olivLaw · US equity research
Thermo Fisher Scientific Inc. TMO
Measuring & Controlling Devices, NEC · SIC 3829 · Vertical: Measuring & Controlling Devices, NEC (SIC 3829)
Thermo Fisher Scientific (TMO) is a world leader in serving science, supplying instruments, reagents, diagnostics and services to life-science and clinical laboratories. Revenue in fiscal 2025 was 44.556 bn USD, up 4%, and reached 22.999 bn USD in the first six months of fiscal 2026. Organic growth was modest at 2% in fiscal 2025 but accelerated to 6% in the third quarter of fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Thermo Fisher Scientific Inc. (TMO) stock was 706.16 USD (+1.12% on the day), with market capitalisation 261.6 bn USD, P/E 37.3 on diluted EPS of 18.95 USD over the last 12 months, dividend yield 0.26%, beta 0.79, 52-week range 438.34–709.18 USD. Latest reported quarter (Q3 2026): revenue of 12.1 bn USD (+9.1% YoY), net income of 1.7 bn USD (+6.5% YoY), diluted EPS 4.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.5
- strong (55–70)
- Bollinger (20, 2)
- 651.81 – 716.34
- in the upper half of the band · %B 0.84 · band width 9.4%
- SMA 50 / 200
- 658.67 / 552.49
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 12.06 / 12.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −1.1% | +5.4 pp | — |
| 3 months | +22.2% | −0.5% | +22.7 pp | — |
| 6 months | +49.3% | +4.4% | +44.9 pp | — |
| Year to date | +21.9% | +12.3% | +9.6 pp | — |
| 1 year | +24.9% | +13.5% | +11.4 pp | −33.4% |
| 3 years | +55.3% | +76.4% | −21.1 pp | −9.9% |
| 5 years | +14.5% | +63.7% | −49.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.4 bn | 10.4 bn | 10.9 bn | 11.1 bn | 12.2 bn | 11.0 bn | 12.0 bn | 12.1 bn |
| Research & development | 374.0 m | 342.0 m | 352.0 m | 346.0 m | 356.0 m | 336.0 m | 364.0 m | 348.0 m |
| SG&A | 2.2 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.4 bn | 2.2 bn | 2.3 bn | 2.3 bn |
| Operating income | 2.0 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.3 bn | 1.9 bn | 2.1 bn | 2.3 bn |
| Interest expense | 317.0 m | 303.0 m | 404.0 m | 347.0 m | 365.0 m | 354.0 m | 401.0 m ≈ | 417.0 m |
| Pre-tax income | 1.9 bn | 1.6 bn | 1.7 bn | 1.8 bn | 2.2 bn | 1.7 bn | 1.9 bn | 2.1 bn |
| Income tax | 150.0 m | 95.0 m | 92.0 m | 207.0 m | 153.0 m | 70.0 m | 167.0 m | 352.0 m |
| Net income | 1.8 bn | 1.5 bn | 1.6 bn | 1.6 bn | 2.0 bn | 1.7 bn | 1.7 bn | 1.7 bn |
| Diluted EPS | 4.78 ≈ | 3.98 | 4.28 | 4.27 | 5.20 ≈ | 4.43 | 4.68 | 4.64 |
| Operating cash flow | 3.3 bn | 723.0 m | 1.4 bn ≈ | 2.2 bn ≈ | 3.5 bn | 1.2 bn | 2.1 bn ≈ | 2.6 bn ≈ |
| Capex | 480.0 m | 362.0 m | 294.0 m ≈ | 404.0 m ≈ | 465.0 m | 376.0 m | 450.0 m ≈ | 437.0 m ≈ |
| Dividends paid | 149.0 m | 149.0 m | 162.0 m ≈ | 163.0 m ≈ | 162.0 m | 162.0 m | 175.0 m ≈ | 174.0 m ≈ |
| Share repurchases | 1.0 bn | 2.0 bn | 0 ≈ | 963.0 m ≈ | 37.0 m | 3.0 bn | 1.0 bn ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 90 percentile of its own 40-quarter history (min 23.6, median 32.2, max 38.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.4 bn | 25.5 bn | 32.2 bn | 39.2 bn | 44.9 bn | 42.9 bn | 42.9 bn | 44.6 bn |
| Revenue YoY | +16.4% | +4.9% | +26.1% | +21.7% | +14.5% | −4.6% | +0.1% | +3.9% |
| Net income | unavailable | 3.7 bn | 6.4 bn | 7.7 bn | 7.0 bn | 6.0 bn | 6.3 bn | 6.7 bn |
| Net income YoY | unavailable | unavailable | +72.4% | +21.2% | −9.9% | −13.9% | +5.7% | +5.8% |
| Diluted EPS | 7.24 | 9.17 | 15.96 | 19.46 | 17.63 | 15.45 | 16.53 | 17.74 |
| Diluted EPS YoY | +29.5% | +26.7% | +74.0% | +21.9% | −9.4% | −12.4% | +7.0% | +7.3% |
| net % | unavailable | 14.5% | 19.8% | 19.7% | 15.5% | 14.0% | 14.8% | 15.0% |
| Free cash flow | 3.8 bn | 4.0 bn | 6.8 bn | 6.8 bn | 6.9 bn | 6.9 bn | 7.3 bn | 6.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.9 bn USD
- Financial debt
- 42.7 bn USD
- Net debt
- 32.9 bn USD
- Equity
- 53.4 bn USD
- Total assets
- 110.3 bn USD
- Debt / equity
- 0.80x
- Current ratio
- 1.89x
- ROE
- 13.0%
- ROA
- 6.5%
- FCF margin
