TMO vs WAT
Thermo Fisher Scientific and Waters Corporation, both Healthcare
Thermo Fisher Scientific is the larger company at $173B against $35B. On trailing earnings TMO is the cheaper of the two at a P/E of 34.1 against 103.3, a gap that is only a bargain if the two are growing at similar rates. Over the past year WAT returned +49% against +42% for TMO. Ryufin's sector-relative Smart Score puts TMO ahead, 9/10 against 3/10.
| Figure | TMO | WAT |
|---|---|---|
| Last close | $634 | $414 |
| Market cap | $173B | $35B |
| Trailing P/Elower is cheaper for the same earnings, not automatically better | 34.1 | 103.3 |
| Dividend yield | 0.3% | n/a |
| 1-year return | +42% | +49% |
| 5-year return | +19% | +6.3% |
| Ryufin Smart Scoresector-relative, 1–10 | 9/10 | 3/10 |
Figures from SEC filings and end-of-day closes. Highlighting marks the higher or lower number, which is not the same as the better investment, a low P/E can be a warning and a high one can be deserved.
Thermo Fisher Scientific
Revenue of $12B in Q2 2026, net income $1.7B. Its largest reported line is Life Sciences Solutions, 38% of the disclosed total.
Waters Corporation
Revenue of $1.6B in Q2 2026, net income null. Its largest reported line is Consumables, 43% of the disclosed total.
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