Thermo Fisher Scientific TMO

NYSE · Measuring & Controlling Devices, Nec · $261.1B

$676.94−4.14%Nov 5 close · Databento

Every report since 2023 →

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TMO Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $676.941D −4.14%3M +12.88%SMA20 $685.32SMA50 $659.53RSI(14) 49.2

676.94

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 49.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$261.1B

EV / True FCF49.1x

Revenue$44.6B +3.9%

True FCF (ex-SBC)$6.0B −13.4%

Rule of 4018.0%

ROIC8.3%

True FCF Yield2.3%

EPS, diluted$17.74 +7.3%

Modern Valuation (EOD)

Market Cap$261.1B

Enterprise Value$293.9B

EV / True FCF49.13

EV / FCF46.71

EV / Gross Profit—

EV / EBIT37.95

EV / Sales6.60

P / E (GAAP)38.85

P / FCF41.49

P / Oper. CF33.40

P / Book4.89

Owner & Cash Yields

True FCF Yield2.3%

FCF Yield2.4%

Owner Earn. Yield2.3%

Earnings Yield2.6%

Shareholder Yield+1.3%

Buyback Yield1.1%

Dividend Yield0.25%

Dividend / sh$1.72

Payout Ratio10%

FCF / sh$16.98

EPS (diluted)$17.74

Compounder & Returns

Rule of 4018.0%

ROIC8.3%

Cash ROIC (CROIC)7.3%

GP / Assets—

ROE12.6%

ROA6.1%

Gross Margin—

Oper. Margin17.4%

Net Margin15.1%

FCF Margin14.1%

True FCF Margin13.4%

Quality & Dilution

Cash Conversion94%

Accrual Ratio−1.0%

SBC % of FCF4.9%

SBC % of Rev0.7%

Reinvest. Rate37%

Sales Growth Y/Y+3.9%

Sales 3Y CAGR−0.3%

EPS Growth Y/Y+7.3%

FCF Growth Y/Y−13.4%

FCF 3Y CAGR−3.1%

Share Change Y/Y−1.3%

Balance Sheet & Scale

Revenue (FY)$44.6B

Gross Profit (FY)—

Oper. Income (FY)$7.7B

GAAP Net Income$6.7B

True FCF (ex-SBC)$6.0B

Cash & Equiv$9.9B

Total Debt$42.7B

Net Cash (Debt)$-32.8B

Net Cash % MCap−12.6%

Debt / FCF (yrs)6.8y

Current Ratio1.89370.52M sh

Price & Technicals (EOD)

Perf Week−4.55%

Perf Month+2.25%

Perf Quarter+13.96%

Perf Half Y+42.68%

Perf YTD+28.69%

SMA 20 Dist−1.22%$685.32

SMA 50 Dist+2.64%$659.53

SMA 100 Dist+11.83%$605.32

Window High−4.55%$709.18

Window Low+54.43%$438.34

RSI (14) · Vol49.229%v

Income Distribution & Cash Flow ConversionHow every dollar of TMO revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$9.0B ($20.1 / $100)

R&D Reinvestment$1.4B ($3.1 / $100)

SG&A & Other OpEx$26.4B ($59.3 / $100)

Tax & Non-Operating$1.0B ($2.3 / $100)

Net Profit Kept$6.7B ($15.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$6.7B (15.1% margin)

Operating Cash Flow (OCF)$7.8B(17.5% of rev)

Less: Capital Expenditures−$1.5B(3.4% of rev)

Standard Free Cash Flow (FCF)$6.3B(14.1% margin)

Less: Stock-Based Comp (SBC)−$310.0M(4.9% of FCF)

