TMONYSEMeasuring & Controlling Devices, NECFiscal year ends December 31
THERMO FISHER SCIENTIFIC INC.
Financials through Q2 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Jul 31, 2026
$679.38−10.62 (-1.54%)
Close on Oct 19, 2026
- Market cap
- $252.05B
- P/E (TTM)
- 36.6
- Dividend yield
- 0.25%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
17.4%−6.8 pts over 5 years
Net margin
15.0%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.9% | -0.3% | +6.7% | +10.1% | |
| Operating income | +5.6% | -2.6% | -0.1% | +12.7% | |
| Net income | +5.8% | – | – | – | |
| EPS, diluted | +7.3% | +0.2% | +2.1% | +13.7% | |
| Free cash flow | -13.4% | -3.1% | -1.6% | +9.6% | |
| Dividend per share | +10.3% | +12.7% | +14.3% | +11.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 13.0% | |
| Return on assets | – | – | 6.5% | |
| Current ratio | 1.44 | 2.13 | 1.89 | |
| Debt to equity | 0.77 | 0.63 | 0.74 | |
| Net debt to EBITDA | 3.75× | – | – | |
| Interest coverage | 5.2× | 14.1× | 5.5× | |
| Inventory turnover | 3.9× | – | – | |
| Capex to revenue | 2.4% | 4.6% | 3.4% | |
| Diluted shares | 397M | 399M | 378M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Thermo Fisher Scientific generated $43.36B from operations and spent $26.76B on capital expenditure, dividends and share buybacks. 34% of that went back into the business.
Generated
$43.36B
Used
$26.76B
Capital expenditure$9.17B34%Dividends$2.59B10%Share buybacks$15.00B56%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.0%
×Asset turnover0.43×
×Equity multiplier2.02×
=Return on equity, FY202513.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.0% | 0.43× | 2.02× | 13.0% |
| FY2024 | 14.8% | 0.44× | 2.04× | 13.2% |
| FY2023 | 14.0% | 0.44× | 2.16× | 13.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$6.70B
- Cash generatingOperating cash flow above zero$7.82B
- Return on assets improvedROA up on the prior year6.4% → 6.9%
- Earnings backed by cashOperating cash flow above net income$7.82B vs $6.70B
- Less leverageLong-term debt to assets fell29.9% → 32.5%
- Better liquidityCurrent ratio rose1.66 → 1.89
- No dilutionShare count did not rise383M → 378M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.43 → 0.46