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Thermo Fisher Scientific Inc. (TMO)

Thermo Fisher Scientific sells the instruments, reagents, consumables, software and services that laboratories run on, and it also makes and tests drugs for other companies. Its customers are pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, along with environmental, industrial, research and quality and process control settings. The main brands are Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. The business is reported in four segments.

Thermo Fisher Scientific Inc.

Thermo Fisher Scientific sells the instruments, reagents, consumables, software and services that laboratories run on, and it also makes and tests drugs for other companies. Its customers are pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, along with environmental, industrial, research and quality and process control settings. The main brands are Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. The business is reported in four segments.

Life Sciences Solutions

Reagents, instruments and consumables used in biological and medical research, in the discovery and production of drugs and vaccines, and in diagnosing disease. Three businesses sit here. Biosciences supplies the reagents, instruments and consumables for molecular biology and protein biology research. Genetic sciences combines instruments and reagents into genomic and proteomic offerings for research, clinical, healthcare and applied markets. Bioproduction supplies the production of biologics and industrial manufacturing, covering upstream cell culture, downstream purification, analytics for detection and quantitation, filtration and separation of process impurities, and single-use solutions across the biologics workflow.

Analytical Instruments

Instruments with the consumables, software and services around them, sold to pharmaceutical, biotechnology, academic, government, environmental, industrial and clinical laboratory customers. Chromatography and mass spectrometry covers analytical instrumentation for organic and inorganic sample analysis. Chemical analysis divides into production, process and analytics; field and safety instruments; and environmental and process instruments. Electron microscopy serves life sciences, materials sciences and semiconductor customers, and in semiconductors supplies integrated workflows for research and development and for production.

Specialty Diagnostics

Diagnostic test kits, reagents, culture media and instruments for healthcare, clinical, pharmaceutical, industrial and food safety laboratories, across five businesses. Clinical diagnostics supplies immunodiagnostic reagent kits, calibrators, controls, protein detection assays and instruments used for drugs-of-abuse testing, therapeutic drug monitoring, thyroid hormone testing, sepsis screening, first trimester screening, tumour markers and multiple myeloma. Immunodiagnostics makes blood-test systems for allergy, asthma and autoimmune disease. Microbiology supplies culture media, collection and transport systems, instruments and consumables to detect pathogens. Transplant diagnostics covers human leukocyte antigen typing and testing for the organ transplant market. The healthcare market channel sells consumables, kits, equipment and services to hospitals, clinical and reference laboratories and physicians' offices.

Laboratory Products and Biopharma Services

Four businesses. Laboratory products covers lab consumables, equipment and chemicals for life science research and drug discovery and development. The research and safety market channel mixes products made by Thermo Fisher, made for it on a private-label basis, and made by third parties under their own brands but sold through the company. Pharma services provides development, manufacturing and clinical trials services for both small-molecule and large-molecule drugs. Clinical research offers integrated clinical development and analytical services across all phases of development, peri- and post-approval work and site and patient access services.

Selling, buying and people

Products and services are sold through a direct sales force, customer-service professionals, electronic commerce and third-party distributors, with approximately 14,000 sales personnel including technical specialists. On 10 July 2024 the company acquired Olink Holding AB, a Swedish provider of proteomics solutions, into Life Sciences Solutions, and on 1 September 2025 it acquired a filtration and separation business, a provider of purification and filtration technologies used in producing biologics and in medical technology and industrial applications, into the same segment. It employed approximately 125,000 colleagues globally at 31 December 2025, approximately 59,000 in the Americas, 22,000 in Asia-Pacific and 44,000 in Europe, the Middle East and Africa. The filing describes competition in virtually all its markets as aggressive, coming from manufacturers, third-party distributors and service providers.

