TMO · Thermo Fisher Scientific Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $44.56B | $42.88B | $42.86B | $44.91B | $39.21B | $32.22B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $1.40B | $1.39B | $1.34B | $1.47B | $1.41B | $1.18B |
| SG&A | $8.73B | $8.60B | $8.45B | $8.99B | $8.01B | $6.93B |
| Total Operating Expenses | $36.81B | $35.54B | $36.00B | $36.52B | $29.18B | $24.42B |
| D&A | $1.05B | $1.16B | $1.07B | $986.00M | $831.00M | $658.00M |
| Operating Income | $7.75B | $7.34B | $6.86B | $8.39B | $10.03B | $7.79B |
| Interest Expense | $1.42B | $1.39B | $1.38B | $726.00M | $536.00M | $553.00M |
| Income Tax | $547.00M | $657.00M | $284.00M | $703.00M | $1.11B | $850.00M |
| Net Income | $6.33B | $6.33B | $6.00B | $6.96B | $7.73B | $6.38B |
| EPS - Basic | $17.77 | $16.58 | $15.52 | $17.75 | $19.62 | $16.09 |
| EPS - Diluted | $17.74 | $16.53 | $15.45 | $17.63 | $19.46 | $15.96 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.85B | $4.01B | $8.08B | $8.52B | $4.48B | $10.32B |
| Accounts Receivable | $8.90B | $8.19B | $8.22B | $8.12B | $7.98B | $5.74B |
| Inventory | $5.42B | $4.98B | $5.09B | $5.63B | $5.05B | $4.03B |
| Accounts Payable | $3.62B | $3.08B | $2.87B | $3.38B | $2.87B | $2.17B |
| Current Assets | $28.71B | $22.14B | $24.59B | $25.23B | $20.11B | $21.96B |
| Total Assets | $110.34B | $97.32B | $98.73B | $97.15B | $95.12B | $69.05B |
| Current Liabilities | $15.19B | $13.33B | $14.01B | $17.01B | $13.44B | $10.30B |
| Long-term Debt | $39.17B | $31.07B | $34.73B | $34.28B | $34.67B | $19.11B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $53.41B | $49.58B | $46.73B | $43.98B | $40.79B | $34.51B |
| Retained Earnings | $59.16B | $53.10B | $47.36B | $41.91B | $35.43B | $28.12B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.82B | $8.67B | $8.41B | $9.15B | $9.31B | $8.29B |
| Investing Cash Flow | ($4.05B) | ($5.84B) | ($5.14B) | ($2.16B) | ($21.93B) | ($1.51B) |
| Financing Cash Flow | $1.80B | ($6.79B) | ($3.62B) | ($2.81B) | $6.58B | $959.00M |
| CapEx | $1.52B | $1.40B | $1.48B | $2.24B | $2.52B | $1.47B |
| Free Cash Flow | $6.29B | $7.27B | $6.93B | $6.91B | $6.79B | $6.82B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 17.4% | 17.1% | 16.0% | 18.7% | 25.6% | 24.2% |
| EBITDA margin | 19.7% | 19.8% | 18.5% | 20.9% | 27.7% | 26.2% |
| Net margin | 14.2% | 14.8% | 14.0% | 15.5% | 19.7% | 19.8% |
| Free cash flow margin | 14.1% | 16.9% | 16.2% | 15.4% | 17.3% | 21.2% |
| FCF / Net income | 0.99 | 1.15 | 1.16 | 0.99 | 0.88 | 1.07 |
| R&D / Revenue | 3.1% | 3.2% | 3.1% | 3.3% | 3.6% | 3.7% |
| SG&A / Revenue | 19.6% | 20.0% | 19.7% | 20.0% | 20.4% | 21.5% |
| Effective tax rate | 7.9% | 9.4% | 4.5% | 9.2% | 12.5% | 11.8% |
| Return on assets | 5.7% | 6.5% | 6.1% | 7.2% | 8.1% | 9.2% |
| Return on equity | 11.9% | 12.8% | 12.8% | 15.8% | 18.9% | 18.5% |
| Return on invested capital | 7.7% | 8.2% | 8.0% | 9.7% | 11.6% | 12.8% |
| Liquidity | ||||||
| Current ratio | 1.89 | 1.66 | 1.75 | 1.48 | 1.50 | 2.13 |
| Quick ratio | 1.53 | 1.29 | 1.39 | 1.15 | 1.12 | 1.74 |
