TMO

Thermo Fisher ScientificNYSE · Life Sciences Tools & Services · Health Care

Previous close

697.00

Change

−12.18 / −1.72%

FinDog View

Neutral

52-Week Range ?

435.27 – 711.85

P/E (TTM) ?

36.4

Forward P/E ?

24.6

Based on consensus earnings for the next 12 months

Market Cap

$258B

+3.25%

S&P 500 −0.91% over same period

Volume / Avg Volume

2.1M / 2.5M

0.84× average

Latest earnings analysisFY2026 Q2Reported 2026-07-23

Thermo Fisher Q2 2026: revenue up 10.0%, adjusted EPS $6.03 beats consensus

The quarter beat: revenue of $11.99 billion rose 10.0% and adjusted EPS of $6.03 topped the $5.77 consensus estimate shown here. The caveats are that only half of the growth was organic, the GAAP-to-adjusted EPS gap is $1.35 a share, and management has not yet put updated 2026 guidance in the release. Read the numbers below with amortization and acquisition spending in mind.

Read the full analysis →

Revenue$11.99BYoY +10.50%

EPS (non-GAAP)$6.03Beatest. $5.77

Next-day move−0.71%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 36.41M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-07-23	$12.0B	6.03 / 5.77	−0.71%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-04-23	$11.0B	5.44 / 5.29	+0.64%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-01-29	$44.6B	6.57 / 6.51	−2.29%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-10-22	$11.1B	5.79 / 5.55	+0.83%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-07-23	$10.9B	5.36 / —	+1.78%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-04-23	$10.4B	5.15 / —	−1.15%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2027-01-27

in 86 days · After hours

Consensus EPS

$7.34

Last quarter EPS $6.03

Avg. next-day move over the last 6 reports

±1.2%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 78 of its 5-year rangeExpensive

5-year range 24.6 – 38.1 · Median 33.1

Last 4 quarters: $4.0B in buybacks + $673M in dividends, 1.82% of market cap combined

P/E (TTM)

36.4

P/B

4.7

P/S

5.4

Dividend Yield

0.29%

Earnings Reaction

Over the last 6 reports, the stock moved ±1.2% on average on the first trading day after, rising 3 times

Most recent −0.71%

Volatility & Correlation

1-year beta 0.60 · Correlation with S&P 500 0.26Low beta

Annualized volatility 29% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 8 · $40.3MNet selling $40.3M

10-28Britt Lisa P.Sr. VP and Chief HR OfficerSell$2.0M2,831 shares · Avg price 706.45
08-31Pettiti GianlucaPresident & COOSell$2.5M4,133 shares · 2 trades · Avg price 614.38
08-24CASPER MARC NChairman & CEOSell$0.17M275 shares · 4 trades · Avg price 627.05
08-21CASPER MARC NChairman & CEOSell$6.3M10,000 shares · 5 trades · Avg price 626.92
08-20CASPER MARC NChairman & CEOSell$6.3M10,000 shares · 9 trades · Avg price 629.27
08-19Britt Lisa P.Sr. VP and Chief HR OfficerSell$7.0M11,440 shares · Avg price 613.12
08-11Shafer Michael DExecutive Vice PresidentSell$15.3M25,500 shares · 2 trades · Avg price 600.00
08-07CASPER MARC NChairman & CEOSell$0.67M1,134 shares · 3 trades · Avg price 590.46

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q3	12.14	+9.1%	—	2.26	1.72	2.11	4.64
FY2026 Q2	11.99	+10.5%	—	2.09	1.74	1.68	4.68
FY2026 Q1	11.01	+6.2%	—	1.86	1.65	0.82	4.43
FY2025 Q4	12.22	+7.2%	—	2.26	1.98	2.99	5.21
FY2025 Q3	11.12	+4.9%	—	1.94	1.62	1.84	4.27
FY2025 Q2	10.86	+3.0%	—	1.83	1.62	1.11	4.28
FY2025 Q1	10.36	+0.2%	—	1.72	1.51	0.36	3.98
FY2024 Q4	11.40	+4.7%	—	2.02	3.16	2.81	4.78
FY2024 Q3	10.60	+0.2%	—	1.84	1.63	1.89	4.25
FY2024 Q2	10.54	−1.4%	—	1.82	1.55	1.66	4.04
FY2024 Q1	10.35	−3.4%	—	1.66	—	0.90	3.46
FY2023 Q4	10.89	−4.9%	—	1.85	5.96	3.32	4.20

Peers

Largest by market cap in the sector · Latest quarterView Health Care sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
TMO	Thermo Fisher Scientific	$258B	36.4	+9.1%	—	+3.25%	Neutral
LLY	Lilly (Eli)	$1.34T	50.2	+38.6%	83.9%	+22.51%	Bullish	Compare
JNJ	Johnson & Johnson	$666B	41.3	+5.9%	68.1%	+3.20%	Bullish	Compare
ABBV	AbbVie	$522B	81.4	+10.2%	74.7%	+12.73%	Bullish	Compare
UNH	UnitedHealth Group	$367B	23.0	+0.4%	88.1%	+10.87%	Bullish	Compare
MRK	Merck & Co.	$371B	117.2	+5.1%	73.5%	+2.90%	Neutral	Compare
AMGN	Amgen	$254B	28.5	+9.5%	72.0%	+10.56%	Bullish	Compare
GILD	Gilead Sciences	$213B	—	+6.8%	81.1%	+14.51%	Neutral	Compare
ABT	Abbott Laboratories	$184B	39.1	+7.8%	56.2%	+7.46%	Neutral	Compare

The View in One Line

Revenue up 10.5% to $11.99B, adjusted EPS up 13%, but organic only 5%, cash fell sharply and debt rose. Quality unproven.

Updated 2026-10-30

View History

09-17Bullish → Neutral
Revenue +10.5%, adj EPS +13%, but organic growth only 5%, reliant on M&A and FX; cash fell, debt rose, growth quality unproven.

Notable Institutional Holders

Viking Global Investors$971MAdded +16%
Citadel Advisors · Ken Griffin$288MReduced −33%
Renaissance Technologies$68.3M
Bridgewater Associates · Ray Dalio$6.5MReduced −11%
Duquesne Family Office · Stanley Druckenmiller$9,626

As of 2026-06-30

ETFs holding it

XLV Health Care Select Sector SPDR Fund3.84%
SCHG Schwab U.S. Large-Cap Growth ETF1.04%
VTV Vanguard Value ETF0.93%
VOO Vanguard S&P 500 ETF0.40%
IVV iShares Core S&P 500 ETF0.40%
SPY SPDR S&P 500 ETF Trust0.39%
VTI Vanguard Total Stock Market ETF0.36%
RSP Invesco S&P 500 Equal Weight ETF0.28%

Weights estimated at latest prices

Key Events

10-30Management Change
Executive VP Michael D. Shafer to Retire at Year-End
Thermo Fisher announced that Executive Vice President Michael D. Shafer will retire effective December 31, 2026.Source ↗
05-26Governance
Thermo Fisher Shareholders Elect Directors; Executive Compensation Plan Not Passed
At the May 20, 2026 annual meeting, 11 directors were elected to terms through 2027; the advisory executive compensation proposal failed with about 215 million shares opposed, and the auditor reappointment was approved.Source ↗
03-24M&A / Contracts
Thermo Fisher Completes Acquisition of Clario
On March 24, 2026, Thermo Fisher Scientific announced the completion of its acquisition of Clario Holdings, Inc.Source ↗

Key Financial Trends

Quarterly Revenue ($B)12.1

Free Cash Flow ($B)2.1