Thermo Fisher Scientific Inc. TMO
NYSEDiagnostics and life science toolsFinancials to Jun 27, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 27 |
|---|---|---|
| Cash | 9.9 | 4.1 |
| Securities | 0.3 | 0.0 |
| Debt | 39.2 | 42.3 |
| Net cash | -29.1 | -38.2 |
| Equity | 53.4 | 52.7 |
- Debt / EBITDA
- 3.81×
- Debt / equity
- 0.80×
- Leases (12/31/25)
- $1.7B
- Diluted shares
- 371M
- Book value / share
- $141.99
- Price / book
- 4.6×
- Net cash / share
- −$103.02
- Market cap
- $242.8B
- Enterprise value
- $281.0B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 10.5% | +7.5 pts | |
| Operating margin | 17.4% | +0.5 pts | |
| FCF margin | 14.0% | +3.8 pts | |
| Capex / revenue | 3.8% | +1.0 pts | |
| Organic revenue growth | +5% | +3 pts | |
| Segment organic revenue growth | +3% | -1 pts | |
| Segment organic revenue growth | +7% | +11 pts | |
| Segment organic revenue growth | +5% | +5 pts | |
| Segment organic revenue growth | +5% | +2 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About TMO
Thermo Fisher supplies research reagents, instruments, diagnostic tests, laboratory distribution and outsourced drug development and manufacturing. FY2025 external sales were $44,556 million, led by $23,818 million in Laboratory Products and Biopharma Services.
- Installed Base Consumables
Genetic-analysis instruments use related reagents, while single-use bioproduction workflows require repeat consumables.
- Installed Base Consumables
Instruments can pull through supporting consumables, software and services, but Thermo Fisher does not disclose segment installed-base size, attach rates, service renewal, or third-party compatibility.
- Installed Base Consumables
Complete blood-test systems and instrument-linked kits and reagents can create recurring pull-through after workflow validation, but the filing does not quantify placements, attach rates, or customer switching.
- Distribution Control
Large lab distribution platform with broad catalog and services creates one-stop procurement convenience and embeds Thermo Fisher in customer supply chains.
- Sep 15, 2026
Mayo Clinic and Thermo Fisher launched Precure to build a multi-omics dataset from one million biospecimens. Mayo controls the venture and Thermo Fisher is a minority owner; the target is not an achieved dataset.
- Aug 12, 2026
Thermo Fisher completed the microbiology sale to Astorg for approximately $1.075 billion, including a $50 million seller note. The business had $645 million FY2025 revenue.
- Jul 23, 2026
Thermo Fisher raised FY2026 sales guidance to $47.4 billion to $48.1 billion and adjusted EPS guidance to $24.93 to $25.33 after Q2 organic revenue growth of 5%.
- Mar 24, 2026
Thermo Fisher acquired Clario, adding clinical trial endpoint data services. The preliminary net purchase price was $9.098 billion, including $5.934 billion goodwill.
- Mar 1, 2026
Jim Meyer became CFO after an internal succession, assuming responsibility for finance and capital allocation ahead of Stephen Williamson’s March 31 retirement.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 46.03 | 52.56 | 60.00 | 63.38 | 80.75 | 98.77 | 114.00 | 110.46 | 111.96 | 117.87 | 124.89 | +11.0%/yr | |