- 14.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 32.2 bn | 39.2 bn | 44.9 bn | 42.9 bn | 42.9 bn | 44.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 1.2 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 6.9 bn | 8.0 bn | 9.0 bn | 8.4 bn | 8.6 bn | 8.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 7.8 bn | 10.0 bn | 8.4 bn | 6.9 bn | 7.3 bn | 7.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 553.0 m | 536.0 m | 726.0 m | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 7.2 bn | 8.8 bn | 7.8 bn | 6.3 bn | 7.0 bn | 7.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 850.0 m | 1.1 bn | 703.0 m | 284.0 m | 657.0 m | 547.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 6.4 bn | 7.7 bn | 7.0 bn | 6.0 bn | 6.3 bn | 6.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 15.96 | 19.46 | 17.63 | 15.45 | 16.53 | 17.74 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 399.0 m | 397.0 m | 394.0 m | 388.0 m | 383.0 m | 378.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.88 | 1.04 | 1.20 | 1.40 | 1.56 | 1.72 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.3 bn | 4.5 bn | 8.5 bn | 8.1 bn | 4.0 bn | 9.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 5.7 bn | 8.0 bn | 8.1 bn | 8.2 bn | 8.2 bn | 8.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 4.0 bn | 5.1 bn | 5.6 bn | 5.1 bn | 5.0 bn | 5.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 22.0 bn | 20.1 bn | 25.2 bn | 24.6 bn | 22.1 bn | 28.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 5.9 bn | 8.3 bn | 9.3 bn | 9.4 bn | 9.3 bn | 10.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 26.0 bn | 41.9 bn | 41.2 bn | 44.0 bn | 45.9 bn | 49.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 12.7 bn | 20.1 bn | 17.4 bn | 16.7 bn | 15.5 bn | 15.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 69.1 bn | 95.1 bn | 97.2 bn | 98.7 bn | 97.3 bn | 110.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 2.2 bn | 2.9 bn | 3.4 bn | 2.9 bn | 3.1 bn | 3.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 2.6 bn | 2.5 bn | 5.6 bn | 3.6 bn | 2.2 bn | 3.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 19.1 bn | 34.7 bn | 34.3 bn | 34.7 bn | 31.1 bn | 39.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 10.3 bn | 13.4 bn | 17.0 bn | 14.0 bn | 13.3 bn | 15.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 34.5 bn | 40.9 bn | 44.0 bn | 46.7 bn | 49.6 bn | 53.4 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.3 bn | 9.3 bn | 9.2 bn | 8.4 bn | 8.7 bn | 7.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 1.5 bn | 2.5 bn | 2.2 bn | 1.5 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 6.8 bn ≈ | 6.8 bn ≈ | 6.9 bn ≈ | 6.9 bn ≈ | 7.3 bn ≈ | 6.3 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -1.5 bn | -21.9 bn | -2.2 bn | -5.1 bn | -5.8 bn | -4.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 959.0 m | 6.6 bn | -2.8 bn | -3.6 bn | -6.8 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 337.0 m | 395.0 m | 455.0 m | 523.0 m | 583.0 m | 636.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 1.5 bn | 2.0 bn | 3.0 bn | 3.0 bn | 4.0 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 261.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet71
- Valuation16
- Quality77
- Growth1
- Returns55
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 203.73 – 379.63 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)203.73 – 379.63 (Mid 270.72)WACC 8.8% · starting FCFF 9.0 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 36.7%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)outside the aggregate22.60 – 30.40 (Mid 25.93)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.5% | 50 (on a fixed band) | 13% |
| Net margin · Quality | 14.9% | 100 (vs peers) | 8% |
| FCF conversion · Quality | 107.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 0.2% | 1 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.5x | 62 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 84 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 37.3x | 0 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.9% | 36 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 8.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 2/3 factors with a value
- Growth1/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns55/100 · 2/2 factors with a value
- Valuation16/100 · 2/3 factors with a value
Memo
THERMO FISHER SCIENTIFIC INC. (TMO). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 44.6 bn USD in 2025; YoY growth 3.9%; net margin 14.9%; ROE 13.4%.
