THERMO FISHER SCIENTIFIC INC. TMO

Technology SIC 3829 - Measuring & Controlling Devices, NEC NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Other Measuring and Controlling Device Manufacturing derived NYSE

Last close 673.82 2026-10-23
Market cap $249.14B 2026-06-27 share count
52-week range 435.27 - 705.78

Valuation FY2025 figures against the last close

P/S5.6x
P/E38.0x
P/FCF39.6x
EV/EBITDA32.0x
Dividend yield0.3%
Diluted EPS17.74

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • North America
  • Europe
  • Asia-Pacific
  • Other regions
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 North America, FY2025: 23B (51.7%) 52% North America Europe, FY2025: 11.8B (26.5%) 27% Europe Asia-Pacific, FY2025: 8.1B (18.2%) 18% Asia-Pacific Other regions, FY2025: 1.6B (3.6%) 4% FY2024 North America, FY2024: 22.5B (52.5%) 52% Europe, FY2024: 10.9B (25.3%) 25% Asia-Pacific, FY2024: 8B (18.6%) 19% Other regions, FY2024: 1.6B (3.6%) 4% FY2023 North America, FY2023: 22.8B (53.1%) 53% Europe, FY2023: 10.7B (25.1%) 25% Asia-Pacific, FY2023: 7.9B (18.4%) 18% Other regions, FY2023: 1.5B (3.5%) 3%
Region FY2025FY2024FY2023
North America $23.03B $22.50B $22.76B
Europe $11.83B $10.86B $10.74B
Asia-Pacific $8.10B $7.96B $7.87B
Other regions $1.60B $1.56B $1.48B

As the company reported it, from the “Supplemental Income Statement Information - Scheduleof Disaggregated Revenues (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Laboratory Products and Biopharma Services
  • Life Sciences Solutions
  • Analytical Instruments
  • Specialty Diagnostics
Revenue by segment, 4 categories over 3 years. The same figures are in the table below. FY2025 Laboratory Products and Biopharma Services, FY2025: 23.8B (53.5%) 53% Laboratory Products and Biopharma Services Life Sciences Solutions, FY2025: 8.8B (19.7%) 20% Life Sciences Solutions Analytical Instruments, FY2025: 7.4B (16.5%) 17% Analytical Instruments Specialty Diagnostics, FY2025: 4.6B (10.3%) 10% FY2024 Laboratory Products and Biopharma Services, FY2024: 23B (53.6%) 54% Life Sciences Solutions, FY2024: 8.2B (19.0%) 19% Analytical Instruments, FY2024: 7.3B (16.9%) 17% Specialty Diagnostics, FY2024: 4.4B (10.4%) 10% FY2023 Laboratory Products and Biopharma Services, FY2023: 22.9B (53.4%) 53% Life Sciences Solutions, FY2023: 8.5B (19.9%) 20% Analytical Instruments, FY2023: 7.1B (16.6%) 17% Specialty Diagnostics, FY2023: 4.3B (10.1%) 10%
Segment FY2025FY2024FY2023
Laboratory Products and Biopharma Services $23.82B $23.00B $22.89B
Life Sciences Solutions $8.78B $8.16B $8.54B
Analytical Instruments $7.35B $7.27B $7.10B
Specialty Diagnostics $4.60B $4.45B $4.32B

