What is Thermo Fisher Scientific Inc.'s earnings per share (EPS)?

Thermo Fisher Scientific Inc. (TMO) reported diluted earnings per share of $17.74 for fiscal year 2025. This represents a 7.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Thermo Fisher Scientific (TMO) Financials

TMO NYSE

Trailing 12 months to June 27, 2026

Revenue $46.3B +7.2% YoY

Net Income $7.0B +5.8% YoY

EPS (Diluted) $18.59 +7.5% YoY

Free Cash Flow $7.3B +18.6% YoY

Market Cap $253.2B as of Oct 26, 2026

Price / Sales 5.5x on $46.3B revenue, trailing 12 months to June 27, 2026

Price / Earnings 36.3x on $7.0B net income, trailing 12 months to June 27, 2026

Price / Book 4.8x on $52.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 27, 2026 Reported Jul 31, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 31, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TMO SEC filings page.

Thermo Fisher Scientific Inc. (TMO) reported $46.3B in revenue over the twelve months to Jun 27, 2026, up 7.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TMO FY2025 2026-10-24

FY2025 growth lifted reported profit, but cash conversion weakened as balance-sheet expansion outpaced earnings improvement.

In FY2025, net income rose 5.8% while operating cash flow fell 9.8%, so cash conversion weakened even as reported earnings improved. Operating cash flow represented 116.6% of net income versus the prior year's 136.8%; free cash flow also contracted, showing that profit did not translate as completely into cash.

The margin recovery is modest but meaningful: operating profit margin increased from 17.1% to 17.4%. Because revenue rose 3.9%, the pattern indicates some sales growth reached operating profit rather than merely enlarging the top line.

Assets expanded 13.4% while long-term debt rose 23.4%, pointing to a more debt-supported balance-sheet expansion. That financing mix lifted debt-to-equity from 0.6x to 0.7x, so stronger short-term coverage did not mean lower leverage.

Financial Health Signals

Financial Health Score 57/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Thermo Fisher Scientific Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Thermo Fisher Scientific Inc. has an operating margin of 17.4%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is up from 17.1% the prior year.

Growth

Thermo Fisher Scientific Inc.'s revenue grew a modest 3.9% year-over-year to $44.6B. This slow but positive growth earns a score of 37/100.

Leverage

Thermo Fisher Scientific Inc. has elevated debt relative to equity (D/E of 0.67), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 25/100, reflecting increased financial risk.

Liquidity

Thermo Fisher Scientific Inc.'s current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Thermo Fisher Scientific Inc. converts 14.1% of revenue into free cash flow ($6.3B). This strong cash generation earns a score of 79/100.

Returns

Thermo Fisher Scientific Inc. earns a strong 12.6% return on equity (ROE), meaning it generates $13 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 68/100. This is down from 12.8% the prior year.

Altman Z-Score Safe

4.20

Thermo Fisher Scientific Inc. scores 4.20, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $253.2B against total liabilities of $56.9B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Thermo Fisher Scientific Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.

Earnings Quality Cash-Backed

1.17x

For every $1 of reported earnings, Thermo Fisher Scientific Inc. generates $1.17 in operating cash flow ($7.8B OCF vs $6.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

5.46x

Thermo Fisher Scientific Inc. earns $5.46 in operating income for every $1 of interest expense ($7.7B vs $1.4B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$12.0B

YoY+10.5%

QoQ+9.0%

5Y CAGR+5.3%

10Y CAGR+10.2%

Thermo Fisher Scientific Inc. generated $12.0B in revenue in Q2 2026. This represents an increase of 10.5% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.

EBITDA

$2.9B

YoY+15.2%

QoQ+11.7%

5Y CAGR+0.6%

Thermo Fisher Scientific Inc.'s EBITDA was $2.9B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.2% from the same quarter a year earlier. Against the prior quarter it is up 11.7%.

Net Income

$1.7B

YoY+7.4%

QoQ+5.1%

5Y CAGR-1.0%

10Y CAGR+12.9%

Thermo Fisher Scientific Inc. reported $1.7B in net income in Q2 2026. This represents an increase of 7.4% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.

EPS (Diluted)

$4.68

YoY+9.3%

QoQ+5.6%

5Y CAGR+0.3%

10Y CAGR+13.7%

Thermo Fisher Scientific Inc. earned $4.68 per diluted share (EPS) in Q2 2026. This represents an increase of 9.3% from the same quarter a year earlier. Against the prior quarter it is up 5.6%.

Cash & Balance Sheet

Free Cash Flow

$1.7B

YoY+51.6%

QoQ+105.3%

5Y CAGR-0.1%

10Y CAGR+7.7%

Thermo Fisher Scientific Inc. generated $1.7B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 51.6% from the same quarter a year earlier. Against the prior quarter it is up 105.3%.

Cash & Debt

$4.1B

YoY-11.2%

QoQ+24.9%

5Y CAGR-10.4%

10Y CAGR+19.9%

Thermo Fisher Scientific Inc. held $4.1B in cash against $39.2B in long-term debt as of Q2 2026.

