4%
P/E multiple 30.8x 36.7x +19.4%
Share count 391m 375m +4.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TMO+44%−17%−3%−2%+12%+18%
Industry peers (median)+4%−53%−3%−15%−7%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TMO75%42%58%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TMO−15%−27%−29%−20%−36%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 41% from December 31, 2021 to June 17, 2025. Getting back needed a 69% gain, reached on September 17, 2026, 457 days after the low.

Price behaviour

52-week range
$437.57 – $709.18
From 52-week high
−3.7%
vs 50-day average
+4.1%
vs 200-day average
+23.9%
Volatility (1 year)
29%
Beta vs S&P 500
0.61

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.9%
After a week
7 up, 5 down
typical move ±5.3%
After a month
6 up, 5 down
typical move ±9.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −1.6% −0.7% +2.4% —
July 23, 2026 +7.9% −1.1% +9.6% +19.5%
April 23, 2026 −8.6% +0.4% −6.8% −12.8%
January 29, 2026 −4.8% −0.5% −10.8% −16.4%
October 22, 2025 +2.5% +0.1% +0.1% +2.6%
July 23, 2025 +11.1% +0.9% +11.6% +13.1%
April 23, 2025 −1.9% +3.7% −1.3% −7.9%
January 30, 2025 +5.2% 0.0% +0.8% −7.8%
October 23, 2024 −4.9% −0.7% −6.1% −12.0%
July 24, 2024 +7.7% −2.8% +11.1% +9.3%
April 24, 2024 −0.5% −0.4% +0.1% +1.8%
January 31, 2024 −2.6% −0.3% −2.6% +1.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Thermo Fisher Scientific’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.34× the last 60 days’ realised volatility , richer than 79% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TMO Thermo Fisher Scientific Grade B $686.2

Own 100 shares, sell the $710 call expiring November 27, 2026 (25 days) for $10.80 a share — $1,080 per contract.

Previous session · Bid $10.80, ask $14.00, quoted Mon 2 Nov, 17:37 New York time with TMO at $686.2. Option prices move with the shares: check the live chain at your broker before trading.

  • If TMO ends below $710: you keep your shares and the $1,080 — 1.6% extra on the position, 23.0% a year at that pace.
  • If it ends above $710: your shares are sold at $710, a total return of 5.0% including the premium — at or above our value of ~$370.
$3.5k $0 −$13.5k Break-even $675.4 Price $686.2 ← Our value ~$370
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,080
Annualised
23.0%
Break-even
$675.4
Max gain
$3,460
Chance of selling
~38%

Collar

Own the shares, buy the $640 put and sell the $720 call, both expiring December 18, 2026 (46 days).

