Thermo Fisher Scientific Inc. (TMO) intrinsic value & 10-year financials
Thermo Fisher Scientific Inc. (TMO) has a Graham intrinsic value of $585.57 per share. At $690.00 on Oct 17, 2026, the stock trades 18% above that value. Over the last 10 fiscal years revenue grew 10.4% a year to $44.6B, with an average return on invested capital of 10.2%.
- Graham intrinsic value
- $585.57
- Share price (Oct 17, 2026)
- $690.00
- Price vs Graham value
- 18% above
- Market cap
- $260.8B
- Revenue (FY2025)
- $44.6B
- Revenue growth (10-yr CAGR)
- 10.4%
- ROIC (10-yr avg)
- 10.2%
- Free cash flow (FY2025)
- $6.3B
TMO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.6B | $6.7B | $17.74 | $6.3B | 17.4% | 9.3% |
| FY2024 | $42.9B | $6.3B | $16.53 | $7.3B | 17.1% | 9.2% |
| FY2023 | $42.9B | $6.0B | $15.45 | $6.9B | 16.0% | 9.8% |
| FY2022 | $44.9B | $7.0B | $17.63 | $6.9B | 18.7% | 11.5% |
| FY2021 | $39.2B | $7.7B | $19.46 | $6.8B | 25.6% | 15.7% |
| FY2020 | $32.2B | $6.4B | $15.96 | $6.8B | 24.2% | 15.6% |
| FY2019 | $25.5B | $3.7B | $9.17 | $4.0B | 18.0% | 9.5% |
| FY2018 | $24.4B | $2.9B | $7.24 | $3.8B | 15.5% | 7.9% |
| FY2017 | $20.9B | $2.2B | $5.59 | $3.5B | 14.2% | 6.9% |
| FY2016 | $18.3B | $2.0B | $5.09 | $2.7B | 13.4% | 6.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Thermo Fisher Scientific is a consistent compounder, expanding top-line revenue at 10.4% annually over the past decade.
Thermo Fisher Scientific returns on capital have been average, hovering around 10.2% ROIC over the decade.
Over the decade, Thermo Fisher Scientific shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Thermo Fisher Scientific is modeled at 14.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $585.57 per share.