THERMO FISHER SCIENTIFIC INC.
TMO· NYSE· Measuring & Controlling Devices, NEC
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 14.1%
- ROIC, 5 yr avg
- 10.0%
- Revenue, 5 yr CAGR
- +6.7%
We record prices for the companies we cover; TMO is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 378.0M
- Revenue
- $44.6B
- Free cash flow
- $6.3B
- Owner earnings
- $6.0B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 17.4%
- Net
- 15.0%
- Free cash flow
- 14.1%
- Owner earnings
- 13.4%
- Stock pay
- 0.7%
Returns
- ROIC, FY2025
- 8.7%
- ROIC, 5 yr avg
- 10.0%
- ROE, FY2025
- 12.6%
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- -0.3%
- Revenue, 5 yr
- 6.7%
- Revenue, 9 yr
- 10.4%
- Diluted EPS, 3 yr
- 0.2%
- Diluted EPS, 5 yr
- 2.1%
- Diluted EPS, 9 yr
- 14.9%
- Free cash flow, 3 yr
- -3.1%
- Free cash flow, 5 yr
- -1.6%
- Free cash flow, 9 yr
- 9.4%
Financial health · FY2025
- Cash and investments
- $10.1B
- Total debt
- $39.2B
- Net debt
- $29.1B
- Debt/Equity
- 0.7x
- Debt/FCF
- 6.2x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 9.5%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -1.1%
Financials: ten years from the 10-Ks
Revenue
$44.6B
+10.4% a year over 9 years
FY2016FY2025
Margins
Operating17.4%Net15.0%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$6.3BOwner earnings$6.0B
Free cash flow +9.4% a year
FY2016FY2025
Diluted shares
378.0M
-4.8% over 9 years, net buybacks
FY2016FY2025
Return on invested capital
8.7%
FY2025
FY2016FY2025
Net debt (below zero)
-$29.1B
$29.1B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $18.3B | $20.9B | $24.4B | $25.5B | $32.2B | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Revenue growth | 7.7% | 14.5% | 16.4% | 4.9% | 26.1% | 21.7% | 14.5% | -4.6% | 0.1% | 3.9% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 13.5% | 14.2% | 15.5% | 18.0% | 24.2% | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Net income | – | – | – | – | – | – | – | $6.0B | $6.3B | $6.7B |
| Net margin | – | – | – | – | – | – | – | 14.0% | 14.8% | 15.0% |
| Diluted EPS | $5.09 | $5.59 | $7.24 | $9.17 | $15.96 | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 |
| Return on invested capital? | – | – | 7.8% | 9.4% | 15.9% | 12.4% | 11.0% | 8.9% | 8.9% | 8.7% |
| Cash | ||||||||||
| Operating cash flow | $3.3B | $4.0B | $4.5B | $5.0B | $8.3B | $9.3B | $9.2B | $8.4B | $8.7B | $7.8B |
| Capital expenditure | $444.0M | $508.0M | $758.0M | $926.0M | $1.5B | $2.5B | $2.2B | $1.5B | $1.4B | $1.5B |
| Free cash flow | $2.8B | $3.5B | $3.8B | $4.0B | $6.8B | $6.8B | $6.9B | $6.9B | $7.3B | $6.3B |
| Stock-based compensation | $133.0M | $159.0M | $181.0M | $181.0M | $196.0M | $230.0M | $307.0M | $278.0M | $301.0M | $310.0M |
| Owner earnings? | $2.7B | $3.3B | $3.6B | $3.9B | $6.6B | $6.6B | $6.6B | $6.6B | $7.0B | $6.0B |
| Free cash flow per share | $7.09 | $8.79 | $9.32 | $10.04 | $17.08 | $17.10 | $17.54 | $17.85 | $18.97 | $16.65 |
| Capital allocation | ||||||||||
| Dividends paid | $238.0M | $237.0M | $266.0M | $297.0M | $337.0M | $395.0M | $455.0M | $523.0M | $583.0M | $636.0M |
| Share repurchases | $1.3B | $750.0M | $500.0M | $1.5B | $1.5B | $2.0B | $3.0B | $3.0B | $4.0B | $3.0B |
| Diluted shares | 397.0M | 398.0M | 406.0M | 403.0M | 399.0M | 397.0M | 394.0M | 388.0M | 383.0M | 378.0M |
| Share count change? | -1.2% | 0.3% | 2.0% | -0.7% | -1.0% | -0.5% | -0.8% | -1.5% | -1.3% | -1.3% |
| Balance sheet | ||||||||||
| Cash and equivalents | $786.0M | $1.3B | $2.1B | $2.4B | $10.3B | $4.5B | $8.5B | $8.1B | $4.0B | $9.9B |
| Short-term investments | – | – | – | – | – | – | – | $3.0M | $1.6B | $253.0M |
| Total debt | – | – | $18.4B | $17.1B | $19.1B | $34.7B | $34.3B | $34.7B | $31.1B | $39.2B |
| Net debt | – | – | $16.3B | $14.7B | $8.8B | $30.2B | $25.8B | $26.6B | $25.5B | $29.1B |
| Shareholders' equity | $21.5B | $25.4B | $27.6B | $29.7B | $34.5B | $40.8B | $44.0B | $46.7B | $49.6B | $53.4B |
Latest filings
| 2026-10-30 | 10-Q | Quarterly report |
| 2026-10-21 | 8-K | Earnings release |
| 2026-07-31 | 10-Q | Quarterly report |
| 2026-07-23 | 8-K | Earnings release |
| 2026-05-01 | 10-Q | Quarterly report |
| 2026-04-23 | 8-K | Earnings release |
| 2026-04-07 | DEF 14A | Proxy statement |
| 2026-02-26 | 10-K | Annual report |
| 2026-01-29 | 8-K | Earnings release |
| 2025-10-31 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
