Thermo Fisher Scientific Inc.

TMO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$217,704	$198,988	$205,083	$215,978	$262,925	$183,540	$128,014	$88,184	$74,822	$55,600	$55,896	$49,890	$40,119	$23,203	$17,125	$22,327	$19,667	$14,248	$24,312	$8,881	$4,869	$4,925	$4,100	$3,387	$4,333	$4,199	$2,038	$2,365	$5,768	$5,020	$3,741	$1,900	$1,729	$1,093	$1,034	$520	$476	$303	$201	$254	$167
Enterprise value	$246,991	$226,160	$233,416	$243,581	$294,849	$195,770	$144,105	$105,071	$94,495	$71,442	$67,916	$63,102	$44,776	$29,518	$23,132	$23,571	$20,280	$15,018	$25,868	$10,830	$5,172	$4,654	$3,958	$3,447	$4,085	$4,805	$3,251	$3,626	$6,885	$5,562	$4,378	$2,978	$2,374	$1,583	$1,286	$702	$634	$326	$198	$253	$188
P/E (TTM) at period end	32.47×	31.41×	34.21×	31.08×	34.04×	28.79×	34.64×	30.01×	33.63×	27.50×	28.30×	26.34×	31.51×	19.70×	12.88×	21.56×	23.13×	14.53×	32.49×	52.57×	21.81×	13.61×	20.50×	10.93×	–	–	–	13.00×	24.11×	26.31×	26.70×	18.38×	22.57×	18.47×	21.96×	15.33×	19.36×	15.07×	11.10×	17.79×	17.39×
P/S (TTM) at period end	4.89×	4.64×	4.79×	4.81×	6.71×	5.70×	5.01×	3.62×	3.58×	3.04×	3.29×	2.95×	3.06×	1.85×	1.48×	2.15×	2.02×	1.38×	2.49×	2.34×	1.85×	2.23×	1.96×	1.62×	1.98×	1.84×	0.82×	0.61×	1.62×	1.71×	1.69×	1.20×	1.38×	1.15×	1.28×	0.73×	0.82×	0.61×	0.52×	0.77×	0.63×
P/B at period end	4.08×	4.01×	4.39×	4.91×	6.45×	5.32×	4.31×	3.20×	2.94×	2.58×	2.62×	2.43×	2.38×	1.50×	1.14×	1.45×	1.27×	0.95×	1.68×	0.64×	1.74×	1.85×	1.72×	1.67×	2.27×	1.66×	1.01×	1.05×	2.89×	2.86×	2.88×	1.92×	1.98×	1.96×	2.13×	1.64×	2.26×	1.67×	1.24×	1.74×	1.64×
EV / EBITDA (TTM)	28.08×	26.63×	29.45×	25.97×	27.15×	23.16×	27.94×	17.37×	18.93×	16.95×	16.88×	15.07×	17.16×	11.97×	10.96×	12.23×	11.68×	7.65×	14.94×	17.87×	12.40×	14.52×	16.26×	16.27×	30.78×	16.25×	8.98×	6.74×	12.69×	13.93×	13.18×	12.30×	14.30×	16.24×	20.84×	12.91×	20.77×	–	–	–	–
EV / Sales (TTM)	5.54×	5.27×	5.45×	5.42×	7.52×	6.08×	5.64×	4.31×	4.52×	3.91×	4.00×	3.74×	3.42×	2.36×	2.00×	2.27×	2.08×	1.46×	2.65×	2.86×	1.96×	2.11×	1.89×	1.65×	1.87×	2.11×	1.32×	0.94×	1.93×	1.90×	1.98×	1.88×	1.90×	1.67×	1.60×	0.99×	1.09×	0.65×	0.52×	0.76×	0.71×
Returns
Return on equity	12.6%	12.8%	12.8%	15.8%	18.9%	18.5%	12.5%	10.7%	8.8%	9.4%	9.3%	9.2%	7.6%	7.6%	8.8%	6.7%	5.5%	6.6%	5.2%	1.2%	8.0%	13.6%	8.4%	15.2%	(0.0%)	(1.4%)	(8.7%)	8.1%	12.0%	10.9%	10.8%	10.4%	8.8%	10.6%	9.7%	10.7%	11.7%	11.1%	11.2%	9.8%	9.4%
Return on invested capital	8.6%	8.5%	8.7%	10.7%	12.1%	14.7%	9.1%	7.7%	6.0%	6.6%	7.0%	6.7%	7.3%	6.7%	5.4%	6.5%	5.8%	6.7%	5.4%	1.8%	6.4%	8.3%	6.2%	4.0%	0.9%	1.9%	–	4.1%	5.8%	4.8%	5.7%	5.2%	5.7%	4.5%	3.4%	4.7%	3.5%	6.9%	3.8%	7.1%	3.3%
Dividend yield	0.3%	0.3%	0.3%	0.2%	0.2%	0.2%	0.2%	0.3%	0.3%	0.4%	0.4%	0.5%	0.5%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.1%	–	–	–	–	–
Financial health
Current ratio	1.89×	1.66×	1.75×	1.48×	1.50×	2.13×	1.92×	1.73×	1.34×	1.44×	1.38×	1.22×	3.16×	2.31×	1.55×	2.42×	2.76×	2.82×	1.93×	1.70×	1.71×	2.54×	2.04×	1.61×	1.72×	3.38×	2.36×	2.90×	2.83×	3.43×	2.83×	3.14×	2.99×	2.54×	2.56×	1.95×	2.71×	2.69×	3.11×	2.56×	2.29×
Debt / equity	0.74×	0.63×	0.75×	0.78×	0.85×	0.63×	0.60×	0.69×	0.83×	0.77×	0.58×	0.71×	0.62×	0.46×	0.47×	0.14×	0.14×	0.14×	0.15×	0.19×	0.21×	0.09×	0.12×	0.46×	0.41×	0.63×	0.83×	0.85×	0.96×	0.97×	0.94×	1.14×	0.79×	0.92×	0.53×	0.69×	0.95×	0.88×	0.87×	0.43×	0.50×
Effective tax rate	7.5%	9.3%	4.5%	9.0%	12.5%	11.8%	9.2%	9.9%	8.3%	(0.0%)	(2.3%)	9.2%	3.1%	0.9%	9.7%	9.3%	5.5%	12.1%	10.6%	20.6%	30.6%	15.8%	21.0%	32.3%	35.2%	64.4%	178.9%	49.1%	42.2%	36.7%	41.4%	40.1%	30.4%	31.2%	34.6%	33.5%	28.1%	26.6%	20.3%	16.9%	18.6%
Share count
Diluted shares outstanding	378	383	388	394	397	399	403	406	398	397	402	402	366	367	385	409	423	435	444	204	165	168	171	179	185	164	158	168	170	176	158	146	108	91	87	71	61	59	58	59	49

