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TMOThermo Fisher Scientific Inc.
$516.62$192.0B
Overview & Verdict
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TMO logoThermo Fisher Scientific Inc.(TMO)Earnings, Financials & Key Ratios

TMO•NYSE
$516.62
29.1× P/E·Price updated Jul 7, 2026
SectorHealthcareIndustryDiagnostics & ResearchSub-IndustryLife Science Instruments and Sequencing Tools
AboutThermo 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. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, and bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets. 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 company's Specialty Diagnostics segment offers liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, as well as calibrators, controls, protein detection assays, and instruments; immunodiagnostics develops, manufactures and markets complete bloodtest systems to support the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; dehydrated and prepared culture media, collection and transport systems, instrumentation, and consumables; human leukocyte antigen typing and testing for organ transplant market; and healthcare products. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. It offers products and services through a direct sales force, customer-service professionals, electronic commerce, and third-party distributors under Thermo Scientific; Applied Biosystems; Invitrogen; Fisher Scientific; Unity Lab Services; and Patheon and PPD. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.Show more
  • Revenue$44.56B+3.9%
  • EBITDA$10.89B+1.1%
  • Net Income$6.74B+6.3%
  • EPS (Diluted)17.74+7.3%
  • Gross Margin37.66%-8.9%
  • EBITDA Margin24.44%-2.7%
  • Operating Margin18.2%+1.9%
  • Net Margin15.12%+2.3%
  • ROE13.06%-0.6%

TMO Price & Volume

Thermo Fisher Scientific Inc. (TMO) stock price & volume — 10-year historical chart

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Inorganic Growth Strategy Masks Stagnant Organic Performance

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Integration and funding volatility

Key Thesis Takeaways

  • Thermo Fisher Scientific continues to prioritize an aggressive M&A-led growth strategy, evidenced by an $8.9B acquisition outlay in 2026Q1, which complicates the assessment of core organic performance.
  • While the company maintains a massive scale, investors should monitor the persistent volatility in operating margins, which have remained range-bound between 16.6% and 19.9% over the last ten quarters.
  • The heavy reliance on goodwill, now representing 49% of total assets, suggests significant integration risk if the company fails to achieve consistent revenue expansion beyond the 7.2% peak observed in 2025Q4.

Verdict Logic

while the company maintains a forward P/E of 20.64, the extreme volatility in FCF margins—ranging from 3.5% to 30.5%—warrants caution regarding the sustainability of cash-funded growth.

TMO Growth Metrics

Thermo Fisher Scientific Inc. (TMO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.14%
5 Years6.7%
3 Years-0.27%
TTM5.36%

Profit CAGR

10 Years13.05%
5 Years1.11%
3 Years-1.03%
TTM5.28%

EPS CAGR

10 Years13.68%
5 Years2.11%
3 Years0.19%
TTM6.75%

Return on Capital

10 Years9.73%
5 Years10.48%
3 Years9.06%
Last Year9.05%

TMO Recent Earnings

Thermo Fisher Scientific Inc. (TMO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 23, 2026
Metric
Actual
Est
EPS
$5.44+3.6%
$5.25
Rev
$11.0B+1.3%
$10.9B
Q1 2026
Jan 29, 2026
Metric
Actual
Est
EPS
$6.57+1.9%
$6.45
Rev
$12.2B+2.2%
$11.9B
Q4 2025
Oct 22, 2025
Metric
Actual
Est
EPS
$5.79+5.3%
$5.50
Rev
$11.1B+1.9%
$10.9B
Q3 2025
Jul 23, 2025
Metric
Actual
Est
EPS
$5.36+2.5%
$5.23
Rev
$10.9B+1.6%
$10.7B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$5.44vs $5.25+3.6%
$11.0Bvs $10.9B+1.3%
Q1 2026Jan 29, 2026
$6.57vs $6.45+1.9%
$12.2Bvs $11.9B+2.2%
Q4 2025Oct 22, 2025
$5.79vs $5.50+5.3%
$11.1Bvs $10.9B+1.9%
Q3 2025Jul 23, 2025
$5.36vs $5.23+2.5%
$10.9Bvs $10.7B+1.6%
Based on last 12 quarters of dataView full earnings history →

Latest TMO News

Recent stock market news and headlines for Thermo Fisher Scientific Inc. (TMO)

Benzinga·5 days ago
Arcturus Picks Thermo Fisher To Support Cystic Fibrosis Therapy

Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) is collaborating with Thermo Fisher Scientific Inc. (NYSE:TMO) to support the Phase 3 development and potential commercialization of ARCT-032, the company's investigational messenger RNA therapy for cystic fibrosis.

