Thermo Fisher Scientific Inc. (TMO) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Diagnostics & Research
EV/EBITDA
↓
18.70
↓-14% vs avg
5yr avg: 21.84
30Y Low7.6·High36.9
P/FCF
↓
27.44
↓-15% vs avg
5yr avg: 32.20
30Y Low12.1·High69.7
P/B Ratio
↓
3.27
↓-31% vs avg
5yr avg: 4.77
30Y Low0.7·High6.5
ROE
↓
13.1%
-14% vs avg
5yr avg: 15.2%
30Y Low-7%·High20%
Debt/EBITDA
↑
3.75
+17% vs avg
5yr avg: 3.20
30Y Low0.8·High5.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TMO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Thermo Fisher Scientific Inc. trades at 26.2x earnings, 20% below its 5-year average of 32.8x, sitting at the 37th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a premium of 18%. On a free-cash-flow basis, the stock trades at 27.4x P/FCF, 15% below the 5-year average of 32.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $172.7B | $218.5B | $199.2B | $205.9B | $217.0B | $264.9B | $185.8B | $130.9B | $90.9B | $75.6B | $56.1B |
| Enterprise Value | $203.7B | $249.5B | $228.0B | $234.3B | $244.5B | $296.7B | $198.1B | $147.0B | $107.7B | $95.2B | $71.9B |
| P/E Ratio → | 26.19 | 32.66 | 31.47 | 34.36 | 31.22 | 34.29 | 29.15 | 35.43 | 30.91 | 33.97 | 27.72 |
| P/S Ratio | 3.88 | 4.90 | 4.65 | 4.81 | 4.83 | 6.76 | 5.77 | 5.13 | 3.73 | 3.61 | 3.07 |
| P/B Ratio | 3.27 | 4.08 | 4.01 | 4.40 | 4.91 | 6.46 | 5.38 | 4.41 | 3.29 | 2.97 | 2.60 |
| P/FCF | 27.44 | 34.71 | 27.42 | 29.73 | 31.40 | 37.73 | 27.27 | 32.35 | 24.00 | 21.61 | 20.68 |
| P/OCF | 22.08 | 27.94 | 22.99 | 24.50 | 23.70 | 27.76 | 22.42 | 26.33 | 20.00 | 18.87 | 17.77 |
P/E links to full P/E history page with 30-year chart
TMO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Thermo Fisher Scientific Inc.'s enterprise value stands at 18.7x EBITDA, 14% below its 5-year average of 21.8x. The Healthcare sector median is 14.2x, placing the stock at a 32% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.60 | 5.32 | 5.47 | 5.44 | 7.57 | 6.15 | 5.75 | 4.42 | 4.55 | 3.94 |
| EV / EBITDA | 18.70 | 22.91 | 21.17 | 21.59 | 20.54 | 22.99 | 19.38 | 22.49 | 17.55 | 17.97 | 15.58 |
| EV / EBIT | 25.11 | 28.72 | 26.23 | 30.08 | 28.56 | 31.65 | 25.45 | 30.97 | 27.42 | 31.52 | 28.84 |
| EV / FCF | — | 39.64 | 31.38 | 33.82 | 35.38 | 42.27 | 29.06 | 36.32 | 28.46 | 27.23 | 26.52 |
TMO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Thermo Fisher Scientific Inc. earns an operating margin of 18.2%. ROE of 13.1% is modest. ROIC of 7.5% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.7% | 37.7% | 41.3% | 40.1% | 42.3% | 50.1% | 49.7% | 44.4% | 45.1% | 46.3% | 47.0% |
| Operating Margin | 18.2% | 18.2% | 17.9% | 17.4% | 19.0% | 26.3% | 24.5% | 16.7% | 15.9% | 15.6% | 15.6% |
| Net Profit Margin | 15.1% | 15.1% | 14.8% | 14.0% | 15.5% | 19.7% | 19.8% | 14.5% | 12.1% | 10.6% | 11.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.1% | 13.1% | 13.1% | 13.2% | 16.3% | 20.5% | 19.9% | 12.9% | 11.1% | 9.5% | 9.4% |
| ROA | 6.5% | 6.5% | 6.5% | 6.1% | 7.2% | 9.4% | 10.0% | 6.4% | 5.2% | 4.3% | 4.7% |
| ROIC | 7.5% | 7.5% | 7.5% | 7.6% | 8.8% | 12.9% | 12.8% | 7.1% | 6.5% | 5.9% | 6.1% |
| ROCE | 9.1% | 9.1% | 9.1% | 9.0% | 10.5% | 14.7% | 14.2% | 8.3% | 7.8% | 7.2% | 7.4% |
TMO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Thermo Fisher Scientific Inc. carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (17% above the sector average of 3.2x). Net debt stands at $31.0B ($40.9B total debt minus $9.9B cash). Interest coverage of 6.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.66 | 0.78 | 0.82 | 0.89 | 0.65 | 0.62 | 0.69 | 0.83 | 0.77 |
| Debt / EBITDA | 3.75 | 3.75 | 3.04 | 3.36 | 3.03 | 2.81 | 2.21 | 2.83 | 3.09 | 3.96 | 3.60 |
| Net Debt / Equity | — | 0.58 | 0.58 | 0.61 | 0.62 | 0.78 | 0.35 | 0.54 | 0.61 | 0.77 | 0.74 |
| Net Debt / EBITDA | 2.85 | 2.85 | 2.67 | 2.61 | 2.31 | 2.47 | 1.19 | 2.46 | 2.75 | 3.71 | 3.43 |
| Debt / FCF | — | 4.93 | 3.96 | 4.09 | 3.98 | 4.54 | 1.79 | 3.97 | 4.46 | 5.62 | 5.84 |
