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THERMO FISHER SCIENTIFIC INC. (TMO) USD

Sector: Health care

US_TMO

Price chart

603.01 USDDay -0.33%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
603.01 USD · -0.33%
Market cap
226.9 bn USD

Growth

Δ revenue y/y
10.5%
Δ EBITDA y/y
15.2%

Multiples

P/E (LTM)
32.6x
3y avg: 32.1x
P/B (FY)
4.2x
P/E (ann.)
32.7x
EV/EBITDA (LTM)
24.2x
3y avg: 22.3x
EV/EBITDA (ann.)
23.1x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
-4.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+7.7%
↓ details

Liquidity

Daily turnover (US listing)
551.1 mln USD

Shares: yahoo_fundamentals_timeseries/TMO

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-27Q2 2026 (3M)OK12.0
y/y 10.5%
2.1
y/y 13.8%
0.8
y/y 19.1%
2.9
y/y 15.2%
1.7
y/y 7.4%
2.1-0.5113.2
y/y 11.8%
52.7
y/y 4.3%
13.3%41.6—
2026-03-28Q1 2026 (3M)OK11.0
y/y 6.2%
1.9
y/y 8.6%
0.7
y/y 4.4%
2.6
y/y 7.4%
1.7
y/y 9.6%
1.2-9.2113.3
y/y 14.4%
51.9
y/y 5.2%
12.5%39.9Link
2025-12-31Q4 2025 (3M)OK12.2
y/y 7.2%
2.3
y/y 11.9%
0.7
y/y -1.9%
3.0
y/y 8.2%
2.0
y/y 7.6%
3.5-0.5110.3
y/y 13.4%
53.4
y/y 7.7%
12.8%30.8Link
2025-09-27Q3 2025 (3M)OK11.1
y/y 4.9%
1.9
y/y 5.6%
0.7
y/y -10.5%
2.6
y/y 1.0%
1.6
y/y -0.9%
2.2-0.4103.0
y/y 2.6%
51.0
y/y 4.1%
4.2%32.1Link
2025-06-28Q2 2025 (3M)OK10.9
y/y 3.0%
1.8
y/y 0.8%
0.7
y/y -13.2%
2.5
y/y -3.4%
1.6
y/y 4.5%
1.4-0.3101.2
y/y 2.8%
50.5
y/y 6.5%
12.9%28.8Link
2025-03-29Q1 2025 (3M)OK10.4
y/y 0.2%
1.7
y/y 3.2%
0.7
y/y -15.7%
2.4
y/y -3.1%
1.5
y/y 13.2%
0.7-0.499.0
y/y 2.0%
49.4
y/y 8.5%
12.2%28.2Link
2024-12-31Q4 2024 (3M)OK11.4
y/y 4.7%
2.0
y/y 8.7%
0.7
y/y -11.6%
2.8
y/y 2.4%
1.8
y/y 10.9%
3.3-0.597.3
y/y -1.4%
49.6
y/y 6.1%
12.9%27.2Link
2024-09-28Q3 2024 (3M)OK10.6
y/y 0.2%
1.8
y/y -1.4%
0.7
y/y -13.2%
2.6
y/y -5.1%
1.6
y/y -3.8%
2.2-0.3100.4
y/y 3.4%
49.0
y/y 8.1%
4.5%28.7Link
2024-06-29Q2 2024 (3M)OK10.5
y/y -1.4%
1.8
y/y 15.3%
0.8
y/y -7.6%
2.6
y/y 7.3%
1.5
y/y 13.7%
2.0-0.398.5
y/y 4.7%
47.4
y/y 8.4%
13.3%26.6Link
2024-03-30Q1 2024 (3M)OK10.3
y/y -3.4%
1.7
y/y 6.4%
0.8
y/y -2.7%
2.5
y/y 3.2%
1.3
y/y 3.0%
1.3-0.397.1
y/y 2.6%
45.5
y/y 7.7%
11.5%28.4Link
2023-12-31Q4 2023 (3M)OK10.9
y/y —
1.9
y/y —
0.8
y/y —
2.7
y/y —
1.6
y/y —
3.7-0.498.7
y/y —
46.7
y/y —
13.0%28.3Link
2023-09-30Q3 2023 (3M)OK10.6
y/y —
1.9
y/y —
0.9
y/y —
2.7
y/y —
1.7
y/y —
2.4-1.297.1
y/y —
45.3
y/y —
5.1%29.1Link
2023-07-01Q3 2023 (3M)OK10.7
y/y —
1.6
y/y —
0.9
y/y —
2.4
y/y —
1.4
y/y —
1.5-0.394.1
y/y —
43.8
y/y —
12.7%30.9Link
2023-04-01Q2 2023 (3M)OK10.7
y/y —
1.6
y/y —
0.9
y/y —
2.4
y/y —
1.3
y/y —
0.7-3.294.7
y/y —
42.3
y/y —
—31.8Link

