T 
Thermo Fisher Scientific TMO · USD
Health Care · Life Sciences Tools & Services · US listing · 🇺🇸 United States
S&P 500
721.63
+3.87%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$44.56bn
FY2016FY2025
Net income
$6.74bn
FY2016FY2025
Free cash flow
$6.29bn
FY2016FY2025
Shareholders' equity
$53.41bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.56bn | $42.88bn | $42.86bn | $44.91bn | $39.21bn | $32.22bn | $25.54bn | $24.36bn | $20.92bn | $18.27bn |
| Gross profit | $16.78bn | $17.73bn | $17.56bn | $19.01bn | $19.63bn | $16.03bn | $11.34bn | $10.99bn | $9.68bn | $8.58bn |
| Research and development | $1.40bn | $1.39bn | $1.34bn | $1.47bn | $1.41bn | $1.18bn | $1.00bn | $967.0m | $888.0m | $754.8m |
| Operating income | $8.11bn | $7.66bn | $6.86bn | $8.53bn | $9.38bn | $7.90bn | $4.26bn | $3.87bn | $3.27bn | $2.86bn |
| Net income | $6.74bn | $6.33bn | $6.00bn | $6.95bn | $7.72bn | $6.38bn | $3.70bn | $2.94bn | $2.23bn | $2.02bn |
| Diluted earnings per share | 17.87 | 16.54 | 15.45 | 17.68 | 19.41 | 15.94 | 9.19 | 7.25 | 5.49 | 5.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $110.34bn | $97.32bn | $98.73bn | $97.15bn | $95.12bn | $69.05bn | $58.38bn | $56.23bn | $56.67bn | $45.91bn |
| Cash and short-term investments | $10.11bn | $5.58bn | $8.08bn | $8.52bn | $4.48bn | $10.32bn | $2.40bn | $2.10bn | $1.33bn | $786.0m |
| Total liabilities | $56.81bn | $47.65bn | $51.88bn | $53.01bn | $54.15bn | $34.53bn | $28.71bn | $28.65bn | $31.26bn | $24.37bn |
| Debt | $39.38bn | $31.27bn | $34.92bn | $34.49bn | $34.87bn | $21.73bn | $17.75bn | $18.99bn | $21.01bn | $16.63bn |
| Shareholders' equity | $53.41bn | $49.58bn | $46.73bn | $43.98bn | $40.79bn | $34.51bn | $29.68bn | $27.59bn | $25.41bn | $21.54bn |
| Shares outstanding | 377m | 383m | 388m | 393m | 398m | 400m | 402m | 405m | 405m | 397m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $7.82bn | $8.67bn | $8.41bn | $9.15bn | $9.54bn | $8.29bn | $4.97bn | $4.54bn | $4.00bn | $3.16bn |
| Capital spending | −$1.52bn | −$1.40bn | −$1.48bn | −$2.24bn | −$2.52bn | −$1.47bn | −$926.0m | −$758.0m | −$508.0m | −$444.4m |
| Free cash flow | $6.29bn | $7.27bn | $6.93bn | $6.91bn | $7.02bn | $6.82bn | $4.05bn | $3.79bn | $3.50bn | $2.71bn |
| Dividends paid | −$636.0m | −$583.0m | −$523.0m | −$455.0m | −$395.0m | −$337.0m | −$297.0m | −$266.0m | −$237.0m | −$238.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.99bn | $11.01bn | $12.21bn | $11.12bn | $10.86bn | $10.36bn | $11.39bn | $10.60bn |
| Gross profit | $4.94bn | $4.48bn | $4.64bn | $4.65bn | $4.41bn | $4.24bn | $4.47bn | $4.33bn |
| Operating income | $2.09bn | $1.86bn | $2.30bn | $2.08bn | $1.92bn | $1.81bn | $2.27bn | $1.88bn |
| Net income | $1.74bn | $1.65bn | $1.98bn | $1.62bn | $1.62bn | $1.51bn | $1.83bn | $1.63bn |
