Thermo Fisher (TMO): analysis in plain words
Is Thermo Fisher cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Thermo Fisher (TMO) is listed on the NYSE and we classify it in healthcare and pharma. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Thermo Fisher according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Thermo Fisher (TMO) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $706.16 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 37.2x | Price over earnings per share |
| Revenue growth | +9.1% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 14.9% | Profit for every 100 of sales |
| Net debt / EBITDA | 2.9x | Years of operating profit to repay debt |
| Dividend yield | 0.27% | Annual dividend over price |
| Market cap | $261.6 billion | What the stock market values it at |
The Thermo Fisher figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any TMO figure that is not available shows as N/A: we do not estimate it.
How Thermo Fisher makes money
Thermo Fisher Scientific sells instruments, reagents and services to drugmakers, labs and hospitals. It reports Laboratory Products and Biopharma Services, the largest, including Fisher Scientific distribution, PPD clinical research and contract drug manufacturing; Life Science Solutions; Analytical Instruments; and Specialty Diagnostics. North America is its biggest market.
Over the last 12 months, Thermo Fisher brought in revenue of $47.4 billion. For every 100 it sells, Thermo Fisher keeps 41.3 after the direct cost of what it sells (gross margin) and 20.2 after all operating costs (operating margin).
Thermo Fisher against its sector
To know whether a Thermo Fisher figure is high or low you have to put it next to similar companies. This table compares Thermo Fisher with the median of the 30 healthcare and pharma companies Fintols covers, with data as of November 4, 2026.
| Figure | Thermo Fisher | healthcare and pharma median |
|---|---|---|
| P/E | 37.2x | 31.3x (30) |
| Revenue growth | +9.1% | +8.3% (33) |
| Net margin | 14.9% | 14.9% (33) |
| Dividend yield | 0.27% | 1.52% (33) |
| Net debt / EBITDA | 2.9x | 1.6x (31) |
In short, against the typical healthcare and pharma company, Thermo Fisher trades on a higher P/E, pays a lower dividend yield and carries more debt. By size, Thermo Fisher ranks number 6 of 28 healthcare and pharma companies quoted in USD on Fintols.
The bull case for Thermo Fisher
What works in favour of Thermo Fisher, according to its figures as of November 4, 2026:
- Analysts expect Thermo Fisher earnings to rise: its P/E on the next 12 months of estimated earnings is 25.4x, below the current 37.2x.
- Thermo Fisher grew sales +9.1% in its latest quarter against the same quarter a year earlier, while the median healthcare and pharma company Fintols tracks grew +8.3%.
The main risk for Thermo Fisher
The Thermo Fisher figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: a key drug losing patent protection or a clinical trial failing, plus government pressure on prices.
Frequently asked questions about Thermo Fisher
Is it a good time to buy Thermo Fisher stock?
Fintols does not tell you whether to buy or sell Thermo Fisher, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Thermo Fisher stock trades at $706.16, 1% below its 52-week high ($712.17) and 62% above its low ($435.27). Its P/E is 37.2x against a healthcare and pharma median of 31.3x, and 25.4x on the earnings analysts expect over the next 12 months. With Thermo Fisher, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Thermo Fisher pay a dividend?
Yes. As of November 4, 2026, Thermo Fisher pays $1.88 per share a year, which at today's price is a yield of 0.27%. It uses 10% of its profit to pay it, which leaves room to keep paying it if profit dips. The healthcare and pharma median on Fintols is 1.52%.
Is Thermo Fisher stock expensive?
It depends on what you compare it with. On P/E, Thermo Fisher trades at 37.2x its last 12 months of earnings: more expensive than the healthcare and pharma median (31.3x). Including its debt, Thermo Fisher is valued at 24.2x its EBITDA (EV/EBITDA). A high P/E alone does not make Thermo Fisher expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Thermo Fisher's competitors?
On Fintols we compare Thermo Fisher with Pfizer, UnitedHealth and HCA Healthcare, which are also in healthcare and pharma. As of November 4, 2026, Pfizer is worth $175.5 billion and trades on a P/E of 44.0; UnitedHealth is worth $367.5 billion and trades on a P/E of 23.4; HCA Healthcare is worth $106.7 billion and trades on a P/E of 16.9. Each has a side-by-side comparison with Thermo Fisher below.
Thermo Fisher competitors
- Pfizer (PFE) analysis · Thermo Fisher vs Pfizer comparison
- UnitedHealth (UNH) analysis · Thermo Fisher vs UnitedHealth comparison
- HCA Healthcare (HCA) analysis · Thermo Fisher vs HCA Healthcare comparison
To understand Thermo Fisher better
- DCF and WACC Explained: A Practical Valuation Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Thermo Fisher: healthcare and pharma stocks, S&P 500 companies and S&P 100 companies. Open the full TMO analysis with its valuation and scenarios. Educational content about Thermo Fisher, not investment advice.