Dividends Per Share

$0.47

YoY+9.3%

QoQ0.0%

5Y CAGR+12.6%

10Y CAGR+12.1%

Thermo Fisher Scientific Inc. paid $0.47 per share in dividends in Q2 2026. This represents an increase of 9.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

370M

YoY-2.1%

QoQ-0.5%

5Y CAGR-1.2%

10Y CAGR-0.6%

Thermo Fisher Scientific Inc. had 370M shares outstanding in Q2 2026. This represents a decrease of 2.1% from the same quarter a year earlier. Against the prior quarter it is down 0.5%.

Margins & Returns

Operating Margin

17.4%

YoY+0.5pp

QoQ+0.5pp

5Y change-5.9pp

Thermo Fisher Scientific Inc.'s operating margin was 17.4% in Q2 2026, reflecting core business profitability. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Net Margin

14.5%

YoY-0.4pp

QoQ-0.5pp

5Y change-5.2pp

10Y change+3.1pp

Thermo Fisher Scientific Inc.'s net profit margin was 14.5% in Q2 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Return on Equity

3.3%

YoY+0.1pp

QoQ+0.1pp

5Y change-1.7pp

10Y change+0.9pp

Thermo Fisher Scientific Inc.'s quarterly ROE was 3.3% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$364.0M

YoY+3.4%

QoQ+8.3%

5Y CAGR+1.2%

Thermo Fisher Scientific Inc. invested $364.0M in research and development in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is up 8.3%.

Share Buybacks

$1.0B

YoYn/m

QoQ-66.7%

5Y CAGRn/m

10Y CAGRn/m

Thermo Fisher Scientific Inc. spent $1.0B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 66.7%.

Capital Expenditures

$450.0M

YoY+53.1%

QoQ+19.7%

5Y CAGR-3.6%

10Y CAGR+14.6%

Thermo Fisher Scientific Inc. invested $450.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 53.1% from the same quarter a year earlier. Against the prior quarter it is up 19.7%.

