TMO Healthcare

Thermo Fisher Scientific Inc.

$698.34+2.30%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Diagnostics & Research
Country: United States
Market cap: 258.2B USD
Enterprise value: 293.6B USD
Full-time employees: 125,000

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.55 vs a peer median of 2.59) and more debt relative to equity (0.81× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.55 vs peers 2.59) and more debt vs equity (0.81× vs peers 0.22×)
About average: growth and valuation

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Worth knowing

Profit is backed by cash. Free cash flow is 105% of reported profit.
Thermo Fisher Scientific's free cash flow is 105% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

47/ 100

Oct 5 48 → Nov 4 47 (-1)

Valuation

Is the price right?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.7%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.83Sector median: 0.0148 · MAD: 0.0148

EBITDA yield4.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.01Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield2.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield20.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.5%

Why

Held back by:

▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth8.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.05Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth2.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.44Sector median: 0.0584 · MAD: 0.0840

Revenue growth7.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.12Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.86Sector median: 0.0706 · MAD: 0.1217

Return on assets6.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.84Sector median: 0.0166 · MAD: 0.0537

Return on invested capital7.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.23Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin41.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity13.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 21 → 22

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.88

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.75Sector median: 0.6250 · MAD: 0.3380

Current ratio1.55×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.75Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.81×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.87Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Thermo Fisher Scientific

Is Thermo Fisher Scientific getting weaker?: Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Thermo Fisher Scientific valued vs its peers?: Priced about in line with its peers. Valuation scores 53/100 against 1,393 healthcare peers.
Is Thermo Fisher Scientific growing?: At about the same pace as its peers. Growth scores 44/100 against 1,393 healthcare peers. 3-year revenue growth 2.1% vs a peer median of 5.8% (weaker than 65% of peers).3-year revenue growth 2.1% vs peers 5.8% (weaker than 65% of peers).
How profitable is Thermo Fisher Scientific?: More profitable than most of its peers. Profitability scores 71/100 against 1,393 healthcare peers. Return on assets 6.2% vs a peer median of 1.7% (stronger than 78% of peers).Return on assets 6.2% vs peers 1.7% (stronger than 78% of peers).
How risky is Thermo Fisher Scientific?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.81× vs a peer median of 0.22× (weaker than 78% of peers).Debt / equity 0.81× vs peers 0.22× (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 28, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	45.2B USD	46.3B USD	+2.5%
Net income (12 months)	6.9B USD	7.0B USD	+1.7%
Operating margin	17.5%	17.6%	+0.1 pts
Free cash flow (12 months)	6.7B USD	7.3B USD	+8.4%
Debt	43.2B USD	42.5B USD	−1.4%
Cash	3.3B USD	4.1B USD	+24.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Diagnostics & Research · 26 companies

Valuations in Diagnostics & Research are within their usual range since Nov 2018.

53% of months since Nov 2018 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +109% vs the whole market, against a usual +111%.

Nov 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	25.6%	18.7%	16.0%	17.1%	17.4%	▲ 0.3 pts
Net margin	19.7%	15.5%	14.0%	14.8%	15.0%	▲ 0.3 pts
Return on assets (ROA)	8.1%	7.2%	6.1%	6.5%	6.1%	▼ 0.4 pts
Return on equity (ROE)	18.9%	15.8%	12.8%	12.8%	12.6%	▼ 0.2 pts
Free cash flow margin	17.3%	15.4%	16.2%	16.9%	14.1%	▼ 2.8 pts
Current ratio	1.50×	1.48×	1.75×	1.66×	1.89×	▲ 14%
Quick ratio	1.12×	1.15×	1.39×	1.29×	1.53×	▲ 19%
Debt to equity	0.85×	0.78×	0.75×	0.63×	0.74×	▲ 17%
Interest coverage	18.71×	11.56×	4.99×	5.28×	5.46×	▲ 3.4%

TMO price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.55 vs a peer median of 2.59) and more debt relative to equity (0.81× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.55 vs peers 2.59) and more debt vs equity (0.81× vs peers 0.22×)

About average: growth and valuation

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Questions investors ask about Thermo Fisher Scientific

Is Thermo Fisher Scientific getting weaker?

Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is Thermo Fisher Scientific valued vs its peers?

Priced about in line with its peers. Valuation scores 53/100 against 1,393 healthcare peers.

Is Thermo Fisher Scientific growing?

At about the same pace as its peers. Growth scores 44/100 against 1,393 healthcare peers. 3-year revenue growth 2.1% vs a peer median of 5.8% (weaker than 65% of peers).3-year revenue growth 2.1% vs peers 5.8% (weaker than 65% of peers).

How profitable is Thermo Fisher Scientific?

More profitable than most of its peers. Profitability scores 71/100 against 1,393 healthcare peers. Return on assets 6.2% vs a peer median of 1.7% (stronger than 78% of peers).Return on assets 6.2% vs peers 1.7% (stronger than 78% of peers).

How risky is Thermo Fisher Scientific?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.81× vs a peer median of 0.22× (weaker than 78% of peers).Debt / equity 0.81× vs peers 0.22× (weaker than 78% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

45.2B USD

46.3B USD

+2.5%

Net income (12 months)

6.9B USD

7.0B USD

+1.7%

Operating margin

17.5%

17.6%

+0.1 pts

Free cash flow (12 months)

6.7B USD

7.3B USD

+8.4%

Debt

43.2B USD

42.5B USD

−1.4%

Cash

3.3B USD

4.1B USD

+24.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

25.6%

18.7%

16.0%

17.1%

17.4%

▲ 0.3 pts

Net margin

19.7%

15.5%

14.0%

14.8%

15.0%

▲ 0.3 pts

Return on assets (ROA)

8.1%

7.2%

6.1%

6.5%

6.1%

▼ 0.4 pts

Return on equity (ROE)

18.9%

15.8%

12.8%

12.6%

▼ 0.2 pts

Free cash flow margin

17.3%

15.4%

16.2%

16.9%

14.1%

▼ 2.8 pts

Current ratio

1.50×

1.48×

1.75×

1.66×

1.89×

▲ 14%

Quick ratio

1.12×

1.15×

1.39×

1.29×

1.53×

▲ 19%

Debt to equity

0.85×

0.78×

0.75×

0.63×

0.74×

▲ 17%

Interest coverage

18.71×

11.56×

4.99×

5.28×

5.46×

▲ 3.4%