| Cash ratio | 0.65 | 0.30 | 0.58 | 0.50 | 0.33 | 1.00 |
| Leverage | ||||||
| Debt / Equity | 0.73 | 0.63 | 0.74 | 0.78 | 0.85 | 0.55 |
| Debt / Assets | 0.36 | 0.32 | 0.35 | 0.35 | 0.36 | 0.28 |
| Debt / EBITDA | 4.45 | 3.66 | 4.38 | 3.65 | 3.19 | 2.26 |
| Interest coverage | 5.5x | 5.3x | 5.0x | 11.6x | 18.7x | 14.1x |
| Equity multiplier | 2.07 | 1.96 | 2.11 | 2.21 | 2.33 | 2.00 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.40 | 0.44 | 0.43 | 0.46 | 0.41 | 0.47 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 73d | 70d | 70d | 66d | 74d | 65d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 32.7x | 31.5x | 34.4x | 31.2x | 34.3x | 29.2x |
| P / B | 4.1x | 4.0x | 4.4x | 4.9x | 6.5x | 5.4x |
| P / S | 4.9x | 4.6x | 4.8x | 4.8x | 6.8x | 5.8x |
| EV / EBITDA | 28.2x | 26.6x | 29.3x | 25.9x | 27.2x | 23.0x |
| Growth | ||||||
| Revenue growth (YoY) | 3.9% | 0.1% | -4.6% | 14.5% | 21.7% | 26.1% |
| Revenue CAGR (3y) | -0.3% | 3.0% | 10.0% | 20.7% | 29.0% | 15.5% |
| Revenue CAGR (5y) | 6.7% | 10.9% | 18.6% | 16.5% | 16.5% | 13.7% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 5.6% | 7.0% | -18.3% | -16.3% | 28.7% | 69.7% |
| Net income growth (YoY) | 0.0% | 5.7% | -13.9% | -9.9% | 21.2% | 72.5% |
| EPS growth (YoY) | 7.3% | 7.0% | -12.4% | -9.4% | 21.9% | 74.0% |
| EPS CAGR (3y) | 0.2% | -5.3% | -1.1% | 24.3% | 39.0% | 41.9% |
| EPS CAGR (5y) | 2.1% | 12.5% | 16.4% | 25.8% | 30.8% | 26.5% |
| FCF growth (YoY) | -13.4% | 4.9% | 0.2% | 1.8% | -0.4% | 68.4% |
| FCF CAGR (5y) | -1.6% | 12.4% | 12.8% | 14.6% | 20.1% | 23.3% |
| Book value growth (YoY) | 7.7% | 6.1% | 6.3% | 7.8% | 18.2% | 16.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$11.05B totalLife Sciences Solutions$4.17B · 37.7%
Analytical Instruments$3.36B · 30.4%
Laboratory Products And Biopharma Services$2.41B · 21.8%
Specialty Diagnostics$1.11B · 10.1%
Product / service
$70.52B totalProduct$25.96B · 36.8%
Consumables$18.66B · 26.5%
Service$18.59B · 26.4%
Instruments$7.30B · 10.4%
Geographic
$89.11B totalNorth America$23.03B · 25.8%
Non Us$22.32B · 25.0%
US$22.24B · 25.0%
Europe$11.83B · 13.3%
Asia Pacific$8.10B · 9.1%
Other Regions$1.60B · 1.8%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Measuring & Controlling Devices, NEC
Comparing THERMO FISHER SCIENTIFIC INC. against the 5 most active filers in the same SIC group.
Dividends
$1.76/share trailing 12 months · +10.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.4700 |
| Dec 15, 2025 | $0.4300 |
| Sep 15, 2025 | $0.4300 |
| Jun 13, 2025 | $0.4300 |
| Mar 14, 2025 | $0.4300 |
| Dec 13, 2024 | $0.3900 |
| Sep 13, 2024 | $0.3900 |
| Jun 14, 2024 | $0.3900 |
| Mar 14, 2024 | $0.3900 |
| Dec 14, 2023 | $0.3500 |
| Sep 14, 2023 | $0.3500 |
| Jun 14, 2023 | $0.3500 |
| Mar 14, 2023 | $0.3500 |
| Dec 14, 2022 | $0.3000 |
| Sep 14, 2022 | $0.3000 |
| Jun 14, 2022 | $0.3000 |
| Mar 15, 2022 | $0.3000 |
| Dec 14, 2021 | $0.2600 |
| Sep 14, 2021 | $0.2600 |
| Jun 14, 2021 | $0.2600 |
| Mar 15, 2021 | $0.2600 |
| Dec 14, 2020 | $0.2200 |
| Sep 14, 2020 | $0.2200 |
| Jun 12, 2020 | $0.2200 |