Thermo Fisher Scientific Inc. (TMO) Key Metrics
TMO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $255.13B
- Enterprise value
- $284.48B
- P/E (TTM)
- 37.1 10-yr median 31.9
- Forward P/E
- 24.2
- PEG ratio
- 1.98
- Price / sales
- 5.5 10-yr median 4.8
- Price / book
- 4.7 10-yr median 4.2
- EV / EBITDA
- 23.6 10-yr median 20.0
- Dividend yield
- 0.27% $1.88 a year
- Beta
- 0.88
TMO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTMO valuation Price multiples at each fiscal year-end price.
TMO returns How much profit the business earns on the capital it uses.
TMO per-share figures Results divided by the shares outstanding at year-end.
TMO financial health Debt, liquidity and how easily interest is covered.
TMO efficiency & capital use Working capital cycle and where the cash goes.
TMO valuation history
TMO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TMO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TMO cash returned to shareholders
TMO price vs earnings per share
TMO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $218.45B | $199.25B | $205.95B | $216.97B | $264.89B | $185.85B | $130.92B | $90.86B | $75.57B | $56.07B |
| Enterprise value | $247.73B | $226.44B | $234.29B | $244.52B | $296.76B | $198.07B | $147.01B | $107.75B | $95.25B | $71.92B |
| P/E ratio | 32.4 | 31.5 | 34.4 | 31.2 | 34.3 | 29.2 | 35.4 | 30.9 | 34.0 | 27.7 |
| Price / sales | 4.9 | 4.6 | 4.8 | 4.8 | 6.8 | 5.8 | 5.1 | 3.7 | 3.6 | 3.1 |
| Price / book | 4.1 | 4.0 | 4.4 | 4.9 | 6.5 | 5.4 | 4.4 | 3.3 | 3.0 | 2.6 |
| Price / free cash flow | 34.7 | 27.4 | 29.7 | 31.4 | 37.7 | 27.3 | 32.4 | 24.0 | 21.6 | 20.7 |
| Price / operating cash flow | 27.9 | 23.0 | 24.5 | 23.7 | 27.8 | 22.4 | 26.3 | 20.0 | 18.9 | 17.8 |
| EV / sales | 5.6 | 5.3 | 5.5 | 5.4 | 7.6 | 6.1 | 5.8 | 4.4 | 4.6 | 3.9 |
| EV / EBITDA | 21.6 | 19.2 | 34.2 | 20.5 | 24.8 | 19.6 | 20.9 | 17.4 | 18.8 | 16.9 |
| EV / free cash flow | 39.4 | 31.2 | 33.8 | 35.4 | 42.3 | 29.1 | 36.3 | 28.5 | 27.2 | 26.5 |
| Earnings yield | 3.1% | 3.2% | 2.9% | 3.2% | 2.9% | 3.4% | 2.8% | 3.2% | 2.9% | 3.6% |
| Free cash flow yield | 2.9% | 3.6% | 3.4% | 3.2% | 2.7% | 3.7% | 3.1% | 4.2% | 4.6% | 4.8% |
| Dividend yield | 0.3% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.2% | 0.3% | 0.3% | 0.4% |
| Shareholder yield (dividends + buybacks) | 1.7% | 2.3% | 1.7% | 1.6% | 0.9% | 1.0% | 1.4% | 0.8% | 1.3% | 2.7% |
| Share price at fiscal year-end | $579.45 | $520.23 | $530.79 | $550.69 | $667.24 | $465.78 | $324.87 | $223.79 | $189.88 | $141.10 |
| Per share | ||||||||||
| Revenue per share | $118.19 | $111.96 | $110.46 | $114.00 | $98.77 | $80.75 | $63.38 | $60.00 | $52.56 | $45.98 |
| Earnings per share | $17.87 | $16.54 | $15.45 | $17.64 | $19.46 | $15.98 | $9.17 | $7.24 | $5.59 | $5.09 |
