NYSE · Healthcare

Thermo Fisher Scientific Inc.

TMO · Diagnostics & Research

$462.60

▼ -6.61 (-1.41%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Thermo Fisher Scientific Inc. at $462.60.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 40.9%

Operating Margin 18.2%

Net Income Margin 15.0%

Fin. Health C

Years to Pay Off Debt 5.9 yrs

Working Capital vs Long-Term Debt -$22.3B

Working Capital $13.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.22x

Cash Flow B

Free Cash Flow $6.3B

CapEx % of Net Income 22.7%

Owner Earnings $11.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $171.9B

Enterprise Value $214.4B

P/E (TTM) 25.40

Dividend Yield 0.38%

Exchange NYSE

Key Margins

Gross Profit 40.9%

Operating Margin 18.2%

Net Margin 15.0%

Company Info

Sector Healthcare

Industry Diagnostics & Research

Employees 125000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Thermo Fisher Scientific Inc. at $462.60.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $462.60, the stock trades at a 93% premium to its Graham Number of $239.51. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	40.9% ▼	41.3%	39.9%	42.2%
Operating Margin %	18.2% ▲	18.0%	17.1%	18.9%
Net Income %	15.0% ▲	14.8%	14.0%	15.5%
Diluted EPS	17.74 ▲	16.53	15.45	17.63

