TMO
Thermo Fisher Scientific Inc.
TMO's fundamentals are strong: it turned 16% of its revenue into free cash flow and free cash flow grew 24%. At 37x earnings, it's trading above its usual 32x. Analysts expect earnings growth.
TMO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Under pressure |
TMO's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
TMO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 26x | $699 | — |
| Cheap | 27x | $514 | -27% |
| Fair | 32x | $610 | -13% |
| Expensive | 37x | $708 | +1.2% |
| Current | 37x | $699 | — |
Historical ranges are pointers, not guarantees.
TMO's PE is in its expensive range at 37x. If earnings grow as analysts expect, today's price would be 26x next year's earnings, in its cheap range.
TMO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for TMO, with profitability improving.
TMO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $26.95 | +42% |
| Q3 2026 | $18.96 | +9.5% |
| Q2 2026 | $18.59 | +7.5% |
| Q1 2026 | $18.19 | +6.7% |
| Q4 2025 | $17.74 | +7.3% |
| Q3 2025 | $17.31 | +8.5% |
| Q2 2025 | $17.29 | +7.3% |
| Q1 2025 | $17.05 | +9.4% |
| Q4 2024 | $16.53 | +7% |
TMO's earnings per share have climbed steadily: $18.96 over the past year, up 9.5% from the year before, and higher year over year for 11 quarters in a row.
TMO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.1B | +9.1% |
| Q2 2026 | $12B | +10% |
| Q1 2026 | $11B | +6.2% |
| Q4 2025 | $12.2B | +7.2% |
| Q3 2025 | $11.1B | +4.9% |
| Q2 2025 | $10.9B | +3% |
| Q1 2025 | $10.4B | +0.2% |
| Q4 2024 | $11.4B | +4.7% |
TMO's revenue has grown year over year for nine quarters in a row: $12.1B last quarter, up 9.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +1.2 points |
| Q2 2026 | 17% | +0.5 points |
| Q1 2026 | 17% | +0.4 points |
| Q4 2025 | 18% | +0.8 points |
| Q3 2025 | 17% | +0.1 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 17% | +0.5 points |
| Q4 2024 | 18% | +0.7 points |
TMO's operating margin was 19% last quarter, up 1.2 points from the same quarter a year ago.
TMO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +15% |
| Q2 2026 | $1.7B | +52% |
| Q1 2026 | $816M | +126% |
| Q4 2025 | $3B | +6.5% |
| Q3 2025 | $1.8B | -3.1% |
| Q2 2025 | $1.1B | -33% |
| Q1 2025 | $361M | -60% |
| Q4 2024 | $2.8B | -15% |
TMO's free cash flow has been positive every quarter for seven years: $7.6B over the past year, up 24% from the year before.
TMO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.9% | -7M shares |
| 3 years | -4.4% | -17M shares |
| 5 years | -6.5% | -26M shares |
| Available history | -7.9% | -32M shares |
TMO has 371M diluted shares, down 1.9% from a year ago, with $4B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1B |
| Q1 2026 | $3B |
| Q4 2025 | $37M |
| Q3 2025 | $963M |
| Q2 2025 | — |
| Q1 2025 | $2B |
| Q4 2024 | $1B |
TMO spent $4B buying back its own shares over the past year, up 1.9% from the year before.
TMO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.1x | Elevated |
| Q2 2026 | 3.5x | Elevated |
| Q1 2026 | 3.7x | Elevated |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.6x | Moderate |
TMO's net debt is about 3.1 years of its operating earnings (EBITDA), down from 3.3 years a year ago.
TMO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 70.4 | Overbought |
| Stochastic | 86.6 | Overbought |
TMO's weekly RSI is 70 (overbought) and its Stochastic is 87 (overbought).
TMO PE vs Healthcare Sector
| Metric | TMO | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 26x | 43% above |
| PE % | 79 | 29 | 50 pts above |
TMO is trading at 37x earnings, a 43% premium to the Healthcare sector's median of 26x.
TMO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $680.4 | 2.8% above |
| 20 week MA | $623.9 | 12% above |
| 50 week MA | $560.3 | 25% above |
| 100 week MA | $526.4 | 33% above |
| 200 week MA | $538.4 | 30% above |
TMO has climbed back above all five of its weekly moving averages, and it's now 30% above its 200-week average.
TMO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $326.6 | $458.1 | +40% |
| 2021 | $458.1 | $650.7 | +42% |
| 2022 | $650.7 | $540.7 | -17% |
| 2023 | $540.7 | $530.8 | -1.8% |
| 2024 | $530.8 | $526.1 | -0.9% |
| 2025 | $526.1 | $580.7 | +10% |
| 2026 YTD | $580.7 | $699.4 | +20% |
TMO has finished lower in three of the last six years. It's up 20% so far in 2026.