TMO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TMO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$46.3B	$44.6B+3.9%	$42.9B+0.1%	$42.9B-4.6%	$44.9B+14.5%	$39.2B+21.7%	$32.2B+26.1%	$25.5B+4.9%	$24.4B+16.4%	$20.9B+14.5%	$18.3B+7.7%	$17.0B+0.4%	$16.9B+29.0%	$13.1B+4.6%	$12.5B+8.2%	$11.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$9.0B+9.3%	$8.2B+8.3%	$7.6B-4.4%	$7.9B+25.8%	$6.3B+3.4%	$6.1B+6.4%	$5.7B
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$11.9B+18.7%	$10.1B+7.2%	$9.4B+4.8%	$9.0B+32.1%	$6.8B+5.8%	$6.4B+10.0%	$5.8B
R&D Expenses	$1.4B	$1.4B+0.5%	$1.4B+4.0%	$1.3B-9.1%	$1.5B+4.6%	$1.4B+19.1%	$1.2B+17.7%	$1.0B+3.7%	$967.0M+9.0%	$887.0M+17.6%	$754.0M+9.0%	$692.0M+0.1%	$691.1M+74.7%	$395.5M+5.1%	$376.4M+10.6%	$340.2M
SG&A Expenses	$9.0B	$8.7B+1.6%	$8.6B+1.8%	$8.4B-6.1%	$9.0B+12.3%	$8.0B+15.5%	$6.9B+12.8%	$6.1B+1.4%	$6.1B+10.0%	$5.5B+10.7%	$5.0B+7.8%	$4.6B-5.8%	$4.9B+42.1%	$3.4B+2.7%	$3.4B+8.0%	$3.1B
Operating Income	$8.1B	$7.7B+5.6%	$7.3B+7.0%	$6.9B-18.3%	$8.4B-16.3%	$10.0B+28.7%	$7.8B+69.7%	$4.6B+21.4%	$3.8B+27.8%	$3.0B+20.4%	$2.5B+5.2%	$2.3B-6.7%	$2.5B+55.5%	$1.6B+8.6%	$1.5B+18.5%	$1.3B
EBITDA	N/A	$10.5B+0.8%	$10.4B+1.8%	$10.3B-12.8%	$11.8B-6.7%	$12.6B+24.7%	$10.1B+47.3%	$6.9B+13.6%	$6.0B+21.2%	$5.0B+18.4%	$4.2B+4.8%	$4.0B-3.9%	$4.2B+60.5%	$2.6B+5.8%	$2.5B+16.8%	$2.1B
Interest Expense	N/A	$1.4B+2.1%	$1.4B+1.1%	$1.4B+89.4%	$726.0M+35.4%	$536.0M-3.1%	$553.0M-18.2%	$676.0M+1.3%	$667.0M+12.7%	$592.0M+26.2%	$469.0M+13.0%	$415.0M-13.5%	$479.9M+83.1%	$262.1M+8.5%	$241.6M+37.8%	$175.3M
Income Tax	$597.0M	$547.0M-16.7%	$657.0M+131.3%	$284.0M-59.6%	$703.0M-36.6%	$1.1B+30.5%	$850.0M+127.3%	$374.0M+15.4%	$324.0M+61.2%	$201.0Mn/m	-$1.0Mn/m	-$44.0M-123.0%	$191.7M+374.5%	$40.4M+267.3%	$11.0M-89.9%	$109.4M
Net Income	$7.0B	$6.7B+5.8%	$6.3B+5.7%	$6.0B-13.7%	$7.0B-10.0%	$7.7B+21.2%	$6.4B+72.5%	$3.7B+25.8%	$2.9B+32.0%	$2.2B+10.0%	$2.0B+2.4%	$2.0B+4.3%	$1.9B+48.8%	$1.3B+8.1%	$1.2B-11.4%	$1.3B
EPS (Basic)	N/A	$17.77+7.2%	$16.58+6.8%	$15.52-12.6%	$17.75-9.5%	$19.62+21.9%	$16.09+74.1%	$9.24+26.4%	$7.31+29.6%	$5.64+10.2%	$5.12+3.2%	$4.96+4.2%	$4.76+34.8%	$3.53+9.0%	$3.24-7.2%	$3.49
EPS (Diluted)	$18.59	$17.74+7.3%	$16.53+7.0%	$15.45-12.4%	$17.63-9.4%	$19.46+21.9%	$15.96+74.0%	$9.17+26.7%	$7.24+29.5%	$5.59+9.8%	$5.09+3.5%	$4.92+4.5%	$4.71+35.3%	$3.48+8.4%	$3.21-7.2%	$3.46
Diluted Shares (Avg)	N/A	378M-1.3%	383M-1.3%	388M-1.5%	394M-0.8%	397M-0.5%	399M-1.0%	403M-0.7%	406M+2.0%	398M+0.3%	397M-1.2%	402M-0.1%	402M+10.0%	366M-0.2%	367M-4.7%	385M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$12.0B+10.5%	$11.0B+6.2%	$12.2B+7.2%	$11.1B+4.9%	$10.9B+3.0%	$10.4B+0.2%	$11.4B+4.7%	$10.6B+0.2%
R&D Expenses	$364.0M+3.4%	$336.0M-1.8%	$357.0M-4.5%	$346.0M0.0%	$352.0M+3.8%	$342.0M+3.3%	$374.0M+14.4%	$346.0M+8.5%
SG&A Expenses	$2.3B+9.0%	$2.2B+5.0%	$2.4B+6.8%	$2.2B+3.1%	$2.1B+1.4%	$2.1B-4.8%	$2.2B+3.3%	$2.1B+2.4%
Operating Income	$2.1B+13.8%	$1.9B+8.6%	$2.3B+11.9%	$1.9B+5.6%	$1.8B+0.8%	$1.7B+3.2%	$2.0B+8.7%	$1.8B-1.4%
EBITDA	$2.9B+15.2%	$2.6B+7.4%	$3.0B+8.1%	$2.6B+1.0%	$2.5B-3.4%	$2.4B-3.1%	$2.8B+2.4%	$2.6B-5.1%
Interest Expense	N/A	$354.0M+16.8%	$365.0M+15.1%	$347.0M-2.5%	$404.0M+14.1%	$303.0M-16.5%	$317.0M-18.7%	$356.0M-0.8%
Income Tax	$167.0M+81.5%	$70.0M-26.3%	$153.0M+2.7%	$207.0M+109.1%	$92.0M-28.1%	$95.0M-66.2%	$149.0M+12.0%	$99.0M+86.8%
Net Income	$1.7B+7.4%	$1.7B+9.6%	$2.0B+7.3%	$1.6B-0.9%	$1.6B+4.5%	$1.5B+13.6%	$1.8B+12.3%	$1.6B-5.0%
EPS (Basic)	$4.68+9.3%	$4.44+11.3%	$5.22+9.0%	$4.28+0.5%	$4.28+5.7%	$3.99+15.0%	$4.79+13.8%	$4.26-4.1%
EPS (Diluted)	$4.68+9.3%	$4.43+11.3%	$5.21+9.0%	$4.27+0.5%	$4.28+5.9%	$3.98+15.0%	$4.78+13.8%	$4.25-3.8%
Diluted Shares (Avg)	371M-1.9%	373M-1.6%	N/A	378M-1.6%	378M-1.3%	379M-1.3%	N/A	384M-1.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