| Cash flow | 8.21 | 10.06 | 11.19 | 12.34 | 20.77 | 23.46 | 23.23 | 21.66 | 22.63 | 20.68 | 24.29 | +10.8%/yr | |
| Earnings | 5.09 | 5.59 | 7.24 | 9.17 | 15.98 | 19.46 | 17.64 | 15.45 | 16.54 | 17.74 | 18.78 | +14.9%/yr | |
| Free cash flow | 7.09 | 8.79 | 9.32 | 10.04 | 17.08 | 17.10 | 17.54 | 17.85 | 18.97 | 16.65 | 19.73 | +10.0%/yr | |
| Capex | 1.12 | 1.28 | 1.87 | 2.30 | 3.69 | 6.36 | 5.69 | 3.81 | 3.66 | 4.03 | 4.57 | +15.3%/yr | |
| Dividends | 0.60 | 0.60 | 0.66 | 0.74 | 0.84 | 0.99 | 1.15 | 1.35 | 1.52 | 1.68 | 1.78 | +12.1%/yr | |
| Book value | 54.26 | 63.85 | 67.95 | 73.64 | 86.48 | 102.75 | 111.62 | 120.45 | 129.46 | 141.29 | 141.99 | +11.2%/yr | |
| Diluted shares (M) | 397 | 398 | 406 | 403 | 399 | 397 | 394 | 388 | 383 | 378 | 371 | -0.5%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 18.3 | 20.9 | 24.4 | 25.5 | 32.2 | 39.2 | 44.9 | 42.9 | 42.9 | 44.6 | 46.3 | +10.4%/yr | |
| Operating income | 2.5 | 3.0 | 3.8 | 4.6 | 7.8 | 10.0 | 8.4 | 6.9 | 7.3 | 7.7 | 8.1 | +13.6%/yr | |
| Net income | 2.0 | 2.2 | 2.9 | 3.7 | 6.4 | 7.7 | 7.0 | 6.0 | 6.3 | 6.7 | 7.0 | +14.2%/yr | |
| Free cash flow | 2.8 | 3.5 | 3.8 | 4.0 | 6.8 | 6.8 | 6.9 | 6.9 | 7.3 | 6.3 | 7.3 | +9.4%/yr | |
| Buybacks | 1.3 | 0.8 | 0.5 | 1.5 | 1.5 | 2.0 | 3.0 | 3.0 | 4.0 | 3.0 | 5.0 | +10.2%/yr | |
| Dividends | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | +11.5%/yr | |
| Net cash | -15.8 | -19.7 | -16.9 | -15.4 | -11.4 | -30.2 | -25.8 | -26.6 | -25.5 | -29.1 | -38.2 | −$13.2B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 45.8 | 45.2 | 44.6 | 44.4 | 49.7 | 50.1 | 42.2 | 39.9 | 41.3 | 40.9 | 40.8 | -4.9 pts | |
| Operating margin | 13.5 | 14.2 | 15.5 | 18.0 | 24.2 | 25.6 | 18.7 | 16.0 | 17.1 | 17.4 | 17.6 | +3.9 pts | |
| Net margin | 11.1 | 10.6 | 12.1 | 14.5 | 19.8 | 19.7 | 15.5 | 14.0 | 14.8 | 15.0 | 15.0 | +4.0 pts | |
| FCF margin | 15.4 | 16.7 | 15.5 | 15.8 | 21.2 | 17.3 | 15.4 | 16.2 | 16.9 | 14.1 | 15.8 | -1.3 pts | |
| ROIC | 6.1 | 6.1 | 7.9 | 9.5 | 15.8 | 13.1 | 11.2 | 8.7 | 9.1 | 8.7 | 8.3 | +2.6 pts | |
| Return on equity | 9.4 | 8.8 | 10.7 | 12.5 | 18.5 | 18.9 | 15.8 | 12.8 | 12.8 | 12.6 | 13.2 | +3.2 pts | |
| R&D % of revenue | 4.1 | 4.2 | 4.0 | 3.9 | 3.7 | 3.6 | 3.3 | 3.1 | 3.2 | 3.1 | 3.0 | -1.0 pts | |
| Stock pay % of revenue | 0.7 | 0.8 | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.7 | -0.0 pts | |
| Capex % of revenue | 2.4 | 2.4 | 3.1 | 3.6 | 4.6 | 6.4 | 5.0 | 3.5 | 3.3 | 3.4 | 3.7 | +1.0 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Life Sciences Solutions19.7%1 claim
- Analytical Instruments16.5%1 claim
- Specialty Diagnostics10.3%1 claim
- Laboratory Products and Biopharma Services53.5%2 claims
Moat claims
- Applies to
- Life Sciences Solutions
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Genetic-analysis instruments use related reagents, while single-use bioproduction workflows require repeat consumables. Customers can validate alternatives; the company does not report proprietary attachment or renewal rates.
Q2 FY2026 organic revenue grew 3%, while acquisitions contributed 9 percentage points of reported growth. Instrument-linked reagents and single-use production support repeat demand, but these figures do not show stronger proprietary attachment or customer retention.
