Thermo Fisher (TMO)
NYSE:TMO
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Thermo Fisher
(NYSE:TMO)
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Rating:67Neutral
Price Target:
$506.00
▼(-3.91% Downside)
Action:DowngradedDate:04/24/26
The score is driven primarily by solid fundamentals—strong margins and free-cash-flow generation—plus supportive raised full-year guidance. These positives are tempered by a weak technical trend (price below major moving averages), premium valuation with low yield, and elevated leverage alongside only modest organic growth.
Positive Factors
Cash generation & FCF
Sustained high operating cash flow and FCF conversion provide durable funding for capex, R&D, M&A integration and shareholder returns without relying on equity raises. This cash-generation profile supports flexibility to deleverage, invest in growth areas, and maintain operations through cyclical downturns.
Negative Factors
Elevated leverage
Material debt load increases financial risk and limits flexibility. Higher interest and covenant sensitivity constrain ability to fund organic initiatives or absorb shocks without prioritizing deleveraging, asset sales or slower capital deployment, especially if growth remains muted.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF
Sustained high operating cash flow and FCF conversion provide durable funding for capex, R&D, M&A integration and shareholder returns without relying on equity raises. This cash-generation profile supports flexibility to deleverage, invest in growth areas, and maintain operations through cyclical downturns.
Read all positive factors
Thermo Fisher (TMO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$173.93B
Dividend Yield0.3%
Average Volume (3M)1.88M
Price to Earnings (P/E)26.7
Beta (1Y)0.72
Revenue Growth5.36%
EPS Growth6.54%
CountryUS
Employees125,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)5.44
Shares Outstanding371,621,370
10 Day Avg. Volume1,683,735
30 Day Avg. Volume1,884,652
Financial Highlights & Ratios
PEG Ratio4.51
Price to Book (P/B)4.08
Price to Sales (P/S)4.89
P/FCF Ratio34.62
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue4.75
Enterprise Value/Gross Profit12.05
Enterprise Value/Ebitda19.23
Forecast
1Y Price Target
$624.92Price Target Upside18.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)24.85
Revenue Forecast (FY)$47.55B
Thermo Fisher Business Overview & Revenue Model
Company Description
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. The company's Life Scien...
How the Company Makes Money
Thermo Fisher makes money primarily by selling products and services to customers in pharmaceuticals and biotechnology, academic and government research, hospitals and clinical labs, and industrial/environmental testing markets. Key revenue stream...
Thermo Fisher Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across various business segments, revealing which areas are contributing most to growth and where there may be potential for expansion or risk.
Breaks down revenue across various business segments, revealing which areas are contributing most to growth and where there may be potential for expansion or risk.
Data provided by:
The Fly
The FlyThermo Fisher Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational execution and strategic progress: Thermo Fisher delivered a strong quarter with mid-single-digit reported revenue growth, EPS growth, meaningful product launches, accretive M&A (Clario) and raised full-year guidance. Positives included strong Life Sciences Solutions and Laboratory Products performance, robust cash generation, and continued shareholder returns. Offsetting risks highlighted were low organic growth in Q1, weakness in Analytical Instruments and certain diagnostics markets (notably academic/government and China), tariff/FX headwinds, elevated leverage following the acquisition, and an inflation uncertainty placeholder. Overall, the constructive financial results and upward guidance outweighed the near-term headwinds and uncertainties.Positive Updates
Revenue and EPS Growth
Reported revenue grew 6% year-over-year to $11.01 billion in Q1; adjusted EPS grew 6% to $5.44; GAAP EPS was $4.43, up 11%.
Negative Updates
Low Organic Growth in Q1
Company-wide organic revenue growth was only 1% in Q1 (reported 6% including 3% acquisition and 2% FX), and management assumes 3%–4% organic growth for the full year — indicating modest near-term organic momentum.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and EPS Growth
Reported revenue grew 6% year-over-year to $11.01 billion in Q1; adjusted EPS grew 6% to $5.44; GAAP EPS was $4.43, up 11%.