TMO Balance Sheet

TMO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$110.3B+13.4%	$97.3B-1.4%	$98.7B+1.6%	$97.2B+2.1%	$95.1B+37.8%	$69.1B+18.3%	$58.4B+3.8%	$56.2B-0.8%	$56.7B+23.4%	$45.9B+12.4%	$40.8B-4.7%	$42.9B+34.5%	$31.9B+16.1%	$27.4B+2.3%	$26.8B
Current Assets	$28.7B+29.7%	$22.1B-10.0%	$24.6B-2.5%	$25.2B+25.4%	$20.1B-8.4%	$22.0B+84.6%	$11.9B+11.9%	$10.6B+12.8%	$9.4B+34.2%	$7.0B+22.3%	$5.7B-12.2%	$6.5B-33.8%	$9.9B+104.4%	$4.8B+0.3%	$4.8B
Cash & Equivalents	$9.9B+145.7%	$4.0B-50.4%	$8.1B-5.2%	$8.5B+90.4%	$4.5B-56.6%	$10.3B+330.4%	$2.4B+14.1%	$2.1B+57.5%	$1.3B+69.8%	$786.0M+73.9%	$452.1M-66.3%	$1.3B-76.9%	$5.8B+623.2%	$805.6M-20.7%	$1.0B
Short-Term Investments	$253.0M-83.8%	$1.6B+51933.3%	$3.0Mn/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0-100.0%	$8.5M+88.9%	$4.5M+4.7%	$4.3M0.0%	$4.3M
Inventory	$5.4B+9.0%	$5.0B-2.2%	$5.1B-9.7%	$5.6B+11.5%	$5.1B+25.4%	$4.0B+19.6%	$3.4B+12.1%	$3.0B+1.1%	$3.0B+34.3%	$2.2B+11.1%	$2.0B+7.1%	$1.9B+24.4%	$1.5B+3.5%	$1.4B+8.5%	$1.3B
Accounts Receivable	$8.9B+8.7%	$8.2B-0.4%	$8.2B+1.3%	$8.1B+1.7%	$8.0B+38.9%	$5.7B+32.0%	$4.3B+5.1%	$4.1B+6.6%	$3.9B+27.2%	$3.0B+19.8%	$2.5B+2.9%	$2.5B+27.4%	$1.9B+7.6%	$1.8B+2.3%	$1.8B
Long-Term Investments	$0	N/A	N/A	N/A	N/A	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Goodwill	$49.4B+7.7%	$45.9B+4.2%	$44.0B+6.9%	$41.2B-1.7%	$41.9B+61.0%	$26.0B+1.3%	$25.7B+1.4%	$25.3B+0.2%	$25.3B+18.6%	$21.3B+13.3%	$18.8B-0.1%	$18.8B+50.7%	$12.5B+0.2%	$12.5B+4.2%	$12.0B
Total Liabilities	$56.9B+19.3%	$47.7B-8.2%	$52.0B-2.2%	$53.2B-2.1%	$54.3B+57.3%	$34.5B+20.3%	$28.7B+0.2%	$28.6B-8.4%	$31.3B+28.3%	$24.4B+25.1%	$19.5B-12.6%	$22.3B+48.6%	$15.0B+25.3%	$12.0B+1.6%	$11.8B
Current Liabilities	$15.2B+13.9%	$13.3B-4.9%	$14.0B-17.6%	$17.0B+26.6%	$13.4B+30.4%	$10.3B+66.3%	$6.2B+0.8%	$6.1B-12.8%	$7.0B+44.8%	$4.9B+17.4%	$4.1B-22.5%	$5.3B+71.1%	$3.1B+49.3%	$2.1B-32.8%	$3.1B
Non-Current Liabilities	$41.7B+21.3%	$34.4B-9.4%	$38.0B+5.0%	$36.2B-11.6%	$40.9B+68.7%	$24.2B+7.7%	$22.5B0.0%	$22.5B-7.1%	$24.2B+24.1%	$19.5B+27.2%	$15.3B-9.5%	$17.0B+42.7%	$11.9B+20.2%	$9.9B+13.9%	$8.7B
