# Thermo Fisher Scientific Inc. (TMO)

> Thermo Fisher sells laboratory supplies, scientific instruments, diagnostic tests, and services for developing and making medicines.

- Exchange: New York Stock Exchange · Sector: Healthcare · Industry: Diagnostics and Research
- Headquarters: Waltham, Massachusetts, United States
- Founded: 2006
- Employees: Approximately 125,000 (December 31, 2025)
- SEC CIK: 0000097745 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000097745))
- Full page: https://inspectstocks.com/stocks/tmo
- Data as of: price 2026-09-25; newest filing used 2026-07-31; latest fiscal period ended 2026-06-27

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $46.3B | $43.5B |
| Revenue growing recently | passed | $46.3B | $44.6B |
| Free cash flow positive | passed | $7.3B |  |
| Free cash flow growing overall | passed | $7.3B | $5.9B |
| Free cash flow growing recently | passed | $7.3B | $6.3B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 15.0% |  |
| Healthy profit margin | passed | 15.0% |  |
| Strong operating margin | passed | 17.6% |  |
| Good return on equity | failed | 13.0% |  |
| Debt under control | passed | 0.77 |  |
| Turns sales into cash | passed | 15.8% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $46.3B |
| Net income, trailing twelve months | $7B |
| Free cash flow, trailing twelve months | $7.3B |
| Net margin | 15.0% |
| Operating margin | 17.6% |
| Return on equity | 13.0% |
| Debt to equity | 0.77 |
| Diluted EPS, trailing twelve months | $18.59 |
| Share price | $675.00 |
| Market value | $249.6B |
| Price / earnings | 36.3x |
| Price / sales | 5.4x |

## What the business does

Thermo Fisher sells products and services to pharmaceutical and biotechnology companies, hospitals, clinical laboratories, universities, government agencies, and industrial customers. Its products include research supplies, instruments for analyzing samples, and diagnostic tests; its services include clinical-trial work and manufacturing medicines for customers. In the second quarter of 2026, management said customer demand had strengthened across its major markets.

### How it makes money

- **Laboratory Products and Biopharma Services** (53.1% (year ended December 31, 2025)) — Earns money from laboratory supplies and equipment, selling products from its own brands and other suppliers, and from clinical research, drug development, clinical-trial, and medicine-manufacturing services.
- **Life Sciences Solutions** (19.6% (year ended December 31, 2025)) — Earns money from research and diagnostic reagents, instruments and consumables, and supplies used to produce biologic medicines, including cell-culture, filtration, and purification products.
- **Analytical Instruments** (16.9% (year ended December 31, 2025)) — Earns money by selling instruments used to analyze chemical and biological samples, along with related consumables, software, and services.
- **Specialty Diagnostics** (10.4% (year ended December 31, 2025)) — Earns money from diagnostic test kits, reagents, instruments, and related products supplied to clinical, healthcare, industrial, and food-safety laboratories.

### Products

- **Thermo Scientific Orbitrap Tribrid Apex Mass Spectrometer** — An instrument that measures molecules in samples to help researchers study complex biology, medicines, and other substances.
- **Thermo Scientific Vanquish Amplify ultra-high-performance liquid chromatography system** — An instrument that separates and analyzes substances in liquid samples, including sensitive biological molecules.
- **Applied Biosystems PowerFlex Thermal Cycler** — A laboratory instrument that repeatedly heats and cools samples to copy selected genetic material for testing or research.
- **DynaDrive single-use bioreactors** — Containers and equipment used to grow cells and produce medicines; the single-use parts are replaced between production runs.
- **Diagnostic test kits and reagents** — Tests and the chemicals needed to detect or monitor conditions such as allergies, thyroid disorders, infections, and drug levels.
- **PPD and Patheon services** — PPD provides clinical research and clinical-trial services; Patheon develops and manufactures medicines for pharmaceutical and biotechnology customers.

### Customers

- Pharmaceutical and biotechnology companies buy research supplies, instruments, drug-development and clinical-trial services, and equipment and materials for medicine production, through direct sales and purchasing channels.
- Hospitals, clinical laboratories, and physicians’ offices buy diagnostic tests, reagents, instruments, and laboratory supplies.
- Universities, research institutions, and government agencies buy research products and scientific instruments, often using grant or government funding.
- Industrial and applied-science customers buy instruments and testing products for areas such as environmental testing, safety, manufacturing, and quality control.
- Food-safety and other testing laboratories buy diagnostic kits, reagents, culture media, and related instruments.

### Competitors

- Danaher Corporation (DHR) — Laboratory instruments, life-science products, and diagnostic tests; this competitor identification is based on general industry knowledge, not a competitor name in the cited filing.
- Agilent Technologies, Inc. (A) — Analytical instruments and laboratory products used to test and study samples; this competitor identification is based on general industry knowledge, not a competitor name in the cited filing.
- Waters Corporation (WAT) — Chromatography and mass-analysis instruments and related laboratory products; this competitor identification is based on general industry knowledge, not a competitor name in the cited filing.
- Revvity, Inc. (RVTY) — Life-science research tools and diagnostic products; this competitor identification is based on general industry knowledge, not a competitor name in the cited filing.

### What it depends on

- Demand depends in part on pharmaceutical and biotechnology customer spending, research budgets, government funding, and customers’ plans for buying laboratory equipment.
- Some materials or components come from a single supplier or a limited number of suppliers, and the company also relies heavily on third-party package-delivery services to ship products.
- The company relies on scientific, technical, clinical, and management employees and on complying with regulations that apply to laboratory products, diagnostics, medicine services, data, and government contracts.
- Its clinical research and medicine-manufacturing services depend on delivering complex work to customers on time and to required quality standards.

### What could go wrong

- Revenue can be affected when pharmaceutical, biotechnology, academic, government, or industrial customers reduce spending, delay equipment purchases, or face changes in research funding.
- The company must keep developing products and responding to technological changes and competing products while maintaining product quality; failure to do so could reduce demand.
- Its complex clinical research and medicine-manufacturing work can be affected by delays or quality problems, while a cyberattack or breach of information systems could disrupt operations or expose protected data.

## More on this company

- [Overview](https://inspectstocks.com/stocks/tmo)
- [Financial statements](https://inspectstocks.com/stocks/tmo/financials)
- [Competitors](https://inspectstocks.com/stocks/tmo/peers)
- [Earnings](https://inspectstocks.com/stocks/tmo/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.