Thermo Fisher Scientific Inc.

TMOUS

Thermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, advanced analytical instruments, specialized diagnostic products, and an extensive portfolio of laboratory supplies and biopharmaceutical services. The company's reach extends across North America, Europe, Asia-Pacific, and other international markets. Its Life Sciences Solutions division furnishes researchers with essential reagents, state-of-the-art instruments, and consumables vital for biological and medical exploration, the development and manufacturing of therapeutics and vaccines, and the detection of infections and various diseases. This segment encompasses bioscience, genetic science, and bioproduction technologies, serving a broad spectrum of clients in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and governmental sectors. The Analytical Instruments segment delivers a variety of precision instruments, consumables, software, and support services to pharmaceutical, biotechnology, academic, governmental, environmental, and industrial research environments, as well as clinical laboratories. The Specialty Diagnostics segment offers an array of diagnostic tools, including liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, alongside calibrators, controls, protein detection assays, and accompanying instruments. This also features the creation and distribution of complete blood test systems to aid in the clinical diagnosis and monitoring of allergies, asthma, and autoimmune diseases. Furthermore, it provides dehydrated and prepared culture media, specimen collection and transport systems, related instrumentation and consumables, human leukocyte antigen (HLA) typing and testing crucial for the organ transplant sector, and other healthcare products. Lastly, the Laboratory Products and Biopharma Services segment supplies laboratory equipment, serves the research and safety markets through its channels, and offers extensive pharmaceutical services, encompassing clinical research support. The company's products and services are distributed through a dedicated direct sales team, customer service professionals, online commerce platforms, and a network of third-party distributors. Its recognized brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Thermo Fisher Scientific Inc. was established in 1956 and is headquartered in Waltham, Massachusetts.

Founded1956IPO year1980As of2026-08-04
Market Cap
$211.06B
Enterprise Value
$249.55B
EV / LTM Revenue
5.6x
EV / NTM Revenue
5.1x
Trading multiples

Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.

LTM
trailing
NTM
forward
Revenue
5.1x
Gross Profit
12.5x
EBITDA
18.5x
Classification
Sector
Medical Devices & Diagnostics
Sub-sector
Life-Science Instruments & Consumables
Listing
TMO
Country
US
Historical valuation & fundamentals

EV / LTM Revenue

Annual financials & analyst forecasts

$MCY2021CY2022CY2023CY2024CY2025CY2026ECY2027E
Revenue YoY15%-5%0%4%7%5%
Revenue$39.21B$44.91B$42.86B$42.88B$44.56B$47.82B$50.28B
Gross Profit$19.31B$18.55B$16.74B$17.37B$17.58B
Gross Profit Margin49.3%41.3%39.1%40.5%39.5%
EBITDA$11.96B$11.94B$11.17B$11.74B$11.48B$13.05B$13.73B
EBITDA Margin30.5%26.6%26.1%27.4%25.8%27.3%27.3%
EBIT$10.35B$8.53B$7.45B$7.66B$8.00B$9.65B$10.15B
Net Income$7.72B$6.95B$6.00B$6.34B$6.71B$9.45B$10.12B
Free Cash Flow$7.02B$6.91B$6.93B$7.27B$6.29B
FCF Margin17.9%15.4%16.2%16.9%14.1%
Short-Term Debt$2.80B$5.85B$3.87B$2.48B$3.53B
Long-Term Debt$32.15B$28.91B$31.31B$29.06B$35.85B
Cash & Cash Equivalents$4.48B$8.52B$8.08B$4.02B$9.85B
Net Debt$30.47B$26.24B$27.10B$27.52B$29.53B
Net Debt / EBITDA2.5x2.2x2.4x2.3x2.6x
Rule of 4029.9%11.6%17.0%18.0%
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.