| Interest Coverage | 6.12 | 6.12 | 5.26 | 5.22 | 11.79 | 17.49 | 14.07 | 7.02 | 5.89 | 5.10 | 5.31 |
TMO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.89x means Thermo Fisher Scientific Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.53x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.75x to 1.89x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 1.66 | 1.75 | 1.48 | 1.50 | 2.13 | 1.92 | 1.73 | 1.34 | 1.44 |
| Quick Ratio | 1.53 | 1.53 | 1.29 | 1.39 | 1.15 | 1.12 | 1.74 | 1.38 | 1.24 | 0.92 | 0.99 |
| Cash Ratio | 0.67 | 0.67 | 0.42 | 0.58 | 0.50 | 0.33 | 1.00 | 0.39 | 0.34 | 0.19 | 0.16 |
| Asset Turnover | — | 0.40 | 0.44 | 0.43 | 0.46 | 0.41 | 0.47 | 0.44 | 0.43 | 0.37 | 0.40 |
| Inventory Turnover | 5.12 | 5.12 | 5.05 | 5.04 | 4.60 | 3.88 | 4.02 | 4.21 | 4.45 | 3.78 | 4.38 |
| Days Sales Outstanding | — | 86.56 | 81.94 | 82.31 | 76.61 | 83.27 | 73.32 | 70.77 | 68.86 | 67.69 | 60.90 |
TMO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Thermo Fisher Scientific Inc. returns 2.1% to shareholders annually — split between a 0.4% dividend yield and 1.7% buyback yield. The payout ratio of 9.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.3% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.2% | 0.3% | 0.3% | 0.4% |
| Payout Ratio | 9.4% | 9.4% | 9.2% | 8.7% | 6.5% | 5.1% | 5.3% | 8.0% | 9.1% | 10.7% | 11.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.1% | 3.2% | 2.9% | 3.2% | 2.9% | 3.4% | 2.8% | 3.2% | 2.9% | 3.6% |
| FCF Yield | 3.6% | 2.9% | 3.6% | 3.4% | 3.2% | 2.7% | 3.7% | 3.1% | 4.2% | 4.6% | 4.8% |
| Buyback Yield | 1.7% | 1.4% | 2.0% | 1.5% | 1.4% | 0.8% | 0.8% | 1.1% | 0.6% | 1.0% | 2.2% |
| Total Shareholder Yield | 2.1% | 1.7% | 2.3% | 1.7% | 1.6% | 0.9% | 1.0% | 1.4% | 0.8% | 1.3% | 2.7% |
| Shares Outstanding | — | $377M | $383M | $388M | $394M | $397M | $399M | $403M | $406M | $398M | $397M |
Peer Comparison
Compare TMO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TMOYou | $173B | 26.2 | 18.7 | 27.4 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
 DHR | $125B | 35.2 | 18.4 | 23.8 | 60.9% | 20.9% | 7.1% | 5.9% | 2.4 |
 A | $36B | 27.8 | 21.2 | 31.2 | 52.4% | 21.3% | 20.6% | 13.5% | 1.9 |
 WAT | $23B | 33.0 | 21.8 | 42.9 | 57.8% | 28.2% | 29.3% | 20.3% | 1.3 |
 BIO | $8B | 10.1 | 18.1 | 20.4 | 52.0% | 10.5% | 10.8% | 2.6% | 3.2 |
 BRKR | $9B | -381.5 | 22.9 | 201.2 | 45.9% | 6.9% | -0.4% | 4.4% | 4.5 |
 MTD | $23B | 27.1 | 20.4 | 27.3 | 57.5% | 27.8% | — | 40.0% | 1.9 |
 IQV | $28B | 21.4 | 12.4 | 13.9 | 26.3% | 14.0% | 21.4% | 8.7% | 4.7 |
 CRL | $9B | -63.6 | 12.9 | 17.2 | 30.5% | 12.6% | -4.3% | 6.3% | 3.4 |
 MEDP | $13B | 30.1 | 22.9 | 19.3 | 30.1% | 21.1% | 70.2% | 154.9% | 0.4 |
 NVCR | $2B | -11.7 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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TMO — Frequently Asked Questions
Quick answers to the most common questions about buying TMO stock.
What is Thermo Fisher Scientific Inc.'s P/E ratio?
Thermo Fisher Scientific Inc.'s current P/E ratio is 26.2x. The historical average is 27.0x. This places it at the 37th percentile of its historical range.
What is Thermo Fisher Scientific Inc.'s EV/EBITDA?
Thermo Fisher Scientific Inc.'s current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
What is Thermo Fisher Scientific Inc.'s ROE?
Thermo Fisher Scientific Inc.'s return on equity (ROE) is 13.1%. The historical average is 9.1%.
Is TMO stock overvalued?
Based on historical data, Thermo Fisher Scientific Inc. is trading at a P/E of 26.2x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Thermo Fisher Scientific Inc.'s dividend yield?
Thermo Fisher Scientific Inc.'s current dividend yield is 0.36% with a payout ratio of 9.4%.
What are Thermo Fisher Scientific Inc.'s profit margins?
Thermo Fisher Scientific Inc. has 37.7% gross margin and 18.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Thermo Fisher Scientific Inc. have?
Thermo Fisher Scientific Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.