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Thermo Fisher Scientific Inc.(TMO)Earnings, Financials & Key Ratios
TMO•NYSE
$466.76
$173.46B mkt cap·26.3× P/E·Price updated May 6, 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%
- ROIC7.46%-0.2%
- Debt/Equity0.76+15.7%
- Interest Coverage6.12+16.5%
TMO Key Insights
Thermo Fisher Scientific Inc. (TMO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Healthy 5Y average net margin of 15.8%
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
TMO Price & Volume
Thermo Fisher Scientific Inc. (TMO) stock price & volume — 10-year historical chart
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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
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
Apr 23, 2026EPS
$5.44
Est $5.25
+3.6%
Revenue
$11.0B
Est $10.9B
+1.3%
Q1 2026
Jan 29, 2026EPS
$6.57
Est $6.45
+1.9%
Revenue
$12.2B
Est $11.9B
+2.2%
Q4 2025
Oct 22, 2025EPS
$5.79
Est $5.50
+5.3%
Revenue
$11.1B
Est $10.9B
+1.9%
Q3 2025
Jul 23, 2025EPS
$5.36
Est $5.23
+2.5%
Revenue
$10.9B
Est $10.7B
+1.6%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 23, 2026 | $5.44vs $5.25+3.6% | $11.0Bvs $10.9B+1.3% |
| Q1 2026 | Jan 29, 2026 | $6.57vs $6.45+1.9% | $12.2Bvs $11.9B+2.2% |
| Q4 2025 | Oct 22, 2025 | $5.79vs $5.50+5.3% | $11.1Bvs $10.9B+1.9% |
| Q3 2025 | Jul 23, 2025 | $5.36vs $5.23+2.5% | $10.9Bvs $10.7B+1.6% |
Based on last 12 quarters of dataView full earnings history →
TMO Peer Comparison
Thermo Fisher Scientific Inc. (TMO) competitors in Life Science Instruments and Sequencing Tools — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DHR | 123.6B | 174.63 | 34.65 | 2.9% | 14.89% | 7.06% | 4.26% | 0.35 |
 A | 33.27B | 117.53 | 25.72 | 6.73% | 18.26% | 18.67% | 3.46% | 0.50 |
 WAT | 20.38B | 342.53 | 31.83 | 6.99% | 11.91% | 8.04% | 2.65% | 0.55 |
 BIO | 6.94B | 257.12 | 9.23 | 0.65% | 6.52% | 2.4% | 5.4% | 0.21 |
 BRKR | 5.77B | 38.01 | 50.01 | 13.56% | -0.25% | -0.34% | 2.36% | 1.24 |
 MTD | 26.47B | 1302.42 | 30.89 | 3.98% | 21.59% | 3.21% | ||
 IQV | 29.94B | 176.42 | 22.50 | 5.87% | 8.33% | 22.11% | 6.85% | 2.44 |
 CRL | 9.15B | 185.39 | -63.71 | -0.85% | -3.59% | -4.34% | 5.67% | 0.95 |
Compare TMO vs Peers
Thermo Fisher Scientific Inc. (TMO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
TMO Income Statement
Thermo Fisher Scientific Inc. (TMO) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 20.92B | 24.36B | 25.54B | 32.22B | 39.21B | 44.91B | 42.86B | 42.88B | 44.56B | 45.2B |
