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Stocks / United States / TMO · Measuring & Controlling Devices, Nec · NYSE

Thermo Fisher Scientific Inc. (TMO)

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Thermo Fisher Scientific Inc. (TMO) reported revenue of $12.0 billion for Q2 FY2026, the quarter ended 27 June 2026, up 10.5% on the same quarter a year earlier. Net income was $1.7 billion, up 7.4% on the year, and diluted earnings per share $4.68. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2026.

Revenue$12.0 billionup 10.5%
Net income$1.7 billionup 7.4%
Diluted EPS$4.68
QuarterQ2 FY2026ended 27 June 2026

Ratios

From the filings

ROE13.2%
ROCE8.6%
Operating margin17.6%
Net margin15.0%
FCF margin15.8%
Interest cover5.55
Debt to equity0.80
Cash conversion1.29
Share count, 1 year-2.1%
Sales CAGR, 3 years-0.3%
Profit CAGR, 3 years-1.2%
EPS, TTM$18.59

At the close of 21 September 2026

Price$658.76
Market cap$243.6 billion
Stock P/E35.44
Price to book4.62
EV / EBITDA25.41
Dividend yield0.3%
Market cap / sales5.26
52-week high$658.76
52-week low$438.34
Price, 1 year37.4%
Price CAGR, 3 years9.4%
Price CAGR, 5 years1.7%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Thermo Fisher Scientific Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on TMO