Long-Term Debt	$35.9B+23.4%	$29.1B-7.2%	$31.3B+8.3%	$28.9B-10.6%	$32.3B+69.2%	$19.1B+11.9%	$17.1B-3.6%	$17.7B-6.1%	$18.9B+22.8%	$15.4B+34.6%	$11.4B-7.5%	$12.4B+30.0%	$9.5B+35.1%	$7.0B+22.2%	$5.8B
Total Equity	$53.4B+7.7%	$49.6B+6.1%	$46.7B+6.3%	$44.0B+7.8%	$40.8B+18.2%	$34.5B+16.3%	$29.7B+7.6%	$27.6B+8.6%	$25.4B+18.0%	$21.5B+0.9%	$21.4B+3.9%	$20.5B+21.9%	$16.9B+9.0%	$15.5B+2.8%	$15.0B
Retained Earnings	$59.2B+11.4%	$53.1B+12.1%	$47.4B+13.0%	$41.9B+18.3%	$35.4B+26.0%	$28.1B+27.3%	$22.1B+18.2%	$18.7B+17.5%	$15.9B+14.3%	$13.9B+14.7%	$12.1B+16.7%	$10.4B+18.9%	$8.8B+13.7%	$7.7B+14.6%	$6.7B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$113.2B+11.8%	$113.3B+14.4%	$110.3B+13.4%	$103.0B+2.6%	$101.2B+2.8%	$99.0B+2.0%	$97.3B-1.4%	$100.4B+3.4%
Current Assets	$23.4B-5.0%	$22.3B-4.5%	$28.7B+29.7%	$22.3B-6.3%	$24.6B-3.5%	$23.4B-1.1%	$22.1B-10.0%	$23.8B+3.0%
Cash & Equivalents	$4.1B-11.2%	$3.3B-21.3%	$9.9B+145.7%	$2.0B-57.3%	$4.6B-35.3%	$4.1B-24.8%	$4.0B-50.4%	$4.6B-24.5%
Short-Term Investments	$0-100.0%	$2.0M-99.9%	$253.0M-83.8%	$1.6B-21.8%	$1.8B+3.7%	$1.8B+3.5%	$1.6B+51933.3%	$2.0Bn/m
Inventory	$5.6B+1.2%	$5.5B+5.2%	$5.4B+9.0%	$5.7B+5.8%	$5.6B+6.9%	$5.2B+1.8%	$5.0B-2.2%	$5.4B+0.5%
Accounts Receivable	$9.5B+10.0%	$9.2B+8.9%	$8.9B+8.7%	$8.9B+7.9%	$8.6B+8.2%	$8.5B+6.6%	$8.2B-0.4%	$8.3B-1.4%
Long-Term Investments	$0n/m	$0n/m	$0	$0n/m	$0n/m	$0n/m	N/A	$0n/m
Goodwill	$54.8B+16.0%	$55.2B+18.7%	$49.4B+7.7%	$49.3B+5.5%	$47.2B+7.8%	$46.5B+6.0%	$45.9B+4.2%	$46.7B+7.2%
Total Liabilities	$60.5B+19.3%	$61.3B+23.6%	$56.9B+19.3%	$52.0B+1.2%	$50.7B-0.7%	$49.7B-3.7%	$47.7B-8.2%	$51.4B-0.7%
Current Liabilities	$15.1B+18.5%	$14.6B+11.0%	$15.2B+13.9%	$14.9B+2.0%	$12.7B-13.9%	$13.2B-5.5%	$13.3B-4.9%	$14.6B+3.1%
Non-Current Liabilities	$45.4B+19.5%	$46.7B+28.1%	$41.7B+21.3%	$37.1B+0.9%	$38.0B+4.7%	$36.5B-3.1%	$34.4B-9.4%	$36.8B-2.1%
Long-Term Debt	$39.2B+18.7%	$40.1B+27.7%	$35.9B+23.4%	$31.9B+2.1%	$33.0B+9.0%	$31.4B+0.7%	$29.1B-7.2%	$31.2B+2.3%
Total Equity	$52.7B+4.3%	$51.9B+5.2%	$53.4B+7.7%	$51.0B+4.1%	$50.5B+6.5%	$49.4B+8.5%	$49.6B+6.1%	$49.0B+8.1%
Retained Earnings	$62.2B+11.3%	$60.6B+11.4%	$59.2B+11.4%	$57.4B+11.5%	$55.9B+11.9%	$54.4B+12.2%	$53.1B+12.1%	$51.4B+12.1%