| Revenue Growth % | 14.47% | 16.45% | 4.86% | 26.14% | 21.71% | 14.55% | -4.58% | 0.05% | 3.91% | 5.36% |
| Cost of Goods Sold | 11.24B | 13.37B | 14.2B | 16.19B | 19.58B | 25.9B | 25.66B | 25.15B | 27.78B | 27.39B |
| COGS % of Revenue | 53.73% | 54.89% | 55.59% | 50.25% | 49.93% | 57.67% | 59.88% | 58.66% | 62.34% | - |
| Gross Profit | 9.68B▲ 0% | 10.99B▲ 13.5% | 11.34B▲ 3.2% | 16.03B▲ 41.3% | 19.63B▲ 22.5% | 19.01B▼ 3.2% | 17.19B▼ 9.6% | 17.73B▲ 3.1% | 16.78B▼ 5.4% | 17.81B▲ 0% |
| Gross Margin % | 46.27% | 45.11% | 44.41% | 49.75% | 50.07% | 42.33% | 40.12% | 41.34% | 37.66% | 39.41% |
| Gross Profit Growth % | 12.78% | 13.52% | 3.24% | 41.28% | 22.51% | -3.17% | -9.56% | 3.11% | -5.36% | - |
| Operating Expenses | 6.41B | 7.12B | 7.08B | 8.13B | 9.32B | 10.49B | 9.75B | 10.07B | 8.67B | 9.79B |
| OpEx % of Revenue | 30.65% | 29.21% | 27.74% | 25.23% | 23.76% | 23.35% | 22.75% | 23.48% | 19.46% | - |
| Selling, General & Admin | 5.41B | 6.03B | 6.06B | 6.95B | 7.91B | 9.02B | 8.41B | 8.68B | 7.27B | 7.92B |
| SG&A % of Revenue | 25.88% | 24.75% | 23.73% | 21.57% | 20.17% | 20.07% | 19.63% | 20.23% | 16.32% | - |
| Research & Development | 888M | 967M | 1B | 1.18B | 1.41B | 1.47B | 1.34B | 1.39B | 1.4B | 1.39B |
| R&D % of Revenue | 4.25% | 3.97% | 3.93% | 3.67% | 3.59% | 3.28% | 3.12% | 3.24% | 3.14% | - |
| Other Operating Expenses | 110M | 121M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
| Operating Income | 3.27B▲ 0% | 3.87B▲ 18.5% | 4.26B▲ 10.0% | 7.9B▲ 85.4% | 10.32B▲ 30.7% | 8.53B▼ 17.4% | 7.45B▼ 12.7% | 7.66B▲ 2.9% | 8.11B▲ 5.8% | 8.03B▲ 0% |
| Operating Margin % | 15.62% | 15.9% | 16.67% | 24.51% | 26.31% | 18.98% | 17.37% | 17.87% | 18.2% | 17.76% |
| Operating Income Growth % | 14.27% | 18.52% | 9.99% | 85.42% | 30.66% | -17.38% | -12.66% | 2.9% | 5.83% | - |
| EBITDA | 5.3B | 6.14B | 6.54B | 10.22B | 12.91B | 11.91B | 10.85B | 10.77B | 10.89B | 10.53B |
| EBITDA Margin % | 25.34% | 25.2% | 25.59% | 31.73% | 32.92% | 26.51% | 25.32% | 25.12% | 24.44% | 23.3% |
| EBITDA Growth % | 14.8% | 15.81% | 6.48% | 56.4% | 26.3% | -7.78% | -8.85% | -0.76% | 1.1% | -2.13% |
| D&A (Non-Cash Add-back) | 2.03B | 2.27B | 2.28B | 2.33B | 2.59B | 3.38B | 3.41B | 3.11B | 2.78B | 2.5B |
| EBIT | 3.02B | 3.93B | 4.75B | 7.78B | 9.38B | 8.56B | 7.79B | 8.69B | 8.69B | 8.66B |
| Net Interest Income | -511M | -530M | -452M | -488M | -493M | -454M | -612M | -576M | -426M | -448M |
| Interest Income | 81M | 137M | 224M | 65M | 43M | 272M | 879M | 1.08B | 993M | 1.02B |
