# Thermo Fisher Scientific, Inc. (TMO) — Stock CV

Thermo Fisher Scientific, Inc. is a $243B healthcare company. Revenue grew 7.2% over the last year, it keeps 15¢ of every dollar of sales as profit, and its net debt equals ~4.0 years of free cash flow. It trades at 34.9× earnings — in the most expensive third of its own history.

> Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents.

## Identity

- **Ticker**: TMO
- **Sector**: Healthcare
- **Industry**: Diagnostics & Research
- **Headquarters**: WALTHAM, MA
- **Employees**: 125 000
- **Website**: https://www.thermofisher.com
- **Market cap**: $243B
- **Last price**: $658.02
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $46.3B
- **Net income**: $6.97B
- **Free cash flow**: $7.32B
- **Net debt**: $29.3B
- **P/E**: 34.9
- **Revenue growth (YoY)**: 7.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 34 |
| Growth | 37 |
| Profitability | 64 |
| Health | 55 |
| Quality | 85 |
| Moat | 70 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +7.2% YoY
- [x] Profitable — $6.97B TTM
- [x] Profit growing — +0.2% YoY
- [x] Generates cash — $7.32B TTM
- [x] Debt under control — ~4.0y of cash flow to repay
- [x] Established company — $243B market cap
- [x] Not printing shares — -5.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 43/100
- [x] Pays a dividend — yield 0.27%
- [x] Valuation not extreme — P/E 34.9

## Experience (career milestones)

- **2025** — Thermo Fisher announced the acquisition of Solventum’s purification and filtration business for…
- **2023** — Thermo Fisher Scientific acquired Olink Holding for $3.1 billion
- **2022** — Thermo Fisher Scientific acquired PeproTech, a developer and manufacturer of recombinant proteins,…
- **FY2021** — Best year on record: $7.72B net income
- **2021** — Thermo Fisher Scientific announced the acquisition of PPD, Inc., a contract research organization,…
- **2019** — Thermo Fisher Scientific announced its entry into the gene therapy manufacturing market with a $1.7…
- **2018** — Thermo Fisher Scientific announced it had signed a definitive agreement with Becton, Dickinson…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $18.3B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2013** — After a competitive bidding with Hoffmann-La Roche, Thermo Fisher acquired Life Technologies…
- **2011** — Thermo Fisher Scientific Inc. bought Phadia to expand into the testing of allergies and autoimmune…
- **2010** — Thermo Fisher Scientific announced its acquisition of Dionex for $2.1 billion
- **1956** — Thermo Electron was co-founded in 1956 by George N

## Strengths

- High gross margin (40.9%)
- Strong cash conversion — FCF is 15.8% of revenue
- Interest covered 18.7× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $39.2B | $7.72B | $6.79B |
| FY2022 | $44.9B | $6.95B | $6.91B |
| FY2023 | $42.9B | $6.00B | $6.93B |
| FY2024 | $42.9B | $6.33B | $7.27B |
| FY2025 | $44.6B | $6.70B | $6.29B |

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Source: https://stockcv.com/TMO — derived from company filings; may be delayed or incomplete. Information, not investment advice.