At a glance
Thermo Fisher Scientific Inc is worth $252.93B, about 39 times its fiscal 2025 earnings. Revenue grew 3.9% to $44.56B in fiscal 2025, with 15.0% kept as profit; over 5 years it has grown 6.7% a year. It pays a 0.27% dividend yield, raised every year for at least 8 years, and returned $17.59B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.7% over the past year with dividends reinvested and +1.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.8% in the 2020 crash (S&P 500: 33.7%) and 22.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 43 months after the lows.
The business in plain English
Thermo Fisher Scientific sells the equipment, supplies and services that scientists and drug makers depend on. Its customers include pharmaceutical and biotech companies, hospitals and clinical labs, universities, government agencies, and environmental and industrial labs. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Patheon and PPD. It sells through about 14,000 sales staff, online ordering and distributors.
Revenue was $44.6 billion in fiscal 2025. The biggest of four segments, Laboratory Products and Biopharma Services (53.8% of revenue), sells lab supplies and equipment. It also makes drugs and runs clinical trials for drug companies that outsource the work. Life Sciences Solutions (23.3%) sells materials and instruments for biological research, genetic analysis and producing biologics (drugs made using living cells). Analytical Instruments (17%) makes mass spectrometers, which identify chemicals in a sample, as well as electron microscopes. Specialty Diagnostics (10.5%) makes tests for allergies, infections, organ transplants and more. The shares top 100% because segment figures include sales between segments.
Instruments made up only 16.4% of fiscal 2025 revenue. Consumables, the supplies labs use up and reorder, made up 41.9%, and services 41.7%. North America supplied 51.7% of revenue, Europe 26.5% and Asia-Pacific 18.2%. The fourth quarter is usually strongest because of how industrial, drug-company and government customers time their capital spending.
Price history
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TMO +20.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Consumables | $18.66B | 41.9% |
| Service revenues | $18.59B | 41.7% |
| Instruments | $7.30B | 16.4% |
By business segment
| Laboratory Products and Biopharma Services | $23.98B | 53.8% |
| Life Sciences Solutions | $10.37B | 23.3% |
| Analytical Instruments | $7.55B | 17% |
| Specialty Diagnostics | $4.68B | 10.5% |
By geography
| North America | $23.03B | 51.7% |
| Europe | $11.83B | 26.5% |
| Asia-Pacific | $8.10B | 18.2% |
| Other regions | $1.60B | 3.6% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $12.14B, up 9.1% from a year earlier, and net income was $1.72B (+6.5%).
- For fiscal 2025, revenue was $44.56B (+3.9% year over year; +6.7% a year from FY2020 to FY2025) with a 15% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 17.4% good |
| Free cash flow margin | 14.1% good |
| Return on equity (FY2025) | 12.6% watch |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-35.05B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $32.22B | $6.38B | $6.82B |
| FY2021 | $39.21B | $7.72B | $6.79B |
| FY2022 | $44.91B | $6.95B | $6.91B |
| FY2023 | $42.86B | $6.00B | $6.93B |
| FY2024 | $42.88B | $6.33B | $7.27B |
| FY2025 | $44.56B | $6.70B | $6.29B |
Valuation snapshot
| Market value | $252.93B |
|---|---|
| P/E ratio | 38.5 |
| Dividend yield | 0.27% |
Rank among 1514 US companies
Market value at each year end
Thermo Fisher Scientific’s market value went from $55.74B at the end of 2016 to $252.93B on Nov 2, 2026, about 4.5 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $252.93B | +16.2% |
| 2025 | $217.70B | +9.4% |
| 2024 | $198.99B | -3.0% |
| 2023 | $205.08B | -5.0% |
| 2022 | $215.98B | -17.9% |
| 2021 | $262.92B | +42.4% |
| 2020 | $184.61B | +41.7% |
| 2019 | $130.27B | +44.6% |
| 2018 | $90.09B | +18.3% |
| 2017 | $76.14B | +36.6% |
| 2016 | $55.74B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TMO price data to Nov 2, 2026 | +18.1% | +20.7% | +15.5% | +1.7% | +17.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.1% |
| 2025 | +11.8% |
| 2024 | -1.7% |
| 2023 | -3.4% |
| 2022 | -17.3% |
| 2021 | +43.5% |
| 2020 | +43.7% |
| 2019 | +45.5% |
| 2018 | +18.2% |
| 2017 | +35.0% |
| 2016 | -0.1% |
| 2015 | +13.8% |
| 2014 | +13.1% |
| 2013 | +75.8% |
| 2012 | +43.2% |
| 2011 | -18.8% |
| 2010 | +16.1% |
| 2009 | +40.0% |
| 2008 | -40.9% |
| 2007 | +27.4% |
| 2006 | +50.3% |
| 2005 | -0.2% |
| 2004 | +19.8% |
| 2003 | +25.3% |
| 2002 | -15.7% |
| 2001 | -6.6% |
| 2000 | +98.3% |
| 1999 | -11.4% |
| 1998 | -61.5% |
| 1997 | +6.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 44.7% over that stretch · deepest drop along the way 53.9%, back to its old high 29.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.8% over that stretch · deepest drop along the way 24.8%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.2% over that stretch · deepest drop along the way 22.2%, back to its old high 43.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 94 sales ($63.6M), 90 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Michael D Shafer Executive Vice President | sell (plan) | $8.6M |
| Aug 19, 2026 | Lisa P. Britt Sr. VP and Chief HR Officer | sell | $7.0M |
| Aug 11, 2026 | Michael D Shafer Executive Vice President | sell (plan) | $6.7M |
| Aug 6, 2026 | Lisa P. Britt Sr. VP and Chief HR Officer | sell | $3.4M |
| Aug 31, 2026 | Gianluca Pettiti President & COO | sell (plan) | $2.3M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
ETFs with the most weight in TMO
| THNR Amplify Weight Loss Drug & Treatment ETF | 4.77% |
| MBCC Monarch Blue Chips Core Index ETF | 3.95% |
| BEEZ Honeytree U.S. Equity ETF | 3.64% |
| XLV Health Care Select Sector SPDR Fund | 3.43% |
| PINK Simplify Health Care ETF | 3.27% |
| VHT Vanguard Health Care ETF | 3.25% |
| IYH iShares U.S. Healthcare ETF | 3.24% |
| HELX Franklin Genomic Advancements ETF | 3.2% |
What could go wrong
- Drug development services must run smoothly. Its outsourced drug manufacturing and clinical trial services are complex. Quality problems or delays could drive away drug-company customers. These services sit within the largest segment, 53.8% of fiscal 2025 revenue.
