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THERMO FISHER SCIENTIFIC INC. TMO

NYSE · stock · Measuring & Controlling Devices, NEC · website · IPO 1980-08-27 · LEI

THERMO FISHER SCIENTIFIC INC. statistics & valuation

Market cap$190.7B
P / E28.4×
P / S4.3×
P / B3.6×
P / FCF30.3×
Dividend yield0.33%
Net margin15.0%
Return on equity12.6%
FCF margin14.1%
Net debt$29.3B
Net debt / EBITDA3.3×
Enterprise value USD$220.0B
EV / EBITDA25×
Earnings yield EBIT/EV3.5%
Return on capital8.1%
Graham number -60.6%$237.49

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($237.49); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
14.00% 14.80% 15.00% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
13.50% 14.20% 15.50% 18.00% 24.20% 25.60% 18.70% 16.00% 17.10% 17.40% 2016201720182019202020212022202320242025
Return on equity (%)
12.80% 12.80% 12.60% 2016201720182019202020212022202320242025
Shares outstanding
397.0M 398.0M 406.0M 403.0M 399.0M 397.0M 394.0M 388.0M 383.0M 378.0M 2016201720182019202020212022202320242025
Net debt ($)
$16.89B $15.35B $11.40B $30.19B $25.75B $26.65B $27.06B $29.32B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
6.10% 6.50% 6.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
15.40% 16.70% 15.50% 15.80% 21.20% 17.30% 15.40% 16.20% 16.90% 14.10% 2016201720182019202020212022202320242025
Debt / equity (×)
0.69× 0.60× 0.63× 0.85× 0.78× 0.74× 0.63× 0.73× 2016201720182019202020212022202320242025
EPS ($)
$5.09 $5.59 $7.24 $9.17 $15.96 $19.46 $17.63 $15.45 $16.53 $17.74 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

THERMO FISHER SCIENTIFIC INC. trades at about 34× earnings — near its 10-year norm (10-year range 29.9×–40.1×, median 33.9×).

29.9× 40.1×

Shaded band = 10-year range (29.9×–40.1×); dot = today's 34×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin17.4%17.1%16.0%18.7%25.6%24.2%18.0%15.5%14.2%13.5%
Net margin15.0%14.8%14.0%———————
FCF margin14.1%16.9%16.2%15.4%17.3%21.2%15.8%15.5%16.7%15.4%
Return on assets6.1%6.5%6.1%———————
Return on equity12.6%12.8%12.8%———————
Debt / equity0.73×0.63×0.74×0.78×0.85×0.63×0.60×0.69×——
Current ratio1.891.661.751.481.502.131.921.731.341.44

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.