The estimated value range is 203.73–379.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 270.72 USD, the price of 706.16 USD leaves a potential of -61.7% (value / price − 1) and a margin of safety of -160.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.9%
- FCF conversion: 107.4%
- Current ratio: 1.8x
- Payout ratio (FCF): 8.9%
What contradicts it
- Revenue CAGR 3Y: -0.3%
- EPS CAGR 3Y: 0.2%
- P/E (TTM): 37.3x
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Measuring & Controlling Devices, NEC (SIC 3829) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TMOThermo Fisher Scientific Inc. | 261.6 bn | 37.3 | 13.4% | 14.9% | +3.9% | +25% / +55% |
| ROKRockwell Automation, Inc. | 49.3 bn | 41.6 | 34.5% | 13.4% | +0.9% | +12% / +61% |
| TRMBTrimble Inc. | 12.4 bn | — | -2.9% | -4.1% | −2.6% | −33% / +17% |
| ONTOOnto Innovation Inc. | 9.1 bn | 69.4 | 6.8% | 11.8% | unavailable | +29% / +31% |
| MIRMirion Technologies, Inc. | 336.9 m | 159.4 | 1.6% | 2.7% | +7.5% | −31% / +101% |
| OWLTOwlet, Inc. | 132.4 m | — | — | -7.7% | +35.4% | −66% / −10% |
| GEOSGeospace Technologies Corp | 51.0 m | — | -34.4% | -43.1% | −18.3% | −70% / −67% |
| BCHTBirchtech Corp. | 28.9 m | — | -134.4% | -21.7% | +1.3% | −75% / −78% |
| NIKINiki BioSolutions, Inc. | — | — | -6.2% | — | −66.7% | −87% / −90% |
| QSIQuantum-Si Incorporated | — | — | -49.1% | -6,138.3% | −20.3% | −9% / −20% |
1- and 3-year price returns: for TMO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 400.37 Total return -43% · Per year -43% | 709.52 Total return 1% · Per year 1% | 1,071.07 Total return 52% · Per year 52% |
| 3 years | 352.22 Total return -50% · Per year -20% | 705.73 Total return 1% · Per year 0% | 1,174.85 Total return 67% · Per year 19% |
| 5 years | 309.87 Total return -55% · Per year -15% | 701.97 Total return 1% · Per year 0% | 1,288.69 Total return 84% · Per year 13% |
- Exit P/E± 176.43
- Net margin± 123.50
- Annual revenue growth± 106.23
- Annual dilution± 10.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 10-Q (30 Oct 2026).
In brief
Thermo Fisher Scientific (TMO) is a world leader in serving science, supplying instruments, reagents, diagnostics and services to life-science and clinical laboratories 1. Revenue in fiscal 2025 was 44.556 bn USD, up 4% 1, and reached 22.999 bn USD in the first six months of fiscal 2026 2. Organic growth was modest at 2% in fiscal 2025 1 but accelerated to 6% in the third quarter of fiscal 2026 3.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on customer capital spendinghigh
Demand relies on the investment decisions of pharma companies, labs and universities, which can be delayed by economic conditions 1.
- Currency and trade riskhigh
International sales form a large share of revenue, and tariffs and currency swings can affect results reported in dollars 1.
- Goodwill impairmentmedium
Goodwill and intangible assets are significant on the balance sheet, and an impairment could lead to material charges 1.
- Integration of acquisitionsmedium
Acquired businesses may be hard to integrate, and expected synergies may not materialise 1.
- Environmental and regulatory obligationslow
The company has remediation and compliance obligations, and changes in rules could create additional costs 1.
Investment thesis
What would need to be true (bull case)
- A recovery in pharma and biotech demand, combined with productivity-driven margin gains, could sustain profitability expansion 23.
- A broad portfolio and recent acquisitions in bioproduction, proteomics and clinical services could widen growth avenues 12.
- If innovation in high-end instruments continues to convert into sales, organic growth could keep accelerating 3.
What would break the thesis
- Tariffs and currency volatility could keep pressuring margins, particularly in analytical instruments 1.
- High debt and financing costs could limit financial flexibility if interest rates stay elevated 1.
- Public funding delays could hit academic and government sales, especially if budget impasses recur 1.
What to watch
- Updated fiscal 2026 guidance and adjusted margin trajectoryQ4 2026
- Organic growth durability in pharma and biotech2027
- Effect of tariffs and currency on the analytical instruments segment2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 10-Q (30 Oct 2026).
The business
The company reports four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services 1. It serves pharmaceutical and biotech companies, hospitals, clinical labs, universities and government agencies under brands such as Thermo Scientific, Applied Biosystems and Invitrogen 1. Sales run through a direct force of about 14000 people, e-commerce and third-party distributors 1.