TMO Cash Flow Statement

TMO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$9.0B	$7.8B-9.8%	$8.7B+3.1%	$8.4B-8.2%	$9.2B-1.7%	$9.3B+12.3%	$8.3B+66.7%	$5.0B+9.5%	$4.5B+13.4%	$4.0B+22.9%	$3.3B+10.7%	$2.9B+7.8%	$2.7B+35.7%	$2.0B-1.4%	$2.0B+20.6%	$1.7B
Depreciation & Amortization	N/A	$2.8B-10.6%	$3.1B-8.7%	$3.4B+0.7%	$3.4B+30.4%	$2.6B+11.5%	$2.3B+2.1%	$2.3B+0.4%	$2.3B+11.5%	$2.0B+15.6%	$1.8B+4.1%	$1.7B+0.2%	$1.7B+68.5%	$999.9M+1.6%	$983.7M+14.4%	$859.6M
Stock-Based Compensation	N/A	$310.0M+3.0%	$301.0M+8.3%	$278.0M-9.4%	$307.0M+33.5%	$230.0M+17.3%	$196.0M+8.3%	$181.0M0.0%	$181.0M+13.8%	$159.0M+19.5%	$133.0M+6.4%	$125.0M+6.7%	$117.1M+28.8%	$90.9M+16.2%	$78.2M-2.3%	$80.0M
Capital Expenditures	$1.7B	$1.5B+8.9%	$1.4B-5.3%	$1.5B-34.1%	$2.2B-11.1%	$2.5B+71.2%	$1.5B+59.2%	$926.0M+22.2%	$758.0M+49.2%	$508.0M+14.4%	$444.0M+5.0%	$423.0M-1.1%	$427.6M+51.4%	$282.4M-10.4%	$315.1M+20.8%	$260.9M
Free Cash Flow	$7.3B	$6.3B-13.4%	$7.3B+4.9%	$6.9B+0.2%	$6.9B+1.8%	$6.8B-0.4%	$6.8B+68.4%	$4.0B+6.9%	$3.8B+8.2%	$3.5B+24.3%	$2.8B+11.7%	$2.5B+9.5%	$2.3B+33.2%	$1.7B+0.2%	$1.7B+20.6%	$1.4B
Investing Cash Flow	-$12.0B	-$4.0Bn/m	-$5.8Bn/m	-$5.1Bn/m	-$2.2Bn/m	-$21.9Bn/m	-$1.5Bn/m	-$1.5Bn/m	-$1.3Bn/m	-$7.7Bn/m	-$5.5Bn/m	-$1.1Bn/m	-$11.8Bn/m	-$263.3Mn/m	-$1.4Bn/m	-$5.1B
Financing Cash Flow	$2.4B	$1.8Bn/m	-$6.8Bn/m	-$3.6Bn/m	-$2.8B-142.7%	$6.6B+586.2%	$959.0Mn/m	-$3.1Bn/m	-$2.2B-158.0%	$3.9B+39.7%	$2.8Bn/m	-$2.6B	N/A	N/A	N/A	N/A
Dividends Paid	$662.0M	$636.0M+9.1%	$583.0M+11.5%	$523.0M+14.9%	$455.0M+15.2%	$395.0M+17.2%	$337.0M+13.5%	$297.0M+11.7%	$266.0M+12.2%	$237.0M-0.4%	$238.0M-1.2%	$241.0M+2.6%	$234.8M+8.6%	$216.2M+52.0%	$142.2Mn/m	$0
Share Buybacks	$5.0B	$3.0B-25.0%	$4.0B+33.3%	$3.0B0.0%	$3.0B+50.0%	$2.0B+33.3%	$1.5B0.0%	$1.5B+200.0%	$500.0M-33.3%	$750.0M-40.0%	$1.3B+150.0%	$500.0Mn/m	$0-100.0%	$89.8M-92.2%	$1.1B-14.0%	$1.3B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$2.1B+51.9%	$1.2B+64.9%	$3.5B+5.1%	$2.2B+3.4%	$1.4B-28.6%	$723.0M-42.2%	$3.3B-11.6%	$2.2B-10.3%
Depreciation & Amortization	$816.0M+19.0%	$736.0M+4.4%	$728.0M-1.9%	$662.0M-10.5%	$686.0M-13.2%	$705.0M-15.7%	$742.0M-11.6%	$740.0M-13.2%
Stock-Based Compensation	N/A	$83.0M+10.7%	N/A	N/A	N/A	$75.0M+7.1%	N/A	N/A
Capital Expenditures	$450.0M+53.1%	$376.0M+3.9%	$465.0M-3.1%	$404.0M+48.5%	$294.0M-2.3%	$362.0M+4.3%	$480.0M+18.5%	$272.0M-18.1%
Free Cash Flow	$1.7B+51.6%	$816.0M+126.0%	$3.0B+6.5%	$1.8B-3.1%	$1.1B-33.4%	$361.0M-60.1%	$2.8B-15.3%	$1.9B-9.0%
Investing Cash Flow	$164.0Mn/m	-$9.0Bn/m	$891.0M+4355.0%	-$4.1Bn/m	-$288.0Mn/m	-$527.0Mn/m	$20.0Mn/m	-$3.6Bn/m
Financing Cash Flow	-$1.6Bn/m	$1.1Bn/m	$3.5Bn/m	-$632.0Mn/m	-$991.0Mn/m	-$102.0Mn/m	-$3.7Bn/m	-$1.2B-164.2%
Dividends Paid	$175.0M+8.0%	$162.0M+8.7%	$162.0M+8.7%	$163.0M+8.7%	$162.0M+8.7%	$149.0M+10.4%	$149.0M+9.6%	$150.0M+11.1%
Share Buybacks	$1.0Bn/m	$3.0B+50.0%	$37.0M-96.3%	$963.0Mn/m	$0n/m	$2.0B-33.3%	$1.0Bn/m	$0n/m

