--- title: Thermo Fisher Scientific (TMO) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/tmo ticker: TMO as_of: 2026-10-17 sector: Healthcare industry: Medical - Diagnostics & Research --- # Thermo Fisher Scientific (TMO) Thermo Fisher Scientific (TMO) closed at $690.00 on Oct 16, 2026, overvalued by 78% vs its model value of $388.28 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $690.00 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $388.28 | | Price vs model | overvalued by 78% vs model | | Range of that model | $231.82 – $944.89 | | Market value | $255.1B | | P/E (fiscal 2025) | 38.9 | | Net margin (fiscal 2025) | 15.1% | | Free cash flow (fiscal 2025) | $6.3B | | Dividend yield (trailing twelve months) | 0.27% | | Beta | 0.88 | | Cost of capital (WACC) | 8.33% | | Business classification | Mature & Stable (Low/slowing growth (~2% recent), Moderate margins (15% net margin), Highly cyclical earnings) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Largest companies | #45 | $255.1B | https://sweetvaluelab.com/lists/largest-companies | | Near 52-week highs | #33 | −0.9% | https://sweetvaluelab.com/lists/near-52-week-highs | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 0.27% | | Dividends per share, last 12 months | $1.84 | | Dividends / free cash flow (fiscal 2025) | 10.1% | | Raised | 8 years in a row | | Growth over 5 years | 13.0% a year | | Latest payment | $0.47, ex-date Sep 15, 2026, paid Oct 15, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Sep 14, 2021 | $1.00 | | To Sep 14, 2022 | $1.16 | | To Sep 14, 2023 | $1.35 | | To Sep 13, 2024 | $1.52 | | To Sep 15, 2025 | $1.68 | | Trailing twelve months (to Sep 15, 2026) | $1.84 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $388.28 | $231.82 | $944.89 | | DCF · Perpetuity growth · 10y | cross check | $426.11 | $263.87 | $994.48 | | DCF · EBITDA exit · 5y | cross check | $744.68 | $579.03 | $937.99 | | DCF · EBITDA exit · 10y | cross check | $729.03 | $533.68 | $984.11 | | P/E · peers | cross check | $686.08 | $632.98 | $772.90 | | P/E · own history | cross check | $660.09 | $605.78 | $751.76 | | PEG | sanity check | $409.98 | $409.98 | $409.98 | | EV/EBITDA · peers | cross check | $694.65 | $475.11 | $753.96 | | EV/Revenue · peers | cross check | $658.86 | $532.32 | $885.37 | | Earnings power value | cross check | $140.54 | $107.18 | $188.55 | | Dividend discount | cross check | $44.66 | $30.41 | $74.43 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 6 open-market sales ($2.7M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Sep 26, 2026 | WEISLER DION J | Director | Grant / award | 55.56 | — | | Sep 26, 2026 | SPERLING SCOTT M | Director | Grant / award | 62.96 | — | | Sep 26, 2026 | Lynch Karen S | Director | Grant / award | 46.3 | — | | Sep 26, 2026 | Keith R. Alexandra | Director | Grant / award | 46.3 | — | | Sep 26, 2026 | JOHNSON JENNIFER M | Director | Grant / award | 46.3 | — | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Jul 31, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm | | Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/tmo-20260723.htm | | May 26, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/97745/000009774526000117/tmo-20260520.htm | | May 11, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/97745/000009774526000095/additionalsolicitingmateri.htm | | May 1, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/97745/000009774526000092/tmo-20260328.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Dodge & Cox | 2026-06-30 | 3,054,778 | $1.5B | | Viking Global | 2026-06-30 | 1,937,415 | $971.3M | | Lindsell Train | 2026-06-30 | 514,512 | $258.0M | | First Pacific Advisors | 2026-06-30 | 248,244 | $124.5M | 14 tracked managers in all. ## About 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, a… --- Source: https://sweetvaluelab.com/stocks/tmo (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.