Filings23 in twelve months: 11 current reports (8-K), about 5 other events; 4 results of operations; 3 material agreement; 1 shareholder vote; 1 officer or director change
Planned insider sales34 Form 144 notices in twelve months, $181.0 million; latest 31 August 2026
Options tapeput/call 1.2 by open interest on 23 September 2026; the straddle prices a 2.6% move to 25 September 2026
Holders15 of the followed funds hold it; largest FMR LLC; 2 Schedule 13D or 13G filings in twelve months
Insider trading129 sales and 0 purchases on Form 4 in twelve months
Congress3 House trades disclosed in six months
Short interest5.7 million shares short, 3.39 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue10,57410,88610,34510,54110,59811,39510,36410,85511,12212,21511,00511,994
R&D319327331339346374342352346357336364
SG&A2,0492,1322,1832,1112,0982,2032,0782,1402,1622,3522,1812,333
Operating income1,8641,8541,6631,8201,8382,0161,7161,8341,9412,2551,8632,087
Operating margin18%17%16%17%17%18%17%17%17%18%17%17%
Interest expense359390363354356317303404347365354401
Pre-tax income1,7651,7401,5891,7651,7421,9411,6201,7091,8262,1531,7341,924
Tax rate3%8%18%7%6%8%6%5%11%7%4%9%
Net income1,7151,6301,3281,5481,6301,8291,5071,6171,6161,9641,6511,736
Net margin16%15%13%15%15%16%15%15%15%16%15%14%
Diluted EPS$4.42$4.20$3.46$4.04$4.25$4.78$3.98$4.28$4.27$5.21$4.43$4.68
Operating cash flow2,4143,7231,2511,9602,1663,2907231,3992,2393,4571,1922,125
Capital expenditure332405347301272480362294404465376450
Free cash flow2,0823,3189041,6591,8942,8103611,1051,8352,9928161,675
Buybacks0.00.03,0000.00.01,0002,0000.096337.03,0001,000
Dividends paid135136135149150149149162163162162175
Shares outstanding386m381m382m382m383m377m377m378m376m371m372m370m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue16,89016,96518,27420,91824,35825,54232,21839,21144,91542,85742,87944,55646,336
Cost of revenue7,9357,5848,2148,976n/an/an/an/an/an/an/an/an/a
Gross profit8,9559,38210,06011,942n/an/an/an/an/an/an/an/an/a
Gross margin53.0%55.3%55.1%57.1%n/an/an/an/an/an/an/an/an/a
Research and development6916927558889671,0031,1811,4061,4711,3371,3901,3971,403
Selling, general and administrative4,8964,6124,9765,5046,0576,1446,9308,0078,9938,4458,5958,7329,028
Operating income2,5032,3362,4582,9603,7834,5947,79410,0288,3936,8597,3377,7468,146
Operating margin14.8%13.8%13.5%14.2%15.5%18.0%24.2%25.6%18.7%16.0%17.1%17.4%17.6%
Interest expense4804154705926676765535367261,3751,3901,4191,467
Pre-tax income2,0871,9362,0242,4293,2624,0707,2258,8417,8356,2987,0377,3087,637
Income tax192-44.0-1.02013243748501,109703284657547597
Effective tax rate9.2%-2.3%-0.0%8.3%9.9%9.2%11.8%12.5%9.0%4.5%9.3%7.5%7.8%
Net income1,8941,9752,0222,2252,9383,6966,3757,7256,9505,9956,3356,7046,967
Net margin11.2%11.6%11.1%10.6%12.1%14.5%19.8%19.7%15.5%14.0%14.8%15.0%15.0%
Diluted EPS$4.71$4.92$5.09$5.59$7.24$9.17$15.96$19.46$17.63$15.45$16.53$17.74$18.59
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow2,6202,9423,2584,0054,5434,9738,2899,3129,1548,4068,6677,8189,013
Capital expenditure4284234445087589261,4742,5232,2431,4791,4001,5251,695
Free cash flow2,1922,5192,8143,4973,7854,0476,8156,7896,9116,9277,2676,2937,318
Free cash flow margin13.0%14.8%15.4%16.7%15.5%15.8%21.2%17.3%15.4%16.2%16.9%14.1%15.8%
Depreciation and amortisation1,6851,6881,7582,0332,2672,2772,3252,5923,3813,4063,1082,7802,942
Share-based compensation117125133159181181196230307278301310319
Buybacks0.05001,2507505001,5001,5002,0003,0003,0004,0003,0005,000
Dividends paid235241238237266297337395455523583636662
Dividend per share$0.60$0.60$0.60$0.60$0.68$0.76$0.88$1.04$1.20$1.40$1.56$1.72n/a
Diluted shares, weighted402m402m397m398m406m403m399m397m394m388m383m378m371m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a370m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets42,85240,88945,90856,66956,23258,38169,05295,12397,15498,72697,321110,343113,174
Cash and equivalents1,3444527861,3352,1032,39910,3254,4778,5248,0774,0099,8524,064
Receivables2,4742,5453,0483,8794,1364,3495,7417,9778,1158,2218,1918,9009,451
Inventory1,8601,9922,2132,9713,0053,3704,0295,0515,6345,0884,9785,4255,627
Goodwill18,84318,82821,32825,29025,34725,71426,04141,92441,19644,02045,85349,36254,832
Long-term debtn/an/an/an/a18,99017,75221,73534,67034,27834,72731,07239,17242,284
Long-term debt including finance leases12,35211,42015,37218,87317,719n/a19,10732,33328,90931,30829,06135,85239,181
Borrowings, as the company tags them14,42212,41616,70121,17519,18617,96021,92634,97134,56135,02831,33239,45942,592
Operating lease liabilitiesn/an/an/an/an/a5716261,2031,3131,2441,2391,195n/a
Shareholders' equity20,54821,35021,53925,41327,58629,67534,50740,79343,97846,73549,58453,40752,679
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded10.1%6.7%-0.3%7.2%
Profit growth, compounded13.0%1.0%-1.2%5.8%
Return on equity, average13.3%14.6%12.7%12.6%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Measuring & Controlling Devices, Nec

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Thermo Fisher Scientific Inc. TMO$243.6 billion35.4413.2%17.6%7.2%0.800.3%
Rockwell Automation, Inc. ROK$47.2 billion39.7834.4%22.7%11.3%0.741.2%
Trimble Inc. TRMB$13.5 billionn/a-2.0%17.0%5.8%0.29n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q27 June 202631 July 2026EDGAR
10-Q28 March 20261 May 2026EDGAR
10-K31 December 202526 February 2026EDGAR
10-Q27 September 202531 October 2025EDGAR
10-Q28 June 20251 August 2025EDGAR
10-Q29 March 20252 May 2025EDGAR
10-K31 December 202420 February 2025EDGAR
10-Q28 September 20241 November 2024EDGAR
10-Q29 June 20242 August 2024EDGAR
10-Q30 March 20243 May 2024EDGAR

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