Thermo Fisher Scientific Inc (TMO) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Thermo Fisher Scientific Inc stock $686, price $706, that is 2.8% below the price, quality 64 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $388.54 – $709.18 · fair‑value band $410.50 – $891.86 · the $706.16 price screens above the $686.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally.
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It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services.
The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases.
Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories.
The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings.
Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.
Stock analysis
Thermo Fisher Scientific Inc (TMO) currently trades at $706.16, while our model-based Fair Value estimate is $686.04, so the stock looks roughly fairly valued today (gap 2.9%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $407.80 per share, and 0 of the 24 models we run sit above the $706.16 price.
Bear case: the Economic Profit group reads lowest at $174.68, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $410.50 (bear) to $891.86 (bull), the price of $706.16 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thermo Fisher Scientific Inc reported revenue of $44.6B in FY2025 versus $39.2B in FY2021, a compound +3.2%/yr. Reported net income was $6.7B in FY2025, compounding −3.4%/yr from FY2021.
Key figures
Market cap $262B Mega · P/E ratio 37.2 · P/S ratio 5.53 · EPS (TTM) $18.96 · Dividend yield 0.1% · Net margin 14.9% · Return on equity 13.4% · Return on assets (EBIT) 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −29% fair-value upside, at −3%, TMO screens cheaper than that median.
Fair Value models
Bear$410.50Fair Value $686.04Bull$891.86
Price $706.16 · Downside -2.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($15.69 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 5 officers or directors sold shares worth $63.6M and none bought.
SaleLisa P. BrittSr. VP and Chief HR Officer5× since Nov 7, 2025: 31,404 shares, avg. $601.02$18.9MOct 28, 2026
SaleGianluca PettitiPresident & COO5× since Nov 10, 2025: 8,308 shares, avg. $588.86$4.9MAug 31, 202610b5-1 plan
SaleMarc N CasperChairman & CEO, Director7× since Mar 3, 2026: 69,158 shares, avg. $578.07$40.0MAug 24, 202610b5-1 plan
SaleMichael D ShaferExecutive Vice President3× since Nov 25, 2025: 37,832 shares, avg. $595.73$22.5MAug 11, 202610b5-1 plan
SaleJoseph R. HolmesVP & Chief Accounting Officer420 shares at $584.81$245,620Aug 7, 2026
SaleMichel LagardeExecutive Vice President & COO3× since Nov 13, 2025: 88,684 shares, avg. $578.54$51.3MDec 4, 2025
SaleFrederick M. LoweryExecutive Vice President13,825 shares at $589.81$8.2MDec 2, 202510b5-1 plan
Plus 28 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
Start year 2020 (pandemic). Over 10 years: +10.1% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.3%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.3% vs 13.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.25% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+21.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +18.7% a year for the price and +2.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Scale in life sciences supports a moderate moat, yet competition and standard governance limit long-term durability.
Main risk: AI-optimized bioprocess development could reduce the need for extensive empirical screening and labor-intensive services in the Patheon CDMO business, squeezing revenues there.
Bull case: The company could integrate AI tools across its instruments, consumables and services to accelerate customer workflows and deepen reliance on its end-to-end solutions, offsetting any service-side pressure.
Bear case: If AI streamlines bioprocess development and regulatory scrutiny intensifies at key plants, demand for CDMO services could decline while manufacturing capacity faces constraints, limiting growth in that segment.
Thermo Fisher advances its proteomics capabilities through the recent Precure partnership with Mayo Clinic, analyzing data from over a million patient samples to enable earlier disease detection. This complements new product launches and steady demand recovery in pharma services. Will these initiatives expand the addressable market in precision medicine, or will execution risks in data integration slow the returns?
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Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Diagnostics & Research · 126 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−2.8% · Above median
Profitability
Return on equity (12 months)13.4% · Top 25%
Return on assets6.1% · Top 25%
Net margin (12 months)14.9% · Top 25%
Operating margin (12 months)20.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.1% · Above median
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.67× · Highest 25%
Valuation Multiplesvs Diagnostics & Research median · lower = cheaper
P/E (12 months)37.2× · Pricier than median
P/B4.91× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Thermo Fisher Scientific Inc (TMO) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $686.04 versus a price of $706.16, about 3% lower (fairly valued).
What is the fair value of TMO?
Our model-based fair value for Thermo Fisher Scientific Inc is $686.04 (as of Nov 5, 2026), built from audited fundamentals. The current price: $706.16.
What is the quality score of TMO?
Thermo Fisher Scientific Inc has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thermo Fisher Scientific Inc (TMO)?
Our model-based price target is the fair value of $686.04 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario $410.50, optimistic scenario $891.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Thermo Fisher Scientific Inc stock forecast for 2026?
Our models put fair value at $686.04, about 3% lower versus a price of $706.16 (fairly valued). Cautious scenario $410.50, optimistic scenario $891.86. The calculation is refreshed regularly with new filings.
What is the revenue of Thermo Fisher Scientific Inc (TMO)?
Thermo Fisher Scientific Inc reported trailing-twelve-month revenue of about $47.4B (latest available figure, as of Nov 5, 2026).
