# Thermo Fisher Scientific Inc. (TMO)

> Source: Nexqual · https://nexqual.com/TMO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Thermo Fisher Scientific Inc. (TMO), nexqual.com/TMO" · informational, not investment advice.

**Price:** USD 676.54 (-2.52% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 694.02 · day 674.2–703.2 · 52w 435.27–705.79 · market cap $250B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $46.3B, net income $6.97B (15.0% margin), free cash flow $7.32B (SEC filings).
- Valuation: P/E 35.9x (avg 32.9x at the last 3 fiscal year-ends), EV/EBITDA 31.4x, net debt $41.6B.
- 12 of 80 tracked superinvestors hold TMO (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 3 new, 5 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $61.7M; 3 not under a Rule 10b5-1 plan ($10.7M); 3 by opportunistic insiders (0 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.11 on a 1–5 scale) (27 analysts), mean target USD 750.92 (range 560–830).
- Total return with dividends: 1Y +18.7% vs S&P 500 +14.9%; 5Y +12.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 7.14, revenue estimate $12.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B | $46.3B |
| Operating income | $10.0B | $8.39B | $6.86B | $7.34B | $7.75B | $8.15B |
| Net income | $7.73B | $6.96B | $6.00B | $6.33B | $6.70B | $6.97B |
| EPS (diluted) | $19.46 | $17.63 | $15.45 | $16.53 | $17.74 | — |
| Free cash flow | $6.79B | $6.91B | $6.93B | $7.27B | $6.29B | $7.32B |
| Operating margin | 25.6% | 18.7% | 16.0% | 17.1% | 17.4% | 17.6% |
| Net margin | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% | 15.0% |
| Revenue growth | +21.7% | +14.5% | -4.6% | +0.1% | +3.9% | — |
| Cash + short-term investments | $4.48B | $8.52B | $8.08B | $5.57B | $10.1B | — |
| Total debt | $37.2B | $39.9B | $38.3B | $33.3B | $42.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 35.9x · P/S 5.4x · EV/EBITDA 31.4x · EV/Sales 6.3x · P/FCF 34.2x · P/B 4.8x · FCF yield 2.93% · Earnings yield 2.79% · Dividend yield (paid, TTM) 0.26% · Buyback yield (TTM) 2.00% · Net debt $41.6B · EV $292B
P/E at fiscal year-ends: Dec 2025 32.7x, Dec 2024 31.5x, Dec 2023 34.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
12 of 80 tracked investors hold TMO (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Lindsell Train |  | 9.81% | $258M | Reduced -16.6% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 4.00% | $57.8M | Reduced -4.8% | Q2 2026 |
| Viking Global | Viking Global Investors | 2.77% | $971M | Added +16.1% | Q2 2026 |
| Harry Burn | Sound Shore | 2.55% | $82.9M | New position | Q2 2026 |
| First Pacific Advisors |  | 1.56% | $124M | Added +11.9% | Q2 2026 |
| Van Den Berg Management I |  | 1.51% | $7.2M | Added +1.0% | Q2 2026 |
| John Armitage | Egerton Capital | 1.36% | $134M | New position | Q3 2026 |
| David Katz | Matrix Asset Advisors | 1.33% | $16.2M | Reduced -13.4% | Q3 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.80% | $1.53B | New position | Q2 2026 |
| Thomas Gayner | Markel Group | 0.28% | $36.6M | Added +8.9% | Q2 2026 |
| Hillman Capital | Hillman Capital Management | 0.27% | $376K | Added +14.3% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.01% | $622K | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-31 | Pettiti Gianluca | President & COO | 4,133 | $2.5M | 15.1% | Yes (adopted June 2, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Casper Marc N | Chairman & CEO | 275 | $172K | 0.2% | Yes (adopted April 27, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-20…2026-08-21 | Casper Marc N | Chairman & CEO | 20,000 | $12.6M | 12.5% | Yes (adopted April 27, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-19 | Britt Lisa P. | Sr. VP and Chief HR Officer | 11,440 | $7.0M | 43.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Shafer Michael D | Executive Vice President | 25,500 | $15.3M | 54.8% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-07 | Holmes Joseph R. | VP & Chief Accounting Officer | 420 | $246K | 12.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-07 | Casper Marc N | Chairman & CEO | 4,883 | $2.9M | 3.4% | Yes (adopted April 27, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-06 | Britt Lisa P. | Sr. VP and Chief HR Officer | 5,850 | $3.4M | 28.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-06 | Casper Marc N | Chairman & CEO | 15,000 | $8.6M | 10.5% | Yes (adopted April 27, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-08-05 | Casper Marc N | Chairman & CEO | 15,000 | $8.6M | 10.1% | Yes (adopted April 27, 2026) | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-27 | Pettiti Gianluca | President & COO | 400 | $226K | 1.6% | Yes (adopted September 12, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-27 | Pettiti Gianluca | President & COO | 400 | $185K | 1.6% | Yes (adopted September 12, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 27 analysts; mean target USD 750.92 (low 560, high 830).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Barclays | Target raised | Overweight | $750 → $775 |
| 2026-10-22 | RBC Capital | Target raised | Sector Perform | $580 → $730 |
| 2026-10-22 | TD Cowen | Target raised | Buy | $760 → $810 |
| 2026-10-22 | Stifel | Target raised | Buy | $650 → $775 |
| 2026-10-22 | Baird | Target raised | Outperform | $723 → $756 |
| 2026-10-13 | Morgan Stanley | Target raised | Overweight | $650 → $730 |
| 2026-10-13 | TD Cowen | Target raised | Buy | $675 → $760 |
| 2026-10-07 | Barclays | Target raised | Overweight | $650 → $750 |
| 2026-09-03 | CLSA | Initiated | Outperform | $748 |
| 2026-07-27 | Piper Sandler | Target raised | Neutral | $510 → $600 |
| 2026-07-27 | Morgan Stanley | Target raised | Overweight | $620 → $650 |
| 2026-07-24 | RBC Capital | Target raised | Sector Perform | $490 → $580 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.7% | +12.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.8% | +2.3% |
| Volatility (annualized) | 29.2% | 27.5% |
| Max drawdown | -31.4% (Jan 2026→May 2026) | -40.5% (Dec 2021→May 2025) |

## Peers (Diagnostics & Research)
DHR (Danaher Corporation) USD 229.75 -1.76% · NTRA (Natera, Inc.) USD 401.37 -2.91% · A (Agilent Technologies, Inc.) USD 173.89 -2.17% · IQV (IQVIA Holdings, Inc.) USD 278.32 +0.61% · WAT (Waters Corporation) USD 455.59 -0.41% · IDXX (IDEXX Laboratories, Inc.) USD 566.76 +2.40%

## More
Full page: https://nexqual.com/TMO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TMO in their own reports (relationship from TMO's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BIO-TECHNE Corp (TECH) | 10-K 2026-08-24 | "We sell our products directly to customers who are primarily located in North America, Europe and China, as well as through a distribution agreement with Thermo Fisher Scientific." |
| competitor | TRINITY BIOTECH PLC (TRIB) | 20-F 2026-04-30 | "The Group's competition includes several large companies such as, but not limited to: Abbott Diagnostics, Arkray, Becton Dickenson, Bio-Rad, Copan, Dexcom Inc., Diasorin Inc., Johnson & Johnson, Roche…" |
| supplier | Banzai International, Inc. (PARA) | 10-K 2026-03-31 | "Our customers include Amazon, Dell, Salesforce, Aflac, Thermo Fisher Scientific, RBC Wealth Management, Fitch Group, and many other globally recognized brands." |
| competitor | VOLITIONRX LTD (VNRX) | 10-K 2026-03-31 | "We face competition primarily from other human-focused healthcare, pharmaceutical and diagnostic companies such as Exact Sciences Corporation, Guardant Health, GRAIL Inc., Natera, Caris Life Sciences,…" |
| partner | AIM ImmunoTech Inc. (AIM) | 10-K 2026-03-27 | "March 2026, we announced an agreement with the PPD clinical research business of Thermo Fisher Scientific to design AIM's" |
| customer | Humacyte, Inc. (HUMA) | 10-K 2026-03-27 | "We source bioprocess solutions, including culture media and decellularization buffers, from a division of Thermo Fisher Scientific, which has a second production site to provide redundant media/buffer…" |
| partner | CAPRICOR THERAPEUTICS, INC. (CAPR) | 10-K 2026-03-17 | "On March 7, 2022, Capricor entered into a non-exclusive cell line license agreement with Life Technologies Corporation, a subsidiary of Thermo Fisher Scientific, Inc., for the supply of certain cells …" |
| partner | Theriva Biologics, Inc. (TOVX) | 10-K 2026-03-12 | "Our OV platform viruses (e.g. VCN-01, VCN-11, and VCN - 12) are biologics that can be readily synthesized by processes that we have developed in collaboration with Contract and Development Manufacturi…" |
| competitor | 908 Devices Inc. (MASS) | 10-K 2026-03-09 | "We have a range of competitors extending from small, privately held companies with single-point solutions to large, publicly-held corporations, including those with a portfolio of Mass Spec and/or spe…" |
| partner | Stevanato Group S.p.A. (STVN) | 20-F 2026-03-04 | "In 2023 we announced a strategic collaboration with Thermo Fisher Scientific who will provide fill-and-finish and final assembly services related to Vertiva®." |
| competitor | Quantum-Si Inc (QSI) | 10-K 2026-03-03 | "We also may compete with a number of emerging growth companies that have developed, or are developing, proteomic products and solutions, such as Nautilus Biotechnology, Olink Proteomics (acquired by T…" |
| competitor | SOPHiA GENETICS SA (SOPH) | 20-F 2026-03-03 | "We also face competition from companies that have developed software analytics platforms for genomics data, such as Agilent, Fabric Genomics, Illumina, Qiagen Digital Insights, Velsera Inc., Congenica…" |
| customer | Sarepta Therapeutics, Inc. (SRPT) | 10-K 2026-03-02 | "$120.2 million decrease in manufacturing expenses primarily due to costs associated with the termination of the development, commercial manufacturing and supply agreement (the "Thermo Agreement") rela…" |
| competitor | Alpha Teknova, Inc. (TKNO) | 10-K 2026-03-02 | "Our Lab Essentials and Clinical Solutions products compete, based on turnaround time, performance, and quality, with products offered by numerous large, established life science companies such as Ther…" |
| competitor | Quanterix Corp (QTRX) | 10-K 2026-03-02 | "Our Accelerator Laboratory competes with other research laboratories such as LabCorp, Covance, Q2 Solutions, Rules Based Medicine, Monogram Biosciences, Frontage, Thermo Fisher Scientific, and others,…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Laboratory Products and Biopharma Services | $6.69B | 55.8% | +11.6% | $936.0M | 14.0% |
| Life Sciences Solutions | $2.81B | 23.5% | +12.6% | $1.04B | 37.0% |
| Analytical Instruments | $1.85B | 15.4% | +6.9% | $424.0M | 23.0% |
| Specialty Diagnostics | $1.21B | 10.0% | +6.3% | $334.0M | 27.7% |
| Total revenue | $11.99B | 100% | — | $2.73B | 22.8% |
The lines above cover 104.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenues | $6.82B | 56.9% | +9.2% |
| — Consumables (part of Product revenues) | $5.07B | 42.3% | +10.1% |
| — Instruments (part of Product revenues) | $1.75B | 14.6% | +6.4% |
| Service revenues | $5.17B | 43.1% | +12.3% |
| Total revenue | $11.99B | 100% | — |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $6.15B | 51.3% | +7.5% |
| Europe | $3.31B | 27.6% | +17.0% |
| Asia-Pacific | $2.10B | 17.5% | +9.6% |
| Other regions | $430.0M | 3.6% | +12.3% |
| Total revenue | $11.99B | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "Guidance for 2026 The company will provide updated 2026 financial guidance during its earnings conference call this morning at 7:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $7.14 | $7.29 | -2.1% | $12.86B | 21 |
| Next quarter (ends 2027-03-31) | $6.05 | $5.99 | +1.0% | $11.74B | 13 |
| Current fiscal year (ends 2026-12-31) | $25.25 | $25.09 | +0.7% | $47.99B | 27 |
| Next fiscal year (ends 2027-12-31) | $27.76 | $27.45 | +1.1% | $50.52B | 27 |