Thermo Fisher Scientific Inc. (TMO) P/E Ratio History
Historical price-to-earnings valuation from 1990 to 2026
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TMO Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of May 6, 2026, Thermo Fisher Scientific Inc. (TMO) trades at a price-to-earnings ratio of 26.7x, with a stock price of $472.95 and trailing twelve-month earnings per share of $18.39.
The current P/E is 15% below its 5-year average of 31.3x. Over the past five years, TMO's P/E has ranged from a low of 23.6x to a high of 38.5x, placing the current valuation at the 20th percentile of its historical range.
Compared to the Healthcare sector median P/E of 22.1x, TMO trades at a 20% premium to its sector peers. The sector includes 242 companies with P/E ratios ranging from 0.0x to 178.0x.
The PEG ratio of 12.62 (P/E divided by 7% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, TMO trades roughly in line with the S&P 500 median P/E of 25.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our TMO DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
TMO P/E vs Peers
P/E ratio compared to closely matched public peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $124B | 34.7 | - | -5% | |
| $33B | 25.8 | 1.75 | +3% | |
| $23B | 32.5 | 6.27 | +0% | |
| $7B | 9.3Lowest | - | +143%Best | |
| $27B | 31.5 | 2.84 | +4% | |
| $30B | 22.5 | 0.56Best | +5% | |
| $12B | 27.9 | 0.88 | +21% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
TMO Historical P/E Data (1990–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | Sat Mar 28 2026 00:00:00 GM | $473.36 | $18.19 | 26.0x | -54% |
| FY2025 Q4 | Wed Dec 31 2025 00:00:00 GM | $579.45 | $17.74 | 32.7x | -42% |
| FY2025 Q3 | Sat Sep 27 2025 00:00:00 GM | $464.24 | $17.31 | 26.8x | -52% |
| FY2025 Q2 | Sat Jun 28 2025 00:00:00 GM | $408.28 | $17.28 | 23.6x | -58% |
| FY2025 Q1 | Sat Mar 29 2025 00:00:00 GM | $500.16 | $17.04 | 29.4x | -48% |
| FY2024 Q4 | $520.23 | $16.52 | 31.5x | -44% | |
| FY2024 Q3 | Sat Sep 28 2024 00:00:00 GM | $614.42 | $15.94 | 38.5x | -32% |
| FY2024 Q2 | Sat Jun 29 2024 00:00:00 GM | $553.00 | $16.12 | 34.3x | -39% |
| FY2024 Q1 | Sat Mar 30 2024 00:00:00 GM | $581.21 | $15.59 | 37.3x | -34% |
| FY2023 Q4 | Sun Dec 31 2023 00:00:00 GM | $530.79 | $15.45 | 34.4x | -39% |
| FY2023 Q3 | Sat Sep 30 2023 00:00:00 GM | $506.17 | $15.26 | 33.2x | -41% |
| FY2023 Q2 | Sat Jul 01 2023 00:00:00 GM | $521.75 | $14.62 | 35.7x | -37% |
Average P/E for displayed period: 56.4x
Full TMO Stock Analysis
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Start ComparisonTMO — Frequently Asked Questions
Quick answers to the most common questions about buying TMO stock.
Is TMO stock overvalued or undervalued?
TMO trades at 26.7x P/E, near its 5-year average of 31.3x. The 20th percentile ranking places valuation within normal historical bounds.
How does TMO's valuation compare to peers?
Thermo Fisher Scientific Inc. P/E of 26.7x compares to sector median of 22.1x. The premium reflects expected growth above peers.
What is TMO's PEG ratio?
TMO PEG ratio is 12.62. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 1990-2026.