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$47,351	$44,556	$42,879	$42,857	$44,915	$39,211	$32,218	$25,542	$24,358	$20,918	$18,274	$16,965	$16,890	$13,090	$12,510	$11,559	$10,393	$9,741	$10,313	$9,746	$3,792	$2,633	$2,206	$2,097	$2,086	$2,188	$2,281	$2,471	$3,868	$3,558	$2,933	$2,207	$1,585	$1,250	$949	$806	$708	$579	$501	$383	$332	$266
Cost of revenue	($27,836)	($26,318)	($25,177)	($25,757)	($25,944)	($19,573)	($16,214)	($14,214)	($13,501)	($8,976)	($8,214)	($7,584)	($7,935)	($6,310)	($6,101)	($5,733)	($5,265)	($5,035)	($5,303)	($5,079)	($2,105)	($1,396)	($1,190)	($1,149)	($1,159)	($1,230)	($1,259)	($1,265)	($2,025)	($1,838)	($1,542)	($1,125)	($866)	($713)	($580)	($510)	($443)	($384)	($326)	($249)	($219)	($174)
Gross profit	$19,515	$18,238	$17,702	$17,100	$18,971	$19,638	$16,004	$11,328	$10,857	$11,942	$10,060	$9,381	$8,955	$6,781	$6,409	$5,825	$5,128	$4,706	$5,011	$4,667	$1,687	$1,237	$1,016	$948	$927	$959	$1,022	$1,206	$1,843	$1,721	$1,390	$1,083	$719	$537	$369	$295	$265	$195	$175	$135	$112	$91
Operating expenses
Research and development	($1,404)	($1,397)	($1,390)	($1,337)	($1,471)	($1,406)	($1,181)	($1,003)	($967)	($887)	($754)	($692)	($691)	($396)	($376)	($340)	($284)	($246)	($249)	($239)	($170)	($153)	($135)	($146)	($155)	($172)	($177)	($171)	($367)	($337)	–	($270)	($104)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($8,729)	($8,732)	($8,595)	($8,445)	($8,993)	($8,007)	($6,930)	($6,144)	($6,057)	($5,504)	($4,971)	($4,612)	($4,896)	($3,446)	($3,355)	($3,106)	($2,729)	($2,576)	($2,616)	($2,549)	($1,110)	($762)	($626)	($568)	($565)	($620)	($647)	($673)	($938)	($841)	($991)	($481)	($373)	($371)	($272)	($234)	($211)	($164)	($145)	($117)	($92)	($79)
Total operating expenses	($11,047)	($10,492)	($10,365)	($10,241)	($10,578)	($9,610)	($8,210)	($6,734)	($7,074)	($8,982)	($7,602)	($7,045)	($6,452)	($5,171)	($4,926)	($4,575)	($3,940)	($3,730)	($3,816)	($3,693)	($1,322)	($944)	($761)	($763)	($772)	($924)	($824)	($958)	($1,467)	($1,314)	($1,106)	($835)	($539)	($413)	($301)	($257)	($229)	($177)	($156)	($127)	($100)	($86)
Total costs and expenses	($38,883)	($36,810)	($35,542)	($35,998)	($36,522)	($29,183)	($24,424)	($20,948)	($20,575)	($17,958)	($15,816)	($14,629)	($14,387)	($11,481)	($11,028)	($10,308)	($9,205)	($8,765)	($9,119)	($8,772)	($3,426)	($2,339)	($1,952)	($1,912)	($1,931)	($2,154)	($2,082)	($2,223)	($3,492)	($3,151)	($2,648)	($1,960)	($1,406)	($1,126)	($881)	($767)	($672)	($561)	($481)	($376)	($319)	($261)
Operating income	$8,468	$7,746	$7,337	$6,859	$8,393	$10,028	$7,794	$4,594	$3,783	$2,960	$2,458	$2,336	$2,503	$1,610	$1,482	$1,251	$1,188	$976	$1,194	$974	$365	$294	$254	$185	$155	$34	$198	$249	$376	$407	$284	$247	$180	$124	$68	$38	$36	$18	$19	$8	$12	$5
Earnings