| Diluted earnings per share | 4.68 | 4.45 | 5.24 | 4.28 | 4.28 | 3.98 | 4.78 | 4.24 |
| Cash from operations | $2.13bn | $1.19bn | $3.46bn | $2.24bn | $1.40bn | $723.0m | $3.29bn | $2.17bn |
| Capital spending | −$450.0m | −$376.0m | −$465.0m | −$404.0m | −$294.0m | −$362.0m | −$480.0m | −$272.0m |
| Free cash flow | $1.68bn | $816.0m | $2.99bn | $1.83bn | $1.10bn | $361.0m | $2.81bn | $1.89bn |
| Total assets | $113.17bn | $113.28bn | $110.34bn | $103.02bn | $101.23bn | $99.04bn | $97.32bn | $100.36bn |
| Cash and short-term investments | $4.06bn | $3.26bn | $10.11bn | $3.55bn | $6.39bn | $5.95bn | $5.58bn | $6.64bn |
| Debt | $42.55bn | $43.16bn | $39.38bn | $35.68bn | $35.23bn | $34.19bn | $31.54bn | $35.31bn |
| Shareholders' equity | $52.68bn | $51.93bn | $53.41bn | $51.02bn | $50.51bn | $49.39bn | $49.58bn | $48.99bn |
Financial ratios
Data as of 5 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 37.7% | 41.3% | 41.0% | 42.3% | 50.1% | 49.7% |
| Operating margin | 18.2% | 17.9% | 16.0% | 19.0% | 23.9% | 24.5% |
| Net margin | 15.1% | 14.8% | 14.0% | 15.5% | 19.7% | 19.8% |
| Return on equity | 12.6% | 12.8% | 12.8% | 15.8% | 18.9% | 18.5% |
| Return on assets | 6.1% | 6.5% | 6.1% | 7.2% | 8.1% | 9.2% |
| Free cash flow yield | 4.0% | 4.3% | 4.2% | 4.7% | 4.9% | 4.0% |
| Revenue growth | 3.9% | 0.1% | -4.6% | 14.5% | 21.7% | 26.1% |
| Earnings growth | 6.3% | 5.7% | -13.7% | -10.0% | 21.2% | 72.5% |
| Current ratio | 1.89x | 1.66x | 1.75x | 1.48x | 1.50x | 2.13x |
| Debt to equity | 0.74x | 0.64x | 0.75x | 0.79x | 0.86x | 0.64x |
| Equity ratio | 48.4% | 50.9% | 47.3% | 45.3% | 42.9% | 50.0% |
| Interest coverage | 5.71x | 4.63x | 4.99x | 11.74x | 17.49x | 14.28x |
| R&D as a share of sales | 3.1% | 3.2% | 3.1% | 3.3% | 3.6% | 3.7% |
| Buybacks as a share of market value | 1.6% | 1.3% | 1.3% | 1.3% | 0.5% | 0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.3% | 6.7% | 10.1% |
| Operating income | -1.7% | 0.5% | 12.5% |
| Net income | -1.0% | 1.1% | 13.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 39.5% | 40.6% | 43.3% | 44.0% |
| Operating margin | 18.0% | 17.8% | 19.6% | 18.5% |
| Net margin | 15.0% | 14.8% | 16.3% | 15.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.4 | 31.4 | 34.4 | 31.1 | 34.4 | 29.2 | 35.3 | 30.9 | 34.6 | 27.7 |
| Price to sales | 4.9 | 4.7 | 4.8 | 4.8 | 6.8 | 5.8 | 5.1 | 3.7 | 3.7 | 3.1 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$58.43bn$227.71bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 9% | -2% | -0% | -18% | 40% | 42% | 49% | 14% | 36% | 2% |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.41 | 1.72 | 1.56 | 1.40 | 1.20 | 1.04 | 0.88 | 0.76 |
- 3-for-2 split · 6 Jun 1996
- 3-for-2 split · 25 May 1995
- 3-for-2 split · 29 Oct 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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