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NYSE · MEASURING & CONTROLLING DEVICES, NEC · LARGE CAP

Thermo Fisher Scientific Inc. TMO

19 fiscal years on record · USD · FY2025 reported · SEC filings only
8 YEARS OF DIVIDEND GROWTH
$44.6B
▲ 3.9% YoY
$6.7B
▲ 5.8% YoY
$6.3B
▼ 13.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Thermo Fisher serves customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings. It markets and sells its products and services through a direct sales force, customer-service professionals, electronic commerce and third-party distributors. As of December 31, 2025 the company employed approximately 125,000 colleagues globally, with 59,000 based in the Americas, 44,000 in Europe, the Middle East and Africa, and 22,000 in the Asia-Pacific region. It reports its business in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Through the Life Sciences Solutions segment it provides reagents, instruments and consumables used in biological and medical research, in the discovery and production of new drugs and vaccines and in the diagnosis of disease. Through the Analytical Instruments segment it provides instruments and the supporting consumables, software and services that are used for a range of applications.

Written from the business description in THERMO FISHER SCIENTIFIC INC.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 44.6B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 44.6 · Net income 6.7
20B40B
2007201020132016201920222025
Compound annual growth
−0.3%
+6.7%
+10.1%
+10.2%
+13.3%
+0.2%
+2.1%
+13.7%
+13.9%
+12.7%
+14.3%
+11.1%
+1.7%
+17.2%
+17.2%
+9.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +6.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

15 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 17.4% · Net 15.1%
10%20%
200720162025
ROE
FY2025 · ROE 13.0%
10%20%
200720162025
Three returns, three denominators.
Gross margin·
Operating margin17.4%
Net margin15.1%
EBITDAUSD 8.8B

Each USD of equity produced 13 cents of profit this year.

Cash & shareholders

USD 3.6B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 6.3
3B6B
200720162025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.6 · Net buybacks 3.0
2B4B-2B-3BDividendsNet buybacks
2007201020132016201920222025
Dividends paidUSD 636.0M
Net buybacksUSD 3.0B
Share of profit54.2%
Consecutive raises8 years

USD 636.0M in dividends and USD 3.0B in buybacks — 54% of the year's profit went back to shareholders.

Total assetsUSD 110.3B
EquityUSD 53.4B
CashUSD 9.9B
Gross debtUSD 42.7B
Net debtUSD 32.9B
Current ratio1.89×

Net debt stands at 62% of equity.

The 19-year record

19 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
TMO, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B44.642.942.944.939.232.225.524.420.918.317.016.913.112.511.610.49.910.59.7
Operating income $B7.77.36.98.410.07.84.63.83.02.52.32.51.61.51.31.21.01.21.0
EBITDA $B8.88.57.99.410.98.55.24.33.44.24.04.22.62.52.11.91.82.01.7
Income tax $B0.50.70.30.71.10.80.40.30.2−0.0−0.00.20.00.00.10.10.10.20.1
Net income $B6.76.36.07.07.76.43.72.92.22.02.01.91.31.21.31.00.91.00.7
Free cash flow $B6.37.36.96.96.86.84.03.83.52.82.52.21.71.71.41.31.51.21.3
EPS, diluted $17.7416.5315.4517.6319.4615.969.177.245.595.094.924.713.483.213.462.532.012.251.69
Dividend / sh $1.721.561.401.201.040.880.760.680.600.600.600.600.600.540.000.00◌◌◌
Payout %999755891112121217120————
ROE %13.013.213.216.420.519.912.911.19.59.49.410.17.97.78.76.75.66.75.2

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Thermo Fisher Scientific Inc.vsNorthrop Grumman Corp.Same industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vsMedtronic PLCSame industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vsStryker Corp.Same industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vs3M Co.Same industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vsDanaher Corp.Same industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vsL3harris Technologies, Inc.Same industry: Measuring & Controlling Devices, NECThermo Fisher Scientific Inc.vsBecton Dickinson & Co.Same industry: Measuring & Controlling Devices, NEC
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Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityMeasuring & Controlling Devices, NEC
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2007

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