EBITDA	$10,222	$8,796	$8,493	$7,927	$9,379	$10,859	$8,452	$5,158	$6,050	$4,993	$4,216	$4,024	$4,188	$2,610	$2,466	$2,110	$1,928	$1,736	$1,963	$1,731	$606	$417	$321	$243	$212	$133	$296	$362	$538	$543	$399	$332	$242	$166	$98	$62	$54	$30	–	–	–	–
Interest income	$950	$993	$1,078	$879	$272	$43	$65	$224	$137	$81	$48	$31	$48	$28	$25	$27	$12	$16	$52	$46	$16	$12	$9	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,537)	($1,419)	($1,390)	($1,375)	($726)	($536)	($553)	($676)	($667)	($592)	($469)	($415)	($480)	($262)	($242)	($175)	($85)	($118)	($152)	($140)	($52)	($27)	($11)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$7,899	$7,308	$7,037	$6,298	$7,835	$8,841	$7,225	$4,070	$3,262	$2,429	$2,024	$1,936	$2,087	$1,320	$1,269	$1,133	$1,088	$854	$1,150	$881	$209	$286	$259	$219	$288	$77	$174	$18	$348	$414	$302	$239	$173	$110	$88	$72	$51	$34	$27	$23	$17	$12
Income tax expense	($742)	($547)	($657)	($284)	($703)	($1,109)	($850)	($374)	($324)	($201)	$1	$44	($192)	($40)	($11)	($109)	($102)	($47)	($139)	($94)	($43)	($88)	($41)	($46)	($93)	($27)	($112)	($33)	($171)	($175)	($111)	($99)	($69)	($33)	($28)	($25)	($17)	($10)	($7)	($5)	($3)	($2)
Net income	$7,072	$6,704	$6,335	$5,995	$6,950	$7,725	$6,375	$3,696	$2,938	$2,225	$2,022	$1,975	$1,894	$1,273	$1,178	$1,330	$1,036	$850	$981	$748	$169	$223	$362	$200	$310	($1)	($36)	($175)	$182	$239	$191	$140	$103	$77	$59	$47	$34	$25	$20	$18	$14	$10
Per share
Diluted EPS (GAAP)	$18.96	$17.74	$16.53	$15.45	$17.63	$19.46	$15.96	$9.17	$7.24	$5.59	$5.09	$4.92	$4.71	$3.48	$3.21	$3.46	$2.53	$2.01	$2.25	$1.69	$0.84	$1.36	$2.17	$1.20	$1.73	($0.0042)	($0.22)	($1.10)	$1.08	$1.41	$1.22	$0.99	$0.82	$0.29	$0.17	$0.16	$0.13	$0.10	$0.0919	$0.0859	$0.0741	$0.0375
Basic EPS (GAAP)	$18.99	$17.77	$16.58	$15.52	$17.75	$19.62	$16.09	$9.24	$7.31	$5.64	$5.12	$4.96	$4.76	$3.53	$3.24	$3.49	$2.57	$2.06	$2.34	$1.77	$0.86	$1.38	$2.22	$1.23	$1.84	($0.0043)	($0.22)	($1.11)	$1.12	$1.57	$1.35	$1.11	$0.93	$0.33	$0.18	$0.17	$0.14	$0.11	$0.0978	$0.0889	$0.0741	$0.0395
Basic shares outstanding	372	377	382	386	392	394	396	400	402	395	395	399	398	360	364	381	403	412	418	422	196	162	163	163	168	182	164	158	162	152	142	125	111	108	91	87	71	61	59	58	59	49
Margins
Gross margin	41.2%	40.9%	41.3%	39.9%	42.2%	50.1%	49.7%	44.4%	44.6%	57.1%	55.1%	55.3%	53.0%	51.8%	51.2%	50.4%	49.3%	48.3%	48.6%	47.9%	44.5%	47.0%	46.0%	45.2%	44.4%	43.8%	44.8%	48.8%	47.7%	48.4%	47.4%	49.0%	45.4%	42.9%	38.9%	36.7%	37.4%	33.7%	34.9%	35.1%	33.9%	34.4%
Operating margin	17.9%	17.4%	17.1%	16.0%	18.7%	25.6%	24.2%	18.0%	15.5%	14.2%	13.5%	13.8%	14.8%	12.3%	11.8%	10.8%	11.4%	10.0%	11.6%	10.0%	9.6%	11.2%	11.5%	8.8%	7.5%	1.6%	8.7%	10.1%	9.7%	11.4%	9.7%	11.2%	11.3%	9.9%	7.2%	4.8%	5.0%	3.1%	3.8%	2.0%	3.7%	1.8%
Net margin	14.9%	15.0%	14.8%	14.0%	15.5%	19.7%	19.8%	14.5%	12.1%	10.6%	11.1%	11.6%	11.2%	9.7%	9.4%	11.5%	10.0%	8.7%	9.5%	7.7%	4.5%	8.5%	16.4%	9.5%	14.8%	(0.0%)	(1.6%)	(7.1%)	4.7%	6.7%	6.5%	6.3%	6.5%	6.1%	6.2%	5.8%	4.8%	4.2%	4.0%	4.7%	4.3%	3.6%