As the company reported it, from the “Business Segment and Geographical Information - Schedule of Business Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $44.56B$42.88B$42.86B$44.91B$39.21B$32.22B$25.54B$24.36B$20.92B$18.27B
Cost of revenue ————————$2.50B$1.69B
Gross profit ————————$18.42B$16.58B
R&D $1.40B$1.39B$1.34B$1.47B$1.41B$1.18B$1.00B$967.0M$887.0M$754.0M
SG&A $8.73B$8.60B$8.45B$8.99B$8.01B$6.93B$6.14B$6.06B$5.50B$4.97B
Total operating expenses $36.81B$35.54B$36.00B$36.52B$29.18B$24.42B$20.95B$20.57B$17.96B$15.82B
Operating income $7.75B$7.34B$6.86B$8.39B$10.03B$7.79B$4.59B$3.78B$2.96B$2.46B
Interest expense $1.42B$1.39B$1.38B$726.0M$536.0M$553.0M$676.0M$667.0M$592.0M$469.0M
Pre-tax income $7.31B$7.04B$6.30B$7.83B$8.84B$7.23B$4.07B$3.26B$2.43B$2.02B
Income tax $547.0M$657.0M$284.0M$703.0M$1.11B$850.0M$374.0M$324.0M$201.0M$1.0M
Net income $6.72B$6.34B$5.96B$6.96B$7.73B$6.38B$3.70B———
EPS, basic 17.7716.5815.5217.7519.6216.099.247.315.645.12
EPS, diluted 17.7416.5315.4517.6319.4615.969.177.245.595.09
Shares, diluted (wtd. avg.) 378.0M383.0M388.0M394.0M397.0M399.0M403.0M406.0M398.0M397.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $9.85B$4.01B$8.10B$8.54B$4.49B$10.34B$2.42B$2.12B$1.36B$811.0M
Short-term investments $253.0M$1.56B$3.0M———————
Receivables $8.90B$8.19B$8.22B$8.12B$7.98B$5.74B$4.35B$4.14B$3.88B$3.05B
Inventory $5.42B$4.98B$5.09B$5.63B$5.05B$4.03B$3.37B$3.00B$2.97B$2.21B
Total current assets $28.71B$22.14B$24.59B$25.23B$20.11B$21.96B$11.89B$10.62B$9.42B$7.02B
Property, plant and equipment $10.56B$9.31B$9.45B$9.28B$8.33B$5.91B$4.75B$4.17B$4.05B$2.58B
Goodwill $49.36B$45.85B$44.02B$41.20B$41.92B$26.04B$25.71B$25.35B$25.29B$21.33B
Other intangibles $15.84B$15.53B$16.67B$17.44B$20.11B$12.69B$14.01B$14.98B$16.68B$13.97B
Total assets $110.34B$97.32B$98.73B$97.15B$95.12B$69.05B$58.38B$56.23B$56.67B$45.91B
Accounts payable $3.62B$3.08B$2.87B$3.38B$2.87B$2.17B$1.92B$1.61B$1.43B$926.0M
Short-term debt $3.53B$2.21B$3.61B$5.58B$2.54B$2.63B$676.0M$1.27B$2.13B$1.25B
Total current liabilities $15.19B$13.33B$14.01B$17.01B$13.44B$10.30B$6.20B$6.15B$7.05B$4.87B
Long-term debt $39.17B$31.07B$34.73B$34.28B$34.67B$21.73B$17.08B$17.72B——
Retained earnings $59.16B$53.10B$47.36B$41.91B$35.43B$28.12B$22.09B$18.70B$15.91B$13.93B
Total equity $53.41B$49.58B$46.72B$44.03B$40.85B$34.52B$29.68B$27.59B$25.41B$21.54B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $7.82B$8.67B$8.41B$9.15B$9.31B$8.29B$4.97B$4.54B$4.00B$3.26B
Depreciation and amortisation $1.05B$1.16B$1.07B$986.0M$831.0M$658.0M$564.0M$526.0M$439.0M$1.76B
Stock-based compensation $310.0M$301.0M$278.0M$307.0M$230.0M$196.0M$181.0M$181.0M$159.0M$133.0M
Capital expenditure $1.52B$1.40B$1.48B$2.24B$2.52B$1.47B$926.0M$758.0M$508.0M$444.0M
Investing cash flow -$4.05B-$5.84B-$5.14B-$2.16B-$21.93B-$1.51B-$1.49B-$1.25B-$7.73B-$5.52B
Financing cash flow $1.80B-$6.79B-$3.62B-$2.81B$6.58B$959.0M-$3.12B-$2.24B$3.85B$2.76B
Dividends paid $636.0M$583.0M$523.0M$455.0M$395.0M$337.0M$297.0M$266.0M$237.0M$238.0M
Buybacks $3.00B$4.00B$3.00B$3.00B$2.00B$1.50B$1.50B$500.0M$750.0M$1.25B

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-144585.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B Revenue, FY2016: 18.3B Gross profit, FY2016: 16.6B Revenue, FY2017: 20.9B Gross profit, FY2017: 18.4B Revenue, FY2018: 24.4B Revenue, FY2019: 25.5B Net income, FY2019: 3.7B Revenue, FY2020: 32.2B Net income, FY2020: 6.4B Revenue, FY2021: 39.2B Net income, FY2021: 7.7B Revenue, FY2022: 44.9B Net income, FY2022: 7B Revenue, FY2023: 42.9B Net income, FY2023: 6B Revenue, FY2024: 42.9B Net income, FY2024: 6.3B Revenue, FY2025: 44.6B Net income, FY2025: 6.7B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $18.27B $20.92B $24.36B $25.54B $32.22B $39.21B $44.91B $42.86B $42.88B $44.56B
Gross profit $16.58B $18.42B — — — — — — — —
Net income — — — $3.70B $6.38B $7.73B $6.96B $5.96B $6.34B $6.72B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed Item 1.01
  • Other event Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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