- Some big customers and suppliers are also rivals. Thermo Fisher's distribution business sells other companies' brands alongside its own and competes with some large customers and suppliers. If they abruptly end or change the relationship, short-term results could suffer.
- Customer budgets and government funding drive demand. Demand for some products depends on capital spending by customers and on government funding policies. Cutbacks at drug makers, universities or government agencies could reduce orders.
- Acquisitions may fail or integrate poorly. Thermo Fisher grows partly by buying other companies. Failing to complete pending deals, or to integrate new and past acquisitions well, could materially hurt the business.
- Tariffs, currency swings and China rules. Europe and Asia-Pacific supplied 26.5% and 18.2% of fiscal 2025 revenue. Tariffs, trade barriers, currency swings and Chinese rules favoring local suppliers could reduce sales or profits.
- Large debt could limit flexibility. Total debt was about $42.3 billion as of June 27, 2026, against $4.1 billion of cash and investments. The company warns its debt may restrict investments and hurt its credit ratings.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Major agreement signed; Other company announcement
- Quarterly results released
- Executive or board change
- Major agreement signed; Other company announcement
For income and retirement investors
Thermo Fisher pays a small but fast-growing dividend. Dividends per share rose from $0.88 in fiscal 2020 to $1.72 in fiscal 2025, about 14.3% a year, part of an eight-year streak of increases. In fiscal 2025, dividends took just 9.5% of earnings and 10.1% of free cash flow (cash left after capital spending). Still, the yield was only 0.27% as of October 27, 2026, meaning little income. The company leans on buybacks (repurchasing its own shares): $15 billion over fiscal 2021–2025, against $2.6 billion in dividends. The share count fell 6% from July 2021 to June 2026.
The stock fell 53.9% in the 2008 financial crisis and took about 30 months to recover. It lost 24.8% in the 2020 COVID crash but recovered in about a month. It fell 22.2% in the 2022 bear market and did not regain its January 2022 high until January 2026, about 43 months later. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Thermo Fisher raise its dividend every year?
It has for the past 8 years in a row. Dividends per share grew from $0.88 in fiscal 2020 to $1.72 in fiscal 2025, about 14.3% a year. The payment is small, though. It used about 9.5% of fiscal 2025 earnings, and the yield was 0.27% as of October 27, 2026. The company returns far more cash by buying back its own shares. It spent $15 billion on buybacks from fiscal 2021 to 2025, compared with $2.6 billion on dividends.
How does Thermo Fisher make money?
Thermo Fisher sells the equipment, supplies and outsourced services that labs, drugmakers and hospitals use. Revenue for fiscal 2025 was $44.6 billion. Consumables made up 41.9% of it. These are repeat purchases such as reagents (chemicals used in experiments and tests) and lab supplies. Services made up 41.7% and instruments 16.4%. The largest segment, Laboratory Products and Biopharma Services, brought in about $24.0 billion and includes clinical trial work and drug manufacturing for other companies. North America supplied 51.7% of sales.
What is Thermo Fisher's P/E ratio?
It was about 39.1 as of October 27, 2026, based on fiscal 2025 earnings of $17.74 per share. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of yearly profit. A multiple that high suggests investors expect faster growth than the 3.9% revenue gain in fiscal 2025, or the 6.7% yearly pace over five years. Growth did pick up in the quarter ended June 27, 2026, when revenue rose 10.5% from a year earlier.
How much debt does Thermo Fisher have?
Thermo Fisher had about $42.3 billion of total debt as of June 27, 2026, against $4.1 billion of cash and investments. That leaves net debt of roughly $38.2 billion. For scale, the company produced $6.3 billion of free cash flow in fiscal 2025. Free cash flow is the cash left after operating costs and spending on equipment and buildings. Shareholders' equity was $52.7 billion. The company's 10-K lists its debt as a risk that could restrict investment opportunities and hurt its credit ratings.
How has Thermo Fisher stock performed over the long run?
It did well over 10 years and poorly over five. As of October 27, 2026, the share price had gained about 16.9% a year over 10 years but only 2.8% a year over five. The stock fell 22.2% between January 3 and June 17, 2022. It did not get back to its January 2022 high until January 22, 2026, about 43 months later. In the 2008 financial crisis it dropped 53.9%. These are share-price returns, which leave out dividends.