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Thermo Fisher Scientific Inc. TMO

NYSEDiagnostics and life science toolsFinancials to Jun 27, 2026 · Updated Oct 7, 2026

On Stock Analysis · affiliate link
TMO financials
Moat score
59
ROIC
8.3%
P/E
34.9
EV/EBIT
34.5
FCF yield
3.0%
Dividend yield
0.3%
Market cap
$242.8B

Moat ranks

Score rankTied #325 of 396
Durabilitydurable
Market structureCompetitive
Pricing powermoderate

Balance sheet

6/27/26
$BDec 31Jun 27
Cash9.94.1
Securities0.30.0
Debt39.242.3
Net cash-29.1-38.2
Equity53.452.7
Leverage
Debt / EBITDA
3.81×
Debt / equity
0.80×
Leases (12/31/25)
$1.7B
Capital
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

Fiscal years and TTM
Scale
$0$50$100$150'16'17'18'19'20'21'22'23'24117.87'25124.89TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth10.5%+7.5 pts
Operating margin17.4%+0.5 pts
FCF margin14.0%+3.8 pts
Capex / revenue3.8%+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.

Revenue mix
Laboratory Products and Biopharma Services 53.5%Life Sciences Solutions 19.7%Analytical Instruments 16.5%Specialty Diagnostics 10.3%
  • 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.

Timeline
  1. 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.

  2. 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.

  3. 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%.

  4. 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.

  5. 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

To 10/7/26
CEO
Marc N. Casper
Since 2009 · 17 yrs
Professional CEOSingle share class
Insider trades70
Planned sales21

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue46.0352.5660.0063.3880.7598.77114.00110.46111.96117.87124.89+11.0%/yr
Cash flow8.2110.0611.1912.3420.7723.4623.2321.6622.6320.6824.29+10.8%/yr
Earnings5.095.597.249.1715.9819.4617.6415.4516.5417.7418.78+14.9%/yr
Free cash flow7.098.799.3210.0417.0817.1017.5417.8518.9716.6519.73+10.0%/yr
Capex1.121.281.872.303.696.365.693.813.664.034.57+15.3%/yr
Dividends0.600.600.660.740.840.991.151.351.521.681.78+12.1%/yr
Book value54.2663.8567.9573.6486.48102.75111.62120.45129.46141.29141.99+11.2%/yr
Diluted shares (M)397398406403399397394388383378371-0.5%/yr
Totals ($B)
Revenue18.320.924.425.532.239.244.942.942.944.646.3+10.4%/yr
Operating income2.53.03.84.67.810.08.46.97.37.78.1+13.6%/yr
Net income2.02.22.93.76.47.77.06.06.36.77.0+14.2%/yr
Free cash flow2.83.53.84.06.86.86.96.97.36.37.3+9.4%/yr
Buybacks1.30.80.51.51.52.03.03.04.03.05.0+10.2%/yr
Dividends0.20.20.30.30.30.40.50.50.60.60.7+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 margin45.845.244.644.449.750.142.239.941.340.940.8-4.9 pts
Operating margin13.514.215.518.024.225.618.716.017.117.417.6+3.9 pts
Net margin11.110.612.114.519.819.715.514.014.815.015.0+4.0 pts
FCF margin15.416.715.515.821.217.315.416.216.914.115.8-1.3 pts
ROIC6.16.17.99.515.813.111.28.79.18.78.3+2.6 pts
Return on equity9.48.810.712.518.518.915.812.812.812.613.2+3.2 pts
R&D % of revenue4.14.24.03.93.73.63.33.13.23.13.0-1.0 pts
Stock pay % of revenue0.70.80.70.70.60.60.70.60.70.70.7-0.0 pts
Capex % of revenue2.42.43.13.64.66.45.03.53.33.43.7+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.

TTM = four quarters to Jun 27, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 7.2% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score59
Strength
Confidence
Structure
Competitive
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • 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
Why it holds

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.

Why stable

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.

Indicators
  • Organic revenue growth+5%
  • Segment organic revenue growth+3%
  • LTM services and consumables share84.0%
  • Annual bioproduction revenue$3.2B+21%
Risks
  • Protocol standardization on open reagents reduces consumables differentiation
  • Pricing pressure as competitors bundle similar bioprocessing consumables
  • Funding cycles (NIH/academia) and biopharma demand volatility

Profile change log

  1. 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.

  2. 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.

  3. 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.

  4. 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%.

  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.

  6. 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.

  7. Oct 7, 2026 · business change

    Thermo Fisher acquired Solventum’s filtration and separation business, expanding bioprocessing and industrial filtration.

  8. Oct 7, 2026 · business change

    Thermo Fisher acquired Olink, adding high-throughput proteomics tools and assays to Life Sciences Solutions.

  9. Oct 7, 2026 · business change

    Thermo Fisher acquired PPD, adding outsourced clinical research alongside its drug development and manufacturing services.

  10. 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.

  11. 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.

  12. 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

0%10%20%30%40%50%60708090100Moat scoreIndustry medianTMOAABTROP

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Laboratory distribution and biopharma services

As of Oct 7, 2026
CompetitiveMedium cyclicality

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.

  1. Thermo Fisher
  2. Avantor VWR
  3. IQVIA
2025 leaders, no comparable shares · Thermo Fisher FY2025 Form 10-K
StocksMoatGross m.Op. m.
TMO5940.8%17.6%
Industry median88252.7%35.7%
Sector median557661.5%17.0%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • 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.
Risks
  • 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

Key question · as of Oct 7, 2026

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

3 forFaded: weakening or settled4 against

What to watch

  1. 1Reported segment organic revenue and recurring product/service mix
  2. 2Bioproduction and research-and-safety channel sales; retained diagnostic scope
  3. 3Operating cash flow, gross capex, acquisitions and borrowings
  4. 4Remaining performance obligations and contract changes or cancellations
  5. 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.

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Moat Score 59/100 by <a href="https://www.findmymoat.com/stocks/XNYS:TMO">Find My Moat</a> (as of September 2026)

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