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1. Company Snapshot

1.a. Company Description

Thermo Fisher Scientific Inc.provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally.The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases; and solutions include biosciences, genetic sciences, and bio production to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.


Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories.The company's Specialty Diagnostics segment offers liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, as well as calibrators, controls, protein detection assays, and instruments; immunodiagnostics develops, manufactures and markets complete bloodtest systems to support the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; dehydrated and prepared culture media, collection and transport systems, instrumentation, and consumables; human leukocyte antigen typing and testing for organ transplant market; and healthcare products.Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research.


It offers products and services through a direct sales force, customer-service professionals, electronic commerce, and third-party distributors under Thermo Scientific; Applied Biosystems; Invitrogen; Fisher Scientific; Unity Lab Services; and Patheon and PPD.Thermo Fisher Scientific Inc.was founded in 1956 and is headquartered in Waltham, Massachusetts.

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1.b. Last Insights on TMO

Thermo Fisher Scientific Inc.'s recent performance was driven by strong Q3 earnings, beating estimates with $5.79 per share, fueled by margin growth, new launches, and AI-focused strategic initiatives. Institutional investors, such as Boston Research & Management Inc. and Aviso Financial Inc., increased their stakes by 17.6% and 9.1%, respectively. Additionally, Bulltick Wealth Management LLC boosted its holdings by 495.0%, while America First Investment Advisors LLC made a new $22.67 million investment. The company's life science solutions segment is expected to be a key growth area.

1.c. Company Highlights

2. Thermo Fisher Scientific's Strong Q4 2025 Results Exceed Expectations

Thermo Fisher Scientific reported robust financial performance for the fourth quarter of 2025, with revenue growing 7% year over year to $12.21 billion, and adjusted EPS increasing 8% to $6.57 per share, surpassing analyst estimates of $6.45. The company's adjusted operating income grew 6% to $2.88 billion, and adjusted operating margin was 23.6%, despite over 100 basis points of headwind from tariffs and related foreign exchange. For the full year 2025, revenue reached $44.56 billion, a 4% increase, while adjusted EPS grew 5% to $22.87 per share.

Publication Date: Feb -02

📋 Highlights
  • Revenue Growth: Q4 revenue reached $12.21B (+7% YoY), with full-year revenue at $44.56B (+4% YoY).
  • Adjusted EPS Growth: Q4 adjusted EPS hit $6.57 (+8% YoY), and full-year adjusted EPS was $22.87 (+5% YoY).
  • 2026 Guidance: Revenue projected at $46.3B–$47.2B (+4%–6%), with adjusted EPS of $24.22–$24.80 (+6%–8%) assuming 3%–4% organic growth.
  • Segment Performance: Life Science Solutions grew 13% in Q4 (4% organic), while Analytical Instruments saw flat organic growth but optimism around AI integration.
  • Capital Deployment: $16.5B deployed in 2025, including $13B in M&A, and $3B in share buybacks completed in January 2026.

Segment Performance

The Life Science Solutions segment drove growth, with Q4 reported revenue increasing 13% versus the prior year quarter, and organic revenue growth of 4%, led by the bioproduction business. In contrast, the Analytical Instrument segment reported revenue increased 1%, with flat organic revenue growth. The pharma and biotech end market delivered high single-digit growth in Q4, while academic and government declined in the low single digits.

Guidance and Outlook

For 2026, Thermo Fisher Scientific initiated a revenue guidance range of $46.3 billion to $47.2 billion, representing 4% to 6% reported revenue growth, and an adjusted EPS guidance range of $24.22 to $24.80 per share, indicating 6% to 8% growth. The guidance assumes 3% to 4% organic revenue growth and a $300 million revenue tailwind from foreign exchange. Analysts estimate revenue growth at 5.2% for the next year, slightly above the company's guidance.

Valuation

With a P/E Ratio of 32.4 and an EV/EBITDA of 21.86, Thermo Fisher Scientific's valuation appears to reflect a premium for its strong growth prospects and dominant position in the life sciences industry. The company's ROE of 13.14% and ROIC of 7.5% indicate a solid return on equity and invested capital. The dividend yield of 0.3% and free cash flow yield of 2.89% provide a relatively stable return for investors.

Operational Highlights

Thermo Fisher Scientific continued to advance its growth strategy, launching several high-impact products, including the Thermo Scientific Orbitrap Astral and the Thermo Scientific five-liter DynaDrive single-use bioreactor. The company also expanded its US drug product manufacturing footprint through the acquisition of Sanofi's state-of-the-art sterile fill finish site. As Marc Casper noted, "We meaningfully advanced the position of the company, becoming even more relevant for our customers, and enhancing our competitive position."