| Interest Expense | 592M | 667M | 676M | 553M | 536M | 726M | 1.49B | 1.65B | 1.42B | 1.47B |
| Other Income/Expense | -838M | -610M | -189M | -670M | -1.48B | -862M | -1.21B | -667M | -842M | -629M |
| Pretax Income | 2.43B▲ 0% | 3.26B▲ 34.3% | 4.07B▲ 24.8% | 7.23B▲ 77.6% | 8.84B▲ 22.3% | 7.66B▼ 13.3% | 6.24B▼ 18.6% | 7B▲ 12.1% | 7.27B▲ 3.9% | 7.4B▲ 0% |
| Pretax Margin % | 11.61% | 13.39% | 15.93% | 22.43% | 22.54% | 17.06% | 14.56% | 16.31% | 16.31% | 16.36% |
| Income Tax | 201M | 324M | 374M | 850M | 1.11B | 703M | 284M | 657M | 547M | 522M |
| Effective Tax Rate % | 8.28% | 9.93% | 9.19% | 11.76% | 12.55% | 9.17% | 4.55% | 9.39% | 7.53% | 7.06% |
| Net Income | 2.23B▲ 0% | 2.94B▲ 32.0% | 3.7B▲ 25.8% | 6.38B▲ 72.5% | 7.72B▲ 21.2% | 6.95B▼ 10.0% | 6B▼ 13.7% | 6.33B▲ 5.7% | 6.74B▲ 6.3% | 6.86B▲ 0% |
| Net Margin % | 10.64% | 12.06% | 14.47% | 19.79% | 19.7% | 15.47% | 13.99% | 14.77% | 15.12% | 15.18% |
| Net Income Growth % | 10.05% | 32.04% | 25.8% | 72.48% | 21.18% | -10.03% | -13.74% | 5.67% | 6.35% | 5.28% |
| Net Income (Continuing) | 2.23B | 2.94B | 3.7B | 6.38B | 7.73B | 6.96B | 5.96B | 6.34B | 6.72B | 6.87B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 10M | 184M | 170M | 107M | 87M | 129M | 121M |
| EPS (Diluted) | 5.59▲ 0% | 7.24▲ 29.5% | 9.17▲ 26.7% | 15.98▲ 74.3% | 19.46▲ 21.8% | 17.64▼ 9.4% | 15.45▼ 12.4% | 16.53▲ 7.0% | 17.74▲ 7.3% | 18.39▲ 0% |
| EPS Growth % | 9.82% | 29.52% | 26.66% | 74.26% | 21.78% | -9.35% | -12.41% | 6.99% | 7.32% | 6.75% |
| EPS (Basic) | 5.64 | 7.31 | 9.24 | 16.10 | 19.61 | 17.73 | 15.53 | 16.58 | 17.77 | - |
| Diluted Shares Outstanding | 398M | 406M | 403M | 399M | 397M | 394M | 388M | 383M | 377M | 373M |
| Basic Shares Outstanding | 395M | 402M | 400M | 396M | 394M | 392M | 386M | 382M | 376M | 372M |
| Dividend Payout Ratio | 10.65% | 9.05% | 8.04% | 5.29% | 5.11% | 6.55% | 8.72% | 9.2% | 9.44% | - |
TMO Balance Sheet
Thermo Fisher Scientific Inc. (TMO) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 9.42B | 10.63B | 11.89B | 21.96B | 20.11B | 25.23B | 24.59B | 22.14B | 28.71B | 22.32B |
| Cash & Short-Term Investments | 1.33B | 2.1B | 2.4B | 10.32B | 4.48B | 8.52B | 8.08B | 5.57B | 10.11B | 3.26B |
| Cash Only | 1.33B | 2.1B | 2.4B | 10.32B | 4.48B | 8.52B | 8.08B | 4.01B | 9.86B | 3.25B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.56B | 253M | 2M |
| Accounts Receivable | 3.88B | 4.59B | 4.95B | 6.47B | 8.95B | 9.43B | 9.66B | 9.63B | 10.57B | 9.2B |
