THERMO FISHER SCIENTIFIC INC (TMO) Fundamental Analysis & Valuation

NYSE:TMO • US8835561023

500.08 USD
-9.89 (-1.94%)
At close: Mar 10, 2026
500.08 USD
0 (0%)
After Hours: 3/10/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This TMO fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

TMO gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 57 industry peers in the Life Sciences Tools & Services industry. TMO has only an average score on both its financial health and profitability. TMO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. TMO Profitability Analysis

1.1 Basic Checks

  • In the past year TMO was profitable.
  • TMO had a positive operating cash flow in the past year.
  • Each year in the past 5 years TMO has been profitable.
  • In the past 5 years TMO always reported a positive cash flow from operatings.
TMO Yearly Net Income VS EBIT VS OCF VS FCFTMO Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

1.2 Ratios

  • With an excellent Return On Assets value of 6.08%, TMO belongs to the best of the industry, outperforming 80.70% of the companies in the same industry.
  • TMO's Return On Equity of 12.55% is amongst the best of the industry. TMO outperforms 84.21% of its industry peers.
  • With an excellent Return On Invested Capital value of 7.80%, TMO belongs to the best of the industry, outperforming 82.46% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for TMO is below the industry average of 11.85%.
Industry RankSector Rank
ROA 6.08%
ROE 12.55%
ROIC 7.8%
ROA(3y)6.22%
ROA(5y)6.79%
ROE(3y)12.72%
ROE(5y)14.58%
ROIC(3y)8.04%
ROIC(5y)9.02%
TMO Yearly ROA, ROE, ROICTMO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • The Profit Margin of TMO (15.05%) is better than 82.46% of its industry peers.
  • In the last couple of years the Profit Margin of TMO has declined.
  • Looking at the Operating Margin, with a value of 18.19%, TMO belongs to the top of the industry, outperforming 82.46% of the companies in the same industry.
  • TMO's Operating Margin has declined in the last couple of years.
  • TMO has a Gross Margin (41.09%) which is comparable to the rest of the industry.
  • In the last couple of years the Gross Margin of TMO has declined.
Industry RankSector Rank
OM 18.19%
PM (TTM) 15.05%
GM 41.09%
OM growth 3Y-1.32%
OM growth 5Y-5.71%
PM growth 3Y-0.93%
PM growth 5Y-5.33%
GM growth 3Y-1.04%
GM growth 5Y-3.78%
TMO Yearly Profit, Operating, Gross MarginsTMO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

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4

2. TMO Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so TMO is destroying value.
  • TMO has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for TMO has been reduced compared to 5 years ago.
  • TMO has a worse debt/assets ratio than last year.
TMO Yearly Shares OutstandingTMO Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M
TMO Yearly Total Debt VS Total AssetsTMO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

2.2 Solvency

  • TMO has an Altman-Z score of 3.54. This indicates that TMO is financially healthy and has little risk of bankruptcy at the moment.
  • TMO has a better Altman-Z score (3.54) than 73.68% of its industry peers.
  • TMO has a debt to FCF ratio of 6.26. This is a slightly negative value and a sign of low solvency as TMO would need 6.26 years to pay back of all of its debts.
  • TMO has a better Debt to FCF ratio (6.26) than 66.67% of its industry peers.
  • TMO has a Debt/Equity ratio of 0.67. This is a neutral value indicating TMO is somewhat dependend on debt financing.
  • TMO has a worse Debt to Equity ratio (0.67) than 70.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.67
Debt/FCF 6.26
Altman-Z 3.54
ROIC/WACC0.72
WACC10.82%
TMO Yearly LT Debt VS Equity VS FCFTMO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.3 Liquidity

  • TMO has a Current Ratio of 1.89. This is a normal value and indicates that TMO is financially healthy and should not expect problems in meeting its short term obligations.
  • With a Current ratio value of 1.89, TMO is not doing good in the industry: 64.91% of the companies in the same industry are doing better.
  • A Quick Ratio of 1.53 indicates that TMO should not have too much problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 1.53, TMO is doing worse than 64.91% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.89
Quick Ratio 1.53
TMO Yearly Current Assets VS Current LiabilitesTMO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B 25B

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4

3. TMO Growth Analysis

3.1 Past

  • TMO shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 4.62%.
  • Measured over the past 5 years, TMO shows a small growth in Earnings Per Share. The EPS has been growing by 3.19% on average per year.
  • The Revenue has been growing slightly by 3.91% in the past year.
  • Measured over the past years, TMO shows a small growth in Revenue. The Revenue has been growing by 6.70% on average per year.
EPS 1Y (TTM)4.62%
EPS 3Y-0.53%
EPS 5Y3.19%
EPS Q2Q%7.7%
Revenue 1Y (TTM)3.91%
Revenue growth 3Y-0.27%
Revenue growth 5Y6.7%
Sales Q2Q%7.2%

