THERMO FISHER SCIENTIFIC INC.
TMO · NYSE · CIK 0000097745
SIC 3829
Measuring & Controlling Devices, NEC
Category
Other
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$452.57
-12.43 (-2.67%)
Open
$464.86
High
$466.92
Low
$447.88
Prev Close
$465.00
Volume
3,387,726
52W High
$643.35
52W Low
$384.44
50-day MA
$494.48
Quote as of: 2026-05-11
Market Cap
$173.46B
P/E
25.65
P/B
3.31
PEG
1.52
EPS
18.20
BPS
141.96
Dividend Yield
0.38%
Beta
0.88
ROE
12.55%
ROA
6.08%
Current Ratio
1.89
Gross Margin
14.51%
Operating Margin
37.03%
Net Margin
32.05%
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$89.75B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $89.75B | +93% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $392.18B | -56% |
Justified P/E 순이익 × 산업 평균 P/E | $100.56B | +72% |
P/B 배수 자본 × 산업 평균 P/B | $80.11B | +117% |
P/S 배수 매출 × 산업 평균 P/S | $41.84B | +315% |
DCF (Gordon) CF × (1+g) / (r − g) | $222.35B | -22% |
DDM (Gordon) D × (1+g) / (r − g) | $22.47B | +672% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +93.3% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 2 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +93.3%√(22.5 × 순이익 × 자본)
Current
$173.46B
Implied fair
$89.75B
Gap (current − fair)
+$83.70B(+93.3%)
NetIncome = $6.70B Equity = $53.41B √(22.5 × $6.70B × $53.41B) = $89.75B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -55.8%순이익 × (8.5 + 2 × 성장률%)
Current
$173.46B
Implied fair
$392.18B
Gap (current − fair)
$-218.73B(-55.8%)
NetIncome = $6.70B Growth g = 426.5% → cap 25.0% Multiple = 8.5 + 2 × 25.0 = 58.5× $6.70B × 58.5 = $392.18B
- EPS 성장률 426.5%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 58.5x
Justified P/E
Overvalued +72.5%순이익 × 산업 평균 P/E
Current
$173.46B
Implied fair
$100.56B
Gap (current − fair)
+$72.90B(+72.5%)
NetIncome = $6.70B Industry P/E = 15× $6.70B × 15 = $100.56B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +116.5%자본 × 산업 평균 P/B
Current
$173.46B
Implied fair
$80.11B
Gap (current − fair)
+$93.35B(+116.5%)
Equity = $53.41B Industry P/B = 1.5× $53.41B × 1.5 = $80.11B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +314.6%매출 × 산업 평균 P/S
Current
$173.46B
Implied fair
$41.84B
Gap (current − fair)
+$131.62B(+314.6%)
Revenue = $20.92B Industry P/S = 2× $20.92B × 2 = $41.84B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Undervalued -22.0%CF × (1+g) / (r − g)
Current
$173.46B
Implied fair
$222.35B
Gap (current − fair)
$-48.89B(-22.0%)
FCF = $6.29B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $6.29B × (1 + 6.0%) / (9.0% − 6.0%) = $222.35B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +671.9%D × (1+g) / (r − g)
Current
$173.46B
Implied fair
$22.47B
Gap (current − fair)
+$150.99B(+671.9%)
Dividend D = $636.00M Discount r = 9.0% Growth g = 6.0% $636.00M × (1 + 6.0%) / (9.0% − 6.0%) = $22.47B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +63.7% | +91.0% | +118.3% | +145.6% | +172.9% |
| 2% | +35.1% | +62.1% | +89.2% | +116.2% | +143.2% |
| 3% | +7.0% | +33.8% | +60.6% | +87.3% | +114.1% |
| 4% | -20.5% | +6.0% | +32.5% | +59.0% | +85.5% |
| 5% | -47.5% | -21.2% | +5.0% | +31.3% | +57.5% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +1520.2% | +1790.2% | +2060.3% | +2330.3% | +2600.3% |
| 2% | +1236.9% | +1504.3% | +1771.7% | +2039.1% | +2306.5% |
| 3% | +959.2% | +1223.9% | +1488.7% | +1753.5% | +2018.3% |
| 4% | +686.7% | +949.0% | +1211.2% | +1473.5% | +1735.7% |
| 5% | +419.5% | +679.2% | +939.0% | +1198.7% | +1458.5% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-26
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Income | 7,746 | 7,337 | 6,859 | 8,393 | 10,028 |
| Net Income | 6,704 | — | — | — | — |
| EPS (Basic) | 17.77 | 16.58 | 15.52 | 17.75 | 19.62 |
| EPS (Diluted) | 17.74 | 16.53 | 15.45 | 17.63 | 19.46 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 110,343 | 97,321 | 98,726 | 97,154 | 95,123 |
| Current Assets | 28,707 | 22,137 | 24,589 | 25,229 | 20,113 |
| Cash & Equivalents | 9,852 | 4,009 | 8,077 | 8,524 | 4,477 |
| Current Liabilities | 15,189 | 13,332 | 14,012 | 17,010 | 13,436 |
| Long-term Debt | 39,172 | 31,072 | 34,727 | 34,278 | 34,670 |