| Days Sales Outstanding | 67.69 | 68.86 | 70.77 | 73.32 | 83.27 | 76.61 | 82.31 | 81.94 | 86.56 | 78.17 |
| Inventory | 2.97B | 3B | 3.37B | 4.03B | 5.05B | 5.63B | 5.09B | 4.98B | 5.42B | 5.5B |
| Days Inventory Outstanding | 96.49 | 82.04 | 86.64 | 90.83 | 94.17 | 79.39 | 72.37 | 72.24 | 71.28 | 74.06 |
| Other Current Assets | 1.24B | 922M | 1.17B | 1.13B | 1.64B | 1.64B | 1.76B | 1.96B | 2.61B | 4.36B |
| Total Non-Current Assets | 47.25B | 45.61B | 46.49B | 47.09B | 75.01B | 71.92B | 74.14B | 75.18B | 81.64B | 90.97B |
| Property, Plant & Equipment | 4.05B | 4.17B | 5.45B | 6.69B | 9.86B | 10.87B | 11B | 10.79B | 12.01B | 10.66B |
| Fixed Asset Turnover | 5.17x | 5.85x | 4.69x | 4.82x | 3.98x | 4.13x | 3.89x | 3.97x | 3.71x | 4.26x |
| Goodwill | 25.29B | 25.35B | 25.71B | 26.04B | 41.92B | 41.2B | 44.02B | 45.85B | 49.36B | 55.19B |
| Intangible Assets | 16.68B | 14.98B | 14.01B | 12.69B | 20.15B | 17.48B | 16.67B | 15.53B | 15.84B | 19.15B |
| Long-Term Investments | 34M | 53M | 35M | 65M | 73M | 155M | 59M | 560M | 541M | 1.17B |
| Other Non-Current Assets | 1.19B | 1.06B | 1.28B | 1.57B | 3B | 2.22B | 2.38B | 2.44B | 3.88B | 18.86B |
| Total Assets | 56.67B▲ 0% | 56.23B▼ 0.8% | 58.38B▲ 3.8% | 69.05B▲ 18.3% | 95.12B▲ 37.8% | 97.15B▲ 2.1% | 98.73B▲ 1.6% | 97.32B▼ 1.4% | 110.34B▲ 13.4% | 113.28B▲ 0% |
| Asset Turnover | 0.37x | 0.43x | 0.44x | 0.47x | 0.41x | 0.46x | 0.43x | 0.44x | 0.40x | 0.42x |
| Asset Growth % | 23.44% | -0.77% | 3.82% | 18.28% | 37.76% | 2.14% | 1.62% | -1.42% | 13.38% | 33.18% |
| Total Current Liabilities | 7.05B | 6.15B | 6.2B | 10.3B | 13.44B | 17.01B | 14.01B | 13.33B | 15.19B | 14.62B |
| Accounts Payable | 1.43B | 1.61B | 1.92B | 2.17B | 2.87B | 3.38B | 2.87B | 3.08B | 3.62B | 0 |
| Days Payables Outstanding | 46.38 | 44.09 | 49.36 | 49.03 | 53.45 | 47.64 | 40.85 | 44.68 | 47.59 | 31.93 |
| Short-Term Debt | 2.13B | 1.27B | 843M | 2.81B | 2.8B | 5.85B | 3.87B | 2.48B | 3.81B | 3.09B |
| Deferred Revenue (Current) | 719M | 809M | 916M | 1.27B | 2.65B | 2.6B | 2.69B | 2.85B | 2.71B | 8.37B |
| Other Current Liabilities | 1.85B | 1.47B | 1.51B | 2.13B | 2.68B | 3.08B | 2.98B | 2.94B | 3.05B | 11.53B |
| Current Ratio | 1.34x | 1.73x | 1.92x | 2.13x | 1.50x | 1.48x | 1.75x | 1.66x | 1.89x | 1.89x |
| Quick Ratio | 0.92x | 1.24x | 1.38x | 1.74x | 1.12x | 1.15x | 1.39x | 1.29x | 1.53x | 1.53x |
| Cash Conversion Cycle | 117.8 | 106.8 | 108.04 | 115.12 | 123.98 | 108.35 | 113.82 | 109.5 | 110.25 | 120.29 |