3.2 Future

  • Based on estimates for the next years, TMO will show a quite strong growth in Earnings Per Share. The EPS will grow by 10.80% on average per year.
  • The Revenue is expected to grow by 5.26% on average over the next years.
EPS Next Y8.45%
EPS Next 2Y8.79%
EPS Next 3Y9.32%
EPS Next 5Y10.8%
Revenue Next Year5.79%
Revenue Next 2Y5.45%
Revenue Next 3Y5.85%
Revenue Next 5Y5.26%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
TMO Yearly Revenue VS EstimatesTMO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B 40B 50B
TMO Yearly EPS VS EstimatesTMO Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 10 20 30 40

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4

4. TMO Valuation Analysis

4.1 Price/Earnings Ratio

  • TMO is valuated rather expensively with a Price/Earnings ratio of 21.87.
  • TMO's Price/Earnings ratio is a bit cheaper when compared to the industry. TMO is cheaper than 78.95% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of TMO to the average of the S&P500 Index (26.25), we can say TMO is valued inline with the index average.
  • TMO is valuated rather expensively with a Price/Forward Earnings ratio of 20.16.
  • TMO's Price/Forward Earnings ratio is rather cheap when compared to the industry. TMO is cheaper than 80.70% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of TMO to the average of the S&P500 Index (24.39), we can say TMO is valued inline with the index average.
Industry RankSector Rank
PE 21.87
Fwd PE 20.16
TMO Price Earnings VS Forward Price EarningsTMO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, TMO is valued a bit cheaper than the industry average as 71.93% of the companies are valued more expensively.
  • 68.42% of the companies in the same industry are more expensive than TMO, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 29.52
EV/EBITDA 20.07
TMO Per share dataTMO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates TMO does not grow enough to justify the current Price/Earnings ratio.
  • TMO has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)2.59
PEG (5Y)6.86
EPS Next 2Y8.79%
EPS Next 3Y9.32%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. TMO Dividend Analysis

5.1 Amount

  • TMO has a yearly dividend return of 0.36%, which is pretty low.
  • TMO's Dividend Yield is rather good when compared to the industry average which is at 0.10. TMO pays more dividend than 85.96% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, TMO's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.36%

5.2 History

  • On average, the dividend of TMO grows each year by 14.67%, which is quite nice.
  • TMO has paid a dividend for at least 10 years, which is a reliable track record.
  • TMO has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)14.67%
Div Incr Years7
Div Non Decr Years12
TMO Yearly Dividends per shareTMO Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • 9.49% of the earnings are spent on dividend by TMO. This is a low number and sustainable payout ratio.
  • The dividend of TMO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP9.49%
EPS Next 2Y8.79%
EPS Next 3Y9.32%
TMO Yearly Income VS Free CF VS DividendTMO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B
TMO Dividend Payout.TMO Dividend Payout, showing the Payout Ratio.TMO Dividend Payout.PayoutRetained Earnings

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TMO Fundamentals: All Metrics, Ratios and Statistics

THERMO FISHER SCIENTIFIC INC

NYSE:TMO (3/10/2026, 8:04:00 PM)

After market: 500.08 0 (0%)

