THERMO FISHER SCIENTIFIC INC.
$700.22
+0.78 (+0.11%) · delayed · Nov 13, 2026
Five-year price
52w $435.27 to $727.56
- Market cap
- $259.4B
- Enterprise value
- $292.3B
- P/E
- 39.5×
- 42.2× on 3y avg EPS
- EV / EBIT
- 37.7×
- FCF yield
- 2.4%
- ROIC
- 8.3%
- Debt / equity
- 0.80
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 9.5%
- ○ROE > 15% (5y avg)5y avg ROE 14.6%
- ●Stable operating marginsMargin volatility 3.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 102% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.7%
- ●Shrinking share countDiluted shares -5.3% over 5y
Value
0
- ○P/E below 15P/E 39.5
- ○EV/EBIT below 12EV/EBIT 37.7
- ○FCF yield above 6%FCF yield 2.4%
- ○Price below Graham NumberGraham Number $239.86
- ○P/B below 3P/B 4.9
Safety
20
- ○Debt / equity below 0.5D/E 0.80
- ○Debt payable in < 4 yrs of earningsNet debt $32.9B
- ○Interest coverage > 8xCoverage 5.5x
- ●Current ratio > 1.5Current ratio 1.89
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $44.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.89
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 177%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 42.2
- ○P/E × P/B ≤ 22.5Product 205.2
Valuation lab
What do you have to believe?
At $700.22, the market is pricing in about 16.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $32.9B · 371M shares · 5y revenue CAGR 6.7%
Intrinsic value
$287.50
Price
$700.22
Premium paid
144%
What the price implies
The market is paying for 16.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 18,274 | 20,918 | 24,358 | 25,542 | 32,218 | 39,211 | 44,915 | 42,857 | 42,879 | 44,556 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,458 | 2,960 | 3,783 | 4,594 | 7,794 | 10,028 | 8,393 | 6,859 | 7,337 | 7,746 |
| Operating margin | 13.5% | 14.2% | 15.5% | 18.0% | 24.2% | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% |
| Pre-tax income | 2,024 | 2,429 | 3,262 | 4,070 | 7,225 | 8,841 | 7,835 | 6,298 | 7,037 | 7,308 |
| Income tax | (1) | 201 | 324 | 374 | 850 | 1,109 | 703 | 284 | 657 | 547 |
| Net income | 2,022 | 2,225 | 2,938 | 3,698 | 6,377 | 7,728 | 6,960 | 5,995 | 6,335 | 6,704 |
| EPS (diluted) | 5.09 | 5.59 | 7.24 | 9.17 | 15.96 | 19.46 | 17.63 | 15.45 | 16.53 | 17.74 |
| Diluted shares | 397 | 398 | 406 | 403 | 399 | 397 | 394 | 388 | 383 | 378 |
Who owns it