| Total Non-Current Liabilities | 24.21B | 22.5B | 22.51B | 24.23B | 40.71B | 36B | 37.87B | 34.32B | 41.62B | 46.72B |
| Long-Term Debt | 18.87B | 17.72B | 17.08B | 19.11B | 32.15B | 28.91B | 31.31B | 29.06B | 35.85B | 40.07B |
| Capital Lease Obligations | 10M | 9M | 571M | 626M | 1.39B | 1.31B | 1.24B | 1.24B | 1.2B | 1.2B |
| Deferred Tax Liabilities | 2.77B | 2.27B | 2.19B | 1.79B | 3.84B | 2.85B | 1.92B | 1.27B | 1.49B | 3.16B |
| Other Non-Current Liabilities | 2.57B | 2.16B | 2.08B | 1.94B | 2.1B | 1.75B | 1.9B | 1.61B | 1.9B | 14.78B |
| Total Liabilities | 31.26B | 28.65B | 28.71B | 34.53B | 54.15B | 53.01B | 51.88B | 47.65B | 56.81B | 61.34B |
| Total Debt | 21.01B | 18.99B | 18.49B | 22.55B | 36.34B | 36.07B | 36.42B | 32.77B | 40.85B | 43.16B |
| Net Debt | 19.65B | 16.88B | 16.07B | 12.21B | 31.85B | 27.54B | 28.34B | 28.76B | 31B | 39.91B |
| Debt / Equity | 0.83x | 0.69x | 0.62x | 0.65x | 0.89x | 0.82x | 0.78x | 0.66x | 0.76x | 0.76x |
| Debt / EBITDA | 3.96x | 3.09x | 2.83x | 2.21x | 2.81x | 3.03x | 3.36x | 3.04x | 3.75x | 4.10x |
| Net Debt / EBITDA | 3.71x | 2.75x | 2.46x | 1.19x | 2.47x | 2.31x | 2.61x | 2.67x | 2.85x | 2.85x |
| Interest Coverage | 5.10x | 5.89x | 7.02x | 14.07x | 17.49x | 11.79x | 5.22x | 5.26x | 6.12x | 5.89x |
| Total Equity | 25.41B▲ 0% | 27.59B▲ 8.6% | 29.68B▲ 7.6% | 34.52B▲ 16.3% | 40.98B▲ 18.7% | 44.15B▲ 7.7% | 46.84B▲ 6.1% | 49.67B▲ 6.0% | 53.54B▲ 7.8% | 52.06B▲ 0% |
| Equity Growth % | 17.98% | 8.55% | 7.57% | 16.32% | 18.72% | 7.74% | 6.1% | 6.04% | 7.78% | 23.62% |
| Book Value per Share | 63.85 | 67.95 | 73.64 | 86.51 | 103.22 | 112.05 | 120.73 | 129.69 | 142.01 | 139.57 |
| Total Shareholders' Equity | 25.41B | 27.59B | 29.68B | 34.51B | 40.79B | 43.98B | 46.73B | 49.58B | 53.41B | 51.94B |
| Common Stock | 428M | 432M | 434M | 437M | 439M | 441M | 442M | 444M | 445M | 0 |
| Retained Earnings | 15.91B | 18.7B | 22.09B | 28.12B | 35.43B | 41.91B | 47.36B | 53.1B | 59.16B | 0 |
| Treasury Stock | -3.1B | -3.67B | -5.24B | -6.82B | -8.92B | -12.02B | -15.13B | -19.23B | -22.31B | 0 |
| Accumulated OCI | -2B | -2.5B | -2.68B | -2.81B | -2.33B | -3.1B | -3.22B | -2.7B | -2.45B | 0 |
| Minority Interest | 0 | 0 | 0 | 10M | 184M | 170M | 107M | 87M | 129M | 121M |
TMO Cash Flow Statement
Thermo Fisher Scientific Inc. (TMO) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 4B | 4.54B | 4.97B | 8.29B | 9.54B | 9.15B | 8.41B | 8.67B | 7.82B | 7.82B |
| Operating CF Margin % | 19.15% | 18.65% | 19.47% | 25.73% | 24.34% | 20.38% | 19.61% | 20.21% | 17.55% | - |
