TMO Financials Thermo Fisher Scientific

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 30 h ago Overview →

Growth & profitability

Revenue has grown 6.7% per year over the past 5 years.
Net income has grown slower than revenue (-3.4% vs 6.7% per year).
Operating margin has contracted, at 17.4% in the latest year.
Free cash flow has declined 1.6% per year over the past 5 years.

Financial health

Total debt ($39.2B) exceeds cash ($9.9B); net debt is $29.3B.
Total debt has grown faster than revenue (12.5% vs 6.7% per year).
Operating income covered interest expense 5.5× in the latest year.
Total debt is 5.1× EBITDA.

Shareholder returns

Dividends have been paid for 12 consecutive years, consuming 9.5% of earnings and 10.1% of free cash flow.
The dividend has grown 13.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$44.6B	$6.7B	0.0%	17.4%	$6.3B	$39.2B	$9.9B
2024	$42.9B	$6.3B	0.0%	17.1%	$7.3B	$31.1B	$4.0B
2023	$42.9B	$6.0B	0.0%	16.0%	$6.9B	$34.7B	$8.1B
2022	$44.9B	$7.0B	0.0%	18.7%	$6.9B	$34.3B	$8.5B
2021	$39.2B	$7.7B	0.0%	25.6%	$6.8B	$34.7B	$4.5B
2020	$32.2B	—	0.0%	24.2%	$6.8B	$21.7B	$10.3B
2019	$25.5B	—	0.0%	18.0%	$4.0B	$17.8B	$2.4B
2018	$24.4B	—	0.0%	15.5%	$3.8B	$19.7B	$2.1B
2017	$20.9B	—	57.1%	14.2%	$3.5B	—	$1.3B
2016	$18.3B	—	55.1%	13.5%	$2.8B	—	$786M
2013	—	$1.3B	—	—	$1.7B	—	$5.8B
2012	—	$1.2B	—	—	$1.7B	—	$806M
2011	—	$1.3B	—	—	$1.4B	—	$1.0B
2010	—	$1.0B	—	—	$1.3B	—	$917M
2009	—	$850M	—	—	$1.5B	—	$1.6B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$11.0B	$1.7B	0.0%	16.9%	$816M	$42.9B	$3.3B
Dec '25	$12.2B	$2.0B	0.0%	18.5%	$3.0B	$39.2B	$9.9B
Sep '25	$11.1B	$1.6B	0.0%	17.5%	$1.8B	$35.5B	$2.0B
Jun '25	$10.9B	$1.6B	0.0%	16.9%	$1.1B	$35.0B	$4.6B
Mar '25	$10.4B	$1.5B	0.0%	16.6%	$361M	$34.0B	$4.1B
Dec '24	$11.4B	$1.8B	0.0%	17.7%	$2.8B	$31.1B	$4.0B
Sep '24	$10.6B	$1.6B	0.0%	17.3%	$1.9B	$35.1B	$4.6B
Jun '24	$10.5B	$1.5B	0.0%	17.3%	$1.7B	$35.2B	$7.1B
Mar '24	$10.3B	—	0.0%	16.1%	$904M	$35.4B	$5.5B
Dec '23	$10.9B	—	0.0%	17.0%	$3.3B	$34.7B	$8.1B
Sep '23	$10.6B	—	0.0%	17.6%	$2.1B	$35.1B	$6.2B
Jul '23	$10.7B	—	0.0%	14.8%	$1.3B	$33.8B	$3.1B
Apr '23	$10.7B	—	0.0%	14.6%	$271M	$35.1B	$3.5B
Dec '22	$11.4B	—	0.0%	16.3%	$2.9B	$34.3B	$8.5B
Oct '22	$10.7B	—	0.0%	16.0%	$1.4B	$28.9B	$2.9B
Jul '22	$11.0B	—	0.0%	18.2%	$1.0B	$30.1B	$1.9B
Apr '22	$11.8B	—	0.0%	23.9%	$1.6B	$33.1B	$2.8B
Dec '21	$10.7B	—	0.0%	23.7%	$1.6B	$34.7B	$4.5B
Oct '21	$9.3B	—	0.0%	24.4%	$2.1B	$21.6B	$12.0B
Jul '21	$9.3B	—	0.0%	23.3%	$1.7B	$18.8B	$7.0B

Valuation over time

How the market has priced TMO against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 30.8× (Mar '23) to 28.0× (Jun '26).
The price-to-sales ratio has fallen from 4.8× (Mar '23) to 4.2× (Jun '26).
The dividend yield has risen from 0.2% (Mar '23) to 0.3% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is TMO growing its revenue and profit?

Over the past 5 years, Thermo Fisher Scientific's revenue has grown 6.7% per year, and net income declined 3.4% per year. These are computed facts, not advice.

How much debt does TMO have?

As of FY2025, Thermo Fisher Scientific reported $39.2B of total debt against $9.9B of cash; operating income covered interest expense 5.5×.

What is TMO's profit margin?

In FY2025, gross margin was —, operating margin 17.4%, and net margin 15.1%.

What is TMO's P/E ratio?

As of Jun '26, Thermo Fisher Scientific traded at a price-to-earnings ratio of about 28.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.