Net debt structure (leases included, IFRS 16) 2026-06-27

Short-term debt (incl. ST leases)3 368
Long-term debt (incl. LT leases)42 284
− Cash & equivalents4 064
Net debt41 588

Net debt / LTM EBITDA: 3.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-10 000-7 500-5 000-2 50002 5005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.31x of reported net profit; after capex, 0.99x.
year20212022202320242025
cash flow / profit1.21x1.31x1.40x1.37x1.17x
accruals, % of assets-1.7%-2.3%-2.4%-2.4%-1.0%
Last twelve months (to 2025-Q3): 1.29x of profit came back as operating cash flow.
net debt / EBITDA 2.9x · EBIT covers interest 5.5x · capex 0.6x of depreciation · dividends 8% of free cash flow · share count -1.2% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-27 vs 2025-06-28)
= (2 904 − 2 520) × 3.82
1 466
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (226 865 + 41 588) ÷ 11 089
24.2x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (24.2 + 12) ÷ 2
18.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -12 749 + 325 + 3 963 − 0
-8 461
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 466 × 18.1 + -8 461) ÷ 226 865
+8.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs +0% the year before — a +3.9 pp move. 3-year CAGR -0%.
revenue growth by year: 2023 -5% · 2024 +0% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 24.5x · 3-year average 24.4x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-150.47 USDEx-dividend: 0.47 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.47 USDEx-dividend: 0.47 USD per sharePaidYahoo Finance (ex-div)
2025-12-150.43 USDEx-dividend: 0.43 USD per sharePaidYahoo Finance (ex-div)
2025-09-150.43 USDEx-dividend: 0.43 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.43 USDEx-dividend: 0.43 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.43 USDEx-dividend: 0.43 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.39 USDEx-dividend: 0.39 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2022-12-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-09-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-03-150.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2021-12-140.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2021-09-140.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of THERMO FISHER SCIENTIFIC INC. (TMO) — from primary filings.

Life-science tools—lab instruments, reagents, diagnostics, and biopharma services (Thermo Fisher).

Frequently asked questions

What is THERMO FISHER SCIENTIFIC INC. (TMO)'s P/E ratio?
THERMO FISHER SCIENTIFIC INC. (TMO) trades at a P/E of 32.6x (price to trailing 12-month earnings).
What is THERMO FISHER SCIENTIFIC INC. (TMO)'s EV/EBITDA?
THERMO FISHER SCIENTIFIC INC. (TMO) trades at 24.2x EV/EBITDA.
What is THERMO FISHER SCIENTIFIC INC. (TMO)'s P/B ratio?
THERMO FISHER SCIENTIFIC INC. (TMO) trades at a P/B of 4.2x.
What is THERMO FISHER SCIENTIFIC INC. (TMO)'s dividend yield?
THERMO FISHER SCIENTIFIC INC. (TMO)'s trailing 12-month dividend yield is 0.3%.
What is THERMO FISHER SCIENTIFIC INC. (TMO)'s return on equity (ROE)?
THERMO FISHER SCIENTIFIC INC. (TMO)'s ROE is 13.3%.
What is THERMO FISHER SCIENTIFIC INC. (TMO)'s market capitalization?
THERMO FISHER SCIENTIFIC INC. (TMO)'s market cap is 226.9 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map