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

$682.65-14.35(-0.02%)Pre-market

Market Cap

$258.39B

P/E

36.5x

P/S

5.5x

P/B

4.7x

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

ExcellentMetricSide Score: 80/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability22/25

Growth19/25

Balance Sheet & Red Flags14/25

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 · 36.5x5y range 23.4x – 38.3x

Currently near its 20-quarter median.

P/S · 5.5x5y range 3.6x – 6.7x

Currently near its 20-quarter median.

P/B · 4.7x5y range 3.1x – 6.4x

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 $258.39B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $47.35B
Q. Revenue: $12.14B
TTM EBITDA: $9.71B
TTM Op. Income: $8.47B
Q. Op. Income: $2.26B
TTM Net Income: $7.07B
Q. Net Income: $1.72B
EPS: $4.65
Shares Out.: $370.00M

$47.35B in TTM revenue grew 8.3% YoY, reaching $12.14B last quarter. TTM EBITDA of $9.71B and TTM operating income of $8.47B show growth is flowing through to the bottom line. TTM net income of $7.07B 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: 21.2%
Op. Margin: 18.6%
Net Margin: 14.2%

Op. margin of 18.6% is up 1.2% YoY — cost efficiency is improving. Net margin at 14.2% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 36.5x
P/S Ratio: 5.5x
P/B Ratio: 4.7x

At 36.5x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.5x and P/B of 4.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $114.23B
Cash: $5.46B
Long-Term Debt: $41.11B
Book Value: $54.76B
D/E Ratio: 0.8
Debt/EBITDA: 16.0

With $114.23B in assets and $41.11B in long-term debt, D/E is 0.8and book value is $54.76B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $2.55B
TTM Free Cash Flow: $7.60B
FCF Margin: 16.0%
FCF / Net Income: 1.1

TTM FCF of $7.60B on $2.55B 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 4 consecutive quarters — an improving trend.