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$110.3B	$97.3B	$98.7B	$97.2B	N/A
Total Debt	$39.4B ↑	$31.3B	$34.9B	$34.5B	N/A
Working Capital	$13.5B ▲	$8.8B	$10.6B	$8.2B	N/A
Years to Pay Debt	5.87	4.94	5.82	4.96	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$6.3B ▼	$7.3B	$6.9B	$6.9B	N/A
Owner Earnings	$11.0B	$10.8B	$10.9B	$12.6B	N/A
CapEx % of Net Income	22.7%	22.1%	24.7%	32.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-26,175	-33,294	-22,772	-24,750
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,856,000	11,893,000	11,584,000	12,217,000
Total Unusual Items	-349,000	-358,000	-505,000	-275,000
Total Unusual Items Excluding Goodwill	-349,000	-358,000	-505,000	-275,000
Net Income From Continuing Operation Net Minority Interest	6,704,000	6,335,000	5,995,000	6,950,000
Reconciled Depreciation	2,780,000	3,108,000	3,406,000	3,381,000
Reconciled Cost Of Revenue	26,318,000	25,177,000	25,757,000	25,944,000
EBITDA	11,507,000	11,535,000	11,079,000	11,942,000
EBIT	8,727,000	8,427,000	7,673,000	8,561,000
Net Interest Income	-426,000	-312,000	-496,000	-454,000
Interest Expense	1,419,000	1,390,000	1,375,000	726,000
Interest Income	993,000	1,078,000	879,000	272,000
Normalized Income	7,026,825	6,659,706	6,477,228	7,200,250
Net Income From Continuing And Discontinued Operation	6,704,000	6,335,000	5,995,000	6,950,000
Total Expenses	36,447,000	35,162,000	35,539,000	36,408,000
Total Operating Income As Reported	7,746,000	7,337,000	6,859,000	8,393,000
Diluted Average Shares	378,000	383,000	388,000	394,000
Basic Average Shares	377,000	382,000	386,000	392,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,704,000	6,335,000	5,995,000	6,950,000
Net Income Common Stockholders	6,704,000	6,335,000	5,995,000	6,950,000
Net Income	6,704,000	6,335,000	5,995,000	6,950,000
Minority Interests	-17,000	-3,000	40,000	-10,000
Net Income Including Noncontrolling Interests	6,721,000	6,338,000	5,955,000	6,960,000
Net Income Continuous Operations	6,721,000	6,338,000	5,955,000	6,960,000
Earnings From Equity Interest Net Of Tax	-41,000	-42,000	-59,000	-172,000
Tax Provision	547,000	657,000	284,000	703,000
Pretax Income	7,308,000	7,037,000	6,298,000	7,835,000
Other Income Expense	-374,000	-367,000	-524,000	-218,000
Other Non Operating Income Expenses	-25,000	-9,000	-19,000	57,000
Special Income Charges	-362,000	-379,000	-459,000	-114,000
Restructuring And Mergern Acquisition	362,000	379,000	459,000	114,000
Gain On Sale Of Security	13,000	21,000	-46,000	-161,000
Net Non Operating Interest Income Expense	-426,000	-312,000	-496,000	-454,000
Interest Expense Non Operating	1,419,000	1,390,000	1,375,000	726,000
Interest Income Non Operating	993,000	1,078,000	879,000	272,000
Operating Income	8,110,000	7,717,000	7,318,000	8,507,000
Operating Expense	10,129,000	9,985,000	9,782,000	10,464,000
Research And Development	1,397,000	1,390,000	1,337,000	1,471,000
Selling General And Administration	8,732,000	8,595,000	8,445,000	8,993,000
Gross Profit	18,239,000	17,702,000	17,100,000	18,971,000
Cost Of Revenue	26,318,000	25,177,000	25,757,000	25,944,000
Total Revenue	44,557,000	42,879,000	42,857,000	44,915,000
Operating Revenue	44,557,000	42,879,000	42,857,000	44,915,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	68,939	63,067	55,541	50,157
Ordinary Shares Number	376,221	380,774	386,647	390,511
Share Issued	445,160	443,841	442,189	440,668
Net Debt	29,533,000	27,266,000	26,840,000	25,964,000
Total Debt	39,385,000	31,275,000	34,917,000	34,488,000
Tangible Book Value	-11,793,000	-11,801,000	-13,955,000	-14,660,000
Invested Capital	92,792,000	80,860,000	81,652,000	78,466,000
Working Capital	13,518,000	8,805,000	10,577,000	8,219,000
Net Tangible Assets	-11,793,000	-11,801,000	-13,955,000	-14,660,000
Common Stock Equity	53,407,000	49,585,000	46,735,000	43,978,000
Total Capitalization	89,259,000	78,646,000	78,043,000	72,887,000
Total Equity Gross Minority Interest	53,536,000	49,672,000	46,842,000	44,148,000
Minority Interest	129,000	87,000	107,000	170,000
Stockholders Equity	53,407,000	49,585,000	46,735,000	43,978,000
Gains Losses Not Affecting Retained Earnings	-2,448,000	-2,697,000	-3,224,000	-3,099,000
Other Equity Adjustments	-2,448,000	-2,697,000	-3,224,000	-3,099,000
Treasury Stock	22,309,000	19,226,000	15,133,000	12,017,000
Retained Earnings	59,156,000	53,102,000	47,364,000	41,910,000
Additional Paid In Capital	18,563,000	17,962,000	17,286,000	16,743,000
Capital Stock	445,000	444,000	442,000	441,000
Common Stock	445,000	444,000	442,000	441,000
Total Liabilities Net Minority Interest	56,807,000	47,649,000	51,884,000	53,006,000
Total Non Current Liabilities Net Minority Interest	41,618,000	34,317,000	37,872,000	35,996,000
Other Non Current Liabilities	4,273,000	3,988,000	4,642,000	4,238,000
Non Current Deferred Liabilities	1,493,000	1,268,000	1,922,000	2,849,000
Non Current Deferred Taxes Liabilities	1,493,000	1,268,000	1,922,000	2,849,000
Long Term Debt And Capital Lease Obligation	35,852,000	29,061,000	31,308,000	28,909,000
Long Term Debt	35,852,000	29,061,000	31,308,000	28,909,000
Current Liabilities	15,189,000	13,332,000	14,012,000	17,010,000
Current Deferred Liabilities	2,710,000	2,852,000	2,689,000	2,601,000
Current Deferred Revenue	2,710,000	2,852,000	2,689,000	2,601,000
Current Debt And Capital Lease Obligation	3,533,000	2,214,000	3,609,000	5,579,000
Current Debt	3,533,000	2,214,000	3,609,000	5,579,000
Payables And Accrued Expenses	8,946,000	8,266,000	7,714,000	8,830,000