  • Net credit of $0.50 a share ($50.00 per contract of 100 shares).
  • Worst case at expiry: -6.7%, if the shares fall below $640 (-6.7% from today).
  • Best case at expiry: +5.0%, if the shares rise above $720 (+4.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $370: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Thermo Fisher Scientific in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Thermo Fisher Scientific
$42B $44B $46B $48B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $42.9B Revenue (TTM), FY24 Q1: $42.5B Revenue (TTM), FY24 Q2: $42.3B Revenue (TTM), FY24 Q3: $42.4B Revenue (TTM), FY24 Q4: $42.9B Revenue (TTM), FY25 Q1: $42.9B Revenue (TTM), FY25 Q2: $43.2B Revenue (TTM), FY25 Q3: $43.7B Revenue (TTM), FY25 Q4: $44.6B Revenue (TTM), FY26 Q1: $45.2B Revenue (TTM), FY26 Q2: $46.3B Revenue (TTM), FY26 Q3: $47.4B $47.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $42.9B
FY24 Q1 $42.5B
FY24 Q2 $42.3B
FY24 Q3 $42.4B
FY24 Q4 $42.9B
FY25 Q1 $42.9B
FY25 Q2 $43.2B
FY25 Q3 $43.7B
FY25 Q4 $44.6B
FY26 Q1 $45.2B
FY26 Q2 $46.3B
FY26 Q3 $47.4B
Revenue growth, TTM YoY Thermo Fisher Scientific
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.6% Revenue growth, TTM YoY, FY24 Q1: -3.0% Revenue growth, TTM YoY, FY24 Q2: -2.7% Revenue growth, TTM YoY, FY24 Q3: -2.4% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: 1.0% Revenue growth, TTM YoY, FY25 Q2: 2.0% Revenue growth, TTM YoY, FY25 Q3: 3.2% Revenue growth, TTM YoY, FY25 Q4: 3.9% Revenue growth, TTM YoY, FY26 Q1: 5.4% Revenue growth, TTM YoY, FY26 Q2: 7.2% Revenue growth, TTM YoY, FY26 Q3: 8.3% 8.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.6%
FY24 Q1 -3.0%
FY24 Q2 -2.7%
FY24 Q3 -2.4%
FY24 Q4 0.1%
FY25 Q1 1.0%
FY25 Q2 2.0%
FY25 Q3 3.2%
FY25 Q4 3.9%
FY26 Q1 5.4%
FY26 Q2 7.2%
FY26 Q3 8.3%
Operating margin (TTM) Thermo Fisher Scientific
16% 16.5% 17% 17.5% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.0% Operating margin (TTM), FY24 Q1: 16.4% Operating margin (TTM), FY24 Q2: 17.0% Operating margin (TTM), FY24 Q3: 16.9% Operating margin (TTM), FY24 Q4: 17.1% Operating margin (TTM), FY25 Q1: 17.2% Operating margin (TTM), FY25 Q2: 17.1% Operating margin (TTM), FY25 Q3: 17.2% Operating margin (TTM), FY25 Q4: 17.4% Operating margin (TTM), FY26 Q1: 17.5% Operating margin (TTM), FY26 Q2: 17.6% Operating margin (TTM), FY26 Q3: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.0%
FY24 Q1 16.4%
FY24 Q2 17.0%
FY24 Q3 16.9%
FY24 Q4 17.1%
FY25 Q1 17.2%
FY25 Q2 17.1%
FY25 Q3 17.2%
FY25 Q4 17.4%
FY26 Q1 17.5%
FY26 Q2 17.6%
FY26 Q3 17.9%
FCF margin (TTM) Thermo Fisher Scientific
12% 14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.2% FCF margin (TTM), FY24 Q1: 17.8% FCF margin (TTM), FY24 Q2: 18.8% FCF margin (TTM), FY24 Q3: 18.4% FCF margin (TTM), FY24 Q4: 16.9% FCF margin (TTM), FY25 Q1: 15.7% FCF margin (TTM), FY25 Q2: 14.3% FCF margin (TTM), FY25 Q3: 14.0% FCF margin (TTM), FY25 Q4: 14.1% FCF margin (TTM), FY26 Q1: 14.9% FCF margin (TTM), FY26 Q2: 15.8% FCF margin (TTM), FY26 Q3: 16.0% 16.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.2%
FY24 Q1 17.8%
FY24 Q2 18.8%
FY24 Q3 18.4%
FY24 Q4 16.9%
FY25 Q1 15.7%
FY25 Q2 14.3%
FY25 Q3 14.0%
FY25 Q4 14.1%
FY26 Q1 14.9%
FY26 Q2 15.8%
FY26 Q3 16.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Thermo Fisher Scientific took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $44.6B
  2. Research and development $1.4B · 3.1%
  3. Selling, general and admin $8.7B · 19.6%
  4. Other operating costs $26.7B · 59.9%
  5. Operating income $7.7B · 17.4%
  6. Income tax $547M · 1.2%
  7. Interest and other $495M · 1.1%
  8. Net income $6.7B · 15.0%

