Thermo Fisher Scientific

Thermo Fisher Scientific sells instruments, consumables, software and services to pharmaceutical and biotech companies, hospitals and clinical labs, universities, governments and industrial customers. It has four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Gibco, Fisher Scientific, Patheon and PPD.

Fisher Scientific distributes lab products, Patheon makes medicines for other companies, and PPD runs clinical trials. Thermo Fisher bought Clario, a clinical trial data company, on March 24, 2026, and sold its microbiology business on August 12, 2026. Revenue was $44.6 billion in 2025 and $12.14 billion in Q3 2026.

Thermo Fisher trades at a premium because investors pay for its scale, its steady growth and its record of profitable purchases. It calls itself the world leader in serving science, and customers buy many of its consumables and services again each year. In Q3 2026, revenue grew 9%, organic revenue grew 6% and adjusted EPS grew 15% to $6.68. The adjusted operating margin rose to 24.5% from 23.3%.

Investors expect growth to speed up as drug companies spend more and as Clario adds clinical trial software. The price assumes that organic growth returns to the high single digits and that adjusted EPS grows about 10% or more each year for many years. For the premium to be earned, three things must be true. Pharma and biotech demand must stay strong, because press reports of the October 21, 2026 call say that academic and government revenue was flat.

Clario must grow and add to earnings, while net debt falls from 2.9 times adjusted EBITDA at September 26, 2026. Margins must keep rising after 2026, because press reports of the same call say that tariff refunds helped margins in 2026. The Q4 2026 report, which the company expects on February 2, 2027, gives the 2027 guidance and the first test. If organic growth stays near 5% or less in 2027, the premium can shrink within one to two years.

1. Feb 2, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance with organic growth of 6% or more and adjusted EPS growth near 10% passes; organic growth near 5% or less or lower margins fail.
2. 2027 · est.Pending

   Clario growth and lower debtClario growth that adds to earnings and net debt below about 2.5 times adjusted EBITDA by the end of 2027 pass; weak Clario growth or debt that stays near 3 times fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Thermo Fisher said that Michael D. Shafer, an Executive Vice President, will retire on December 31, 2026.
• October 21, 2026Thermo Fisher reported Q3 2026 results. Revenue grew 9% to $12.14 billion, with 6% organic growth. GAAP diluted EPS grew 9% to $4.64, and adjusted EPS grew 15% to $6.68. The adjusted operating margin was 24.5%. Free cash flow was $2.1 billion in the quarter. The company gave its updated 2026 guidance on the conference call.
• August 12, 2026Thermo Fisher completed the sale of its microbiology business.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled October 30, 2026 · tmo-20261027
• 10-QQuarterly report for the period ended Sep 26, 2026Filed October 30, 2026 · tmo-20260926
• 8-KEarnings releaseFiled October 21, 2026 · tmo-20261021
• 10-QQuarterly report for the period ended Jun 27, 2026Filed July 31, 2026 · tmo-20260627
• 8-KEarnings releaseFiled July 23, 2026 · tmo-20260723
• 8-KShareholder vote resultsFiled May 26, 2026 · tmo-20260520
• 10-QQuarterly report for the period ended Mar 28, 2026Filed May 1, 2026 · tmo-20260328
• 8-KEarnings releaseFiled April 23, 2026 · tmo-20260423
• 8-KOther company newsFiled March 24, 2026 · tmo-20260324
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · tmo-20251231

Every filing on SEC EDGAR (CIK 97745)

• Debt rose after the Clario purchase. Net debt was $35.3 billion at September 26, 2026, or 2.9 times adjusted EBITDA, and operating income covered interest expense only about 5.3 times in the first nine months of 2026.
• Academic and government customers depend on public research budgets. Press reports of the Q3 2026 call say that revenue from these customers was flat.
• Pharma and biotech customers can cut spending on research, trials and outsourced manufacturing when funding is weak or drug prices fall.
• The leadership team changed in 2026. The Chief Operating Officer left in March 2026, and another Executive Vice President retires at the end of 2026.
• Tariffs and trade rules, including with China, can raise costs or lower sales of instruments.

Thermo Fisher has moderate debt after the Clario purchase. At September 26, 2026, total debt was $41.37 billion, of which $2.26 billion was short-term debt and current maturities, and cash and short-term investments were $6.06 billion, so net debt was $35.31 billion. Read more

Dividend yield

0.3% (last 12 months, at today’s price of $721.63)

Paid per share

$1.84 in the last 12 months (4 payments)

Current annual rate

$1.88 ($0.47 × 4 a year)

Payout ratio

10% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $0.47 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 13.0% a year. Over the last 10 years, the dividend grew by about 11.9% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.