TMOThermo Fisher Scientific

$657.83+37% 1Y

$657.83

$437.9052 weeks$679.96

Is the business good?

Good

A genuinely good business: earnings fully cash-backed (1.2×) and margins widening.

2 good, 1 neutral, 1 without data

Profits arrive as cash1.20×derived · Jun 27, 2026

Operating profit is fully backed by cash. Conversion is improving vs a year ago.

Margin direction, 3 years+2.2 pts

Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.

Where ROE comes from6% ROA

Margin-driven, fat margins on slower asset turns. ROE 13% = margin × turnover × leverage.

Unless marked, from derived.

Against the whole market›

Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.

FCF conversionmiddle of the market

Leverage (Debt/EBITDA)behind 74% of the market

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

Thermo Fisher Scientific earns 7.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.

7.1%

Return on invested capital · cost of capital 9.0% · 1.9 points below what the capital costs: growth destroys value

Operating margin: 18%
Operating margin · Diagnostics & Research median 3.6% · 12 months to Q2 2026
Cash conversion: 1.20×
Cash conversion · 1.09× a year ago · operating cash flow covers the operating profit after tax
Share count, year on year: −1.8%
Share count, year on year · bought back, each share owns more of the company

Details›

Operating margin12 months to Q2 2026: 18%
Net margin12 months to Q2 2026: 15%
Free cash flow margin: 16%
R&D as % of revenue: 3.0%
Revenue, trailing twelve months: $46.3B
Free cash flow, trailing twelve months: $7.32B
Net income, trailing twelve months: $6.97B
Return on invested capitaloperating profit after tax ÷ debt + equity − cash: 7.1%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

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