Shares of revenue. Source: Thermo Fisher Scientific's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 9.9 10.4 11.6 12.5 13.1 16.9 17.0 18.3 20.9 24.4 25.5 32.2 39.2 44.9 42.9 42.9 44.6 47.4
EBITDA 1.8 1.9 2.1 2.5 2.6 4.2 4.0 4.2 5.0 6.1 5.2 8.5 10.9 9.4 7.9 8.5 8.8 9.7
Operating income 1.0 1.2 1.3 1.5 1.6 2.5 2.3 2.5 3.0 3.8 4.6 7.8 10.0 8.4 6.9 7.3 7.7 8.5
Net income 0.9 1.0 1.3 1.2 1.3 1.9 2.0 2.0 2.2 2.9 3.7 6.4 7.7 7.0 6.0 6.3 6.7 7.1
Diluted EPS $2.01 $2.53 $3.46 $3.21 $3.48 $4.71 $4.92 $5.09 $5.59 $7.24 $9.17 $15.96 $19.46 $17.63 $15.45 $16.53 $17.74 $18.96
Growth (year on year)
Revenue −5.6% +4.9% +11.2% +8.2% +4.6% +29.0% +0.4% +7.7% +14.5% +16.4% +4.9% +26.1% +21.7% +14.5% −4.6% +0.1% +3.9% +8.3%
EBITDA −12.7% +9.2% +9.5% +16.8% +5.8% +60.5% −3.9% +4.8% +18.4% +21.2% −14.7% +63.9% +28.5% −13.6% −15.5% +7.1% +3.6% +13.2%
Operating income −18.5% +18.6% +5.3% +18.5% +8.6% +55.5% −6.7% +5.2% +20.4% +27.8% +21.4% +69.7% +28.7% −16.3% −18.3% +7.0% +5.6% +12.8%
Net income −13.3% +21.8% +28.4% −11.4% +8.1% +48.8% +4.3% +2.4% +10.0% +32.0% +25.8% +72.5% +21.2% −10.0% −13.7% +5.7% +5.8% +7.6%
Diluted EPS −10.7% +25.9% +36.8% −7.2% +8.4% +35.3% +4.5% +3.5% +9.8% +29.5% +26.7% +74.0% +21.9% −9.4% −12.4% +7.0% +7.3% +9.4%
Margins
EBITDA margin 17.8% 18.5% 18.3% 19.7% 19.9% 24.8% 23.7% 23.1% 23.9% 24.8% 20.2% 26.2% 27.7% 20.9% 18.5% 19.8% 19.7% 20.5%
Operating margin 10.1% 11.4% 10.8% 11.8% 12.3% 14.8% 13.8% 13.5% 14.2% 15.5% 18.0% 24.2% 25.6% 18.7% 16.0% 17.1% 17.4% 17.9%
Net margin 8.6% 10.0% 11.5% 9.4% 9.7% 11.2% 11.6% 11.1% 10.6% 12.1% 14.5% 19.8% 19.7% 15.5% 14.0% 14.8% 15.0% 14.9%
Free-cash-flow margin 14.7% 12.1% 12.4% 13.8% 13.2% 13.0% 14.8% 15.4% 16.7% 15.5% 15.8% 21.2% 17.3% 15.4% 16.2% 16.9% 14.1% 16.0%
Cash flow
Cash from operations 1.7 1.5 1.7 2.0 2.0 2.6 2.9 3.3 4.0 4.5 5.0 8.3 9.3 9.2 8.4 8.7 7.8 9.3
Capital spending 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5 0.8 0.9 1.5 2.5 2.2 1.5 1.4 1.5 1.7
Free cash flow 1.5 1.3 1.4 1.7 1.7 2.2 2.5 2.8 3.5 3.8 4.0 6.8 6.8 6.9 6.9 7.3 6.3 7.6
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3
Free cash flow after stock pay 1.4 1.2 1.4 1.6 1.6 2.1 2.4 2.7 3.3 3.6 3.9 6.6 6.6 6.6 6.6 7.0 6.0 7.3
Balance sheet
Cash 1.6 0.9 1.0 0.8 5.8 1.3 0.5 0.8 1.3 2.1 2.4 10.3 4.5 8.5 8.1 4.0 9.9 5.5
Total debt 2.2 2.1 7.0 7.1 10.5 14.6 12.5 16.7 21.2 19.7 18.0 21.9 35.0 34.6 35.0 31.3 39.5 41.4
Net debt (negative = net cash) 0.6 1.2 6.0 6.3 4.7 13.2 12.0 15.9 19.8 17.6 15.6 11.6 30.5 26.0 27.0 27.3 29.6 35.9
Diluted shares 423m 409m 385m 367m 366m 402m 402m 397m 398m 406m 403m 399m 397m 394m 388m 383m 378m 373m
Returned to shareholders
Dividends — — 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.6 0.6 0.7
Buybacks 0.4 1.0 1.3 1.2 0.1 0.0 0.5 1.3 0.8 0.5 1.5 1.5 2.0 3.0 3.0 4.0 3.0 4.0
Total returned 0.4 1.0 1.3 1.3 0.3 0.2 0.7 1.5 1.0 0.8 1.8 1.8 2.4 3.5 3.5 4.6 3.6 4.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 26, 2026
What it owns · $114.2bn
Short-term assets $25.6bnLonger-term assets $88.6bn
What it owes, and who funded it · $68.9bn
Short-term liabilities $14.2bnShareholders' equity $54.8bn
  • Short-term assets cover short-term liabilities $25.6bn of assets due within a year against $14.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.5bn of cash against $43.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 79% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 79% over five years.
  • A year's operating cash flow covers at least 20% of debt $9.3bn of operating cash flow against $43.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $8.5bn against $1.5bn of interest.