Analyst consensus

Buy43 analysts

Bearish · 0 · Hold · 7 · Bullish · 36

Earnings history

	EPS	Estimate
Q4 2024	$6.10	$5.94	Beat
Q1 2025	$5.15	$5.10	Beat
Q2 2025	$5.36	$5.23	Beat
Q3 2025	$5.79	$5.50	Beat
Q4 2025	$6.57	$6.45	Beat
Q1 2026	$5.44	$5.25	Beat
Q2 2026	$6.03	$5.72	Beat
Q3 2026	$6.68	$6.40	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOMarc N. Casper

Employees125,000

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNew York Stock Exchange

Websitewww.thermofisher.com

Thermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, advanced analytical instruments, specialized diagnostic products, and an extensive portfolio of laboratory supplies and biopharmaceutical services. The company's reach extends across North America, Europe, Asia-Pacific, and other international markets. Its Life Sciences Solutions division furnishes researchers with essential reagents, state-of-the-art instruments, and consumables vital for biological and medical exploration, the development and manufacturing of therapeutics and vaccines, and the detection of infections and various diseases. This segment encompasses bioscience, genetic science, and bioproduction technologies, serving a broad spectrum of clients in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and governmental sectors. The Analytical Instruments segment delivers a variety of precision instruments, consumables, software, and support services to pharmaceutical, biotechnology, academic, governmental, environmental, and industrial research environments, as well as clinical laboratories. The Specialty Diagnostics segment offers an array of diagnostic tools, including liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, alongside calibrators, controls, protein detection assays, and accompanying instruments. This also features the creation and distribution of complete blood test systems to aid in the clinical diagnosis and monitoring of allergies, asthma, and autoimmune diseases. Furthermore, it provides dehydrated and prepared culture media, specimen collection and transport systems, related instrumentation and consumables, human leukocyte antigen (HLA) typing and testing crucial for the organ transplant sector, and other healthcare products. Lastly, the Laboratory Products and Biopharma Services segment supplies laboratory equipment, serves the research and safety markets through its channels, and offers extensive pharmaceutical services, encompassing clinical research support. The company's products and services are distributed through a dedicated direct sales team, customer service professionals, online commerce platforms, and a network of third-party distributors. Its recognized brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Thermo Fisher Scientific Inc. was established in 1956 and is headquartered in Waltham, Massachusetts.

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