Thermo Fisher Scientific IncThermo Fisher Scientific Inc
Thermo Fisher Scientific Inc

Thermo Fisher Scientific Inc

TMO
Health Care·Life Sciences Tools & Services

Thermo Fisher Scientific Inc. offers products and services to customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies. It operates through the following segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment provides reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines, and diagnosis of disease. The Analytical Instruments segment offers instruments and supporting consumables, software and services. The Specialty Diagnostics segment provides diagnostic test kits, reagents, culture media, instruments and associated products to healthcare, clinical, pharmaceutical, industrial, and food safety laboratories. The Laboratory Products and Biopharma Services segment offers outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing. The company was founded in July 1956 and is headquartered in Waltham, MA.

Massachusetts; U.S.A
Market cap
$240.9BNo data
Revenue
$44.6B+3.9% YoY
Net income
$6.7B+5.8% YoY
Free cash flow
$6.3B−13.4% YoY

Market

Listed stock
Tokenized stocks
TMOPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$44.6B+3.9% YoY
Operating income
$7.7B+5.6% YoY
Net income
$6.7B+5.8% YoY
Free cash flow
$6.3B−13.4% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $39.2B, 2022 $44.9B, 2023 $42.9B, 2024 $42.9B, 2025 $44.6B. Operating income: 2021 $10B, 2022 $8.4B, 2023 $6.9B, 2024 $7.3B, 2025 $7.7B. Net income: 2021 $7.7B, 2022 $7B, 2023 $6B, 2024 $6.3B, 2025 $6.7B. Free cash flow: 2021 $6.8B, 2022 $6.9B, 2023 $6.9B, 2024 $7.3B, 2025 $6.3B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
3.9%+386 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $10B, 2022-12-31 $8.4B, 2023-12-31 $6.9B, 2024-12-31 $7.3B, 2025-12-31 $7.7B. Net income: 2021-12-31 $7.7B, 2022-12-31 $7B, 2023-12-31 $6B, 2024-12-31 $6.3B, 2025-12-31 $6.7B. Free cash flow: 2021-12-31 $6.8B, 2022-12-31 $6.9B, 2023-12-31 $6.9B, 2024-12-31 $7.3B, 2025-12-31 $6.3B

Growth heatmap

2022202320242025CAGR
Revenue
+14.5%
-4.6%
+0.1%
+3.9%
+3.2%
Gross profit
+13.9%
-5.4%
+1.4%
+4.9%
+3.4%
Operating income
-16.3%
-18.3%
+7.0%
+5.6%
-6.3%
Free cash flow
+1.8%
+0.2%
+4.9%
-13.4%
-1.9%

Earnings quality

Operating cash flow
$7.8B−9.8% YoY
Net income
$6.7B+5.8% YoY
Free cash flow
$6.3B−13.4% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 117%, 2024-12-31 137%, 2023-12-31 141%, 2022-12-31 132%, 2021-12-31 120%. Free cash flow: 2025-12-31 94%, 2024-12-31 115%, 2023-12-31 116%, 2022-12-31 99%, 2021-12-31 88%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data