| Operating cash flow per share | $20.74 | $22.63 | $21.66 | $23.23 | $24.04 | $20.77 | $12.34 | $11.19 | $10.06 | $7.94 |
| Free cash flow per share | $16.69 | $18.97 | $17.85 | $17.54 | $17.68 | $17.08 | $10.04 | $9.32 | $8.79 | $6.82 |
| Cash per share | $26.80 | $14.57 | $20.83 | $21.63 | $11.28 | $25.88 | $5.95 | $5.18 | $3.35 | $1.98 |
| Book value per share | $141.66 | $129.46 | $120.45 | $111.62 | $102.75 | $86.48 | $73.64 | $67.95 | $63.85 | $54.20 |
| Tangible book value per share | −$31.28 | −$30.81 | −$35.97 | −$37.30 | −$53.59 | −$10.57 | −$24.95 | −$31.38 | −$41.61 | −$34.62 |
| Dividends per share | $1.69 | $1.52 | $1.35 | $1.15 | $0.99 | $0.84 | $0.74 | $0.66 | $0.60 | $0.60 |
| Capex per share | $4.05 | $3.66 | $3.81 | $5.69 | $6.36 | $3.69 | $2.30 | $1.87 | $1.28 | $1.12 |
| Debt per share | $104.47 | $85.57 | $93.88 | $91.56 | $91.53 | $56.50 | $45.88 | $46.77 | $52.78 | $41.84 |
| Shares outstanding | 377.0M | 383.0M | 388.0M | 394.0M | 397.0M | 399.0M | 403.0M | 406.0M | 398.0M | 397.4M |
| Change in shares outstanding | −1.6% | −1.3% | −1.5% | −0.8% | −0.5% | −1.0% | −0.7% | +2.0% | +0.2% | −1.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.1% | 13.2% | 13.2% | 16.4% | 20.5% | 19.9% | 12.9% | 11.1% | 9.5% | 9.4% |
| Return on invested capital (ROIC) | 9.4% | 9.1% | 9.4% | 10.7% | 15.1% | 15.1% | 8.6% | 7.8% | 7.3% | 8.1% |
| Return on assets (ROA) | 6.5% | 6.5% | 6.1% | 7.2% | 9.4% | 10.0% | 6.4% | 5.2% | 4.3% | 4.7% |
| Return on tangible assets | 14.9% | 17.6% | 15.8% | 18.1% | 23.4% | 21.0% | 19.8% | 18.5% | 15.1% | 19.1% |
| Free cash flow margin | 14.1% | 16.9% | 16.2% | 15.4% | 17.9% | 21.2% | 15.8% | 15.5% | 16.7% | 14.8% |
| Income quality (OCF / net income) | 1.16 | 1.37 | 1.40 | 1.32 | 1.24 | 1.30 | 1.35 | 1.55 | 1.80 | 1.56 |
| Financial health | ||||||||||
| Total debt | $39.38B | $32.77B | $36.42B | $36.07B | $36.34B | $22.55B | $18.49B | $18.99B | $21.01B | $16.63B |
| Cash & short-term investments | $10.11B | $5.58B | $8.08B | $8.52B | $4.48B | $10.32B | $2.40B | $2.10B | $1.33B | $786.0M |
| Net debt | $29.28B | $27.20B | $28.34B | $27.55B | $31.86B | $12.22B | $16.09B | $16.89B | $19.67B | $15.84B |
| Debt / equity | 0.74 | 0.66 | 0.78 | 0.82 | 0.89 | 0.65 | 0.62 | 0.69 | 0.83 | 0.77 |
| Debt / assets | 0.36 | 0.34 | 0.37 | 0.37 | 0.38 | 0.33 | 0.32 | 0.34 | 0.37 | 0.36 |
| Net debt / EBITDA | 2.55 | 2.30 | 4.13 | 2.31 | 2.66 | 1.21 | 2.29 | 2.73 | 3.89 | 3.73 |
| Current ratio | 1.89 | 1.66 | 1.75 | 1.48 | 1.50 | 2.13 | 1.92 | 1.73 | 1.34 | 1.44 |
| Quick ratio | 1.53 | 1.29 | 1.39 | 1.15 | 1.12 | 1.74 | 1.38 | 1.24 | 0.92 | 0.99 |
| Interest coverage | 5.7 | 4.6 | 5.0 | 11.7 | 19.2 | 14.3 | 6.3 | 5.8 | 5.5 | 6.1 |