| Total Equity | 53,407 | 49,584 | 46,735 | 43,978 | 40,793 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 7,818 | 8,667 | 8,406 | 9,154 | 9,312 |
| Investing CF | -4,047 | -5,841 | -5,142 | -2,159 | -21,932 |
| Financing CF | 1,801 | -6,792 | -3,622 | -2,810 | 6,581 |
| CapEx | 1,525 | 1,400 | 1,479 | 2,243 | 2,523 |
| Dividends Paid | 636 | 583 | 523 | 455 | 395 |
📄 SEC Filings
Quarterly Report
10-Q
2026-05-01
Open →
Current Report
8-K
2026-04-23
Open →
Proxy Statement
DEF 14A
2026-04-07
Open →
Current Report
8-K
2026-03-24
Open →
Annual Report
10-K
2026-02-26
Open →
Current Report
8-K
2026-02-12
Open →
Current Report
8-K
2026-01-29
Open →
Current Report
8-K
2026-01-12
Open →
Current Report
8-K
2025-12-01
Open →
Quarterly Report
10-Q
2025-10-31
Open →
Current Report
8-K
2025-10-29
Open →
Current Report
8-K
2025-10-22
Open →
Current Report
8-K
2025-10-07
Open →
Other filings (87)
DEFA14A
DEFA14A
2026-05-11
Open →
SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-04-29
Open →
144
xsl144X01/primary_doc.xml
2026-04-27
Open →
ARS
ARS
2026-04-07
Open →
DEFA14A
DEFA14A
2026-04-07
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-31
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-31
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-31
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-31
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-31
Open →
SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-12
Open →
144
xsl144X01/primary_doc.xml
2026-03-11
Open →
3
PRIMARY DOCUMENT
2026-03-10
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-09
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-05
Open →
144
xsl144X01/primary_doc.xml
2026-03-05
Open →
144
xsl144X01/primary_doc.xml
2026-03-04
Open →
144
xsl144X01/primary_doc.xml
2026-03-03
Open →
144
xsl144X01/primary_doc.xml
2026-03-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-03-02
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-27
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-02-11
Open →
424B5
424B5
2026-02-10
Open →
FWP
FWP
2026-02-09
Open →
144
xsl144X01/primary_doc.xml
2026-02-09
Open →
424B5
424B5
2026-02-09
Open →
25-NSE
xslF25X02/primary_doc.xml
2026-01-23
Open →
25-NSE
xslF25X02/primary_doc.xml
2026-01-21
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2026-01-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-12-11
Open →
CERT
NYSE CERTIFICATION
2025-12-08
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-12-05
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-12-04
Open →
144
xsl144X01/primary_doc.xml
2025-12-04
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-12-03
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-12-03
Open →
144
xsl144X01/primary_doc.xml
2025-12-03
Open →
144
xsl144X01/primary_doc.xml
2025-12-02
Open →
144
xsl144X01/primary_doc.xml
2025-12-02
Open →
8-A12B
8-A12B
2025-12-01
Open →
144
xsl144X01/primary_doc.xml
2025-12-01
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-26
Open →
424B5
424B5
2025-11-25
Open →
144
xsl144X01/primary_doc.xml
2025-11-25
Open →
FWP
FWP
2025-11-24
Open →
424B5
424B5
2025-11-24
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-17
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-14
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-14
Open →
144
xsl144X01/primary_doc.xml
2025-11-13
Open →
144
xsl144X01/primary_doc.xml
2025-11-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-12
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-11-10
Open →
144
xsl144X01/primary_doc.xml
2025-11-10
Open →
144
xsl144X01/primary_doc.xml
2025-11-07
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-10-28
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-10-28
Open →
144
xsl144X01/primary_doc.xml
2025-10-27
Open →
144
xsl144X01/primary_doc.xml
2025-10-24
Open →
144
xsl144X01/primary_doc.xml
2025-10-24
Open →
424B5
424B5
2025-10-01
Open →
FWP
FWP
2025-09-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-09-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-09-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-09-30
Open →
Insider Transaction
PRIMARY DOCUMENT
2025-09-30
Open →