Does Thermo Fisher Scientific Inc pay a dividend?
Thermo Fisher Scientific Inc currently shows a dividend yield of 0.06% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Thermo Fisher Scientific Inc (TMO)?
For today's price to be fair in a discounted-cash-flow model, Thermo Fisher Scientific Inc would have to grow free cash flow by +21.5 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of TMO use?
Our models discount Thermo Fisher Scientific Inc at 8.5 %: a base by market capitalisation (mega), damped by beta 0.88, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thermo Fisher Scientific Inc that is +21.5 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Thermo Fisher Scientific Inc (TMO) delivered so far?
Over the past 5 years revenue at Thermo Fisher Scientific Inc grew +6.7 % a year. The price currently implies +21.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thermo Fisher Scientific Inc (TMO) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Thermo Fisher Scientific Inc (+21.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thermo Fisher Scientific Inc (TMO)?
The free-cash-flow yield on the price is 2.40 %: that much free cash flow Thermo Fisher Scientific Inc produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thermo Fisher Scientific Inc (TMO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thermo Fisher Scientific Inc it is $686.04 per share (as of Nov 5, 2026), against a price of $706.16. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Thermo Fisher Scientific Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, TMO trades above its calculated fair value: price $706.16, fair value $686.04, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TMO?
No. The price is what the market pays today ($706.16); the fair value is what the company's own numbers justify ($686.04). For Thermo Fisher Scientific Inc the two are $20.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thermo Fisher Scientific Inc worth?
The market values Thermo Fisher Scientific Inc at about $262B (market capitalisation, as of Nov 5, 2026). Per share that is $706.16; our models calculate a fair value of $686.04 per share.
What do the bullish and bearish scenarios say about TMO?
Our models span a range for Thermo Fisher Scientific Inc: cautious scenario $410.50, base $686.04, optimistic $891.86 per share (as of Nov 5, 2026, price $706.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TMO?
Thermo Fisher Scientific Inc trades at a price-to-earnings ratio of 37.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $686.04 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 31.6. Other multiples: PEG 2.0, P/B 4.9, P/S 5.5, EV/EBITDA 23.6.
What is the PEG ratio of TMO?
The PEG ratio of Thermo Fisher Scientific Inc is 2.03 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Thermo Fisher Scientific Inc (TMO)?
Balance-sheet figures for Thermo Fisher Scientific Inc (as of Nov 5, 2026): return on equity 13.4%, debt of 0.67 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is TMO from its 52-week high?
Thermo Fisher Scientific Inc trades at $706.16, at its 52-week high of $709.18 and 61% above the low of $437.57 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $686.04 is for.
Which stocks are comparable to Thermo Fisher Scientific Inc?
From the same area (Healthcare) we also value Danaher Corporation, WuXi AppTec Co, Lonza Group, IDEXX Laboratories, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thermo Fisher Scientific Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $706.16, calculated fair value $686.04 (−3%), Quality Score 64/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TMO calculated?
We run Thermo Fisher Scientific Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $686.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Thermo Fisher Scientific Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thermo Fisher Scientific Inc (TMO)?
The closing price on Nov 4, 2026 was $706.16. Our model-based fair value is $686.04, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thermo Fisher Scientific Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($410.50 to $891.86) leaves room in how you read the outcome.
Where does the earnings growth of Thermo Fisher Scientific Inc (TMO) come from?
Earnings per share at Thermo Fisher Scientific Inc grew +14.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.3 %, EBIT margin +1.8 %, tax rate −0.3 %, residual (interest, one-offs) +1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thermo Fisher Scientific Inc
How large is the market capitalisation of Thermo Fisher Scientific Inc (TMO)?
The market capitalisation of Thermo Fisher Scientific Inc is $262B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thermo Fisher Scientific Inc (TMO)?
The price-to-sales ratio of Thermo Fisher Scientific Inc is 5.53 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thermo Fisher Scientific Inc (TMO)?
Earnings per share at Thermo Fisher Scientific Inc are $18.96 (price ÷ EPS = P/E 37.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thermo Fisher Scientific Inc (TMO)?
The dividend yield of Thermo Fisher Scientific Inc is 0.1% (payout 2.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thermo Fisher Scientific Inc (TMO)?
The net margin of Thermo Fisher Scientific Inc is 14.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thermo Fisher Scientific Inc (TMO)?
The return on equity (ROE) of Thermo Fisher Scientific Inc is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thermo Fisher Scientific Inc (TMO)?
On an EBIT basis the return on assets of Thermo Fisher Scientific Inc is 8.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thermo Fisher Scientific Inc (TMO)?
The operating margin of Thermo Fisher Scientific Inc is 20.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thermo Fisher Scientific Inc (TMO)?
Revenue at Thermo Fisher Scientific Inc is growing +9.1% versus a year earlier (3y avg −0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thermo Fisher Scientific Inc (TMO)?
Earnings per share at Thermo Fisher Scientific Inc are growing +8.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thermo Fisher Scientific Inc (TMO) carry?
The net debt of Thermo Fisher Scientific Inc is $31.0B (fiscal year 2025, ≈ 4.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 5, 2026