Business Wire·6 days ago
Thermo Fisher Scientific to Hold Earnings Conference Call on Thursday, July 23, 2026

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that it will release its financial results for the second quarter 2026 before the market opens on Thursday, July 23, 2026, and will hold a conference call on the same day at 8:30 a.m. ET. During the call, the company will discuss its financial performance, as well as future expectations. The call will be webcast live on the “Investors” section of our website, www.thermofish.

Proactive Investors·Jun 29, 2026
genedrive shares climb 8% on Thermo Fisher pharmacogenetic testing deal

genedrive PLC (AIM:GDR, FRA:D6M) has signed a collaboration agreement with Thermo Fisher Scientific, sending its shares up 8% to 1.4p. The point-of-care pharmacogenetic testing company will develop a high-throughput laboratory test under the deal.

Business Wire·Jun 22, 2026
Thermo Fisher Scientific Showcases New Capabilities Across Manufacturing, Clinical Development and AI-Enabled Research at BIO International 2026

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific, the world leader in serving science, will showcase new capabilities, strategic investments and initiatives at BIO International 2026 that are helping pharma and biotech customers advance innovation, simplify complex workflows and bring therapies to patients faster. Spanning AI-enabled research, clinical development and advanced manufacturing, these investments reinforce Thermo Fisher's role as a trusted strategic provider of integrated.

Peers Comparison

Key metrics vs top competitors for Thermo Fisher Scientific Inc. (TMO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TMO logoTMOThermo Fisher Scientific Inc.Current
$516.62$191.99B29.123.91%15.12%13.06%0.33%
DHR logoDHRDanaher Corporation
$194.19$137.44B38.532.9%14.89%7.06%—
A logoAAgilent Technologies, Inc.
$131.14$37.04B28.706.73%19.55%20.84%—
WAT logoWATWaters Corporation
$374.93$24.44B34.846.99%11.91%8.04%—
BIO logoBIOBio-Rad Laboratories, Inc.
$292.50$7.9B10.500.65%6.52%2.4%—
BRKR logoBRKRBruker Corporation
$58.25$8.87B-388.332.08%-0.34%-0.5%—

Compare TMO vs Peers

Thermo Fisher Scientific Inc. (TMO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DHR

Most directly comparable listed peer for TMO.

Scale Benchmark

vs ABT

Larger-name benchmark to compare TMO against a more recognizable public peer.

Peer Set

Compare Top 5

vs DHR, A, WAT, BIO

TMO SEC Filings & Documents

Thermo Fisher Scientific Inc. (TMO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Mar 24, 2026·SEC

Material company update

Feb 12, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 20, 2025·SEC

10-Q Quarterly Reports

4
FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

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TMO Frequently Asked Questions

Thermo Fisher Scientific Inc. (TMO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Thermo Fisher Scientific Inc.'s revenue?

Thermo Fisher Scientific Inc. (TMO) reported $45.20B in revenue for fiscal year 2025. This represents a 1441% increase from $2.93B in 1996.

How fast is Thermo Fisher Scientific Inc. growing?

Thermo Fisher Scientific Inc. (TMO) grew revenue by 3.9% over the past year. Growth has been modest.

Is TMO profitable?

Yes, Thermo Fisher Scientific Inc. (TMO) is profitable, generating $6.86B in net income for fiscal year 2025 (15.1% net margin).

Dividend & Returns
Does TMO pay dividends?

Yes, Thermo Fisher Scientific Inc. (TMO) pays a dividend with a yield of 0.33%. This makes it attractive for income-focused investors.

What is TMO's return on equity?

Thermo Fisher Scientific Inc. (TMO) has a return on equity (ROE) of 13.1%. This is reasonable for most industries.

What is Thermo Fisher Scientific Inc.'s free cash flow?

Thermo Fisher Scientific Inc. (TMO) generated $6.75B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in TMO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →