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STOCK COMPARISON

Thermo Fisher Scientific vs Waters: Fair Value & Quality

Both stocks run through our valuation models. Here is how Thermo Fisher Scientific (TMO) and Waters (WAT) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Thermo Fisher Scientific trades at $618 versus a fair value of $308 (-50%), while Waters trades at $414 versus $122 (-71%).
Thermo Fisher Scientific
TMO · USD · Health Care
-50%
upside to fair value
overvalued
Price$618
Fair Value$308
Quality64/100
Waters
WAT · USD · Health Care
-71%
upside to fair value
overvalued
Price$414
Fair Value$122
Quality61/100
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Head-to-head numbers

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

Thermo Fisher ScientificWaters
Valuation
29.5×P/E (TTM)52.2×
4.41×P/S (TTM)9.61×
3.74×P/B14.14×
20.0×EV/EBITDA32.6×
1.74×PEG1.64×
−50.2%Fair value upside−70.5%
0.3%Dividend yield4.3%
$1.76Dividend per share—
Profitability
18%Operating margin3%
0.74×EBIT margin trend (5Y)1.03×
14%Return on equity5%
5%Return on assets3%
Growth
6%Revenue growth (YoY)91%
-0.3%Avg. growth/yr (3Y)2.1%
6.7%Avg. growth/yr (5Y)6.0%
+2.6%Value creation/yr+8.7%
Balance & size
5.7×Interest coverage (EBIT/interest)17.6×
0.67×Debt / equity0.55×
$199BMarket cap$36B
healthyGrowth qualityhealthy

Thermo Fisher Scientific leads: 8 to 7 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.

Thermo Fisher Scientificof which business quality 60 · market factors 71 Watersof which business quality 62 · market factors 70
ProfitabilityMargins and returns on capital today
43
71
Quality GrowthAre margins and returns improving?
31
33
CashflowEarnings quality: real cash, not paper profit
62
65
Fin. StrengthBalance sheet, leverage, solvency risk
60
70
InvestmentDisciplined investing over empire-building
79
38
Low VolatilityCalm price path (market factor)
69
50
MomentumPrice trend over the last 3–12 months (market factor)
68
72
52W MomentumDistance to the 52-week high (market factor)
77
90
Net IssuanceBuybacks instead of dilution
97
82

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 familyThermo Fisher ScientificPrice $618WatersPrice $414
DCF Models-43%below the price$354-73%below the price$112
Earnings-Based-67%below the price$203-86%below the price$57.43
Dividend Discountn/a-36%below the price$266
Multiples-50%below the price$308-69%below the price$128
Asset-Based-84%below the price$96.29-96%below the price$17.48
Growth DCF-53%below the price$288-79%below the price$86.15
Economic Profit-74%below the price$159-83%below the price$68.87
Growth Earnings-45%below the price$341-71%below the price$122
Minimum-84%below the price$96.29-96%below the price$17.48
Maximum-43%below the price$354-36%below the price$266
Median-53%below the price$288-76%below the price$99.30
Geometric mean-63%below the price$229-79%below the price$85.19

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%.

Thermo Fisher Scientific: 24 of 24 models see the stock below the current price.

Waters: 26 of 26 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.

Thermo Fisher Scientific
Bear $171Fair Value $308Bull $385
$618 = current price (white tick)
Waters
Bear $85.37Fair Value $122Bull $159
$414 = 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.

Thermo Fisher Scientific · Health Care

Quality score64 · Top 25%
Fair value upside-50% · below median

Waters · Health Care

Quality score61 · above median
Fair value upside-71% · bottom 25%

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Thermo Fisher Scientific as the less overvalued of the two: Thermo Fisher Scientific trades at $618 versus a fair value of $308 (-50%), while Waters trades at $414 versus $122 (-71%).

Thermo Fisher Scientific has the higher quality score (64/100).

See the full analysis →
Thermo Fisher Scientific · Waters

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