Its growth strategy rests on R&D investment, acquisitions and the PPI productivity system, which supported margins in fiscal 2025 and 2026 123. It acquired Olink in 2024 and the filtration and separation business from Solventum in September 2025, and bought Clario in March 2026 12. It also completed the divestiture of its microbiology business in the third quarter of fiscal 2026 3.
Revenue growth in fiscal 2026 was supported by demand from pharma and biotech customers, while academic and government markets were more uneven 2. Continuing efficiency gains lifted GAAP operating margin to 18.6% in the third quarter of fiscal 2026 3.
Segments
Life Sciences Solutions
The segment generated 10.374 bn USD of revenue in fiscal 2025 at a segment income margin of 36.3% 1. Growth came from bioproduction, including the filtration acquisition, and genetic sciences after the Olink deal 1.
Market context
Customers are mainly pharma and biotech companies, academic and government research, industrial and applied markets, and diagnostics 1. Demand depends on customers' capital spending and government funding, and budget delays can postpone orders 1.
In the first half of fiscal 2026 growth was strong in pharma and biotech, while academic and government revenue stayed flat 2. Sales rose in Europe and Asia-Pacific including China, pointing to broader regional recovery 23.
Trends
- Recovery in pharma and biotech demandtailwind
Demand from pharma and biotech firms strengthened in 2026, which could support growth in the laboratory and biopharma services segment if the trend continues 23.
- Artificial intelligence in productsmixed
The company is embedding AI and machine learning into products and internal processes, with 2026 launches featuring faster workflows 13. The pace of adoption could shape its competitive position.
- Tariff and currency pressureheadwind
US and foreign tariffs along with currency volatility weighed on analytical instruments margins in fiscal 2025 1. If these pressures persist they could reduce profitability.
- Uncertain public budgetsheadwind
The federal funding lapse in October 2025 showed that government funding can be delayed, which could weigh on academic demand 1.
Competitive position
The company faces aggressive competition in virtually all its markets from manufacturers, distributors and service providers 1. Key factors include technical performance, product differentiation, depth of capabilities and price 1.
Competition is intensifying as rivals adapt faster to new technologies, and some large customers are also direct competitors 1. To respond, the company invests in innovation and in its sales channels 1.
- Instrument and reagent manufacturers in overlapping markets
The source refers to competitors across several product categories without naming them, so no specific ticker is given.
- Service providers to the pharmaceutical industry
Competition in drug development and manufacturing services is described only generically in the source.
- Third-party laboratory product distributors
The source lists third-party distributors as part of the competitive field without naming them.
- Large customers that also compete directly
Some customers manufacture competing products, which can lead to short-term disruption in purchasing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Thermo Fisher Torrent Suite SoftwareCISA — Cybersecurity Advisories · 15 Oct 2026 · EN
- Thermo Fisher Scientific (TMO) is Positioned for ResurgenceYahoo Finance — News · 18 Sept 2026 · EN
- Thermo Fisher Sees Stronger Demand, Calls 2026 an ‘Outstanding Year’Yahoo Finance — News · 17 Sept 2026 · EN
- Uber initiated, Thermo Fisher upgraded: Wall Street's top analyst callsYahoo Finance — News · 09 Sept 2026 · EN
- Here Are Thursday’s Top Wall Street Analyst Research Calls: Broadcom, Deere & Company, Dell Technologies, Devon Energy, Moderna, Permian Resources, PG&E, Thermo Fisher, Viper Energy, and MoreYahoo Finance — News · 03 Sept 2026 · EN
- Is Thermo Fisher Scientific Stock Outperforming the Nasdaq?Yahoo Finance — News · 31 Aug 2026 · EN
- Medtronic vs. Thermo Fisher: Which Healthcare Turnaround Offers More Upside?Yahoo Finance — News · 23 Aug 2026 · EN
- Abbott vs. Thermo Fisher: Which is the Better Investment, Diversification or Recovery?Yahoo Finance — News · 23 Aug 2026 · EN
- Johnson & Johnson vs. Thermo Fisher: Which Healthcare Growth Story Is More Durable?Yahoo Finance — News · 23 Aug 2026 · EN
- Thermo Fisher vs. Intuitive Surgical: Which Premium Healthcare Stock Deserves its Valuation?Yahoo Finance — News · 23 Aug 2026 · EN
- Thermo Fisher Patches Flaw That Could Make DNA File Tampering Nearly UndetectableThe Hacker News · 03 Aug 2026 · RO
- How much of Thermo Fisher's antibody data has been manipulated?Hacker News · 08 Jun 2026 · EN
The latest news item in our archive is from 15 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Departure or appointment of officers
- Quarterly report30 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Current report24 Mar 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Thermo Fisher Scientific Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Thermo Fisher Scientific Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Thermo Fisher Scientific Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.