| Working capital | $13.52B | $8.80B | $10.58B | $8.22B | $6.68B | $11.65B | $5.70B | $4.48B | $2.37B | $2.15B |
| Invested capital | $82.69B | $76.78B | $75.08B | $71.53B | $72.66B | $46.73B | $45.77B | $44.47B | $45.09B | $37.38B |
| Tangible asset value | −$11.66B | −$11.71B | −$13.85B | −$14.53B | −$21.09B | −$4.21B | −$10.05B | −$12.74B | −$16.56B | −$13.76B |
| Net current asset value | −$28.10B | −$25.51B | −$27.30B | −$27.78B | −$34.03B | −$12.58B | −$16.81B | −$18.02B | −$21.84B | −$17.35B |
| Graham number | $238.66 | $219.50 | $204.63 | $210.48 | $212.10 | $176.32 | $123.27 | $105.18 | $89.62 | $78.77 |
| Graham net-net per share | −$95.66 | −$84.49 | −$87.65 | −$87.80 | −$101.85 | −$43.46 | −$51.88 | −$53.19 | −$64.14 | −$50.80 |
| Capital allocation | ||||||||||
| Dividends paid | $636.0M | $583.0M | $523.0M | $455.0M | $395.0M | $337.0M | $297.0M | $266.0M | $237.0M | $238.4M |
| Share buybacks (net) | $3.00B | $4.00B | $3.00B | $3.00B | $2.00B | $1.50B | $1.50B | $500.0M | $750.0M | $1.25B |
| Dividend payout ratio | 9.4% | 9.2% | 8.7% | 6.5% | 5.1% | 5.3% | 8.0% | 9.1% | 10.7% | 11.8% |
| Dividends + buybacks / free cash flow | 57.8% | 63.1% | 50.9% | 50.0% | 34.1% | 27.0% | 44.4% | 20.2% | 28.2% | 54.9% |
| Capex / revenue | 3.4% | 3.3% | 3.5% | 5.0% | 6.4% | 4.6% | 3.6% | 3.1% | 2.4% | 2.4% |
| Capex / operating cash flow | 19.5% | 16.2% | 17.6% | 24.5% | 26.4% | 17.8% | 18.6% | 16.7% | 12.7% | 14.1% |
| Capex / depreciation | 0.55 | 0.45 | 0.43 | 0.66 | 0.97 | 0.63 | 0.41 | 0.33 | 0.25 | 0.25 |
| Stock-based compensation / revenue | 0.7% | 0.7% | 0.6% | 0.7% | 0.6% | 0.6% | 0.7% | 0.7% | 0.8% | 0.7% |
| R&D / revenue | 3.1% | 3.2% | 3.1% | 3.3% | 3.6% | 3.7% | 3.9% | 4.0% | 4.2% | 4.1% |
| SG&A / revenue | 16.3% | 20.0% | 20.1% | 15.9% | 17.4% | 21.5% | 24.1% | 24.9% | 26.3% | 27.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 82.7 | 82.1 | 81.3 | 74.6 | 71.8 | 64.7 | 68.2 | 63.5 | 60.4 | 55.9 |
| Days of inventory on hand | 72.1 | 73.0 | 77.4 | 75.3 | 84.6 | 83.4 | 81.9 | 81.6 | 84.2 | 79.2 |
| Days payables outstanding | 46.5 | 43.2 | 45.1 | 44.0 | 47.0 | 46.2 | 45.4 | 41.5 | 38.2 | 32.9 |
| Cash conversion cycle (days) | 108.4 | 112.0 | 113.5 | 105.9 | 109.4 | 102.0 | 104.7 | 103.5 | 106.4 | 102.1 |
| Receivables turnover | 4.41 | 4.45 | 4.49 | 4.89 | 5.09 | 5.64 | 5.35 | 5.75 | 6.04 | 6.53 |
| Payables turnover | 7.85 | 8.45 | 8.09 | 8.29 | 7.77 | 7.91 | 8.03 | 8.79 | 9.55 | 11.09 |
| Inventory turnover | 5.06 | 5.00 | 4.72 | 4.85 | 4.31 | 4.38 | 4.45 | 4.47 | 4.34 | 4.61 |
| Asset turnover | 0.43 | 0.44 | 0.44 | 0.47 | 0.48 | 0.51 | 0.45 | 0.43 | 0.41 | 0.42 |
| Average receivables | $10.10B | $9.64B | $9.55B | $9.19B | $7.71B | $5.71B | $4.77B | $4.24B | $3.46B | $2.80B |