| Operating CF Growth % | 26.89% | 13.43% | 9.47% | 66.68% | 15.13% | -4.08% | -8.17% | 3.1% | -9.8% | 44.69% |
| Net Income | 2.23B | 2.94B | 3.7B | 6.38B | 7.73B | 6.96B | 6B | 6.34B | 6.72B | 6.86B |
| Depreciation & Amortization | 2.03B | 2.27B | 2.28B | 2.33B | 2.59B | 3.38B | 3.41B | 3.11B | 2.78B | 2.81B |
| Stock-Based Compensation | 159M | 181M | 181M | 196M | 230M | 307M | 278M | 301M | 0 | 0 |
| Deferred Taxes | -1.09B | -419M | -348M | -552M | -406M | -995M | -1.3B | -1.21B | -639M | -618M |
| Other Non-Cash Items | 189M | 106M | -214M | 340M | 957M | 550M | 564M | 463M | 764M | -1.53B |
| Working Capital Changes | 485M | -530M | -619M | -395M | -1.56B | -1.05B | -537M | -334M | -1.81B | 760M |
| Change in Receivables | -362M | -366M | -225M | -1.3B | -204M | -430M | 209M | -171M | 0 | 0 |
| Change in Inventory | -81M | -324M | -458M | -508M | -1.06B | -825M | 598M | -27M | 0 | 0 |
| Change in Payables | 274M | 201M | 266M | 59M | 479M | 648M | -500M | 212M | 0 | 0 |
| Cash from Investing | -7.73B | -1.25B | -1.49B | -1.51B | -21.93B | -2.16B | -5.14B | -5.84B | -4.05B | -12.48B |
| Capital Expenditures | -508M | -758M | -926M | -1.47B | -2.52B | -2.24B | -1.48B | -1.4B | -1.52B | -1.54B |
| CapEx % of Revenue | 2.43% | 3.11% | 3.63% | 4.58% | 6.43% | 4.99% | 3.45% | 3.26% | 3.42% | - |
| Acquisitions | -7.23B | -536M | -715M | -38M | -19.39B | -39M | -3.66B | -3.13B | -4.04B | -12.91B |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2M | 41M | 154M | 2M | -14M | 123M | -73M | 317M | 333M | 285M |
| Cash from Financing | 3.85B | -2.24B | -3.12B | 959M | 6.58B | -2.81B | -3.62B | -6.79B | 1.8B | 3B |
| Debt Issued (Net) | 3.03B | -1.56B | -717M | 2.75B | 8.91B | 654M | -155M | -2.4B | 5.35B | 2.21B |
| Equity Issued (Net) | 1.07B | -500M | -1.5B | -1.5B | -2B | -3B | -3B | -4B | -3B | -4B |
| Dividends Paid | -237M | -266M | -297M | -337M | -395M | -455M | -523M | -583M | -636M | -649M |
| Share Repurchases | -750M | -500M | -1.5B | -1.5B | -2B | -3B | -3B | -4B | -3B | -4B |
| Other Financing | -3M | 85M | -604M | 46M | 65M | -9M | 56M | 194M | 90M | 5.43B |
| Net Change in Cash | 550M▲ 0% | 756M▲ 37.5% | 305M▼ 59.7% | 7.91B▲ 2494.8% | -5.84B▼ 173.9% | 4.05B▲ 169.2% | -440M▼ 110.9% | -4.06B▼ 822.0% | 5.84B▲ 243.9% | -892M▲ 0% |
| Free Cash Flow | 3.5B▲ 0% | 3.79B▲ 8.2% | 4.05B▲ 6.9% | 6.82B▲ 68.4% | 7.02B▲ 3.0% | 6.91B▼ 1.6% | 6.93B▲ 0.2% | 7.27B▲ 4.9% | 6.29B▼ 13.4% | 6.75B▲ 0% |
