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TMO · NYSE

Thermo Fisher Scientific

Diagnostics & Research · United States

USD 651.45-1.0% daily changeQuote 2026-09-18 · USD
Market cap (USD)
US$240.87B
Trailing P/E
35.08x
Forward P/E
23.66x
Quarterly revenue growth
10.5%
Trailing net margin
15.0%
Indicated dividend yield
0.3%

Snapshot 2026-09-20 · Latest financial period 2026-06-27 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2026-10-21 (provider estimate, not issuer-confirmed).

Company background

Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. 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 Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.

Company website

Q2 2026

Go beyond the headline.

Thermo Fisher Stock (TMO): Beat Earnings, Margins Up, Down 31% — Why We Say BUY

Published 2026-07-23

Comparable businesses

TMO peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricTMOThermo Fisher Scientific Inc.Snapshot 2026-09-20Financial period: 2026-06-27DHRDanaher CorporationSnapshot 2026-09-20Financial period: 2026-06-26IQVIQVIA Holdings Inc.Snapshot 2026-09-20Financial period: 2026-06-30
Market capMarket value, converted to USDUS$240.87BUS$148.90BUS$43.85B
Forward P/EProvider forward earnings estimate23.66x22.78x18.43x
EV / EBITDAEnterprise value / trailing EBITDA23.81x21.48x19.08x
Revenue growthLatest quarter vs prior-year quarter10.5%5.5%8.7%
Operating marginLatest reported quarter18.8%19.8%13.0%
Free cash flow yieldTrailing cash flow / market cap2.6%2.9%4.9%
Net debt / EBITDANet debt / trailing EBITDA3.28x2.93x4.65x
Debt / equityTotal debt / positive book equity0.81x0.53x2.58x
Trailing P/ETrailing twelve-month earnings35.08x37.76x33.10x
Price / bookPrice / positive book equity per share4.57x2.83x7.11x
EV / salesEnterprise value / trailing revenue6.03x6.87x3.42x
Earnings growthLatest quarter vs prior-year quarter9.4%59.7%-0.6%
Gross marginTrailing twelve months41.0%58.8%33.0%
Net marginTrailing twelve months15.0%15.9%8.1%
Return on equityProvider trailing return; positive equity only13.5%7.6%22.8%
Free cash flow marginTrailing free cash flow / revenue13.5%17.2%12.7%
Dividend yieldIndicated annual dividend / price0.3%0.8%
Earnings payoutProvider trailing dividend payout9.7%25.7%0.0%
Current ratioCurrent assets / current liabilities1.55x1.65x0.71x
BetaProvider historical market sensitivity0.850.811.19

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

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Market context

Valuation & price history

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Price history

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Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for TMO

All available reporting periods
Q2 20262026-07-23
Q4 20252026-04-13
Q1 2026

TMO Q1 2026 earnings analysis · No verified episode link yet.

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.