| Average payables | $3.35B | $2.98B | $3.13B | $3.12B | $2.52B | $2.05B | $1.77B | $1.52B | $1.18B | $874.2M |
| Average inventory | $5.20B | $5.03B | $5.36B | $5.34B | $4.54B | $3.70B | $3.19B | $2.99B | $2.59B | $2.10B |
| Intangibles / total assets | 59.1% | 63.1% | 61.5% | 60.4% | 65.3% | 56.1% | 68.0% | 71.7% | 74.1% | 76.9% |
Computed from TMO's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TMO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Thermo Fisher traded at 32.4 times earnings, against a 10-year median of 31.9. Based on the latest twelve months, the trailing P/E is 37.1 and the forward P/E is 24.2. Thermo Fisher earned a return on equity of 13.1% and a return on invested capital of 9.4% in fiscal 2025. It ended the year with $39.4 billion of debt and $10.1 billion in cash and short-term investments, net debt of $29.3 billion. It returned $3.6 billion to shareholders: $636.0 million in dividends and $3.0 billion in share buybacks, 58% of free cash flow. The share count fell 5.1% from 397.4M to 377.0M over 9 years.
See the TMO income statement, the TMO chart for price history, or the TMO stock overview for the latest quote and news.
TMO key metrics FAQ
What is Thermo Fisher's P/E ratio?
Thermo Fisher's trailing P/E ratio is 37.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.2. At the end of fiscal 2025 it was 32.4, compared with a 10-year median of 31.9.
What is Thermo Fisher's EV/EBITDA?
Thermo Fisher's enterprise value was 21.6 times EBITDA at the end of fiscal 2025 (enterprise value $247.7 billion, EBITDA $11.5 billion); the current EV/EBITDA is 23.6.
What is Thermo Fisher's return on equity?
Thermo Fisher's return on equity (ROE) was 13.1% in fiscal 2025: net income of $6.7 billion on average shareholders' equity of $51.5 billion.
What is Thermo Fisher's ROIC?
Thermo Fisher's return on invested capital was 9.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Thermo Fisher have?
Thermo Fisher had total debt of $39.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.74 and $29.3 billion of net debt (2.55 times EBITDA).
What is Thermo Fisher's dividend yield?
Thermo Fisher's forward dividend yield is 0.27%. Thermo Fisher paid $636.0 million in dividends in fiscal 2025 ($1.69 per share), a payout ratio of 9.4%.
Does Thermo Fisher buy back its shares?
Yes. Thermo Fisher spent $3.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −1.6% over the year, to 377.0M..
What is Thermo Fisher's free cash flow yield?
Thermo Fisher generated $6.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.9% on its market value at year-end ($218.5 billion).
What is Thermo Fisher's current ratio?
Thermo Fisher's current ratio was 1.89 at the end of fiscal 2025: current assets were 1.89 times current liabilities.