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World's largest life-sciences tools company, supplying lab instruments, reagents, diagnostics and contract research/manufacturing to biopharma and academia.
World's largest life-sciences tools company, supplying lab instruments, reagents, diagnostics and contract research/manufacturing to biopharma and academia.
Earns from instruments sold once and the reagents and consumables they use repeatedly, plus contract services to drugmakers, including clinical-trial work through PPD and manufacturing of medicines for others. Many acquisitions built the range, including PPD in 2021.
Moat: wide (scale, switching costs, installed base). Broadest life-science product catalog plus an installed instrument base that locks in consumables/service revenue.
Headquarters: Waltham, Massachusetts, USA · Founded: 2006 · Employees: 125,000
Size Thermo Fisher Scientific (TMO) is a United States Health Care company (Medical Specialties) with a market value of $257B, the 39th largest of 3,117 United States companies the cockpit tracks. Shares closed at $694.76 on 6 Nov 2026.
Performance Over six months the shares gained 49.6%, against +22.4% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue grew 8.3% over the last twelve months (peer median +8.8%); the operating margin is 19.1% (peer median 20.4%).
Valuation It trades at 25.8× forward earnings against a peer median of 22.9× (3rd most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points below its cost of capital (8.6% WACC).
Backlog Backlog (remaining performance obligations) was $29.9B at 26 Sep 2026, up 13% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Credit Thermo Fisher Scientific has 42 bonds outstanding ($35.5B), rated A- by the agencies and trading like AA- at a weighted spread of 69 bp.
Short interest Short interest is 1.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $47.4B | $44.6B | $42.9B | $42.9B | $44.9B |
| Revenue growth | — | +4% | 0% | -5% | — |
| Gross profit | $19.2B | $18.3B | $17.7B | $17.2B | $19.0B |
| EBITDA | $12.2B | $11.2B | $10.8B | $10.9B | $11.9B |
| Net income | $7.07B | $6.70B | $6.33B | $6.00B | $6.95B |
| Free cash flow | $7.60B | $6.29B | $7.27B | $6.93B | $6.91B |
| Capital expenditure | $1.73B | $1.52B | $1.40B | $1.48B | $2.24B |
| Total debt | $41.4B | $40.9B | $32.8B | $36.4B | $36.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
| Waters WAT | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TMO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | +13.8% | 2nd lowest of 7 |
| 6-month return | +49.6% | +22.4% | highest of 7 |
| Distance from 52-week high | -2.4% | -15.8% | highest of 7 |
| Revenue growth (TTM) | +8.3% | +8.8% | 4th highest of 7 |
| Operating margin | 19.1% | 20.4% | 3rd lowest of 7 |
| Forward P/E | 25.8× | 22.9× | 3rd most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 20.9% | 15.0% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +6.7% | +8.5% | 4th highest of 7 |
| Hurdle (Req g minus delivered) | +14.2 pp | +4.8 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | -0.7 pp | +3.4 pp | 3rd lowest of 7 |
| EV / EBITDA | 24.1× | 17.8× | 2nd most expensive of 6 |
| Net debt / EBITDA | 2.9× | 1.9× | most indebted of 6 |
| Bond spread | 69 bp | 62 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
Thermo Fisher Scientific has 42 bonds outstanding with $35.5B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 4.62%, a spread of 69 bp over government bonds.
Thermo Fisher Scientific reported $29.9B of remaining performance obligations at 26 Sep 2026, up 13% from a year earlier and up 1% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.