Thermo Fisher Scientific (TMO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Thermo Fisher Scientific

NYSE•Healthcare•Diagnostics & Research

$650.06-8.26(-0.01%)Market open

Market Cap

$244.24B

P/E

35.1x

P/S

5.3x

P/B

4.6x

Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services 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.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability22/25

Growth19/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 35.1x5y range 23.4x – 38.3x

Currently near its 20-quarter median.

P/S · 5.3x5y range 3.6x – 6.7x

Currently near its 20-quarter median.

P/B · 4.6x5y range 3.1x – 6.4x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $244.24B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $46.34B
Q. Revenue: $11.99B
TTM EBITDA: $9.30B
TTM Op. Income: $8.15B
Q. Op. Income: $2.09B
TTM Net Income: $6.97B
Q. Net Income: $1.74B
EPS: $4.68
Shares Out.: $371.00M

$46.34B in TTM revenue grew 7.2% YoY, reaching $11.99B last quarter. TTM EBITDA of $9.30B and TTM operating income of $8.15B show growth is flowing through to the bottom line. TTM net income of $6.97B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 20.2%
Op. Margin: 17.4%
Net Margin: 14.5%

Op. margin of 17.4% is up 0.5% YoY — cost efficiency is improving. Net margin at 14.5% Over the past year, operating margin is up 3% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 35.1x
P/S Ratio: 5.3x
P/B Ratio: 4.6x

At 35.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.3x and P/B of 4.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 50% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $113.17B
Cash: $4.06B
Long-Term Debt: $42.28B
Book Value: $52.68B
D/E Ratio: 0.8
Debt/EBITDA: 17.5

With $113.17B in assets and $42.28B in long-term debt, D/E is 0.8and book value is $52.68B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 16% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $2.13B
TTM Free Cash Flow: $7.32B
FCF Margin: 15.8%
FCF / Net Income: 1.1

TTM FCF of $7.32B on $2.13B in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.