True FCF (Owner Cash ex-SBC)$6.0B(13.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$39.2B	$44.9B	$42.9B	$42.9B	$44.6B	+3.9%	+3.2%
Cost of Revenue (COGS)	—	—	—	—	$9.0B	—	—
Research & Development (R&D)	$1.4B	$1.5B	$1.3B	$1.4B	$1.4B	+0.5%	−0.2%
Selling, General & Admin (SG&A)	$8.0B	$9.0B	$8.4B	$8.6B	$8.7B	+1.6%	+2.2%
Operating Income (EBIT)	$10.0B	$8.4B	$6.9B	$7.3B	$7.7B	+5.6%	−6.3%
Interest Expense	$536.0M	$726.0M	$1.4B	$1.4B	$1.4B	+2.1%	+27.6%
Income Tax Expense	$1.1B	$703.0M	$284.0M	$657.0M	$547.0M	−16.7%	−16.2%
GAAP Net Income	$7.7B	$7.0B	$6.0B	$6.3B	$6.7B	+6.0%	−3.4%
Diluted EPS	$19.46	$17.63	$15.45	$16.53	$17.74	+7.3%	−2.3%
Diluted Shares	397.0M	394.0M	388.0M	383.0M	378.0M	−1.3%	−1.2%
Balance Sheet
Cash & Equivalents	$4.5B	$8.5B	$8.1B	$4.0B	$9.9B	+144.5%	+21.8%
Inventory	$5.1B	$5.6B	$5.1B	$5.0B	$5.4B	+9.0%	+1.8%
Total Current Assets	$20.1B	$25.2B	$24.6B	$22.1B	$28.7B	+29.7%	+9.3%
Total Assets	$95.1B	$97.2B	$98.7B	$97.3B	$110.3B	+13.4%	+3.8%
Total Current Liabilities	$13.4B	$17.0B	$14.0B	$13.3B	$15.2B	+13.9%	+3.1%
Total Debt (Short + Long Term)	$37.2B	$39.9B	$38.3B	$33.3B	$42.7B	+28.3%	+3.5%
Stockholders' Equity	$40.9B	$44.0B	$46.7B	$49.6B	$53.4B	+7.8%	+6.9%
Net Cash / (Net Debt)	$-32.7B	$-31.3B	$-30.2B	$-29.2B	$-32.8B	−12.2%	—
Invested Capital	$73.6B	$75.4B	$77.0B	$78.8B	$86.2B	+9.4%	+4.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$9.3B	$9.2B	$8.4B	$8.7B	$7.8B	−9.8%	−4.3%
Depreciation & Amortization (D&A)	$831.0M	$986.0M	$1.1B	$1.2B	$1.1B	−9.2%	+6.0%
Stock-Based Compensation (SBC)	$230.0M	$307.0M	$278.0M	$301.0M	$310.0M	+3.0%	+7.7%
Capital Expenditures (CapEx)	$2.5B	$2.2B	$1.5B	$1.4B	$1.5B	+8.9%	−11.8%
Free Cash Flow (FCF)	$6.8B	$6.9B	$6.9B	$7.3B	$6.3B	−13.4%	−1.9%
True FCF (ex-SBC Owner Cash)	$6.6B	$6.6B	$6.6B	$7.0B	$6.0B	−14.1%	−2.3%
Share Repurchases (Buybacks)	$2.0B	$3.0B	$3.0B	$4.0B	$3.0B	−25.0%	+10.7%
Dividends Paid	$395.0M	$455.0M	$523.0M	$583.0M	$636.0M	+9.1%	+12.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what TMO did at the next close after each story

No Wire story has named TMO yet.

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 3.11% from the one before, three times TMO’s median day (1.04%). On 4 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.11%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayTMOWhat we hold that dayGroup (median of 4) · each