3. NewsRoom

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Thermo Fisher Scientific Prices Offering of USD-Denominated Senior Notes

Feb -10

Source: businesswire.com

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Thermo Fisher Scientific Inc. $TMO Shares Acquired by Smartleaf Asset Management LLC

Feb -09

Source: defenseworld.net

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Thermo Fisher Scientific Inc. $TMO Shares Sold by Nuance Investments LLC

Feb -09

Source: defenseworld.net

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Thermo Fisher Scientific Inc. (NYSE:TMO) Receives Consensus Rating of “Moderate Buy” from Analysts

Feb -06

Source: defenseworld.net

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Manning & Napier Group, LLC Reduces Stake in UnitedHealth Group Inc by 65.05%

Feb -04

Source: gurufocus.com

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Thermo Fisher: The Market Is Missing The Point, This Pullback Is A Buy (Rating Update)

Jan -30

Source: seekingalpha.com

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Thermo Fisher Scientific Inc (TMO) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic Expansions

Jan -29

Source: gurufocus.com

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Thermo Fisher Scientific Inc. (TMO) Q4 2025 Earnings Call Transcript

Jan -29

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.30%)

6. Segments

Laboratory Products and Biopharma Services

Expected Growth: 5.5%

Thermo Fisher Scientific Inc.'s Laboratory Products and Biopharma Services segment growth of 5.5% is driven by increasing demand for life sciences research, biopharmaceutical production, and COVID-19 related testing. The company's diversified portfolio, innovative products, and strategic acquisitions have enabled it to capitalize on these trends, leading to revenue growth.

Analytical Instruments

Expected Growth: 4.5%

Thermo Fisher Scientific's analytical instruments segment growth of 4.5% is driven by increasing demand for laboratory equipment, expanding applications in life sciences and pharmaceuticals, and strategic acquisitions. The company's strong portfolio of products, including chromatography and mass spectrometry systems, has enabled it to capitalize on emerging trends and gain market share.

Life Sciences Solutions

Expected Growth: 5.0%

Life Sciences Solutions' 5.0% growth is driven by increasing demand for biopharmaceuticals, government funding for research, and a robust pipeline of new therapies. Additionally, Thermo Fisher's strategic acquisitions and innovative product offerings, such as its genetic sequencing and cell therapy solutions, have expanded its market share and capabilities, fueling growth in this segment.

Specialty Diagnostics

Expected Growth: 4.0%

The Specialty Diagnostics segment of Thermo Fisher Scientific Inc. is driven by growing demand for rare disease testing, personalized medicine, and advanced diagnostic technologies. Its 4.0% growth is fueled by increased adoption of genetic testing, expanding applications in oncology, and strategic acquisitions, enabling the company to capitalize on emerging trends in precision medicine.

Eliminations

Expected Growth: 0.0%

The eliminations from Thermo Fisher Scientific Inc. show 0.0% growth, indicating a stable and neutral impact on the company's financials. This suggests that inter-segment transactions and eliminations have remained consistent, with no significant changes in business operations or structure. This stability allows for a focus on organic growth drivers within the company's core segments.

7. Detailed Products

Laboratory Instruments

Thermo Fisher Scientific offers a wide range of laboratory instruments, including spectrophotometers, chromatography systems, and microscopes, designed to support various scientific research and testing applications.

Life Science Reagents

Thermo Fisher Scientific provides a broad portfolio of life science reagents, including antibodies, proteins, and nucleic acid-based products, used in various biological research and diagnostic applications.

Biosciences

Thermo Fisher Scientific offers a range of biosciences products, including gene expression analysis, protein analysis, and cell culture media, used in various biological research and diagnostic applications.

Pharmaceutical Services

Thermo Fisher Scientific provides pharmaceutical services, including contract research, development, and manufacturing, to support the development and commercialization of pharmaceutical products.

Laboratory Consumables

Thermo Fisher Scientific offers a wide range of laboratory consumables, including pipette tips, microplates, and laboratory plastics, used in various scientific research and testing applications.

Bioproduction

Thermo Fisher Scientific provides bioproduction products and services, including cell culture media, bioreactors, and downstream processing, used in the development and manufacturing of biologics and vaccines.

Software and Informatics

Thermo Fisher Scientific offers a range of software and informatics solutions, including laboratory information management systems, electronic laboratory notebooks, and bioinformatics tools, used in various scientific research and testing applications.

8. Thermo Fisher Scientific Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Thermo Fisher Scientific Inc. has a moderate threat of substitutes due to the presence of alternative products and services in the life sciences and biotechnology industries.

Bargaining Power Of Customers

Thermo Fisher Scientific Inc. has a low bargaining power of customers due to its strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

Thermo Fisher Scientific Inc. has a moderate bargaining power of suppliers due to its dependence on a few key suppliers for raw materials and components.

Threat Of New Entrants

Thermo Fisher Scientific Inc. has a low threat of new entrants due to the high barriers to entry in the life sciences and biotechnology industries, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

Thermo Fisher Scientific Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.77%
Debt Cost 4.12%
Equity Weight 57.23%
Equity Cost 7.91%
WACC 6.29%
Leverage 74.73%

11. Quality Control: Thermo Fisher Scientific Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Agilent Technologies

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Growth: 6.1

Quality: 7.8

Yield: 1.0

Momentum: 7.0

Volatility: 7.3

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Quality: 8.6

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Quality: 5.5

Yield: 0.0

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Thermo Fisher

A-Score: 4.8/10

Value: 1.7

Growth: 6.1

Quality: 6.2

Yield: 0.0

Momentum: 7.0

Volatility: 7.7

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Danaher

A-Score: 4.3/10

Value: 1.7

Growth: 3.9

Quality: 6.8

Yield: 1.0

Momentum: 5.0

Volatility: 7.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

539.8$

Current Price

539.8$

Potential

-0.00%

Expected Cash-Flows