FirmAtlas
Company handbook · TMO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
TMO · CIK 97745 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
THERMO FISHER SCIENTIFIC INC.
$690.00
−6.49 (−0.93%)
Close, Oct 16, 2026 · 52-week $435–704
Thermo Fisher Scientific sells lab instruments, lab supplies and chemicals, diagnostic tests, and services such as drug manufacturing and clinical trial management for drug companies. Brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and PPD.
Business
- ProductsConsumables 42% · Service 42% · Instruments 16% (FY25)
- RegionsOutside US 50% · US 50% (FY25)
- CustomersDrug and biotech companies, hospitals and diagnostic labs, universities and research labs, and industrial and government labs; sold by its own sales force, through its Fisher Scientific distribution channel, and online
- Cash useFY24–FY25: acquisitions $7.2B · buybacks $7.0B · capex $2.9B · dividends $1.2B
Reinvested 61% of operating cash flow · returned 61% of free cash flow
Last fiscal year
THERMO FISHER SCIENTIFIC INC. reported revenue of $44.6B for the year ended Dec 31, 2025 (FY25), up 3.9% from FY24. Net income was $6.7B, operating cash flow $7.8B and free cash flow $6.3B. Source: 10-K filed Feb 26, 2026.
Market cap
$260.8B
P/E
37.4
EV/EBITDA
32.6x
P/B
5.0
Div yield
0.27%
ROIC
9.4%
Revenue 1Y
3.9%/yr
EPS 1Y
7.3%/yr
Shares 1Y
−1%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMarc N. Casper
HQWaltham, MA
AuditorPricewaterhouseCoopers LLP
Employees125,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
16.4%
3.4%
12.2%
28.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$18.3B deployed
Capex
$2.9B
16.0%
Acquisitions
$7.2B
39.1%
Dividends
$1.2B
6.7%
Buybacks
$7.0B
38.2%
Operating cash flow over the period: $16.5B. Total debt changed by +$6.8B. R&D of $2.8B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
42,879
44,556+3.9%
46,336
YoY
+3.9%
Operating income
7,337
7,746+5.6%
8,146
Operating margin
17.1%
17.4%+0.3 pp
—
EBITDA
8,493
8,796+3.6%
—
EBITDA margin
19.8%
19.7%−0.1 pp
—
Interest expense
1,390
1,419+2.1%
—
Interest coverage
6.11x
6.20x+0.09x
—
Net income
6,335
6,704+5.8%
6,967
YoY
+5.8%
Net margin
14.8%
15.0%+0.3 pp
—
EPS (diluted, $)
16.53
17.74+7.3%
18.58
YoY
+7.3%
Balance sheet
Total assets
97,321
110,343+13.4%
113,174
Cash & short-term investments
5,601
10,132+80.9%
—
Accounts receivable
8,191
8,900+8.7%
—
Inventory
4,978
5,425+9.0%
—
Net PP&E
9,306
10,565+13.5%
—
Other assets
69,245
75,321+8.8%
—
Total liabilities
47,737
56,936+19.3%
60,495
Accounts payable
3,079
3,622+17.6%
—
Total debt
29,061
35,852+23.4%
39,181
Other liabilities
15,597
17,462+12.0%
—
Shareholders’ equity
49,584
53,407+7.7%
52,679
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,667
7,818−9.8%
9,013
Net income
6,338
6,721+6.0%
—
Depreciation & amortization
1,156
1,050−9.2%
—
Stock-based compensation
301
310+3.0%
—
Working capital & other
872
(263)−130.2%
—
Cash from investing
(5,841)
(4,047)n/m
—
Capex
(1,400)
(1,525)n/m
—
PP&E sold
57
44−22.8%
—
Acquisitions
(3,132)
(4,037)n/m
—
Investments bought
(3,396)
(383)n/m
—
Investments sold / matured
1,770
1,565−11.6%
—
Other investing
260
289+11.2%
—
Cash from financing
(6,792)
1,801n/m
—
Debt raised
1,204
7,759+544.4%
—
Debt repaid
(3,607)
(2,412)n/m
—
Dividends
(583)
(636)n/m
—
Buybacks
(4,000)
(3,000)n/m
—
Other financing
194
90−53.6%
—
Net change in cash
(4,057)
5,839n/m
—
Free cash flow (OCF − capex)
7,267
6,293−13.4%
7,318
Where the cash went
Operating cash flow
8,667
7,818−9.8%
9,013
Reinvested in the business
4,532
5,562+22.7%
—
% of operating cash flow
52.3%
71.1%
Capex
1,400
1,525+8.9%
1,695
Acquisitions
3,132
4,037+28.9%
—
R&D (memo, already in costs)
1,390
1,397+0.5%
—
Free cash flow
7,267
6,293−13.4%
7,318
YoY
−13.4%
Returned to shareholders
4,583
3,636−20.7%
—
% of free cash flow
63.1%
57.8%
Dividends
583
636+9.1%
—
Buybacks
4,000
3,000−25.0%
—
Change in total debt
—
6,791
—
Cash left over
—
5,411
—
FCF conversion (FCF ÷ net income)
114.7%
93.9%−20.8 pp
—
Owner earnings
—
5,616
—
Owner earnings margin
—
12.6%
—
Buyback yield
2.0%
1.4%−0.6 pp
—
Returns & ratios
ROIC (all capital)
9.1%
9.4%+0.3 pp
—
ROIC (operating)
34.3%
35.2%+1.0 pp
—
Net debt / EBITDA
2.76x
2.92x+0.16x
—
Debt / equity
0.59x
0.67x+0.09x
—
Cash conversion cycle (days)
86
88+2 d
—
ROE
12.8%
12.6%−0.2 pp
—
ROA
6.5%
6.1%−0.4 pp
—
ROCE
8.7%
8.1%−0.6 pp
—
NOPAT
6,652
7,166+7.7%
—
Invested capital (operating)
19,396
21,268+9.7%
—
Invested capital (all)
73,044
79,127+8.3%
—
Reinvestment rate
—
26.1%
—
Debtor days
70
73+3 d
—
Inventory days
42
44+2 d
—
Days payable
26
30+3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
11,122
12,215
11,005
11,994
vs year-ago quarter
Operating income
1,941
2,255
1,863
2,087
Net income
1,616
1,964
1,651
1,736
vs year-ago quarter
Net margin
14.5%
16.1%
15.0%
14.5%
EPS (diluted, $)
4.27
5.20
4.43
4.68
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
103,020
110,343
113,281
113,174
Cash & equivalents
2,011
10,132
3,280
4,096
Total debt
31,857
35,852
40,071
39,181
Shareholders’ equity
51,018
53,407
51,934
52,679
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,239
3,457
1,192
2,125
Capex
404
465
376
450
Free cash flow
1,835
2,992
816
1,675
vs year-ago quarter