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Thermo Fisher Scientific Inc. — Intrinsic Value & Fair Price

TMO
NYSEHealthcareMedical - Diagnostics & ResearchCIK 0000097745thermofisher.comAbout TMO
Last close · Oct 16, 2026690.00−6.49 (−0.93%)
Market cap$255.1B
Model value · DCF · Perpetuity growth · 5y
388.28
Thermo Fisher Scientific closed at $690.00 — overvalued by 78% vs model.
231.82the model's range944.89

DCF · Perpetuity growth · 5y leads for mature & stable — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
44.66 – 744.68
Wall St. target
730.00 5% below
Above model, 1y
21 of 21 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.27%
Past 2 years
low 0.24%high 0.42%
Dividends per share, a year at a time
$1.00Sep ’21$1.16Sep ’22$1.35Sep ’23$1.52Sep ’24$1.68Sep ’25$1.84TTM
Dividends / free cash flow, FY2025
10.1%
Raised
8 years in a row
Growth, 5 yrs
13.0% a year
Last change
+9.3% · Mar 2026
Every payment, with ex-dates · latest $0.47, paid Oct 15, 2026

Research on TMO

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How it is valued

Valued asMature & Stable
Low/slowing growth (~2% recent)Moderate margins (15% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
38.9×
EV / EBITDA
24.8×
FCF yield
2.4%
Dividend yield, TTM
0.27%
Beta
0.88
Cost of capital (WACC)
8.33%
Full financials

Analyst actions

third-party, quoted
10-15Guggenheim · target740.00
10-15RBC Capital · target740.00
10-12Morgan Stanley · target730.00
06-03HSBC · “Hold” from “Buy”downgrade
Ratings, targets and estimates

The weekly

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About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is a global leader in scientific services, providing a comprehensive range of offerings that include life sciences solutions, advanced analytical instruments, specialized diagnostic products, and an extensive portfolio of laboratory supplies and biopharmaceutical services. The company's reach extends across North America, Europe, Asia-Pacific, and other international markets. Its Life Sciences Solutions division furnishes researchers with essential reagents, state-of-the-art instruments, and consumables vital for biological and medical exploration, the development and manufacturing of therapeutics and vaccines, and the detection of infections and various diseases. This segment encompasses bioscience, genetic science, and bioproduction technologies, serving a broad spectrum of clients in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and governmental sectors. The Analytical Instruments segment delivers a variety of precision instruments, consumables, software, and support services to pharmaceutical, biotechnology, academic, governmental, environmental, and industrial research environments, as well as clinical laboratories. The Specialty Diagnostics segment offers an array of diagnostic tools, including liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, alongside calibrators, controls, protein detection assays, and accompanying instruments. This also features the creation and distribution of complete blood test systems to aid in the clinical diagnosis and monitoring of allergies, asthma, and autoimmune diseases. Furthermore, it provides dehydrated and prepared culture media, specimen collection and transport systems, related instrumentation and consumables, human leukocyte antigen (HLA) typing and testing crucial for the organ transplant sector, and other healthcare products. Lastly, the Laboratory Products and Biopharma Services segment supplies laboratory equipment, serves the research and safety markets through its channels, and offers extensive pharmaceutical services, encompassing clinical research support. The company's products and services are distributed through a dedicated direct sales team, customer service professionals, online commerce platforms, and a network of third-party distributors. Its recognized brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, and PPD. Thermo Fisher Scientific Inc. was established in 1956 and is headquartered in Waltham, Massachusetts.

CEO
Marc N. Casper
Headquarters
Waltham, MA
Employees
125,000
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.