From Thermo Fisher Scientific's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$4B
Dividends (TTM)
$673M
Returned to shareholders
62%
of free cash flow
Buybacks, last 3 fiscal years
$10B
Diluted share count
−1.6%
year over year
Total shareholder yield
1.9%
dividends 0.3% + buybacks 1.6% of market value
Dividend payout ratio
10%
of net income paid out
R&D spending
3.0%
of revenue
Sales & admin spending
19.4%
of revenue
Days sales outstanding
74 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated TMO DHR IQV ICLR A AVTR Median
Revenue, last 12 months $47.4bn $25.6bn $17.3bn $8.3bn $7.4bn $6.6bn $229m
Revenue growth, last 12 months 8.3% 5.5% 8.8% 0.8% 8.6% 0.9% 6.9%
Revenue growth, 3-year average 2.9% 1.3% 5.2% 83.5% 1.8% −1.9% 2.9%
Revenue growth, latest quarter 9.1% 8.3% 8.0% — 8.1% 4.6% 8.5%
Gross margin 44.4% 58.6% — 28.6% 53.8% 31.6% 51.9%
Operating margin 17.9% 20.4% 12.8% 5.4% 22.2% 7.3% −14.3%
Operating margin, 3-year average 17.3% 19.8% 13.4% 10.5% 22.1% 6.9% −22.4%
Net margin 14.9% 16.9% 8.1% 2.8% 19.5% 5.1% −16.1%
Cash from operations / revenue 19.7% 26.8% 15.8% 12.6% 21.8% 8.8% 1.3%
Free-cash-flow margin 16.0% 22.4% 12.0% 10.4% 17.2% 6.6% −2.2%
Free-cash-flow margin, 3-year average 16.1% 21.3% 12.9% 14.4% 18.3% 8.5% 0.6%
Stock pay / revenue 0.7% 1.3% 1.7% 1.2% 1.8% 0.7% 4.4%
Change in share count −1.6% −1.6% −3.9% −4.9% −0.9% −0.6% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.3% 6.9% 25 of 54
Change in growth rate Growth +1.0pp +0.4pp 22 of 54
Operating margin Profitability 17.9% -14.3% 8 of 52
Net margin Profitability 14.9% -12.2% 9 of 54
Free-cash-flow margin Cash generation 16.0% -1.3% 11 of 54
Stock pay as % of revenue Cash generation 0.7% 4.4% 4 of 53
Long-term debt as % of assets Balance sheet 36.0% 26.3% 26 of 35
Change in share count Balance sheet -1.6% 1.0% 11 of 46
Days sales outstanding Balance sheet 74 days 62 days 39 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Laboratory Products and Biopharma Services $23.8B 53.5% ▲ 3.5%
Life Sciences Solutions $8.8B 19.7% ▲ 7.6%
Analytical Instruments $7.4B 16.5% ▲ 1.2%
Specialty Diagnostics $4.6B 10.3% ▲ 3.5%
Products and services
Line of business Revenue Share YoY
Products $26B 58.2% ▲ 3.7%
Services $18.6B 71.6% ▲ 4.2%
Instruments $7.3B 28.1% ▼ 1.9%
Consumables $18.7B 41.8% ▲ 6.1%
Geography
Region Revenue YoY
North America $23B ▲ 2.4%
Outside the US $22.3B ▲ 5.6%
United States $22.2B ▲ 2.2%
Europe $11.8B ▲ 8.9%
Asia Pacific $8.1B ▲ 1.8%
Other Regions $1.6B ▲ 2.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Thermo Fisher Scientific's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$168B
Institutions reporting
2,615
Shares held vs prior quarter
▲ 0.9%
Positions opened / closed
167 / 146

