Thermo Fisher Scientific Inc. (TMO)

NYSE: TMO · USD

$704

+11.37 (+1.6%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-21

Our latest published analysis: TMO rated Sell

Thermo Fisher Scientific Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$318 / share

Potential value

$393 / share

Upside to FV

-51.5%

from $704

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$240.9B
Revenue (ttm)	47.4B
Net income (ttm)	7.1B
EPS (ttm)	$19.0
Shares out	369.7M
P/E (trailing)	37.1x
P/E (forward)	23.7x
Dividend	$1.88 (0.27%)
Volume	1,335,395
Beta	0.88

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 47.4B
Net income (ttm): 7.1B
EPS (ttm): $19.0
P/E (trailing): 37.1x
P/E (forward): 23.7x
Market cap: $240.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$39.21B	$44.92B	$42.86B	$42.88B	$44.56B	+3.2%
Gross profit	$19.63B	$19.01B	$17.56B	$17.73B	$16.78B	-3.9%
Operating income	$10.03B	$8.39B	$6.86B	$7.34B	$7.75B	-6.3%
Net income	$7.73B	$6.95B	$6.00B	$6.34B	$6.70B	-3.5%
EPS (diluted)	$19.46	$17.63	$15.45	$16.53	$17.74	-2.3%
EBITDA	$11.97B	$11.94B	$6.86B	$11.80B	$11.47B	-1.1%
R&D	$1.41B	$1.47B	$1.34B	$1.39B	$1.40B	-0.2%
SG&A	$8.01B	$8.99B	$8.45B	$8.60B	$8.73B	+2.2%

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AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소

Base and Bull scenarios

Base60%

Price target

$318.21

-51.5% from spot

The Base case represents our modal expectation where Thermo Fisher delivers steady operational execution in line with management guidance. Laboratory Products and Biopharma Services maintains steady recurring demand, while Analytical Instruments sustains moderate single-digit expansion. This path yields our Fair value of $318.21 (implied return of -51.5% at 60.0% probability) versus $656.45 as of $656.45 (as of 2026-09-21). Disconfirmation would appear if customer biopharma spending decelerates below guided ranges or tariff friction erodes gross margin.

Organic revenue growth tracks full-year guided bounds before moderating toward long-term rates
Consolidated operating margin holds near historical baseline levels
Ongoing share repurchases reduce diluted share count at historical rates

Bull20%

Price target

$393.17

-40.1% from spot

In the Bull case, bioprocessing order velocity accelerates swiftly, proprietary analytical instrumentation captures greater market share across Asian and European clinical laboratories, and academic spending rebounds robustly. Under these conditions, valuation expands toward $393.17 representing an expected return of -40.1% at a modeled probability of 20.0%. Confirmation requires consecutive quarters of organic revenue expansion exceeding upper guidance bands and operating margin expansion in analytical tools.

Bioprocessing and clinical research organic growth accelerates above baseline guidance
Analytical instrument operating margins expand on high-margin mass spectrometry adoption
Academic and government funding in overseas markets rebounds strongly

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($318.21). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$373	$392	$417	$449	$491
7.7%	$330	$343	$358	$377	$401
8.7%	$299	$308	$318	$330	$345
9.7%	$275	$281	$288	$297	$307
10.7%	$255	$260	$265	$271	$278