- Organic revenue growth+5%
- Segment organic revenue growth+3%
- LTM services and consumables share84.0%
- Annual bioproduction revenue$3.2B+21%
- Protocol standardization on open reagents reduces consumables differentiation
- Pricing pressure as competitors bundle similar bioprocessing consumables
- Funding cycles (NIH/academia) and biopharma demand volatility
- FilingThermo Fisher Scientific Inc. Form 10-K (FY ended Dec 31, 2025)Feb 26, 2026
- NewsSartorius H1 2026 results: bioprocess demand and tariffsJul 23, 2026
- Applies to
- Analytical Instruments
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Instruments can pull through supporting consumables, software and services, but Thermo Fisher does not disclose segment installed-base size, attach rates, service renewal, or third-party compatibility.
Q2 FY2026 organic revenue grew 7%, following a 2% decline in Q1. This supports an instrument-demand recovery; the company does not disclose consumable attachment or service renewal, so a widening aftermarket advantage is not established.
- Organic revenue growth+5%
- Segment organic revenue growth+7%
- LTM services and consumables share84.0%
- Third-party consumables and service providers reduce capture of aftermarket revenue
- Technology shifts can shorten instrument replacement cycles
- FilingThermo Fisher Scientific Inc. Form 10-K (FY ended Dec 31, 2025)Feb 26, 2026
- SourceThermo Fisher May 2026 Investor DayMay 20, 2026
- Applies to
- Specialty Diagnostics
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Complete blood-test systems and instrument-linked kits and reagents can create recurring pull-through after workflow validation, but the filing does not quantify placements, attach rates, or customer switching.
Q2 FY2026 organic revenue grew 5% after a 3% decline in Q1. Validated testing workflows still support repeat reagents, while the August microbiology sale changes the installed-base scope rather than proving stronger customer lock-in.
- Organic revenue growth+5%
- Segment organic revenue growth+5%
- LTM services and consumables share84.0%
- Hospital and lab consolidation increases buyer bargaining power
- Rapid innovation cycles can displace assay menus
- Potential portfolio changes (divestitures) can alter scale advantages
- FilingThermo Fisher Scientific Inc. Form 10-K (FY ended Dec 31, 2025)Feb 26, 2026
- NewsThermo Fisher completes microbiology divestitureAug 12, 2026
- Applies to
- Laboratory Products and Biopharma Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Large lab distribution platform with broad catalog and services creates one-stop procurement convenience and embeds Thermo Fisher in customer supply chains.
Q2 FY2026 organic revenue grew 5%, and FY2025 research and safety channel sales were $7,440 million. Catalog breadth remains useful, but acquisitions and the mixed service portfolio do not prove higher distribution retention; VWR remains a credible rival.
- Organic revenue growth+5%
- Segment organic revenue growth+5%
- LTM services and consumables share84.0%
- Remaining performance obligations$29.7B+19%
- Annual research and safety channel revenue$7.4B+6%
- Disintermediation via manufacturer-direct and e-procurement marketplaces
- Large customers shifting to multi-vendor frameworks to force price competition
- FilingThermo Fisher Scientific Inc. Form 10-K (FY ended Dec 31, 2025)Feb 26, 2026
- NewsAvantor Q2 2026 results: VWR distribution and servicesJul 29, 2026
- Applies to
- Laboratory Products and Biopharma Services
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
Product standardization and supply-chain-management services reduce procurement friction, increasing switching costs for enterprise customers.
Q2 FY2026 organic revenue grew 5%, and FY2025 research and safety channel sales were $7,440 million. Catalog breadth remains useful, but acquisitions and the mixed service portfolio do not prove higher distribution retention; VWR remains a credible rival.
- Organic revenue growth+5%
- Segment organic revenue growth+5%
- LTM services and consumables share84.0%
- Remaining performance obligations$29.7B+19%
- Annual research and safety channel revenue$7.4B+6%
- Procurement organizations push periodic re-bids and standardize across vendors
- Digital marketplaces lower switching friction
- FilingThermo Fisher Scientific Inc. Form 10-K (FY ended Dec 31, 2025)Feb 26, 2026
- NewsAvantor Q2 2026 results: VWR distribution and servicesJul 29, 2026
Profile change log
- Oct 7, 2026 · business change
Gianluca Pettiti became President and Chief Operating Officer, while Marc Casper retained the Chairman and CEO roles. Departures of Michel Lagarde and Frederick Lowery led to a revised leadership structure.
- Oct 7, 2026 · business change
Mayo Clinic and Thermo Fisher launched Precure to build a multi-omics dataset from one million biospecimens. Mayo controls the venture and Thermo Fisher is a minority owner; the target is not an achieved dataset.
