Thermo Fisher Scientific Inc.TMO
NYSE•Healthcare•Diagnostics & Research
Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.
Thermo Fisher Scientific Inc (TMO) reported trailing twelve months revenue of $45.20B as of March 2026, a 5.4% increase year-over-year. Quarterly revenue reached $11.01B, reflecting continued top-line momentum.
Thermo Fisher Scientific Inc generated $6.85B in TTM net income, with quarterly EBITDA of $2.17B. The operating margin expanded from 16.6% to 16.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.9%) and net margin (15.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.5% a year ago, signaling stronger bottom-line efficiency.
TMO trades at a P/E of 25.5x (in line with broad market averages) and a P/S of 3.9x. The price-to-book ratio of 3.4x reflects a moderate premium to book value.
The company generated $816.00M in free cash flow over the trailing twelve months, a 126.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $113.28B in total assets with $42.95B in long-term debt against $51.93B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~17.3%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.9% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~6.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.4% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 20.1% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.6% — net buybacks are reducing shares outstanding and boosting per-share value.