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STOCK COMPARISON

Illumina vs Thermo Fisher Scientific: Fair Value & Quality

Both stocks run through our valuation models. Here is how Illumina (ILMN) and Thermo Fisher Scientific (TMO) compare, as of Aug 8, 2026.

As of Aug 8, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Illumina trades at $194 versus a fair value of $95.51 (-51%), while Thermo Fisher Scientific trades at $580 versus $308 (-47%).
Illumina
ILMN · USD · Health Care
-51%
upside to fair value
overvalued
Price$194
Fair Value$95.51
Quality82/100
Thermo Fisher Scientific
TMO · USD · Health Care
-47%
upside to fair value
overvalued
Price$580
Fair Value$308
Quality64/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

IlluminaThermo Fisher Scientific
Valuation
33.9×P/E (TTM)29.5×
6.43×P/S (TTM)4.41×
10.37×P/B3.74×
24.5×EV/EBITDA20.0×
3.26×PEG1.74×
—Dividend yield0.3%
—Dividend per share$1.76
Profitability
19%Net margin15%
18%Operating margin18%
34%Return on equity14%
9%Return on assets5%
Growth
5%Revenue growth (YoY)6%
-1.8%Avg. growth/yr (3Y)-0.3%
6.0%Avg. growth/yr (5Y)6.7%
Balance & size
0.55×Debt / equity0.67×
$28BMarket cap$199B
mixedGrowth qualityhealthy

Thermo Fisher Scientific leads: 5 to 8 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Illuminaof which business quality 78 · market factors 76 Thermo Fisher Scientificof which business quality 60 · market factors 63
ProfitabilityMargins and returns on capital today
76
43
Quality GrowthAre margins and returns improving?
61
31
CashflowEarnings quality: real cash, not paper profit
78
62
Fin. StrengthBalance sheet, leverage, solvency risk
70
60
InvestmentDisciplined investing over empire-building
97
79
Low VolatilityCalm price path (market factor)
29
68
MomentumPrice trend over the last 3–12 months (market factor)
94
56
52W MomentumDistance to the 52-week high (market factor)
99
68
Net IssuanceBuybacks instead of dilution
92
97

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Illumina

DCF Models$161
Earnings-Based$109
Dividend Discount$109
Multiples$84.32
Asset-Based$12.06
Growth DCF$150
Economic Profit$55.30
Growth Earnings$148

24 of 26 models see the stock below the current price.

Thermo Fisher Scientific

DCF Models$331
Earnings-Based$203
Multiples$310
Asset-Based$96.29
Growth DCF$288
Economic Profit$159
Growth Earnings$324

24 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Illumina
Bear $71.20Fair Value $95.51Bull $119
$194 = current price (white tick)
Thermo Fisher Scientific
Bear $175Fair Value $308Bull $385
$580 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Illumina · Health Care

Quality score82 · Top 25%
Fair value upside-51% · below median

Thermo Fisher Scientific · Health Care

Quality score64 · Top 25%
Fair value upside-47% · below median

Bottom line

As of Aug 8, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Illumina trades at $194 versus a fair value of $95.51 (-51%), while Thermo Fisher Scientific trades at $580 versus $308 (-47%).

Illumina has the higher quality score (82/100).

See the full analysis →
Illumina · Thermo Fisher Scientific

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.