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STOCK COMPARISON

Waters vs Thermo Fisher Scientific: Fair Value & Quality

Both stocks run through our valuation models. Here is how Waters (WAT) 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: Waters trades at $400 versus a fair value of $122 (-69%), while Thermo Fisher Scientific trades at $580 versus $308 (-47%).
Waters
WAT · USD · Health Care
-69%
upside to fair value
overvalued
Price$400
Fair Value$122
Quality63/100
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).

WatersThermo Fisher Scientific
Valuation
46.9×P/E (TTM)29.5×
9.61×P/S (TTM)4.41×
14.14×P/B3.74×
32.6×EV/EBITDA20.0×
1.64×PEG1.74×
Dividend yield0.3%
Dividend per share$1.76
Profitability
12%Net margin15%
3%Operating margin18%
5%Return on equity14%
3%Return on assets5%
Growth
91%Revenue growth (YoY)6%
2.1%Avg. growth/yr (3Y)-0.3%
6.0%Avg. growth/yr (5Y)6.7%
Balance & size
0.55×Debt / equity0.67×
$36BMarket cap$199B
healthyGrowth qualityhealthy

Thermo Fisher Scientific leads: 4 to 9 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.

Watersof which business quality 62 · market factors 66 Thermo Fisher Scientificof which business quality 60 · market factors 63
ProfitabilityMargins and returns on capital today
71
43
Quality GrowthAre margins and returns improving?
33
31
CashflowEarnings quality: real cash, not paper profit
65
62
Fin. StrengthBalance sheet, leverage, solvency risk
70
60
InvestmentDisciplined investing over empire-building
38
79
Low VolatilityCalm price path (market factor)
49
68
MomentumPrice trend over the last 3–12 months (market factor)
68
56
52W MomentumDistance to the 52-week high (market factor)
82
68
Net IssuanceBuybacks instead of dilution
82
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.

Waters

DCF Models$106
Earnings-Based$57.43
Dividend Discount$266
Multiples$106
Asset-Based$17.48
Growth DCF$79.94
Economic Profit$68.87
Growth Earnings$112

26 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.

Waters
Bear $85.37Fair Value $122Bull $159
$400 = 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.

Waters · Health Care

Quality score63 · Top 25%
Fair value upside-69% · bottom 25%

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: Waters trades at $400 versus a fair value of $122 (-69%), while Thermo Fisher Scientific trades at $580 versus $308 (-47%).

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

See the full analysis →

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