Thermo Fisher Scientific Inc.
TMOFinancial Snapshot
ticker: TMO step: 04 generated: 2026-05-12 source: quick-research
Thermo Fisher Scientific Inc. (TMO) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue | $42.86B | $42.88B | $44.56B | +3.9% |
| Organic Revenue Growth | -3% | -1% | +2% | inflection to positive |
| Adjusted Operating Income | $10.07B | $9.71B | $10.11B | +4% |
| Adjusted Operating Margin | 23.5% | 22.6% | 22.7% | +10 bps |
| Adjusted EPS | $21.86 | $21.86 | $22.87 | +5% |
| GAAP Net Income | ~$6.0B | ~$6.3B | ~$6.5B | ~+3% |
Segment Detail (FY2025)
| Segment | FY25 Revenue | YoY | Organic |
|---|---|---|---|
| Laboratory Products and Biopharma Services | $24.0B | +4% | +3% |
| Life Sciences Solutions | $10.4B | +8% | +3% |
| Analytical Instruments | $7.5B | +1% | flat |
| Specialty Diagnostics | $4.7B | +4% | +2% |
Cash Flow & Capital Allocation (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$8.5B |
| Free Cash Flow | ~$7.5B |
| Capital Deployed | $16.5B |
| M&A Spending | ~$13B (Solventum filtration + Clario pending + bolt-ons) |
| Buybacks + Dividends | ~$3.6B |
| Adjusted ROIC | 11.3% |
| Dividend Yield | ~0.4% (focus on growth + M&A) |
| Net Debt | ~$33B |
| Credit Rating | A- (S&P) |
2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Revenue | $46.3–47.2B (+4–6% reported, +3–4% organic) |
| Adjusted Operating Margin | +50 bps expansion (despite -20 bps M&A dilution) |
| Adjusted EPS | $24.22–24.80 (+6–8% YoY) |
| Pending M&A | Clario acquisition ($9B, expected close YE 2026) |
Key Ratios (approximate)
- P/E: ~22x (FY25 adjusted) | EV/EBITDA: ~17x | FCF Yield: ~3.8%
- Revenue Growth (FY25): +3.9% (reported); +2% organic
- Adjusted Operating Margin: 22.7%
- Adjusted ROIC: 11.3%
Growth Profile
2025 marked a clear inflection: organic growth turned positive (+2% vs. -1% in FY24), operating margin expanded modestly (+10 bps), and the company deployed $13B+ in M&A on accretive assets (Solventum filtration + Clario). The post-COVID normalization (excess Covid testing revenue runoff completed) and biotech funding rebound (Series A/B funding picking up in H2 2025) set up a multi-year recovery in organic growth. 2026 guide of +3–4% organic growth + 50 bps margin expansion + 6–8% EPS growth represents the first "clean" year since the pandemic distortion.
Forward Estimates
2026 Guide:
- Revenue: $46.3–47.2B (midpoint $46.75B)
- Adjusted EPS: $24.22–24.80 (midpoint $24.51, +7%)
Bull case: Organic growth accelerates to +5–6% in 2027 on biotech funding rebound + Patheon CDMO ramp + bioproduction recovery; Clario adds 2 pts EPS accretion 2027 onward; ROIC expands to 13–14% by 2028. Bear case: pharma R&D budget pressure persists; China headwinds extend; biotech funding remains soft; organic growth stuck at +2–3%; EPS growth at low end of 6–8% range.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $TMO.