TMO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

TMO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	57.1%+2.0pp	55.0%-0.3pp	55.3%+2.3pp	53.0%+1.2pp	51.8%+0.6pp	51.2%+0.8pp	50.4%
Operating Margin	17.4%+0.3pp	17.1%+1.1pp	16.0%-2.7pp	18.7%-6.9pp	25.6%+1.4pp	24.2%+6.2pp	18.0%+2.5pp	15.5%+1.4pp	14.1%+0.7pp	13.5%-0.3pp	13.8%-1.1pp	14.8%+2.5pp	12.3%+0.5pp	11.8%+1.0pp	10.8%
Net Margin	15.0%+0.3pp	14.8%+0.8pp	14.0%-1.5pp	15.5%-4.2pp	19.7%-0.1pp	19.8%+5.3pp	14.5%+2.4pp	12.1%+1.4pp	10.6%-0.4pp	11.1%-0.6pp	11.6%+0.4pp	11.2%+1.5pp	9.7%+0.3pp	9.4%-2.1pp	11.5%
Return on Equity	12.6%-0.2pp	12.8%-0.1pp	12.8%-3.0pp	15.8%-3.1pp	18.9%+0.5pp	18.5%+6.0pp	12.4%+1.8pp	10.7%+1.9pp	8.8%-0.6pp	9.4%+0.1pp	9.3%0.0pp	9.2%+1.7pp	7.5%-0.1pp	7.6%-1.2pp	8.8%
Return on Assets	6.1%-0.4pp	6.5%+0.4pp	6.1%-1.1pp	7.1%-1.0pp	8.1%-1.1pp	9.2%+2.9pp	6.3%+1.1pp	5.2%+1.3pp	3.9%-0.5pp	4.4%-0.4pp	4.8%+0.4pp	4.4%+0.4pp	4.0%-0.3pp	4.3%-0.7pp	5.0%
Current Ratio	1.89+0.2x	1.66-0.1x	1.75+0.3x	1.480.0x	1.50-0.6x	2.13+0.2x	1.92+0.2x	1.73+0.4x	1.34-0.1x	1.44+0.1x	1.38+0.2x	1.22-1.9x	3.16+0.9x	2.31+0.8x	1.55
Debt-to-Equity	0.67+0.1x	0.59-0.1x	0.670.0x	0.66-0.1x	0.79+0.2x	0.550.0x	0.58-0.1x	0.64-0.1x	0.740.0x	0.71+0.2x	0.53-0.1x	0.600.0x	0.56+0.1x	0.45+0.1x	0.38
Liabilities-to-Equity	1.07+0.1x	0.96-0.1x	1.11-0.1x	1.21-0.1x	1.33+0.3x	1.000.0x	0.97-0.1x	1.04-0.2x	1.23+0.1x	1.13+0.2x	0.91-0.2x	1.09+0.2x	0.89+0.1x	0.770.0x	0.78
Asset Turnover	0.400.0x	0.440.0x	0.430.0x	0.46+0.1x	0.41-0.1x	0.470.0x	0.440.0x	0.43+0.1x	0.370.0x	0.400.0x	0.420.0x	0.390.0x	0.410.0x	0.460.0x	0.43
FCF Margin	14.1%-2.8pp	17.0%+0.8pp	16.2%+0.8pp	15.4%-1.9pp	17.3%-3.8pp	21.1%+5.3pp	15.8%+0.3pp	15.5%-1.2pp	16.7%+1.3pp	15.4%+0.6pp	14.8%+1.2pp	13.6%+0.4pp	13.2%-0.6pp	13.8%+1.4pp	12.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	17.4%+0.5pp	16.9%+0.4pp	18.5%+0.8pp	17.4%+0.1pp	16.9%-0.4pp	16.6%+0.5pp	17.7%+0.7pp	17.3%-0.3pp
Net Margin	14.5%-0.4pp	15.0%+0.5pp	16.1%0.0pp	14.5%-0.8pp	14.9%+0.2pp	14.5%+1.7pp	16.1%+1.1pp	15.4%-0.8pp
Return on Equity	3.3%+0.1pp	3.2%+0.1pp	3.7%0.0pp	3.2%-0.2pp	3.2%-0.1pp	3.0%+0.1pp	3.7%+0.2pp	3.3%-0.4pp
Return on Assets	1.5%-0.1pp	1.5%-0.1pp	1.8%-0.1pp	1.6%-0.1pp	1.6%0.0pp	1.5%+0.1pp	1.9%+0.2pp	1.6%-0.2pp
Current Ratio	1.55-0.4x	1.53-0.2x	1.89+0.2x	1.50-0.1x	1.93+0.2x	1.77+0.1x	1.66-0.1x	1.630.0x
Debt-to-Equity	0.74+0.1x	0.77+0.1x	0.67+0.1x	0.620.0x	0.650.0x	0.640.0x	0.59-0.1x	0.640.0x
Liabilities-to-Equity	1.15+0.1x	1.18+0.2x	1.07+0.1x	1.020.0x	1.00-0.1x	1.01-0.1x	0.96-0.1x	1.05-0.1x
Asset Turnover	0.110.0x	0.100.0x	0.110.0x	0.110.0x	0.110.0x	0.100.0x	0.120.0x	0.110.0x
FCF Margin	14.0%+3.8pp	7.4%+3.9pp	24.5%-0.2pp	16.5%-1.4pp	10.2%-5.6pp	3.5%-5.3pp	24.7%-5.8pp	17.9%-1.8pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Thermo Fisher Scientific Inc. TMO	FY2025	$44.6B	$6.7B	15.0%	$253.2B	57/100
Danaher Corporation DHR	FY2025	$24.6B	$3.6B	14.7%	$163.8B	59/100
Idexx Laboratories Inc IDXX	FY2025	$4.3B	$1.1B	24.6%	$44.9B	75/100
Agilent Technologies Inc. A	FY2025	$6.9B	$1.3B	18.8%	$49.6B	66/100
Mettler-Toledo International MTD	FY2025	$4.0B	$869.2M	21.6%	$33.5B	59/100

Where Thermo Fisher Scientific Inc. Ranks

Frequently Asked Questions

What is Thermo Fisher Scientific Inc.'s annual revenue?

