Thermo Fisher Scientific (TMO)
Forward P/E is 26.39x against a peer median of 27.82x, a ratio of 0.95x — inside the 0.90–1.15 fairly priced band — with trailing P/E 37.43x and PEG 2.61. Latest-quarter revenue grew 10.5% year over year (PRIMARY, EDGAR), above the group pace, but the PEG is well above 1.2, so the conditions for a move to UNDERVALUED are not met. Delivered demand check: the Life sciences tools & services group's median growth was 8.1% year over year — demand rising, and this company is growing faster than that pace.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 25.0x or below (0.90x the peer median) at unchanged estimates and the PEG falls to about 1.2 or below. Move to OVERVALUED if the forward P/E rises above about 32.0x (1.15x the peer median) without revenue growth rising above 15% year over year.
Thermo Fisher sells laboratory instruments, chemicals and research services used around the world. Its shares cost about the same as similar companies while its sales grow a little faster, but the price is still full compared with that growth. That makes the shares fairly priced.
Both lines start at 100 on 2020-09-01. Over the full window Thermo Fisher Scientific returned +59.78% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Thermo Fisher Scientific: -41.5% (2021-12-31 to 2025-06-17). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 26.39x against a peer median of 27.82x, a ratio of 0.95x — inside the 0.90–1.15 fairly priced band — with trailing P/E 37.43x and PEG 2.61. Latest-quarter revenue grew 10.5% year over year (PRIMARY, EDGAR), above the group pace, but the PEG is well above 1.2, so the conditions for a move to UNDERVALUED are not met. Delivered demand check: the Life sciences tools & services group's median growth was 8.1% year over year — demand rising, and this company is growing faster than that pace. The company’s forward P/E is 26.4× against a peer median of 27.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Life sciences tools & services group's median latest-quarter revenue growth was 8.1% year over year (SEC filings) — demand rising. This company grew 10.5%, faster than that pace. Latest-quarter sales growth was +10.5% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Thermo Fisher Scientific (TMO) | $710.00 | 26.4× | 37.4× |
| DHR | — | 26.1× | 38.8× |
| A | — | 27.8× | 36.0× |
| WAT | — | 30.9× | 216.8× |
| IQV | — | 20.2× | 34.0× |
| ILMN | — | 51.0× | 54.1× |
| Peer median | 27.8× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-27 | $12.0B | — | $1.7B | 4.68 | $1.7B |
| Q/E Mar 2026 2026-03-28 | $11.0B | — | $1.7B | 4.43 | $816M |
| Q/E Dec 2025 2025-12-31 | $12.2B | — | $2.0B | — | $3.0B |
| Q/E Sep 2025 2025-09-27 | $11.1B | — | $1.6B | 4.27 | $1.8B |
| Q/E Jun 2025 2025-06-28 | $10.9B | — | $1.6B | 4.28 | $1.1B |
| Q/E Mar 2025 2025-03-29 | $10.4B | — | $1.5B | 3.98 | $361M |
| Q/E Dec 2024 2024-12-31 | $11.4B | — | $1.8B | — | $2.8B |
| Q/E Sep 2024 2024-09-28 | $10.6B | — | $1.6B | 4.25 | $1.9B |
| Q/E Jun 2024 2024-06-29 | $10.5B | — | $1.5B | 4.04 | $1.7B |
| Q/E Mar 2024 2024-03-30 | $10.3B | — | $1.3B | 3.46 | $904M |
| Q/E Dec 2023 2023-12-31 | $10.9B | — | $1.6B | — | $3.3B |
| Q/E Sep 2023 2023-09-30 | $10.6B | — | $1.7B | 4.42 | $2.1B |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | THERMO FISHER SCIENTIFIC INC. |
| Chief executive | Marc N. Casper (source: https://www.businesswire.com/news/home/20261020833836/en/Thermo-Fisher-Scientific-Reports-Third-Quarter-2026-Results) |
| Sector | Health Care — Life Sciences Tools & Services — sells laboratory instruments, chemicals, diagnostics and research services |
| Share price (Oct 28, 2026) | $710.00 |
| Market value (market cap) | $256.2B — share price times shares outstanding of 369,747,286 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $46.3B |
| Net income, last twelve months | $7.0B |
| Free cash flow, last twelve months | $7.3B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +59.78% vs +118.28% |
| Worst peak-to-trough fall | -41.5% (2021-12-31 to 2025-06-17) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000097745.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000097745.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/TMO/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.