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E23.7

P25 n/aP50 n/aP75 n/a

Trailing P/E35.1

P25 n/aP50 n/aP75 n/a

ROE13.4

P25 n/aP50 n/aP75 n/a

ROIC9.1

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All TMO indicators

Market & fundamental data

Available fields

292

Groups with data

Currency

USD

Showing 292 of 292 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000097745
Company name	Thermo Fisher Scientific Inc.
Country	United States
Country code	US
CUSIP number	883556102
Earnings date	2026-10-21
Earnings time	bmo
Employees	125,000
Employees change	3,000
Employees growth	2.46%
Enterprise value	$295.8B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-26
First seen	2026-05-09
Fiscal year end	December
Founded	1956
In index	SP500
Industry	Diagnostics & Research
Is primary listing	Yes
Is SPAC	No
ISIN number	US8835561023
Last 10-K release date	2026-02-26
Last earnings date	2026-10-21
Last refreshed	2026-10-28
Last stock split date	1996-06-06
Last stock split type	Forward
Market cap	$260.4B
Market cap category	Mega-Cap
Next earnings date	2027-01-28
Options	Yes
Price	$704.40
Price currency	USD
Sector	Healthcare
SIC code	3829
Stock price date	2026-10-28
Symbol	TMO
U.S. state	Massachusetts
Website	https://www.thermofisher.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	28.5x
Average P/E ratio (10Y)	31.57x
Average P/E ratio (3Y)	31.2x
Average P/E ratio (5Y)	31.63x
Earnings yield	2.69%
EV/Earnings	41.76x
EV/EBIT	32.48x
EV/EBITDA	24.21x
EV/FCF	38.88x
EV/Sales	6.24x
FCF / EV yield	2.57%
FCF yield	2.92%
Forward EV/Sales	5.94x
Forward P/E	26.16x
Forward P/S	5.23x
Graham number	251.33646
Graham upside	-64.26%
Industry forward P/E	30.87x
Industry P/E	50.24x
Lynch fair value	$94.84
Lynch upside	-86.51%
P/(FCF - SBC) ratio	35.69x
P/(OCF - SBC) ratio	28.84x
P/B ratio	4.68x
P/E ratio	37.14x
P/FCF ratio	34.23x
P/OCF ratio	27.89x
P/S ratio	5.49x
PEG ratio	2.61x
Price/EBITDA ratio	21.32x
Sector forward P/E	23.56x
Sector P/E	50.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	19.2%
EBITDA margin	25.76%
Effective tax rate	9.48%
FCF margin	16.04%
Gross margin	41.18%
Operating margin	19.2%
Pretax margin	16.55%
Profit margin	14.94%
Profit per employee	$56,576
Profitable quarters	98
Profitable years	24
Revenue per employee	$378,808
ROA	5.23%
ROA (5Y)	5.62%
ROCE	9.09%
ROE	13.38%
ROE (5Y)	15.21%
ROIC	9.07%
ROIC (5Y)	10.84%
SBC / revenue	0.65%
Tax / revenue	1.57%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	9.54%
EPS growth (Q)	8.67%
EPS growth (QoQ)	-0.84%
EPS growth 10Y	14.26%
EPS growth 3Y	7.53%
EPS growth 5Y	-2.52%
EPS growth quarters	7
EPS growth years	2
FCF growth	24.3%
FCF growth (Q)	15.15%
FCF growth (QoQ)	26.15%
FCF growth 3Y	5.08%
FCF growth 5Y	-0.82%
Gross profit growth	7.71%
Gross profit growth (Q)	13.24%
Gross profit growth 3Y	3.89%
Gross profit growth 5Y	-0.46%
Net income growth	7.64%
Net income growth (Q)	6.5%
Net income growth (QoQ)	-0.86%
Net income growth 3Y	5.98%
Net income growth 5Y	-3.76%
Net income growth quarters	3
Net income growth years	2
OCF growth	21.87%
OCF growth (Q)	13.89%
OCF growth (QoQ)	20%
OCF growth 10Y	11.01%
OCF growth 3Y	4.5%
OCF growth 5Y	-1.77%
Operating income growth	11.07%
Operating income growth (Q)	14.32%
Operating income growth 3Y	6.53%
Operating income growth 5Y	-3.21%
Revenue growth	8.27%
Revenue growth (Q)	9.13%
Revenue growth (QoQ)	1.19%
Revenue growth 10Y	10.17%
Revenue growth 3Y	2.93%
Revenue growth 5Y	3.93%
Revenue growth quarters	8
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-1.7B
Depreciation and amortization	$3.1B
EBIT	$9.1B
EBITDA	$12.2B
EPS	$18.97
FCF per share	$20.54
Financing cash flow	$2B
Free cash flow	$7.6B
Free cash flow minus SBC	$7.3B
Gross profit	$19.5B
Income taxes	$743M
Investing cash flow	$-8B
Net borrowing	$6.4B
Net cash flow	$3.5B
Net income	$7.1B
Operating cash flow minus SBC	$9B
Operating income	$9.1B
Revenue	$47.4B
Stock-based compensation	$310M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$148.02
Debt / EBITDA	3.26
Debt / equity	0.75
Debt / FCF	5.45
Goodwill	$54.3B
Interest coverage	5.92
Long-term assets	$88.6B
Long-term liabilities	$45.2B
Net cash (debt)	$-35.3B
Net cash / market cap	-13.58%
Net debt / EBITDA	2.89
Net debt / equity	0.64
Net debt / FCF	4.65
Piotroski F-Score	6
Property, plant and equipment	$10.6B
Shareholders' equity	$54.9B
Tangible book value	$-17.6B
Tangible book value per share	$-47.49
Total assets	$114.2B
Total cash	$6.1B
Total debt	$41.4B
Total liabilities	$59.3B
WACC	8.29%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.44
Current assets	$25.6B
Current liabilities	$14.2B
Current ratio	1.81
Inventory turnover	4.89
Net working capital	$7.6B
Quick ratio	1.11
Working capital	$11.4B
Working capital turnover	5.02

