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Thermo Fisher Scientific

TMO on NYSE. Thermo Fisher Scientific sells laboratory equipment, chemicals, and services to scientists and medical laboratories. Market value $250.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Health care stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.9%low

For every $100 of what the whole company costs, it produced $2.92 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
35.4×full

You pay 35.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
7.5%five-year median

Each dollar kept in the business earns 8 cents a year. Above 10 is good.

Quality score: 90 of 100. Price score: 31 of 100. Our list needs 70 on quality and 60 on price.

$676.76 a share, 55% above its 1-year low

Over the past year the price has ranged from $435.27 to $683.63.

Dividend: 0.3% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

6.8
6.9
6.9
7.3
6.3
7.3
2021202220232024202512 monthsto Jun '26
Revenue
$39.2bn$44.9bn$42.9bn$42.9bn$44.6bn
Operating margin
25.6%18.7%16.0%17.1%17.4%
Debt to equity
0.850.780.750.630.74
Shares outstanding
0.39bn0.39bn0.38bn0.38bn0.37bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.74× equity
  • Revenue growth, five yearsSlow, 6.7% a year
  • Buying back its own sharesYes, 6% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $12 billion last quarter, up 10% on a year ago.
  • Profit: $1.7 billion, up 7% on a year ago.
  • It keeps 18 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
  • Spare cash over the past 12 months: $7.3 billion, up from $6.2 billion.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $38.5 billion more than cash, up from $30.7 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$10.6bn
December 2024$11.4bn
March 2025$10.4bn
June 2025$10.9bn
September 2025$11.1bn
December 2025$12.2bn
March 2026$11.0bn
June 2026$12.0bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$1.6bn
December 2024$1.8bn
March 2025$1.5bn
June 2025$1.6bn
September 2025$1.6bn
December 2025$2.0bn
March 2026$1.7bn
June 2026$1.7bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
21 October 2026
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

31 long-term investors we follow own it, down from 32 last quarter. 2,616 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $158m, $90m of it under preset trading plans.

  • Pettiti Gianluca
    President & COO
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    4,133
    Price
    $614.38
    Value
    $3m
  • CASPER MARC N
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    24 August 2026
    Shares
    275
    Price
    $627.05
    Value
    $172,439
  • CASPER MARC N
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    21 August 2026
    Shares
    10,000
    Price
    $626.92
    Value
    $6m
  • CASPER MARC N
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    10,000
    Price
    $629.27
    Value
    $6m
  • Britt Lisa P.
    Sr. VP and Chief HR Officer
    Sold
    Date
    19 August 2026
    Shares
    11,440
    Price
    $613.12
    Value
    $7m
  • Shafer Michael D
    Executive Vice President
    Sold
    under a preset trading plan
    Date
    11 August 2026
    Shares
    25,500
    Price
    $600.00
    Value
    $15m
  • Holmes Joseph R.
    VP & Chief Accounting Officer
    Sold
    Date
    7 August 2026
    Shares
    420
    Price
    $584.81
    Value
    $245,620
  • CASPER MARC N
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    4,883
    Price
    $586.12
    Value
    $3m
  • CASPER MARC N
    Chairman & CEO, Director
    Sold
    under a preset trading plan
    Date
    6 August 2026
    Shares
    15,000
    Price
    $574.46
    Value
    $9m
  • Britt Lisa P.
    Sr. VP and Chief HR Officer
    Sold
    Date
    6 August 2026
    Shares
    5,850
    Price
    $580.00
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 35.4× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.