500.08

-9.89 (-1.94%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryLife Sciences Tools & Services
Earnings (Last)01-29
Earnings (Next)04-21
Inst Owners95.38%
Inst Owner Change11.37%
Ins Owners0.09%
Ins Owner Change7.72%
Market Cap185.77B
Revenue(TTM)44.56B
Net Income(TTM)6.70B
Analysts83.03
Price Target678.16 (35.61%)
Short Float %0.95%
Short Ratio1.54
Dividend
Industry RankSector Rank
Dividend Yield 0.36%
Yearly Dividend1.68
Dividend Growth(5Y)14.67%
DP9.49%
Div Incr Years7
Div Non Decr Years12
Ex-Date03-13
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)2.64%
Min EPS beat(2)0.91%
Max EPS beat(2)4.37%
EPS beat(4)3
Avg EPS beat(4)1.7%
Min EPS beat(4)-0.07%
Max EPS beat(4)4.37%
EPS beat(8)6
Avg EPS beat(8)2.42%
EPS beat(12)7
Avg EPS beat(12)1.02%
EPS beat(16)11
Avg EPS beat(16)2.83%
Revenue beat(2)2
Avg Revenue beat(2)1.08%
Min Revenue beat(2)0.95%
Max Revenue beat(2)1.21%
Revenue beat(4)4
Avg Revenue beat(4)0.77%
Min Revenue beat(4)0.28%
Max Revenue beat(4)1.21%
Revenue beat(8)6
Avg Revenue beat(8)0.22%
Revenue beat(12)7
Avg Revenue beat(12)-0.27%
Revenue beat(16)11
Avg Revenue beat(16)1.95%
PT rev (1m)0%
PT rev (3m)7.43%
EPS NQ rev (1m)-0.31%
EPS NQ rev (3m)-6.09%
EPS NY rev (1m)-0.08%
EPS NY rev (3m)-0.2%
Revenue NQ rev (1m)-0.28%
Revenue NQ rev (3m)-1.5%
Revenue NY rev (1m)0.11%
Revenue NY rev (3m)0.81%
Valuation
Industry RankSector Rank
PE 21.87
Fwd PE 20.16
P/S 4.17
P/FCF 29.52
P/OCF 23.76
P/B 3.48
P/tB N/A
EV/EBITDA 20.07
EPS(TTM)22.87
EY4.57%
EPS(NY)24.8
Fwd EY4.96%
FCF(TTM)16.94
FCFY3.39%
OCF(TTM)21.05
OCFY4.21%
SpS119.94
BVpS143.77
TBVpS-31.74
PEG (NY)2.59
PEG (5Y)6.86
Graham Number271.99
Profitability
Industry RankSector Rank
ROA 6.08%
ROE 12.55%
ROCE 8.52%
ROIC 7.8%
ROICexc 8.73%
ROICexgc 37.4%
OM 18.19%
PM (TTM) 15.05%
GM 41.09%
FCFM 14.12%
ROA(3y)6.22%
ROA(5y)6.79%
ROE(3y)12.72%
ROE(5y)14.58%
ROIC(3y)8.04%
ROIC(5y)9.02%
ROICexc(3y)8.83%
ROICexc(5y)9.85%
ROICexgc(3y)40.31%
ROICexgc(5y)46.65%
ROCE(3y)8.78%
ROCE(5y)9.93%
ROICexgc growth 3Y-13.91%
ROICexgc growth 5Y-12.87%
ROICexc growth 3Y-6.93%
ROICexc growth 5Y-10.12%
OM growth 3Y-1.32%
OM growth 5Y-5.71%
PM growth 3Y-0.93%
PM growth 5Y-5.33%
GM growth 3Y-1.04%
GM growth 5Y-3.78%
F-Score5
Asset Turnover0.4
Health
Industry RankSector Rank
Debt/Equity 0.67
Debt/FCF 6.26
Debt/EBITDA 3.29
Cap/Depr 54.86%
Cap/Sales 3.42%
Interest Coverage 5.03
Cash Conversion 71.82%
Profit Quality 93.87%
Current Ratio 1.89
Quick Ratio 1.53
Altman-Z 3.54
F-Score5
WACC10.82%
ROIC/WACC0.72
Cap/Depr(3y)47.77%
Cap/Depr(5y)61.4%
Cap/Sales(3y)3.38%
Cap/Sales(5y)4.31%
Profit Quality(3y)108.04%
Profit Quality(5y)102.29%
High Growth Momentum
Growth
EPS 1Y (TTM)4.62%
EPS 3Y-0.53%
EPS 5Y3.19%
EPS Q2Q%7.7%
EPS Next Y8.45%
EPS Next 2Y8.79%
EPS Next 3Y9.32%
EPS Next 5Y10.8%
Revenue 1Y (TTM)3.91%
Revenue growth 3Y-0.27%
Revenue growth 5Y6.7%
Sales Q2Q%7.2%
Revenue Next Year5.79%
Revenue Next 2Y5.45%
Revenue Next 3Y5.85%
Revenue Next 5Y5.26%
EBIT growth 1Y5.05%
EBIT growth 3Y-1.59%
EBIT growth 5Y0.61%
EBIT Next Year19.1%
EBIT Next 3Y11.62%
EBIT Next 5Y10.22%
FCF growth 1Y-13.4%
FCF growth 3Y-3.07%
FCF growth 5Y-1.58%
OCF growth 1Y-9.8%
OCF growth 3Y-5.12%
OCF growth 5Y-1.16%

THERMO FISHER SCIENTIFIC INC / TMO FAQ

What is the ChartMill fundamental rating of THERMO FISHER SCIENTIFIC INC (TMO) stock?

ChartMill assigns a fundamental rating of 5 / 10 to TMO.


What is the valuation status of THERMO FISHER SCIENTIFIC INC (TMO) stock?

ChartMill assigns a valuation rating of 4 / 10 to THERMO FISHER SCIENTIFIC INC (TMO). This can be considered as Fairly Valued.


What is the profitability of TMO stock?

THERMO FISHER SCIENTIFIC INC (TMO) has a profitability rating of 6 / 10.


What is the financial health of THERMO FISHER SCIENTIFIC INC (TMO) stock?

The financial health rating of THERMO FISHER SCIENTIFIC INC (TMO) is 4 / 10.


What is the expected EPS growth for THERMO FISHER SCIENTIFIC INC (TMO) stock?

The Earnings per Share (EPS) of THERMO FISHER SCIENTIFIC INC (TMO) is expected to grow by 8.45% in the next year.