| FCF Margin % | 16.72% | 15.54% | 15.84% | 21.15% | 17.9% | 15.39% | 16.16% | 16.95% | 14.12% | 14.93% |
| FCF Growth % | 28.95% | 8.24% | 6.92% | 68.4% | 3.01% | -1.55% | 0.23% | 4.91% | -13.4% | 0.36% |
| FCF per Share | 8.79 | 9.32 | 10.04 | 17.08 | 17.68 | 17.54 | 17.85 | 18.97 | 16.69 | 16.69 |
| FCF Conversion (FCF/Net Income) | 1.80x | 1.55x | 1.35x | 1.30x | 1.24x | 1.32x | 1.40x | 1.37x | 1.16x | 0.98x |
| Interest Paid | 0 | 687M | 790M | 471M | 555M | 667M | 1.39B | 1.57B | 0 | 0 |
| Taxes Paid | 0 | 591M | 896M | 1.32B | 2.18B | 1.23B | 1.48B | 1.83B | 0 | 0 |
TMO Key Ratios
Thermo Fisher Scientific Inc. (TMO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 9.48% | 11.09% | 12.91% | 19.86% | 20.47% | 16.33% | 13.18% | 13.13% | 13.06% | 13.23% |
| Return on Invested Capital (ROIC) | 5.94% | 6.49% | 7.08% | 12.81% | 12.94% | 8.85% | 7.6% | 7.48% | 7.46% | 7.46% |
| Gross Margin | 46.27% | 45.11% | 44.41% | 49.75% | 50.07% | 42.33% | 40.12% | 41.34% | 37.66% | 39.41% |
| Net Margin | 10.64% | 12.06% | 14.47% | 19.79% | 19.7% | 15.47% | 13.99% | 14.77% | 15.12% | 15.18% |
| Debt / Equity | 0.83x | 0.69x | 0.62x | 0.65x | 0.89x | 0.82x | 0.78x | 0.66x | 0.76x | 0.76x |
| Interest Coverage | 5.10x | 5.89x | 7.02x | 14.07x | 17.49x | 11.79x | 5.22x | 5.26x | 6.12x | 5.89x |
| FCF Conversion | 1.80x | 1.55x | 1.35x | 1.30x | 1.24x | 1.32x | 1.40x | 1.37x | 1.16x | 0.98x |
| Revenue Growth | 14.47% | 16.45% | 4.86% | 26.14% | 21.71% | 14.55% | -4.58% | 0.05% | 3.91% | 5.36% |
TMO SEC Filings & Documents
Thermo Fisher Scientific Inc. (TMO) SEC filings — annual & quarterly reports (10-K, 10-Q)
TMO Frequently Asked Questions
Thermo Fisher Scientific Inc. (TMO) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Thermo Fisher Scientific Inc. (TMO) reported $45.20B in revenue for fiscal year 2025. This represents a 1441% increase from $2.93B in 1996.
Thermo Fisher Scientific Inc. (TMO) grew revenue by 3.9% over the past year. Growth has been modest.
Yes, Thermo Fisher Scientific Inc. (TMO) is profitable, generating $6.86B in net income for fiscal year 2025 (15.1% net margin).
Dividend & Returns
Yes, Thermo Fisher Scientific Inc. (TMO) pays a dividend with a yield of 0.36%. This makes it attractive for income-focused investors.
Thermo Fisher Scientific Inc. (TMO) has a return on equity (ROE) of 13.1%. This is reasonable for most industries.
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.
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