Read all positive updates
Company Guidance
Management raised 2026 guidance to $47.3–$48.1 billion of revenue (6%–8% reported growth vs. 2025) while continuing to assume 3%–4% organic growth, and raised adjusted EPS to $24.64–$25.12 (8%–10% growth); the update incorporates Clario (adds ~$900 million to 2026 revenue and about $0.32 of EPS; Clario added $30 million and $0.01 in Q1) and, at the midpoint, the guide is ~$900M higher, ~20 bps of additional margin expansion and ~$0.37 higher adjusted EPS versus prior guidance. Management expects ~70 bps of full‑year adjusted operating margin expansion, a ~$300 million FX tailwind, net interest expense of about $660 million, an 11.5% adjusted tax rate, $1.9–$2.1 billion of net capex, free cash flow of $6.9–$7.4 billion, assumes $3 billion of share buybacks (completed) and ~ $700 million of dividends, a full‑year diluted share count of ~370–375 million, and is modeling Q2 at roughly 3% organic growth with Q2 EPS $0.25–$0.30 above Q1.Thermo Fisher Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.20B | 44.56B | 42.88B | 42.86B | 44.91B | 39.21B |
| Gross Profit | 17.81B | 16.78B | 17.73B | 17.19B | 19.01B | 19.63B |
| EBITDA | 11.16B | 11.47B | 11.80B | 11.20B | 11.94B | 11.97B |
| Net Income | 6.86B | 6.74B | 6.33B | 6.00B | 6.95B | 7.72B |
Balance Sheet | ||||||
| Total Assets | 113.28B | 110.34B | 97.32B | 98.73B | 97.15B | 95.12B |
| Cash, Cash Equivalents and Short-Term Investments | 3.26B | 10.11B | 5.57B | 8.08B | 8.52B | 4.48B |
| Total Debt | 43.16B | 40.85B | 32.77B | 36.42B | 36.07B | 36.34B |
| Total Liabilities | 61.34B | 56.81B | 47.65B | 51.88B | 53.01B | 54.15B |
| Stockholders Equity | 51.94B | 53.41B | 49.58B | 46.73B | 43.98B | 40.79B |
Cash Flow | ||||||
| Free Cash Flow | 6.75B | 6.29B | 7.27B | 6.93B | 6.91B | 7.02B |
| Operating Cash Flow | 8.29B | 7.82B | 8.67B | 8.41B | 9.15B | 9.54B |
| Investing Cash Flow | -12.48B | -4.05B | -5.84B | -5.14B | -2.16B | -21.93B |
| Financing Cash Flow | 3.00B | 1.80B | -6.79B | -3.62B | -2.81B | 6.58B |
Thermo Fisher Technical Analysis
Positive
526.60
Price Trends
502.99
Positive
547.44
Negative
522.94
Positive
Market Momentum
5.78
Negative
60.56
Neutral
84.68
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TMO, the sentiment is Positive. The current price of 526.6 is above the 20-day moving average (MA) of 497.34, above the 50-day MA of 502.99, and above the 200-day MA of 522.94, indicating a bullish trend. The MACD of 5.78 indicates Negative momentum. The RSI at 60.56 is Neutral, neither overbought nor oversold. The STOCH value of 84.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TMO.
Thermo Fisher Risk Analysis
Thermo Fisher disclosed 26 risk factors in its most recent earnings report. Thermo Fisher reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Thermo Fisher Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $173.93B | 26.66 | 13.26% | 0.30% | 5.36% | 6.54% | |
67 Neutral | $45.67B | 51.15 | 69.78% | ― | 10.42% | 22.38% | |
66 Neutral | $32.67B | 31.05 | 19.73% | 0.72% | 8.14% | 4.17% | |
66 Neutral | $127.84B | 31.22 | 7.06% | 0.53% | 4.02% | 0.05% | |
66 Neutral | $25.91B | 33.06 | -487.21% | ― | 3.98% | 3.77% | |
66 Neutral | $29.43B | 35.17 | 28.52% | ― | 6.99% | 0.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
TMO
Thermo Fisher
470.22
44.26
10.39%
A
Agilent
114.87
8.29
7.77%
DHR
Danaher
178.98
-18.59
-9.41%
IDXX
Idexx Laboratories
568.30
131.33
30.05%
MTD
Mettler-Toledo
1,262.48
197.25
18.52%
WAT
Waters
300.73
-40.09
-11.76%
Thermo Fisher Corporate Events
Business Operations and StrategyM&A Transactions
Thermo Fisher Completes Strategic Acquisition of Clario Holdings
Positive
Mar 24, 2026
On March 24, 2026, Thermo Fisher Scientific announced it had completed the $8.875 billion cash acquisition of Clario Holdings, Inc., a leading provider of endpoint data solutions for clinical trials, with additional deferred and performance-based ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Thermo Fisher Issues $3.8 Billion Notes for Acquisition
Positive
Feb 12, 2026
On February 12, 2026, Thermo Fisher Scientific issued a total of $3.8 billion in senior unsecured notes across four tranches maturing between 2031 and 2046, with coupons ranging from 4.215% to 5.546%. The notes, which are equal in ranking to the c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.