- Oct 7, 2026 · business change
Thermo Fisher completed the microbiology sale to Astorg for approximately $1.075 billion, including a $50 million seller note. The business had $645 million FY2025 revenue.
- Oct 7, 2026 · business change
Thermo Fisher raised FY2026 sales guidance to $47.4 billion to $48.1 billion and adjusted EPS guidance to $24.93 to $25.33 after Q2 organic revenue growth of 5%.
- Oct 7, 2026 · business change
Thermo Fisher acquired Clario, adding clinical trial endpoint data services. The preliminary net purchase price was $9.098 billion, including $5.934 billion goodwill.
- Oct 7, 2026 · business change
Jim Meyer became CFO after an internal succession, assuming responsibility for finance and capital allocation ahead of Stephen Williamson’s March 31 retirement.
- Oct 7, 2026 · business change
Thermo Fisher acquired Solventum’s filtration and separation business, expanding bioprocessing and industrial filtration.
- Oct 7, 2026 · business change
Thermo Fisher acquired Olink, adding high-throughput proteomics tools and assays to Life Sciences Solutions.
- Oct 7, 2026 · business change
Thermo Fisher acquired PPD, adding outsourced clinical research alongside its drug development and manufacturing services.
- Oct 7, 2026 · business change
Thermo Fisher sold Anatomical Pathology to PHC for $1.13 billion net of divested cash, narrowing diagnostics and producing a $478 million pretax gain.
- Oct 7, 2026 · analyst revision
The microbiology sale is now shown as completed on August 12, 2026. Stable moat trajectories and the investment debate distinguish organic demand from acquisitions, recurring services from exclusive consumables, and distribution from CRO/CDMO activity.
- Oct 7, 2026 · analyst revision
Full FY2025 external sales now set segment revenue weights instead of Q2 2026 sales. Adjusted segment-income shares have been removed from operating-profit shares; segment income excludes material charges and is not consolidated GAAP operating profit. Moat ratings are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Laboratory distribution and biopharma services
Laboratory equipment, reagents and safety-product distribution, plus outsourced clinical research, drug development and manufacturing. These are distinct customer markets combined in diversified suppliers; excludes drug-owner sales and hospital or laboratory testing-service bills.
- Thermo Fisher
- Avantor VWR
- IQVIA
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| TMO | 59 | 40.8% | 17.6% | |
| Industry median | 8 | 82 | 52.7% | 35.7% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Research activity and biologic development pipelines strongly affect demand. Routine laboratory procurement is more repeatable than new trial starts and manufacturing projects.
- Customer procurement systems, broad catalogs and reliable fulfillment can embed supply channels. Clinical and manufacturing validation creates separate project-switching costs.
- Interest rates strongly affect early-stage biotech financing and moderately affect suppliers’ debt costs; financing conditions can delay trials or manufacturing investment.
- Academic grants and pharmaceutical policy have material effects on research budgets and manufacturing location. Reshoring can create contract opportunities without guaranteeing utilization.
- Currency, tariffs, energy and labor costs affect global fulfillment and manufacturing economics. Contract terms determine how quickly suppliers can pass through costs.
- Large customers can rebid contracts, buy direct or use rival distribution channels; procurement convenience is not an exclusive license.
- Clinical programs can be canceled, delayed or moved. Remaining performance obligations are not guaranteed future cash receipts.
- Unused manufacturing capacity and specialist staffing create fixed-cost risk when customers postpone projects.
- Drug trial quality, patient data protection and manufacturing inspections can interrupt contracts.
- Acquisition integration and goodwill add capital risk. A diversified service segment can grow while the distribution channel loses customer share.
Bulls & bears
Can organic growth and recurring customer workflows turn the broader acquired portfolio into sustained cash growth without relying on larger deals or unusually low tax expense?
Arguments
What to watch
- 1Reported segment organic revenue and recurring product/service mix
- 2Bioproduction and research-and-safety channel sales; retained diagnostic scope
- 3Operating cash flow, gross capex, acquisitions and borrowings
- 4Remaining performance obligations and contract changes or cancellations
- 5Research funding, biotech financing, customer capital spending, China demand and tariff costs
Next check: October 21, 2026 Q3 earnings: separate Clario contributions and the completed microbiology divestiture from organic demand; test cash generation, debt and the guidance raised in July.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 59/100 by <a href="https://www.findmymoat.com/stocks/XNYS:TMO">Find My Moat</a> (as of September 2026)Request update
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