Current Accrued Expenses	5,324,000	5,187,000	4,842,000	5,449,000
Payables	3,622,000	3,079,000	2,872,000	3,381,000
Accounts Payable	3,622,000	3,079,000	2,872,000	3,381,000
Total Assets	110,343,000	97,321,000	98,726,000	97,154,000
Total Non Current Assets	81,636,000	75,184,000	74,137,000	71,925,000
Other Non Current Assets	5,871,000	4,492,000	3,999,000	4,007,000
Goodwill And Other Intangible Assets	65,200,000	61,386,000	60,690,000	58,638,000
Other Intangible Assets	15,838,000	15,533,000	16,670,000	17,442,000
Goodwill	49,362,000	45,853,000	44,020,000	41,196,000
Net PPE	10,565,000	9,306,000	9,448,000	9,280,000
Accumulated Depreciation	-7,815,000	-6,753,000	-6,076,000	-4,989,000
Gross PPE	18,380,000	16,059,000	15,524,000	14,269,000
Construction In Progress	2,305,000	2,034,000	2,238,000	2,695,000
Machinery Furniture Equipment	11,005,000	9,858,000	9,235,000	7,967,000
Buildings And Improvements	4,570,000	3,728,000	3,593,000	3,153,000
Land And Improvements	500,000	439,000	458,000	454,000
Current Assets	28,707,000	22,137,000	24,589,000	25,229,000
Other Current Assets	2,611,000	1,963,000	1,757,000	1,644,000
Restricted Cash				12,000	13,000
Inventory	5,425,000	4,978,000	5,088,000	5,634,000
Finished Goods	2,659,000	2,420,000	2,326,000	2,569,000
Work In Process	889,000	755,000	705,000	660,000
Raw Materials	1,877,000	1,803,000	2,057,000	2,405,000
Receivables	10,566,000	9,626,000	9,664,000	9,427,000
Other Receivables	1,666,000	1,435,000	1,443,000	1,312,000
Accounts Receivable	8,900,000	8,191,000	8,221,000	8,115,000
Allowance For Doubtful Accounts Receivable	-147,000	-173,000	-193,000	-189,000
Gross Accounts Receivable	9,047,000	8,364,000	8,414,000	8,304,000
Cash Cash Equivalents And Short Term Investments	10,105,000	5,570,000	8,080,000	8,524,000
Other Short Term Investments	253,000	1,561,000	3,000
Cash And Cash Equivalents	9,852,000	4,009,000	8,077,000	8,524,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	6,293,000	7,267,000	6,927,000	6,911,000
Repurchase Of Capital Stock	-3,000,000	-4,000,000	-3,000,000	-3,000,000
Repayment Of Debt	-3,507,000	-3,607,000	-7,717,000	-4,065,000
Issuance Of Debt	8,854,000	1,204,000	7,562,000	4,719,000
Capital Expenditure	-1,525,000	-1,400,000	-1,479,000	-2,243,000
Interest Paid Supplemental Data	1,612,000	1,570,000	1,385,000	667,000
Income Tax Paid Supplemental Data	1,776,000	1,834,000	1,482,000	1,234,000
End Cash Position	9,879,000	4,040,000	8,097,000	8,537,000
Beginning Cash Position	4,040,000	8,097,000	8,537,000	4,491,000
Effect Of Exchange Rate Changes	267,000	-91,000	-82,000	-139,000
Changes In Cash	5,572,000	-3,966,000	-358,000	4,185,000
Financing Cash Flow	1,801,000	-6,792,000	-3,622,000	-2,810,000
Cash Flow From Continuing Financing Activities	1,801,000	-6,791,000	-3,622,000	-2,810,000
Net Other Financing Charges	90,000	194,000	56,000	-9,000
Proceeds From Stock Option Exercised					156,000
Cash Dividends Paid	-636,000	-583,000	-523,000	-455,000
Net Common Stock Issuance	-3,000,000	-4,000,000	-3,000,000	-3,000,000
Common Stock Payments	-3,000,000	-4,000,000	-3,000,000	-3,000,000
Net Issuance Payments Of Debt	5,347,000	-2,403,000	-155,000	654,000
Net Short Term Debt Issuance	0	0	-315,000	-2,164,000
Short Term Debt Payments	-1,095,000	0	-1,935,000	-3,690,000
Short Term Debt Issuance	1,095,000	0	1,620,000	1,526,000
Net Long Term Debt Issuance	5,347,000	-2,403,000	160,000	2,818,000
Long Term Debt Payments	-2,412,000	-3,607,000	-5,782,000	-375,000
Long Term Debt Issuance	7,759,000	1,204,000	5,942,000	3,193,000
Investing Cash Flow	-4,047,000	-5,841,000	-5,142,000	-2,159,000
Cash Flow From Continuing Investing Activities	-4,047,000	-5,841,000	-5,142,000	-2,159,000
Net Other Investing Changes	21,000	8,000	33,000	20,000
Net Investment Purchase And Sale	1,450,000	-1,374,000	-123,000	79,000
Sale Of Investment	1,833,000	2,022,000	85,000	131,000
Purchase Of Investment	-383,000	-3,396,000	-208,000	-52,000
Net Business Purchase And Sale	-4,037,000	-3,132,000	-3,660,000	-39,000
Purchase Of Business	-4,037,000	-3,132,000	-3,660,000	-39,000
Net PPE Purchase And Sale	-1,481,000	-1,343,000	-1,392,000	-2,219,000
Sale Of PPE	44,000	57,000	87,000	24,000
Purchase Of PPE	-1,525,000	-1,400,000	-1,479,000	-2,243,000
Operating Cash Flow	7,818,000	8,667,000	8,406,000	9,154,000
Cash Flow From Continuing Operating Activities	7,819,000	8,667,000	8,406,000	9,154,000
Change In Working Capital	-1,766,000	-334,000	-495,000	-1,008,000
Change In Other Working Capital	-1,687,000	-348,000	-550,000	-401,000
Change In Payables And Accrued Expense	421,000	212,000	-500,000	648,000
Change In Payable	421,000	212,000	-500,000	648,000
Change In Account Payable	421,000	212,000	-500,000	648,000
Change In Inventory	-74,000	-27,000	598,000	-825,000
Change In Receivables	-426,000	-171,000	-43,000	-430,000
Changes In Account Receivables	-426,000	-171,000	-43,000	-430,000
Other Non Cash Items	412,000	463,000	562,000	509,000
Stock Based Compensation	310,000	301,000	278,000	307,000
Deferred Tax	-639,000	-1,209,000	-1,300,000	-995,000
Deferred Income Tax	-639,000	-1,209,000	-1,300,000	-995,000
Depreciation Amortization Depletion	2,780,000	3,108,000	3,406,000	3,381,000
Depreciation And Amortization	2,780,000	3,108,000	3,406,000	3,381,000
Amortization Cash Flow	1,730,000	1,952,000	2,338,000	2,395,000
Amortization Of Intangibles	1,730,000	1,952,000	2,338,000	2,395,000
Depreciation	1,050,000	1,156,000	1,068,000	986,000
Operating Gains Losses				26,000	767,000
Net Income From Continuing Operations	6,721,000	6,338,000	5,955,000	6,960,000

