TMO
SP100NYSEThermo Fisher Scientific Inc.
Healthcare · Diagnostics & Research · United States
Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.
www.thermofisher.com ↗Shares trade at a premium 28.7× trailing earnings, easing to 19.2× on forward estimates. Profitability shows a net margin of 15.2% and return on equity of 13.5%. Leverage is elevated at 3.5× net debt/EBITDA. Revenue grew 6.2% year-on-year. It yields 0.4% in dividends. The mean analyst target of USD596.26 sits 13.9% above the current price (Buy, 27 analysts).
business model
Thermo Fisher Scientific supplies analytical instruments, reagents, consumables, software and laboratory services to pharmaceutical, biotech, academic, clinical and industrial customers. It combines a large razor-and-blade consumables base with high-value instruments and an outsourced contract development and manufacturing (CDMO) and clinical research (CRO) services arm.
revenue segments
Reported in four segments: Life Sciences Solutions (biosciences, genomics, bioproduction reagents), Analytical Instruments (chromatography, mass spectrometry, electron microscopy), Specialty Diagnostics (clinical and microbiology diagnostics), and Laboratory Products and Biopharma Services (consumables, CDMO/CRO via the former PPD and Patheon businesses).
key dependencies
Dependent on global pharma and biotech R&D and manufacturing spending, academic and government research funding, and its large recurring consumables base. Growth relies heavily on acquisitions and integration, plus demand cyclicality that surged during COVID and subsequently normalized.
competitors
Competes with Danaher, Agilent, Waters, Bruker, Sartorius, Merck KGaA (MilliporeSigma), Roche and Illumina across instruments and reagents, and with Catalent, Lonza, IQVIA and Charles River in outsourced pharma services.
moat
Scale as the largest life-sciences tools company, a vast installed instrument base that pulls through high-margin recurring consumables, deep customer relationships, switching costs in validated workflows, and a broad product breadth few rivals can match.
risks
Exposure to biotech funding cycles and pharma budget cuts, normalization after elevated pandemic-era demand, China market softness and geopolitical tensions, integration risk from serial M&A, and foreign-exchange sensitivity given global operations.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Valuation history is being recorded
We snapshot P/E and price targets daily. This chart fills in over the coming days.
Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $44.56B | $42.88B | $42.86B | $44.91B | — |
| Cost of revenue | $26.32B | $25.18B | $25.76B | $25.94B | — |
| Gross profit | $18.24B | $17.70B | $17.10B | $18.97B | — |
| Operating expense | $10.13B | $9.98B | $9.78B | $10.46B | — |
| R&D | $1.40B | $1.39B | $1.34B | $1.47B | — |
| Operating income | $8.11B | $7.72B | $7.32B | $8.51B | — |
| Interest expense | $1.42B | $1.39B | $1.38B | $726.00M | — |
| Pretax income | $7.31B | $7.04B | $6.30B | $7.83B | — |
| Tax provision | $547.00M | $657.00M | $284.00M | $703.00M | — |
| Net income | $6.70B | $6.33B | $6.00B | $6.95B | — |
| EBITDA | $11.51B | $11.54B | $11.08B | $11.94B | — |
| Diluted EPS | $17.74 | $16.53 | $15.45 | $17.63 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $110.34B | $97.32B | $98.73B | $97.15B | — |
| Current assets | $28.71B | $22.14B | $24.59B | $25.23B | — |
| Cash & equivalents | $9.85B | $4.01B | $8.08B | $8.52B | — |
| Inventory | $5.42B | $4.98B | $5.09B | $5.63B | — |
| Total liabilities | $56.81B | $47.65B | $51.88B | $53.01B | — |
| Current liabilities | $15.19B | $13.33B | $14.01B | $17.01B | — |
| Total debt | $39.38B | $31.27B | $34.92B | $34.49B | — |
| Long-term debt | $35.85B | $29.06B | $31.31B | $28.91B | — |
| Shareholders' equity | $53.41B | $49.59B | $46.73B | $43.98B | — |
| Retained earnings | $59.16B | $53.10B | $47.36B | $41.91B | — |
| Working capital | $13.52B | $8.80B | $10.58B | $8.22B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $7.82B | $8.67B | $8.41B | $9.15B | — |
| Investing cash flow | -$4.05B | -$5.84B | -$5.14B | -$2.16B | — |
| Financing cash flow | $1.80B | -$6.79B | -$3.62B | -$2.81B | — |
| Capital expenditure | -$1.52B | -$1.40B | -$1.48B | -$2.24B | — |
| Free cash flow | $6.29B | $7.27B | $6.93B | $6.91B | — |
| Dividends paid | -$636.00M | -$583.00M | -$523.00M | -$455.00M | — |
| Share buybacks | -$3.00B | -$4.00B | -$3.00B | -$3.00B | — |
| End cash position | $9.88B | $4.04B | $8.10B | $8.54B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
Sign in to keep a private research note and set price alerts for TMO.