Thermo Fisher Scientific Inc. (TMO) reported $44.6B in total revenue for fiscal year 2025. This represents a 3.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Thermo Fisher Scientific Inc.'s revenue growing?

Thermo Fisher Scientific Inc. (TMO) revenue grew by 3.9% year-over-year, from $42.9B to $44.6B in fiscal year 2025.

Is Thermo Fisher Scientific Inc. profitable?

Yes, Thermo Fisher Scientific Inc. (TMO) reported a net income of $7.0B over the trailing 12 months to June 27, 2026. In fiscal year 2025 it reported a net income of $6.7B, with a net profit margin of 15.0%.

What is Thermo Fisher Scientific Inc.'s EBITDA?

Thermo Fisher Scientific Inc. (TMO) had EBITDA of $10.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Thermo Fisher Scientific Inc. have?

As of fiscal year 2025, Thermo Fisher Scientific Inc. (TMO) had $9.9B in cash and equivalents against $35.9B in long-term debt.

What is Thermo Fisher Scientific Inc.'s operating margin?

Thermo Fisher Scientific Inc. (TMO) had an operating margin of 17.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Thermo Fisher Scientific Inc.'s net profit margin?

Thermo Fisher Scientific Inc. (TMO) had a net profit margin of 15.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Thermo Fisher Scientific Inc. pay dividends?

Yes, Thermo Fisher Scientific Inc. (TMO) paid $1.72 per share in dividends during fiscal year 2025.

What is Thermo Fisher Scientific Inc.'s return on equity (ROE)?

Thermo Fisher Scientific Inc. (TMO) has a return on equity of 12.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Thermo Fisher Scientific Inc.'s free cash flow?

Thermo Fisher Scientific Inc. (TMO) generated $6.3B in free cash flow during fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Thermo Fisher Scientific Inc.'s operating cash flow?

Thermo Fisher Scientific Inc. (TMO) generated $7.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Thermo Fisher Scientific Inc.'s total assets?

Thermo Fisher Scientific Inc. (TMO) had $110.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Thermo Fisher Scientific Inc.'s capital expenditures?

Thermo Fisher Scientific Inc. (TMO) invested $1.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Thermo Fisher Scientific Inc. spend on research and development?

Thermo Fisher Scientific Inc. (TMO) invested $1.4B in research and development during fiscal year 2025.

Does Thermo Fisher Scientific Inc. buy back shares?

Yes, Thermo Fisher Scientific Inc. (TMO) spent $3.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Thermo Fisher Scientific Inc. have outstanding?

Thermo Fisher Scientific Inc. (TMO) had 371M shares outstanding as of fiscal year 2025.

What is Thermo Fisher Scientific Inc.'s current ratio?

Thermo Fisher Scientific Inc. (TMO) had a current ratio of 1.89 as of fiscal year 2025, which is generally considered healthy.

What is Thermo Fisher Scientific Inc.'s debt-to-equity ratio?

Thermo Fisher Scientific Inc. (TMO) had a debt-to-equity ratio of 0.67 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Thermo Fisher Scientific Inc.'s liabilities-to-equity ratio?

Thermo Fisher Scientific Inc. (TMO) had a liabilities-to-equity ratio of 1.07 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Thermo Fisher Scientific Inc.'s return on assets (ROA)?

Thermo Fisher Scientific Inc. (TMO) had a return on assets of 6.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Thermo Fisher Scientific Inc.'s P/E ratio?

Thermo Fisher Scientific Inc. (TMO) trades at 36.3x earnings, its market capitalization divided by $7.0B net income, trailing 12 months to June 27, 2026. The market capitalization is $253.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Thermo Fisher Scientific Inc.'s price-to-sales ratio?

Thermo Fisher Scientific Inc. (TMO) trades at 5.5x sales, its market capitalization divided by $46.3B revenue, trailing 12 months to June 27, 2026. The market capitalization is $253.2B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Thermo Fisher Scientific Inc.'s Altman Z-Score?

Thermo Fisher Scientific Inc. (TMO) has an Altman Z-Score of 4.20, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Thermo Fisher Scientific Inc.'s Piotroski F-Score?

Thermo Fisher Scientific Inc. (TMO) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Thermo Fisher Scientific Inc.'s earnings high quality?

Thermo Fisher Scientific Inc. (TMO) has an earnings quality ratio of 1.17x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Thermo Fisher Scientific Inc. cover its interest payments?

Thermo Fisher Scientific Inc. (TMO) has an interest coverage ratio of 5.46x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Thermo Fisher Scientific Inc.?

Thermo Fisher Scientific Inc. (TMO) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.