From Thermo Fisher Scientific's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in Thermo Fisher Scientific became

Latest results

Latest quarterQ3 FY2026ended 26 September 2026 · 10-Q filed 30 October 2026
Revenue
$12.1 billion
+9.1% on the year · +1.2% on the quarter
Q4 FY2024Q3 FY2026
Net income
$1.7 billion
+6.5% on the year · -0.9% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$4.64
+8.7% on the year · -0.9% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 26 February 2026
Revenue
$44.6 billion
+3.9% on the year
FY2018FY2025
Net income
$6.7 billion
+5.8% on the year
FY2018FY2025
Diluted EPS
$17.74
+7.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsThermo Fisher Scientific (TMO) reported revenue of $44.6 billion for fiscal 2025, the year ended 31 December 2025, up 3.9% on the year before. Net income was $6.7 billion and diluted earnings per share $17.74. Revenue was $42.9 billion in fiscal 2024, $42.9 billion in fiscal 2023, $44.9 billion in fiscal 2022 and $39.2 billion in fiscal 2021. Net income in the same years was $6.3 billion, $6.0 billion, $7.0 billion and $7.7 billion. Over the twelve months to 26 September 2026, Thermo Fisher Scientific reported revenue of $47.4 billion and net income of $7.1 billion. Revenue grew 6.7% a year, compounded, over the five years to fiscal 2025. Thermo Fisher Scientific declared $1.84 a share in dividends over the last four quarters and had 371 million shares outstanding at the latest filed count. At 26 September 2026 it carried $41.4 billion of debt and $5.5 billion of cash. At the close of 6 November 2026 the market cap of Thermo Fisher Scientific was $257.5 billion, 36.7 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROE12.9%
ROCE8.8%
Operating margin17.9%
Net margin14.9%
FCF margin16.0%
Interest cover5.5x
Debt to equity0.76x
Cash conversion1.32x
Share count, last 12 months-1.4%
Sales CAGR, 3 years-0.3%
Profit CAGR, 3 years-1.2%
EPS, TTM$18.96

At the close of 6 November 2026

Price$694.89
Market cap$257.5 billion
Stock P/E36.6x
Price to book4.7x
EV / EBITDA25.4x
Dividend yield0.3%
Market cap / sales5.4x
52-week high$709.27
52-week low$438.34
Price, 1 year22.8%
Price CAGR, 3 years14.8%
Price CAGR, 5 years2.4%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Thermo Fisher Scientific Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
TMOgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. 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. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue10,70211,81810,97010,67711,45010,71010,68710,57410,88610,34510,54110,59811,39510,36410,85511,12212,21511,00511,99412,137
Cost of revenue5,4486,3546,3716,3756,8446,5706,4366,2586,4936,1406,1946,2706,5736,1296,4466,5397,2046,5757,1127,006
Gross profit5,2545,4644,5994,3024,6064,1404,2514,3164,3934,2054,3474,3284,8224,2354,4094,5835,0114,4304,8825,131
Gross margin49%46%42%40%40%39%40%41%40%41%41%41%42%41%41%41%41%40%41%42%
R&D392364365351391346345319327331339346374342352346357336364348
SG&A2,2782,2772,2092,2082,2992,1192,1452,0492,1322,1832,1112,0982,2032,0782,1402,1622,3522,1812,3332,321
Operating income2,5382,8212,0011,7101,8611,5631,5781,8641,8541,6631,8201,8382,0161,7161,8341,9412,2551,8632,0872,263
Operating margin24%24%18%16%16%15%15%18%17%16%17%17%18%17%17%17%18%17%17%19%
Interest expense161136148173269300326359390363354356317303404347365354401417
Pre-tax income1,8682,5401,9171,6011,7771,3631,4301,7651,7401,5891,7651,7421,9411,6201,7091,8262,1531,7341,9242,088
Tax rate11%12%10%2%10%3%4%3%8%18%7%6%8%6%5%11%7%4%9%17%
Net income1,6582,2151,6641,4951,5761,2891,3611,7151,6301,3281,5481,6301,8291,5071,6171,6161,9641,6511,7361,721
Net margin15%19%15%14%14%12%13%16%15%13%15%15%16%15%15%15%16%15%14%14%
Diluted EPS$4.18$5.61$4.22$3.79$4.01$3.32$3.51$4.42$4.20$3.46$4.04$4.25$4.78$3.98$4.28$4.27$5.21$4.43$4.68$4.64
Operating cash flow2,4572,2021,5281,9373,4877291,5402,4143,7231,2511,9602,1663,2907231,3992,2393,4571,1922,1252,550
Capital expenditure831640506547550458284332405347301272480362294404465376450437
Free cash flow1,6261,5621,0221,3902,9372711,2562,0823,3189041,6591,8942,8103611,1051,8352,9928161,6752,113
Buybacks0.02,0000.00.01,0003,0000.00.00.03,0000.00.01,0002,0000.096337.03,0001,0000.0
Dividends paid103103117118117117135135136135149150149149162163162162175174
Shares outstanding391m391m392m392m385m386m386m386m381m382m382m383m377m377m378m376m371m372m370m371m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