1 Jan 5, 2026+3.15%
Before our storiesgroup +2.5%, moved with TMO
1Jan 5, 2026+3.15%
Before our stories
+2.5% moved with TMOONTO +7.4 · MIR +3.4 · ROK +1.6 · TRMB +1.2
2 Feb 5, 2026−4.04%
Before our storiesgroup −2.6%, moved with TMO
2Feb 5, 2026−4.04%
Before our stories
−2.6% moved with TMOROK −5.4 · MIR −3.5 · TRMB −1.6 · ONTO +0.1
3 Feb 12, 2026−3.29%
Before our storiesgroup −1.1%, did not move with it
3Feb 12, 2026−3.29%
Before our stories
−1.1% did not move with itROK −6.1 · ONTO −3.5 · TRMB +1.4 · MIR +2.0
4 Mar 6, 2026−3.25%
Before our storiesgroup −3.0%, moved with TMO
4Mar 6, 2026−3.25%
Before our stories
−3.0% moved with TMOONTO −8.7 · MIR −3.7 · ROK −2.3 · TRMB −0.5
5 Mar 12, 2026−4.00%
Before our storiesgroup −4.1%, moved with TMO
5Mar 12, 2026−4.00%
Before our stories
−4.1% moved with TMOMIR −7.3 · ONTO −4.2 · ROK −4.0 · TRMB −2.1
6 Mar 27, 2026−3.17%
Before our storiesgroup −1.5%, did not move with it
6Mar 27, 2026−3.17%
Before our stories
−1.5% did not move with itTRMB −3.8 · MIR −2.0 · ROK −0.9 · ONTO −0.3
7 Apr 13, 2026+3.65%
Before our storiesgroup +1.6%, did not move with it
7Apr 13, 2026+3.65%
Before our stories
+1.6% did not move with itTRMB +3.3 · ROK +3.0 · MIR +0.3 · ONTO −1.8
8 Apr 23, 2026−9.20%
Resultsgroup −0.6%, did not move with it
8Apr 23, 2026−9.20%
ResultsFirst close after the Apr 23 results filing
−0.6% did not move with itTRMB −3.0 · ONTO −1.7 · ROK +0.5 · MIR +0.8
9 May 28, 2026+6.80%
Before our storiesgroup −0.1%, did not move with it
9May 28, 2026+6.80%
Before our stories
−0.1% did not move with itMIR +0.8 · TRMB +0.1 · ROK −0.3 · ONTO −3.0
10 Jun 9, 2026+5.20%
Before our storiesgroup +0.3%, did not move with it
10Jun 9, 2026+5.20%
Before our stories
+0.3% did not move with itROK +1.9 · ONTO +1.9 · TRMB −1.3 · MIR −1.5
11 Jun 24, 2026+4.87%
Nothing on TMOgroup +1.4%, did not move with it
11Jun 24, 2026+4.87%
Nothing on TMONo TMO story, brief or results filing in our record that day
+1.4% did not move with itONTO +2.0 · TRMB +1.9 · ROK +0.9 · MIR −3.0
12 Jul 23, 2026+8.71%
Resultsgroup +0.5%, did not move with it
12Jul 23, 2026+8.71%
ResultsFirst close after the Jul 23 results filing
+0.5% did not move with itMIR +1.8 · ROK +0.5 · TRMB +0.5 · ONTO −1.4
13 Aug 19, 2026+4.16%
Nothing on TMOgroup +0.8%, did not move with it
13Aug 19, 2026+4.16%
Nothing on TMONo TMO story, brief or results filing in our record that day
+0.8% did not move with itTRMB +4.0 · MIR +1.8 · ROK −0.1 · ONTO −5.0
14 Sep 15, 2026+4.53%
Nothing on TMOgroup −0.2%, did not move with it
14Sep 15, 2026+4.53%
Nothing on TMONo TMO story, brief or results filing in our record that day
−0.2% did not move with itMIR +1.9 · TRMB +0.1 · ROK −0.4 · ONTO −2.4
15 Oct 1, 2026−3.34%
Nothing on TMOgroup +1.6%, did not move with it
15Oct 1, 2026−3.34%
Nothing on TMONo TMO story, brief or results filing in our record that day
+1.6% did not move with itTRMB +0.7 · MIR +1.6 · ROK +1.6 · ONTO +2.3
16 Oct 5, 2026+3.35%
Nothing on TMOgroup +1.2%, did not move with it
16Oct 5, 2026+3.35%
Nothing on TMONo TMO story, brief or results filing in our record that day
+1.2% did not move with itTRMB +2.2 · MIR +2.2 · ROK +0.2 · ONTO −0.7
17 Oct 15, 2026+3.46%
Nothing on TMOgroup −1.3%, did not move with it
17Oct 15, 2026+3.46%
Nothing on TMONo TMO story, brief or results filing in our record that day
−1.3% did not move with itTRMB +3.2 · ROK −0.3 · MIR −2.3 · ONTO −3.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of ROK, TRMB, ONTO and MIR that day, the largest companies in TMO’s SEC industry; “moved with TMO” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). TMO reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 29, 2026

day 1−2.61%day 6−10.80%

Reported Apr 23, 2026

day 1−9.20%day 6−6.81%

Reported Jul 23, 2026

day 1+8.71%day 6+9.56%

Reported Oct 21, 2026

day 1+0.97%day 6+2.44%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 21 report: +2.73%. Four reports is a small sample.

Every report since 2023 →

Each line is TMO’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

TMO against four same-industry peers, a year at 100

TMO is up 23.4% in a year. Onto Innovation is up 32.9%. Of these four, Rockwell Automation (+18.8%), Trimble (−31.2%) and Mirion Technologies (−34.5%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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TMO +23.4%. Onto Innovation +32.9%, Rockwell Automation +18.8%, Trimble −31.2%, Mirion Technologies −34.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in TMO’s SEC industry (Measuring & Controlling Devices, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

ROK	Rockwell Automation	$49.3B	−14.15%
TRMB	Trimble	$12.7B	−1.12%
ONTO	Onto Innovation	$9.1B	−15.60%
MIR	Mirion Technologies	$4.7B	−4.67%
QSI	Quantum-Si	$255M	−9.30%
OWLT	Owlet	$132M	−6.40%
GEOS	Geospace Technologies	$51M	−8.63%
BCHT	Birchtech	$29M	−6.36%