Top buyers and sellers, Q2 2026: 1,089 institutions bought and 1,304 sold ; the biggest buyer was FMR LLC (+3.3M shares) and the biggest seller Bank Of America Corp (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $15.5B 30.9M 9.2% ▲ 1.6%
Vanguard Capital Management LLC $12.2B 24.3M 7.2% 0.0%
State Street Corp $8.4B 16.8M 5.0% ▲ 0.6%
FMR LLC $7.1B 14.1M 4.2% ▲ 30.7%
Morgan Stanley $5.4B 10.8M 3.2% ▼ 0.9%
Jpmorgan Chase & Co $4.3B 8.5M 2.6% ▲ 25.1%
Geode Capital Management, LLC $4.2B 8.4M 2.5% ▼ 0.3%
Franklin Resources Inc $3.6B 7.3M 2.2% ▲ 6.7%
Vanguard Portfolio Management LLC $3.1B 6.2M 1.9% ▲ 1.0%
Capital World Investors $3.1B 6.2M 1.8% ▼ 6.8%
Price T Rowe Associates Inc $2.6B 5.1M 1.5% ▼ 19.0%
Norges Bank $2.6B 5.1M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Thermo Fisher Scientific's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $146M 144 trades by 7 insiders · 52% under pre-set plans
Net ▼ $146M net selling
Insider Date Trade Shares Price Value
Britt Lisa P. Sr. VP and Chief HR Officer October 28, 2026 Sell 2,831 $706.45 $2M
Pettiti Gianluca President & COO August 31, 2026 Sell pre-set plan 3,733 $614.38 $2.3M
Pettiti Gianluca President & COO August 31, 2026 Sell pre-set plan 400 $614.38 $245,752
Casper Marc N Chairman & CEO August 24, 2026 Sell pre-set plan 62 $628.74 $38,982
Casper Marc N Chairman & CEO August 24, 2026 Sell pre-set plan 79 $628.01 $49,613
Casper Marc N Chairman & CEO August 24, 2026 Sell pre-set plan 33 $626.59 $20,677
Casper Marc N Chairman & CEO August 24, 2026 Sell pre-set plan 101 $625.41 $63,166
Casper Marc N Chairman & CEO August 21, 2026 Sell pre-set plan 321 $629.10 $201,941
Casper Marc N Chairman & CEO August 21, 2026 Sell pre-set plan 2,147 $628.61 $1.3M
Casper Marc N Chairman & CEO August 21, 2026 Sell pre-set plan 1,791 $627.39 $1.1M
Casper Marc N Chairman & CEO August 21, 2026 Sell pre-set plan 3,014 $626.51 $1.9M
Casper Marc N Chairman & CEO August 21, 2026 Sell pre-set plan 2,727 $625.46 $1.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 119 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of Thermo Fisher Scientific shares.

  • Dan Newhouse(R-WA 4):Sale (full), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Dwight Evans(D-PA 3):Sale (partial), $1,001 - $15,000, traded May 7, 2026, filed May 15, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 23, 2026
  • April 23, 2026
  • January 29, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Thermo Fisher Scientific was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Thermo Fisher Scientific in brief

What does Thermo Fisher Scientific do?
Thermo Fisher Scientific is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Thermo Fisher Scientific's stock ticker?
Thermo Fisher Scientific trades under the ticker TMO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Thermo Fisher Scientific's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Thermo Fisher Scientific reported revenue of $47.4B, 8.3% higher than a year earlier, according to its SEC filings.
What is Thermo Fisher Scientific's free cash flow?
Thermo Fisher Scientific's free-cash-flow margin is 16.0% of revenue over the trailing twelve months, ranking 11 of the 54 life sciences tools & services companies we cover.
What is Thermo Fisher Scientific's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Thermo Fisher Scientific's free cash flow after stock-based pay gives ~$370 per share in the base case, and ~$250–$520 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Thermo Fisher Scientific's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Thermo Fisher Scientific buying back stock, and does it pay a dividend?
Thermo Fisher Scientific spent $4B on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Thermo Fisher Scientific's market cap?
On November 2, 2026, Thermo Fisher Scientific's market capitalisation was about $255B, with a price-to-earnings ratio of 36.0 and net debt of $35.9B. Market figures come from third-party market data and may be delayed.
Does Thermo Fisher Scientific pay a dividend?
Yes: Thermo Fisher Scientific paid $673M in dividends over the trailing twelve months, a dividend yield of 0.27% and a payout ratio of 9.5%.
How much debt does Thermo Fisher Scientific have?
Thermo Fisher Scientific's debt-to-equity ratio is 79.2%, from its latest balance sheet (80.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Thermo Fisher Scientific's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Thermo Fisher Scientific are Danaher Corporation, IQVIA, Icon PLC, Agilent Technologies and Avantor, Inc. The side-by-side comparison below sets their revenue, margins and growth against Thermo Fisher Scientific's.
Are insiders buying or selling Thermo Fisher Scientific stock?
Over the last 12 months, Thermo Fisher Scientific's directors and officers reported 0 open-market purchases and 144 sales on Form 4. The insider trading page charts every trade.
When is Thermo Fisher Scientific's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Thermo Fisher Scientific announces its own schedule.