Income statement (profit and loss)

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue9,74610,3139,74110,39311,55912,51013,09016,89016,96518,27420,91824,35825,54232,21839,21144,91542,85742,87944,55647,351
Cost of revenue5,9426,2205,8866,1326,7657,2147,5619,3989,2109,90511,47313,50114,21416,21419,57325,94425,75725,17726,31827,897
Gross profit3,8044,0933,8544,2624,7945,2965,5297,4927,7568,3699,44510,85711,32816,00419,63818,97117,10017,70218,23819,454
Gross margin39.0%39.7%39.6%41.0%41.5%42.3%42.2%44.4%45.7%45.8%45.2%44.6%44.4%49.7%50.1%42.2%39.9%41.3%40.9%41.1%
Research and developmentn/an/an/a2843403763966916927558889671,0031,1811,4061,4711,3371,3901,3971,405
Selling, general and administrative2,5492,6162,5762,7293,1063,3553,4464,8964,6124,9765,5046,0576,1446,9308,0078,9938,4458,5958,7329,187
Operating income9741,1949761,1881,2511,4821,6102,5032,3362,4582,9603,7834,5947,79410,0288,3936,8597,3377,7468,468
Operating margin10.0%11.6%10.0%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%
Interest expensen/a15211884.71752422624804154705926676765535367261,3751,3901,4191,537
Pre-tax incomen/an/a8541,0881,1331,2691,3202,0871,9362,0242,4293,2624,0707,2258,8417,8356,2987,0377,3087,899
Income tax93.713946.710210911.040.4192-44.0-1.02013243748501,109703284657547742
Effective tax raten/an/a5.5%9.3%9.7%0.9%3.1%9.2%-2.3%-0.0%8.3%9.9%9.2%11.8%12.5%9.0%4.5%9.3%7.5%9.4%
Net income7489818501,0361,3301,1781,2731,8941,9752,0222,2252,9383,6966,3757,7256,9505,9956,3356,7047,072
Net margin7.7%9.5%8.7%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%
Diluted EPS$1.69$2.25$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
Filing10-K8-K8-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree 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.

Revenue by segment FY2009 to FY2025, 1 year left out

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Laboratory Products and Biopharma Servicesn/an/an/an/a6,3996,6026,3726,7247,82510,03510,59914,86222,51122,88823,00223,81853.5%
Life Sciences Solutionsn/an/an/an/a7124,1964,7745,3175,7286,2696,85615,63113,5328,5458,1608,78119.7%
Analytical Instrumentsn/an/an/an/a3,1543,2523,2083,6684,8215,4695,5226,0696,6247,1017,2677,35316.5%
Specialty Diagnostics2,1502,1492,4702,9623,1923,3443,2443,3393,4863,7243,7185,6594,7634,3244,4494,60410.3%
Analytical Technologies2,9193,2383,8454,124n/an/an/an/an/an/an/an/an/an/an/an/an/a
Laboratory Products and Services5,2445,4735,7635,990n/an/an/an/an/an/an/an/an/an/an/an/an/a
Intersegment Eliminations-402-467-519-566n/an/an/an/an/an/an/an/an/an/an/an/an/a
Sales between segments, taken out-171n/an/an/a-367-503-633-774-942-1,139-1,153-3,010-2,515n/an/an/an/a
Laboratory Products and Biopharma Services FY2013 to FY2025Life Sciences Solutions FY2013 to FY2025Analytical Instruments FY2013 to FY2025Specialty DiagnosticsLaboratory Products and Services FY2009 to FY2012Analytical Technologies FY2009 to FY2012
10.9FY201013.1FY201217.4FY201419.0FY201625.5FY201842.2FY202142.9FY202344.6FY2025

$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Intersegment Eliminations and Sales between segments, taken out are the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.