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.52%
Dividend growth	9.52%
Dividend growth (10Y)	11.86%
Dividend growth (3Y)	10.87%
Dividend growth (5Y)	12.97%
Dividend growth years	8
Dividend payment date	2026-10-15
Dividend payment years	15
Dividend payout frequency	Quarterly
Dividend per share	$1.88
Dividend yield	0.27%
Ex-dividend date	2026-09-15
FCF payout ratio	9.15%
Last dividend	$0.47
Payout ratio	9.91%
Shareholder yield	1.78%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	372.64%
10Y return CAGR	17.14%
10Y total return	386.22%
150-day SMA	$554.72
15Y price change	1,292.46%
15Y return CAGR	19.65%
15Y total return	1,374.42%
1D price change	1.64%
1M price change	4.49%
1M total return	4.49%
1W price change	2.61%
1W total return	2.61%
1Y price change	25.1%
1Y return CAGR	25.56%
1Y total return	25.54%
20-day SMA	$674.56
200-day SMA	$550.48
20Y price change	1,534.11%
20Y return CAGR	15.32%
20Y total return	1,630.29%
3M price change	26.05%
3M total return	26.15%
3Y price change	63.48%
3Y return CAGR	18.18%
3Y total return	65.07%
50-day SMA	$651.35
50-day SMA vs 200-day SMA	50over200
52-week high	$710.84
52-week high date	2026-10-28
52-week low	$435.27
52-week low date	2026-05-18
5Y price change	15.19%
5Y return CAGR	3.16%
5Y total return	16.85%
6M price change	50.69%
6M total return	50.96%
After-hours change	-0.03%
After-hours close	$704.40
After-hours price	$704.16
All-time high	$710.84
All-time high date	2026-10-28
All-time low	$1.00
All-time low date	1982-08-11
Average true range (ATR)	$20.25
Average volume	2.4M
Beta (1Y)	0.44
Beta (2Y)	0.69
Beta (5Y)	0.88
Change from 52-week high	-0.91%
Change from 52-week low	61.83%
Change from all-time high	-0.78%
Change from all-time low	70,526.88%
Change from open	1.68%
Day's gap	-0.04%
Dollar volume	$940.7M
High price	$710.60
Low price	$692.50
Monthly RSI	67.48
Open price	$692.77
Position in 52-week range	65.75%
Premarket change	-0.12%
Premarket close	$693.02
Premarket price	$692.20
Previous close	$693.02
Price vs 150-day SMA	26.98%
Price vs 20-day SMA	4.42%
Price vs 200-day SMA	27.96%
Price vs 50-day SMA	8.14%
Relative volume	0.56
RSI	64.22
Sharpe ratio	0.79
Sharpe ratio (3Y)	0.51
Sharpe ratio (5Y)	0.11
Sortino ratio	1.4
Sortino ratio (3Y)	1.01
Sortino ratio (5Y)	0.39
Volume	1.3M
Weekly RSI	70.45
YTD price change	21.72%
YTD total return	22.05%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	368.8M
Float percentage	99.75%
Shares change (QoQ)	0%
Shares change (YoY)	-1.52%
Shares held by insiders	0.12%
Shares held by institutions	92.52%
Shares outstanding	369.7M
Short % of float	1.47%
Short % of shares	1.46%
Short ratio	2.5 days

Deeper analysis on TMO

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this TMO report

What is the latest published TMO stock rating?

Thermo Fisher Scientific Inc. is shown with Sell in the latest published report, analyzed 2026-09-21. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full TMO analysis?

The full latest published report, analyzed 2026-09-21, lives at /stocks/TMO/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for TMO?

The latest published report analyzed 2026-09-21 gives TMO a fair value of USD 318 and a potential value of USD 393. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the TMO page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-21). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellTMO · Fair value $318-51.5%

Read full analysis →

Thermo Fisher Scientific Inc. (TMO)

Our latest published analysis: TMO rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · TMO

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All TMO indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on TMO

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	6.0
Profitability	5.5
Revenue Growth	6.0
Risk Assessment	6.5
Competitive Moat	9.0
Earnings Quality	6.5
Capital Efficiency	5.5