These metrics estimate what Thermo Fisher Scientific Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$239.51

Margin of Safety

Market Cap ÷ Company Value

1.67

P/B Ratio

3.22

Warren's Owner Earnings

$11.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$44.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.89x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.38%

vs Uninterrupted dividends

❌ Earnings Growth

+0.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

25.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.22x P/B (P/E×P/B: 81.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-75.61

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$242.48

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	22.7%	22.1%	24.7%	32.3%	N/A
Repurchase of Capital Stock	-$3.0B	-$4.0B	-$3.0B	-$3.0B	N/A
Free Cash Flow	$6.3B ▼	$7.3B ▲	$6.9B ▲	$6.9B •	N/A •
Warren's Owner Earnings	$11.0B	$10.8B	$10.9B	$12.6B	N/A

Peers & Industry

No auto-detected peers for Diagnostics & Research. You can manually compare TMO against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.17%

Low — management has little skin in the game

Return on Equity (ROE)

12.6%

Adequate — returns are moderate

Return on Assets (ROA)

6.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+25.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Marc Casper

Chairman & CEO

Age 57

Pay: $6,241,762

0.093% of net income

Gianluca Pettiti

President, COO & President of Products and Technologies

Age 46

Pay: $2,423,267

0.036% of net income

James Meyer

Senior VP & CFO

Age 45

Rafael Tejada

Vice President of Investor Relations

Alan Malus

Senior Vice President of Strategy & Corporate Development

Age 65

Pay: $1,773,415

0.026% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.19%	34,133,702
Blackrock Inc.	8.26%	30,677,885
State Street Corporation	4.47%	16,613,761
Morgan Stanley	3.20%	11,894,277
Capital World Investors	2.96%	11,003,814
FMR, LLC	2.64%	9,793,347
Geode Capital Management, LLC	2.21%	8,196,477
Price (T.Rowe) Associates Inc	2.07%	7,701,353

Risk Analysis

Beta (Market Risk)

0.88

Low volatility — more stable than the market

Short Interest

1.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.83x

Conservative balance sheet — low financial risk

Current Ratio

1.53x

Adequate liquidity

52-Week Price Range

Low: $385.46 Current: $462.60 High: $643.99

Currently at 30% of 52-week range

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