Profit by segment FY2009 to FY2025, 7 years left out

The operating profit each segment reports. Costs Thermo Fisher Scientific does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2009FY2010FY2011FY2012FY2019FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Laboratory Products and Biopharma Servicesn/an/an/an/a1,3241,8442,8723,3583,0903,35014.1%
Life Sciences Solutionsn/an/an/a1552,4467,8175,5823,4203,5033,76842.9%
Analytical Instrumentsn/an/an/an/a1,2731,1971,5071,9081,9551,73623.6%
Specialty Diagnostics4584885987589301,2801,0241,1241,1591,25627.3%
Analytical Technologies457550695555n/an/an/an/an/an/an/a
Laboratory Products and Services735781836912n/an/an/an/an/an/an/a
Laboratory Products and Biopharma Services FY2019 to FY2025Laboratory Products and Services FY2009 to FY2012Life Sciences Solutions FY2012 to FY2025Analytical Technologies FY2009 to FY2012Analytical Instruments FY2019 to FY2025Specialty Diagnostics
1.8FY20102.4FY201212.1FY20219.8FY202310.1FY2025

$ billion; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Laboratory Products and Biopharma Services53%33%
Life Sciences Solutions20%37%
Analytical Instruments17%17%
Specialty Diagnostics10%12%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Revenue by product or service FY2016 to FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Consumablesn/an/a12,57613,10918,52722,60820,62417,59717,58718,66441.9%
Service revenues2,5623,5445,4906,0466,9128,85016,36717,61417,84518,59241.7%
Instrumentsn/an/a6,2926,3876,7797,7537,9247,6467,4467,30116.4%
Product15,71217,374n/an/an/an/an/an/an/an/an/a
Consumables FY2018 to FY2025Service revenuesInstruments FY2018 to FY2025Product FY2016 to FY2017
20.9FY201725.5FY201939.2FY202142.9FY202344.6FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2010 to FY2025

FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Othern/a3,8054,1614,2865,0866,9827,4588,72910,22510,42412,98620,30421,09520,84421,12422,31650.1%
United States5,8076,0246,4246,6178,1488,6079,08610,12911,62912,36616,43518,90723,82022,01321,75522,24049.9%
All Other Countries3,178n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
China4055607368971,2231,3761,7302,0602,5042,7522,797n/an/an/an/an/an/a
Germany5936986827591,006n/an/an/an/an/an/an/an/an/an/an/an/a
Japann/an/an/an/a673n/an/an/an/an/an/an/an/an/an/an/an/a
United Kingdom410472507532754n/an/an/an/an/an/an/an/an/an/an/an/a
Other FY2011 to FY2025United StatesChina FY2010 to FY2020Germany FY2010 to FY2014United Kingdom FY2010 to FY2014Japan FY2014All Other Countries FY2010
11.6FY201113.1FY201317.0FY201520.9FY201725.5FY201939.2FY202142.9FY202344.6FY2025

$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

First forecast against the result

Thermo Fisher Scientific's adjusted EPS landed at or above the top of the range in 1 and inside it in 2 of the 3 years shown (FY2013 to FY2024).

−0.7%FY2013+0.9%FY2014−0.6%FY2024
  • At or above the top of the range
  • Inside the range
  • Under the range

Each bar is the year's result against the top of its first forecast range, in per cent of the top. Hover a bar for the figures.

Fiscal yearFirst forecast
adjusted EPS		Result
FY2013$5.32 to $5.46$5.42
FY2014$6.70 to $6.90$6.96
FY2024$20.95 to $22.00$21.86
First forecast
The full-year range the company gave with its fourth-quarter results for the year before, before any later change to it.
Result
The figure the company reported for that year with its next fourth-quarter results.
Adjusted EPS
The company's own measure, which leaves out items it names, so it differs from the EPS in the tables above.
Years left out
Where the forecast or the result could not be read with confidence. Each figure in the table links to the results release it comes from.

