Thermo Fisher Scientific (TMO) stock
Health Care · Life Sciences Tools & Services
Thermo Fisher Scientific (TMO) is a Life Sciences Tools & Services company in the Health Care sector, headquartered in Waltham, Massachusetts. As of October 23, 2026, TMO closed at $673.82, a market capitalization of $249.14 billion, the 46th largest company in the S&P 500. Over the last twelve months it generated $47.35 billion in revenue (+9% year over year) and $7.32 billion in free cash flow. The stock trades at 35.5x trailing earnings and 24.3x forward earnings.
- 1-year total return: +18.2% (dividends reinvested)
- 5-year return: +2.2% a year
- 52-week range: $435.27 – $705.79
- Gross margin 41.2%, operating margin 20.2%
- Dividend yield: 0.28%, 8 straight years of increases
- FI Handbook report card: C+ across 10 metrics
- 6th largest of 60 Health Care stocks in the S&P 500
TMO price chart
1Y price change: +17.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| TMO | +1.3% | +16.6% | +18.2% | +13.8% | +2.2% | +16.5% | +13.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
TMO key statistics
- Market cap
- $249.1B
- #46 in S&P 500
- P/E (TTM)
- 35.5x
- Forward P/E
- 24.3x
- EPS (TTM)
- $18.96
- Revenue (TTM)
- $47.4B
- +9%
- Free cash flow
- $7.3B
- Gross margin
- 41.2%
- Operating margin
- 20.2%
- Return on equity
- 13.4%
- Dividend yield
- 0.28%
- 52-week range
- $435.27 – $705.79
- Beta
- 0.88
- Price / sales
- 5.3x
- EV / EBITDA
- 23.3x
- Debt / equity
- 0.75x
- Employees
- 125,000
TMO report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.1%C
- Gross margin41.2%B
- Operating margin20.2%B
- FCF margin15.5%B
- Return on equity13.4%C
- Net debt / EBITDA2.9xD
- Forward P/E24.3xC
- PEG ratio2.0xC
- Shareholder yield1.5%D
- Share count change / yr-1.1%B
Thermo Fisher Scientific financials
Revenue went from $18.3B in fiscal 2016 to $44.6B in fiscal 2025, growing 10.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.3B | $20.9B | $24.4B | $25.5B | $32.2B | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B |
| Gross profit | $10.1B | $11.9B | — | — | — | — | — | — | — | — |
| Operating income | $2.5B | $3.0B | $3.8B | $4.6B | $7.8B | $10.0B | $8.4B | $6.9B | $7.3B | $7.7B |
| Net income | — | — | — | $3.7B | $6.4B | $7.7B | $7.0B | $6.0B | $6.3B | $6.7B |
| EPS (diluted) | $5.09 | $5.59 | $7.24 | $9.17 | $15.96 | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 |
| Free cash flow | $2.8B | $3.5B | $3.8B | $4.0B | $6.8B | $6.8B | $6.9B | $6.9B | $7.3B | $6.3B |
| Buybacks | $1.3B | $750.0M | $500.0M | $1.5B | $1.5B | $2.0B | $3.0B | $3.0B | $4.0B | $3.0B |
| Dividends paid | $238.0M | $237.0M | $266.0M | $297.0M | $337.0M | $395.0M | $455.0M | $523.0M | $583.0M | $636.0M |
| Diluted shares | 397.0M | 398.0M | 406.0M | 403.0M | 399.0M | 397.0M | 394.0M | 388.0M | 383.0M | 378.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into TMO?
A reverse DCF asks what growth the current price requires. With an enterprise value of $284.5B and $7.3B of trailing free cash flow, Thermo Fisher Scientific needs to grow free cash flow about 27.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -1.6% a year over the last five years.
P/E ratio history
Current 38.0x vs. median 30.8x (10th–90th percentile 20.1x–40.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
TMO dividend
- Dividend yield
- 0.28%
- Annual dividend
- $1.88
- Years of increases
- 8
- 5-yr dividend growth
- 14.3%
- per year
- Payout ratio
- 10%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
TMO earnings
Next report: January 28, 2027. Thermo Fisher Scientific has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $6.40 | $6.68 | +4.3% |
| Jul 23, 2026 | $5.71 | $6.03 | +5.5% |
| Apr 23, 2026 | $5.24 | $5.44 | +3.8% |
| Jan 29, 2026 | $6.45 | $6.57 | +1.9% |
| Oct 22, 2025 | $5.50 | $5.79 | +5.3% |
| Jul 23, 2025 | $5.23 | $5.36 | +2.5% |
| Apr 23, 2025 | $5.10 | $5.15 | +0.9% |
| Jan 30, 2025 | $5.94 | $6.10 | +2.7% |
Stocks like TMO
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
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 IQV IQVIA | +0.37% | +27% | $46.0B | 34.7x | Compare |
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TMO news
- Should Illumina Stock Holders Look At Thermo Fisher Instead? · Oct 23, 2026
- Thermo Fisher Scientific (TMO) Benefits on Broad-Based Recovery Across Life-Science Markets · Oct 23, 2026
- NGS Kits Market Forecasts Growth from $6.84 Billion (2025) to $19.36 Billion by 2036, Profiling Illumina, Thermo Fisher Scientific, Roche, Oxford Nanopore & 11 Other Key Players · Oct 23, 2026
- Here Are Friday’s Top Wall Street Analyst Research Calls: Deckers Outdoor, Globe Life, Guardant Health, Hess Midstream LP, Kimberly-Clark, Natera, NVR, SpaceX, Thermo Fisher Scientific, and More · Oct 23, 2026
- Global Peptide Synthesis Market Forecast to 2031: Size, Share, Trends, and Growth | GLP-1 Boom Lifts Demand for Peptide Synthesis · Oct 22, 2026
TMO stock FAQ
What is TMO's market cap?
Thermo Fisher Scientific's market capitalization is $249.14 billion as of October 23, 2026, ranking 46th in the S&P 500.
What is TMO's P/E ratio?
TMO trades at a trailing price-to-earnings ratio of 35.5x and a forward P/E of 24.3x. Its median P/E over the period we track is 30.8x.
Does TMO pay a dividend?
Yes. Thermo Fisher Scientific pays $1.88 per share a year, a 0.28% yield. It has raised its dividend 8 years in a row. Dividends grew 14.3% a year over the last five years.
How much has TMO stock returned?
Including reinvested dividends, TMO returned +18.2% over one year, +2.2% a year over five years, +16.5% a year over ten years through October 23, 2026.
Is TMO stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Thermo Fisher Scientific must grow free cash flow about 28% a year for the next decade. Its free cash flow fell 2% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does TMO report earnings?
Thermo Fisher Scientific is expected to report earnings on January 28, 2027. It has beaten EPS estimates 8 quarters in a row.
How many employees does Thermo Fisher Scientific have?
Thermo Fisher Scientific has about 125,000 full-time employees, or $378,808 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology