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TMO

Thermo Fisher Scientific Inc.

TMO

Thermo Fisher Scientific Inc. • NYSE
$590.83 ▼ -0.41% (-2.42)
Market Cap $223.93 B
52w High $610.97
52w Low $385.46
Dividend Yield 1.68%
P/E 34.13
Volume 745.96K
Outstanding Shares 379.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.122B ▲ $2.712B ▲ $1.616B ▼ 14.53% ▼ $4.28 $2.838B ▲
Q2-2025 $10.855B ▲ $2.131B ▼ $1.617B ▲ 14.896% ▲ $4.28 ▲ $2.798B ▲
Q1-2025 $10.364B ▼ $2.405B ▲ $1.507B ▼ 14.541% ▼ $3.99 ▼ $2.628B ▼
Q4-2024 $11.395B ▲ $2.199B ▼ $1.83B ▲ 16.06% ▲ $4.79 ▲ $3.068B ▲
Q3-2024 $10.598B $2.427B $1.63B 15.38% $4.27 $2.906B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.546B ▼ $103.02B ▲ $51.996B ▲ $51.024B ▲
Q2-2025 $6.393B ▲ $101.23B ▲ $50.628B ▲ $50.511B ▲
Q1-2025 $5.947B ▲ $99.041B ▲ $49.555B ▲ $49.39B ▼
Q4-2024 $5.57B ▼ $97.321B ▼ $47.65B ▼ $49.584B ▲
Q3-2024 $6.645B $100.364B $51.265B $48.992B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.621B ▲ $2.239B ▲ $-4.123B ▼ $-632M ▲ $-2.592B ▼ $1.835B ▲
Q2-2025 $1.615B ▲ $1.399B ▲ $-288M ▲ $-991M ▼ $431M ▲ $1.105B ▲
Q1-2025 $1.515B ▼ $723M ▼ $-527M ▼ $-102M ▲ $131M ▲ $361M ▼
Q4-2024 $1.824B ▲ $3.29B ▲ $20M ▲ $-3.666B ▼ $-630M ▲ $2.81B ▲
Q3-2024 $1.639B $2.166B $-3.578B $-1.19B $-2.427B $1.894B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consumables
Consumables
 $4.52Bn ▲$4.35Bn ▼$4.61Bn ▲$4.68Bn ▲
Instruments
Instruments
 $2.25Bn ▲$1.63Bn ▼$1.64Bn ▲$1.81Bn ▲
Service
Service
 $4.63Bn ▲$4.38Bn ▼$4.61Bn ▲$4.63Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Thermo Fisher’s income statement shows a company that surged during the pandemic and is now settling into a more normal growth pattern. Revenue is roughly flat over the last couple of years after a very strong run-up, which suggests that pandemic-related demand has rolled off but the base business remains solid. Profitability has come down from the exceptionally strong peak a few years ago, yet margins are still healthy for the industry and have stabilized rather than deteriorating further. Earnings per share track the same story: very strong levels, a step down from the peak, and some modest improvement more recently, pointing to a mature but still profitable franchise.

Balance Sheet

Balance Sheet The balance sheet looks like that of a large, established leader: sizable assets, meaningful but manageable debt, and steadily growing shareholder equity. Debt increased notably over the last several years, likely tied to acquisitions and investment, but has recently started to edge down while equity continues to rise. Cash on hand is lower than it was at earlier peaks, which means the company has less of a cushion than before, but not an alarming situation given its strong cash generation. Overall, leverage is material but appears supported by the company’s scale, profitability, and asset base, with the main watch point being continued discipline around debt and integration of acquired businesses.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash generation has been consistently strong year after year, even as reported earnings moved off their high point. Free cash flow remains robust after funding capital spending, and investment needs are meaningful but not extreme relative to the cash coming in. This suggests the company has ample internal resources to fund R&D, acquisitions, and shareholder returns, with relatively low dependence on capital markets in normal conditions. The key risk would be any prolonged downturn in demand that starts to erode this dependable cash engine.

Competitive Edge

Competitive Edge Thermo Fisher holds a very strong competitive position in life sciences tools, diagnostics, and research services. Its advantages come from global scale, a broad and integrated product and service portfolio, and deep, long-standing relationships with pharma, biotech, academic, and government customers. The company’s ecosystem of instruments, consumables, software, and services creates switching costs and encourages customers to standardize on its platforms. Strategic acquisitions have widened its reach into specialty diagnostics, clinical research, biologics manufacturing, and data-driven evidence generation, reinforcing its role as a one-stop partner. Key competitive risks include aggressive peers in tools and CDMO services, pressure on research budgets, and the ongoing challenge of successfully integrating many acquisitions without diluting focus or service quality.

Innovation and R&D

Innovation and R&D Innovation is a central pillar for Thermo Fisher, supported by large and ongoing R&D investment. The company is pushing the frontier in areas like high-end mass spectrometry, proteomics, cell and gene therapy tools, and personalized medicine platforms. It is also leaning into data and software, using artificial intelligence and automation to make labs more efficient and to extract richer insights from complex biological data, including through partnerships focused on AI. Acquisitions in proteomics, clinical trial data management, and specialty diagnostics expand its technology stack and data assets, potentially creating powerful cross-selling and platform effects. The opportunity is significant but execution-sensitive: success depends on turning these technologies and acquisitions into integrated, easy-to-use solutions that deliver clear value to scientists and drug developers.

Summary

Overall, Thermo Fisher looks like a highly profitable, cash-generative market leader that is transitioning from an exceptional pandemic boost back to a more sustainable, long-term growth path. The financials point to stable revenues at an elevated level, solid margins, and strong free cash flow, offset by a higher debt load than in the past and lower cash balances than at prior peaks. Strategically, the company benefits from scale, breadth, and deep customer ties, reinforced by a steady stream of innovation and targeted acquisitions in high-growth areas like biologics, cell and gene therapy, and data-rich diagnostics. The main things to watch are how well it manages integration of new businesses, maintains pricing power in a competitive landscape, and delivers on its own growth and profitability targets in a post-pandemic, more normalized demand environment.

NEWS

November 24, 2025 · 9:10 PM UTC

Thermo Fisher Scientific Prices Offering of Euro-Denominated Senior Notes

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November 20, 2025 · 8:15 AM UTC

Thermo Fisher Scientific's Oncomine Dx Target Test Receives FDA Approval as a Companion Diagnostic to Identify Patients Eligible for Newest Targeted Therapy for Non-Small Cell Lung Cancer

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November 19, 2025 · 8:30 AM UTC

Thermo Fisher Scientific Launches Industry-First, Multi-Parameter Molecular Assay for Rapid Beverage Quality Testing*

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November 18, 2025 · 8:30 AM UTC

Thermo Fisher Scientific Opens East Coast Collaboration Center at BioLabs for Advanced Therapeutics to Help Accelerate Cell and Gene Therapy Development

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November 17, 2025 · 10:03 AM UTC

Thermo Fisher Scientific Launches CorEvitas Clinical Registry in Myasthenia Gravis, a Rare Autoimmune Disorder

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