Cash flow

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow1,4841,4201,6591,4981,6912,0402,0112,7292,9423,2584,0054,5434,9738,2899,3129,1548,4068,6677,8189,324
Capital expenditure1762511982452613152824284234445087589261,4742,5232,2431,4791,4001,5251,728
Free cash flow1,3081,1691,4621,2521,4301,7241,7282,3012,5192,8143,4973,7854,0476,8156,7896,9116,9277,2676,2937,596
Free cash flow margin13.4%11.3%15.0%12.1%12.4%13.8%13.2%13.6%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 from investing-586-450-830-859-5,142-1,371-263-11,783-1,093-5,520-7,729-1,253-1,487-1,510-21,932-2,159-5,142-5,841-4,047-7,983
Cash from financing-929-228-558-1,295n/an/an/an/a-2,6172,7593,854-2,237-3,1189596,581-2,810-3,622-6,7921,8011,985
Depreciation and amortisation7577687597408609841,0001,6851,6881,7582,0332,2672,2772,3252,5923,3813,4063,1082,7803,106
Share-based compensation51.156.466.781.680.078.290.9117125133159181181196230307278301310345
Buybacks8981874151,0121,3381,15089.80.05001,2507505001,5001,5002,0003,0003,0004,0003,0004,037
Dividends paidn/an/an/an/a0.0142216235241238237266297337395455523583636673
Dividend per sharen/an/an/a$0.00$0.00$0.54$0.60$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, weighted444m435m423m409m385m367m366m402m402m397m398m406m403m399m397m394m388m383m378m371m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a371m
Filing10-K8-K8-K8-K8-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe 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

FY2007FY2008 †FY2009 †FY2010 †FY2011 †FY2012 †FY2013FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity14,46414,92615,43115,36115,03815,46516,85620,54821,35021,53925,41327,58629,67534,50740,79343,97846,73549,58453,40754,761
Non-controlling interestn/an/an/an/an/an/an/an/an/an/an/a8.09.010.062.054.0-11.0-33.07.06.0
Redeemable equityn/an/an/an/an/an/an/an/an/an/an/an/a0.00.0122116118120122128
Short-term borrowingsn/an/an/an/an/an/an/an/an/an/an/a693n/an/an/an/an/an/an/an/a
Debtn/a2,0032,0642,1377,0287,12410,48714,56412,47216,62721,00818,99017,75221,73534,87034,48834,91731,27539,38541,370
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a5716261,2031,3131,2441,2391,195n/a
Other liabilitiesn/a4,1604,1303,8514,7684,8564,5207,7407,0677,74110,2488,95510,37412,17418,07317,20515,72315,13616,22717,968
Total liabilities and equityn/a21,09021,62521,34926,83427,44531,86342,85240,88945,90856,66956,23258,38169,05295,12397,15498,72697,321110,343114,233
Owned
Fixed assetsn/a1,2751,2861,3201,6111,7261,7672,4262,4492,5784,0474,1654,7495,9128,3339,2809,4489,30610,56510,577
Goodwilln/a8,6788,6928,98111,98812,47412,50318,84318,82821,32825,29025,34725,71426,04141,92441,19644,02045,85349,36254,263
Intangible assetsn/a6,4236,1925,9147,8167,8047,07114,11012,75813,96916,68414,97814,01412,68520,11317,44216,67015,53315,83818,077
Investmentsn/a7.57.18.94.34.34.58.5n/an/an/an/an/an/an/an/a3.01,561253600
Cash and equivalents6251,2801,5649171,0168065,8261,3444527861,3352,1032,39910,3254,4778,5248,0774,0099,8525,461
Receivablesn/a1,4781,3761,4401,7641,8051,9422,4742,5453,0483,8794,1364,3495,7417,9778,1158,2218,1918,9009,625
Inventoryn/a1,1711,1311,1531,3301,4431,4941,8601,9922,2132,9713,0053,3704,0295,0515,6345,0884,9785,4255,643
Other assetsn/a7761,3761,6161,3041,3811,2541,7881,8661,9852,4632,4983,7864,3197,2486,9637,1997,89010,1489,987
Total assetsn/a21,09021,62521,34926,83427,44531,86342,85240,88945,90856,66956,23258,38169,05295,12397,15498,72697,321110,343114,233
Filing10-K8-K8-K8-K8-K10-K10-K10-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.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded10.1%6.7%-0.3%8.3%
Profit growth, compounded13.0%1.0%-1.2%7.7%
Return on equity, average13.3%14.6%12.7%12.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn 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.

Questions

What was Thermo Fisher Scientific's revenue in fiscal 2025?

Thermo Fisher Scientific (TMO) reported revenue of $44.6 billion for fiscal 2025, the year ended 31 December 2025, up 3.9% on the year before.

How much did Thermo Fisher Scientific earn in fiscal 2025?

Net income was $6.7 billion for fiscal 2025, and diluted earnings per share $17.74.

What is Thermo Fisher Scientific's P/E ratio?

At the close of 6 November 2026, Thermo Fisher Scientific traded at 36.7 times its earnings over the twelve months to 26 September 2026.

What is Thermo Fisher Scientific's market cap?

The market cap of Thermo Fisher Scientific was $257.5 billion at the close of 6 November 2026.

Does Thermo Fisher Scientific pay a dividend?

Yes. Thermo Fisher Scientific declared $1.84 a share in dividends over the four quarters to 26 September 2026.

Peers: Measuring and Control Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Thermo Fisher Scientific Inc. TMO$257.5 billion36.6512.9%17.9%8.3%0.760.3%
KLA Corp. KLAC$180.5 billion34.6280.6%n/a15.8%0.880.6%
Danaher Corp. DHR$162.0 billion37.698.1%20.4%5.5%0.490.6%
Trane Technologies plc TT$88.0 billion28.3834.6%17.9%10.3%0.461.0%
AMETEK Inc. AME$52.4 billion32.2513.9%26.0%14.3%0.570.6%
Agilent Technologies, Inc. A$49.3 billion34.4019.6%22.2%8.6%0.540.6%
Roper Technologies Inc. ROP$47.2 billion18.8113.5%28.0%9.2%0.510.8%
Rockwell Automation, Inc. ROK$41.7 billion35.2134.4%22.7%11.3%0.931.5%
Trimble Inc. TRMB$12.4 billionn/a-3.2%16.5%6.9%0.31n/a
Onto Innovation Inc. ONTO$8.5 billion65.106.9%12.0%8.1%0.00n/a
Mirion Technologies, Inc. MIR$4.4 billion149.581.6%6.0%19.6%0.67n/a
Quantum-Si Inc. QSI$291 millionn/a-53.1%-7,474.5%-60.2%0.00n/a
All 49 in Measuring and Control Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Thermo Fisher Scientific Inc. TMO$257.5 billion36.6512.9%17.9%8.3%0.760.3%
KLA Corp. KLAC$180.5 billion34.6280.6%n/a15.8%0.880.6%
Danaher Corp. DHR$162.0 billion37.698.1%20.4%5.5%0.490.6%
Trane Technologies plc TT$88.0 billion28.3834.6%17.9%10.3%0.461.0%
AMETEK Inc. AME$52.4 billion32.2513.9%26.0%14.3%0.570.6%
Agilent Technologies, Inc. A$49.3 billion34.4019.6%22.2%8.6%0.540.6%
Roper Technologies Inc. ROP$47.2 billion18.8113.5%28.0%9.2%0.510.8%
Keysight Technologies, Inc. KEYS$46.3 billion37.3319.2%20.3%25.5%0.38n/a
Waters Corp. WAT$45.0 billion114.141.1%7.1%52.5%0.33n/a
Rockwell Automation, Inc. ROK$41.7 billion35.2134.4%22.7%11.3%0.931.5%
Coherent Corp. COHR$38.0 billion40.018.5%12.5%30.8%0.35n/a
Mettler Toledo International Inc. MTD$37.3 billion37.301,202.8%n/a6.5%26.06n/a
Teradyne, Inc. TER$34.1 billion25.0537.2%32.1%74.9%0.000.2%
Illumina, Inc. ILMN$32.2 billion36.6728.5%21.2%5.8%0.57n/a
Veralto Corp. VLTO$28.5 billion28.9831.0%21.8%6.4%0.900.4%
Fortive Corp. FTV$19.5 billion31.1411.0%19.6%7.0%0.590.4%
Revvity, Inc. RVTY$17.3 billion73.893.3%12.3%4.1%0.450.2%
MKS Inc. MKSI$13.0 billion22.8018.3%18.2%24.6%1.150.5%
Trimble Inc. TRMB$12.4 billionn/a-3.2%16.5%6.9%0.31n/a
Avantor, Inc. AVTR$10.5 billion30.935.8%7.3%0.9%0.63n/a
Bio-Rad Laboratories, Inc. BIO$10.3 billion10.0613.5%-2.4%1.4%0.16n/a
Bruker Corp. BRKR$9.4 billionn/a-5.4%-2.0%2.2%0.74n/a
Onto Innovation Inc. ONTO$8.5 billion65.106.9%12.0%8.1%0.00n/a
Cognex Corp. CGNX$8.0 billion33.3714.1%25.0%15.8%0.000.7%
10x Genomics, Inc. TXG$7.8 billionn/a-8.0%-11.7%-3.6%0.00n/a
Ralliant Corp. RAL$7.5 billionn/a-73.4%-48.3%n/a0.710.3%
Sensata Technologies Holding plc ST$5.7 billion15.7212.0%15.1%4.1%0.781.2%
Vontier Corp. VNT$5.7 billion17.3028.4%19.4%0.3%1.570.2%
Badger Meter Inc. BMI$4.5 billion36.4719.4%18.8%-2.2%0.001.0%
Mirion Technologies, Inc. MIR$4.4 billion149.581.6%6.0%19.6%0.67n/a
Itron, Inc. ITRI$4.3 billion15.9016.5%13.7%-3.6%0.95n/a
Alamar Biosciences, Inc. ALMR$1.9 billionn/a-18.1%-42.1%n/a0.00n/a
Cohu Inc. COHU$1.9 billionn/a-2.9%-2.4%34.0%0.38n/a
Aehr Test Systems AEHR$1.7 billion1,338.881.0%-5.6%26.8%0.00n/a
Allient Inc. ALNT$1.4 billion36.6811.4%9.8%12.6%0.530.2%
Transcat Inc. TRNS$953 millionn/an/an/an/a0.38n/a
Cytek Biosciences, Inc. CTKB$765 millionn/a-25.3%-21.1%5.5%0.00n/a
Mesa Laboratories Inc. MLAB$718 million152.762.5%9.0%3.0%0.760.5%
Pacific Biosciences of California, Inc. PACB$703 millionn/an/a-81.3%4.4%n/a0.0%
Frequency Electronics Inc. FEIM$661 million241.042.2%2.5%6.3%0.00n/a
Senseonics Holdings, Inc. SENS$454 millionn/a-121.1%-223.2%90.6%0.62n/a
908 Devices Inc. MASS$402 millionn/an/an/an/a0.00n/a
Quantum-Si Inc. QSI$291 millionn/a-53.1%-7,474.5%-60.2%0.00n/a
Nautilus Biotechnology, Inc. NAUT$284 millionn/an/an/an/a0.00n/a
Intest Corp. INTT$173 million38.593.4%3.3%16.6%0.05n/a
Hurco Companies Inc. HURC$132 millionn/a-3.4%-2.8%-1.9%n/an/a
Kewaunee Scientific Corp. KEQU$97 million12.1411.0%5.4%5.3%0.25n/a
Seer, Inc. SEER$90 millionn/a-30.1%-498.2%-12.7%0.000.0%
Rapid Micro Biosystems, Inc. RPID$32 millionn/a-288.5%-141.5%16.1%1.08n/a
5 companies share its SEC industry code (Measuring & Controlling Devices, Nec); the rest are the names nearest in size in its wider industry, Measuring and Control Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on TMO

Dividends$1.84 a share over the four quarters to 26 September 2026, a 0.26% yield
Filings22 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 other events; 2 officer or director change; 2 material agreement; 1 shareholder vote
Planned insider sales31 Form 144 notices in twelve months, $171.9 million; latest 28 October 2026
Options tapeput/call 1.06 by open interest at the 6 November 2026 close; the straddle prices a 4.0% move to 13 November 2026
13F holders2,640 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading144 sales and 0 purchases on Form 4 in twelve months
Congress3 House trades disclosed in six months
Short interest4.9 million shares short, 2.15 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q26 September 202630 October 2026EDGAR
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

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