Stocks · Life Sciences Tools & Services

Thermo Fisher Scientific Inc. (TMO)

$694.72

+1.44% last session

Market value

$253.2bn

P/E ratio

35.6

Dividend yield

0.29%

52-week range

$435–$706

What Thermo Fisher Scientific Inc. does

(also referred to in this document as "Thermo Fisher," "we," the "company," or the "registrant") is the world leader in serving science. Our Mission is to enable our customers to make the world healthier, cleaner and safer. We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings.

Life Sciences Tools & Services · based in the US · listed since 1980Biggest source of revenue: Consumables (42%) · breakdownCompany website ↗From the annual report ↗

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tap a grade for the details

CGrowthModest growth

Sales growth, last 12 months8.3% · 63/100

Sales growth a year, 5 years6.7% · 57/100

Earnings per share growth a year, 5 years2.1% · 38/100

CProfitabilityAveragely profitable

Net profit margin14.9% · 77/100

Return on equity13% · 64/100

Return on capital, 10-year average9.0% · 50/100

CFinancial strengthOkay

Net debt ÷ operating profit3.8× · 28/100

Interest cover5× · 60/100

Current ratio (short-term assets ÷ debts)1.81 · 94/100

FValuationVery expensive

P/E against its own 10-year history100th percentile · 0/100

Free cash flow yield3.0% · 52/100

PEG (P/E ÷ growth)16.9 · 10/100

Our base-case value vs price−67% · 5/100

AMomentumStrong uptrend

Share price, last 12 months17.8% · 73/100

Share price, last 3 months18.6% · 96/100

Price

+23.3% over 1Y

27 Oct 2026$695.19

Daily closing prices. Source: Twelve Data.

If you'd invested £1,000

in pounds, including currency moves

Invested	Worth now	Per year	+ dividends received	Same in the S&P 500
1 year ago Oct 2025	£1,208	+20.8%	+£3	£1,114 TMO ahead
3 years ago Oct 2023	£1,428	+12.6%	+£10	£1,683 index ahead
5 years ago Oct 2021	£1,138	+2.6%	+£11	£1,739 index ahead
10 years ago Oct 2016	£4,336	+15.8%	+£65	£3,325 TMO ahead

Over 10 years, £1,000 became £4,401 including dividends. Past returns don't predict future ones.

Bull vs bear

The numbers are finely balanced (8 vs 11)

The bull case

A proven grower●●○

Revenue up 10.1% a year for 10 years.

Profit per share compounding●●○

Earnings per share up 13.7% a year.

Shareholder-friendly management●●○

Passes 6 of 7 capital-allocation checks.

Has always bounced back●○○

Recovered from all 8 past falls of 20%+ in the price history.

Reliable dividend grower●○○

Raised its dividend 8 years in a row.

The bear case

Expensive against its own history●●●

P/E 36.7 vs a 10-year median of 31.5 (range 28–35).

Priced above even our optimistic case●●●

The price is 71% above our bull case.

Heavy debt●●○

Net debt is 3.8× a year's operating profit.

A lot has to go right●●○

Today's price implies only about 4.9% a year on our base case.

Recoveries can take years●○○

Took 62 months to recover after the 1981 fall.

Can you answer every bear point? Put your answers in your thesis under risks.

See the full picture on Thermo Fisher Scientific Inc.

Ten years of results, revenue by product and region, a management scorecard, bear/base/bull valuations, analyst targets, every SEC filing explained, and a thesis that checks itself after each report. Free.

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Thermo Fisher Scientific Inc. (TMO)

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Bull vs bear

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