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STOCK COMPARISON

Merck & Company vs Thermo Fisher Scientific: Fair Value & Quality

Both stocks run through our valuation models. Here is how Merck & Company (MRK) and Thermo Fisher Scientific (TMO) compare, as of Oct 21, 2026.

As of Oct 21, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Merck & Company trades at $148 versus a fair value of $129 (−12.8%), while Thermo Fisher Scientific trades at $687 versus $686 (−0.2%).
Merck & Company
MRK · USD · Health Care
−12.8%
upside to fair value
overvalued
Price$148
Fair Value$129
Quality67/100
Thermo Fisher Scientific
TMO · USD · Health Care
−0.2%
upside to fair value
fairly valued
Price$687
Fair Value$686
Quality62/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Merck & CompanyThermo Fisher Scientific
Valuation
119.6×P/E (TTM)37.0×
15.6×Forward P/E (FY2027)24.9×
14.9×Median P/E at FY-end (ex one-offs where documented)31.6×
5.51×P/S (TTM)5.50×
6.97×P/B4.77× · book value is mostly goodwill
13.8×EV/EBITDA23.9×
2.70×PEG1.98×
−12.8%Fair value upside−0.2%
2.2%Dividend yield0.3%
$3.32Dividend per share$1.80
Profitability
-0.2%Operating margin18.8%
2.70×EBIT margin trend (5Y)0.74×
7.0%Return on equity13.5%
13.3%Return on assets6.1%
Growth
5.1%Revenue growth (YoY)10.5%
3.1%Avg. growth/yr (3Y)-0.3%
n/aAvg. growth/yr (5Y)6.7%
+17.1%Value creation/yr+2.6%
Balance & size
17.3×Interest coverage (EBIT/interest)5.7×
0.89×Debt / equity0.67×
$367BMarket cap$255B
healthyGrowth qualityhealthy
Merck & Company, median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 14.9. Thermo Fisher Scientific, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 31.6.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported. Merck & Company: FY 2026 earnings estimate probably distorted by a special item known to analysts (2.73 is not between the FY 2025 actual of 8.97 and the FY 2027 estimate of 9.49).

Merck & Company leads: 7 to 6 metric wins.

n/a = 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.

Merck & Company Thermo Fisher Scientific
ProfitabilityHow much profit the company makes from its sales and capital
74
43
Quality GrowthAre margins and returns getting better?
36
31
CashflowDo the profits arrive as real cash?
65
62
Financial strengthDebt, balance sheet and risk of trouble
68
60
InvestmentDoes it invest with discipline instead of growing at any price?
71
79
Low VolatilityHow calm the share price moves, does not count
84
70
MomentumPrice trend of the last 3 to 12 months, does not count
84
75
Near the 52-week highDistance to the 52-week high, does not count
95
81
New sharesBuys back shares or issues new ones?
94
97

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyMerck & CompanyPrice $148Thermo Fisher ScientificPrice $687
DCF Models−20.4%below the price$118−39.8%below the price$414
Earnings-Based−53.9%below the price$68.40−70.3%below the price$204
Dividend Discount−52.1%below the price$71.02n/a
Multiples−19.3%below the price$120−54.9%below the price$310
Asset-Based−99.2%below the price$1.18n/a
Growth DCF−39.9%below the price$89.20−47.2%below the price$363
Economic Profit−42.8%below the price$84.83−74.0%below the price$178
Growth Earnings−6.7%close to the price$138−50.1%below the price$343
Minimum−99.2%below the price$1.18−74.0%below the price$178
Maximum−6.7%close to the price$138−39.8%below the price$414
Median−41.3%below the price$87.01−52.5%below the price$326
Geometric mean−62.9%below the price$55.08−58.0%below the price$289

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Merck & Company: 23 of 26 models see the stock below the current price.

Thermo Fisher Scientific: 22 of 22 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Merck & Company
Price $148
Fair Value $129
Bear $74.31Bull $180
Thermo Fisher Scientific
Price $687
Fair Value $686
Bear $411Bull $892

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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.

Merck & Company · Health Care

Quality score67 · Top 25%
Fair value upside−12.8% · above median

Thermo Fisher Scientific · Health Care

Quality score62 · above median
Fair value upside−0.2% · above median

Bottom line

As of Oct 21, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Merck & Company trades at $148 versus a fair value of $129 (−12.8%), while Thermo Fisher Scientific trades at $687 versus $686 (−0.2%).

Merck & Company has the higher quality score (67/100).

Open Thermo Fisher Scientific live analysis →
Merck & Company · Thermo Fisher Scientific

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.