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Thermo Fisher Scientific Competitors & Alternatives

Thermo Fisher Scientific competitors and alternatives include Agilent Technologies, Danaher Corporation, etc.…

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Company
Company
Ticker
TMO
A
DHR
Headquarter
Waltham ,MA
US
Santa Clara ,CA
US
Washington ,DC
US
CEO
Marc N. Casper
Padraig McDonnell
Rainer Blair
Industry
Medical - Diagnostics & Research
Medical - Diagnostics & Research
Medical - Diagnostics & Research
Stock Price
Stock Price
Market Cap
Market Cap
$230.08 B
$41.48 B
$168.78 B
Employees
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Employees
  • 130.00 K
  • 122.00 K
  • 125.00 K
  • 18.10 K
  • 17.90 K
  • 18.10 K
  • 81.00 K
  • 63.00 K
  • 63.00 K
Y/Y
0%
6.15%
2.46%
0%
1.1%
1.12%
1.25%
22.22%
0%

Income Statement

Revenue
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Revenue
  • $44.92 B
  • $42.86 B
  • $42.88 B
  • $6.83 B
  • $6.51 B
  • $6.95 B
  • $26.64 B
  • $23.89 B
  • $23.88 B
Y/Y
14.55%
4.58%
0.05%
0.22%
4.73%
6.73%
9.54%
10.33%
0.06%
Revenue by Products / Services
Years
  • 2024
  • 2025
  • 2024
Revenue by Geography
Years
  • 2024
  • 2025
  • 2024
Research and Development
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Research and Development
  • $1.47 B
  • $1.34 B
  • $1.39 B
  • $481.00 M
  • $479.00 M
  • $455.00 M
  • $1.53 B
  • $1.50 B
  • $1.58 B
Y/Y
4.62%
9.11%
3.96%
3%
0.42%
5.01%
12.28%
1.64%
5.39%
Operating Income
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Operating Income
  • $8.53 B
  • $7.45 B
  • $7.66 B
  • $1.35 B
  • $1.49 B
  • $1.48 B
  • $7.54 B
  • $5.28 B
  • $5.18 B
Y/Y
17.38%
12.66%
2.9%
16.56%
10.22%
0.6%
6.39%
29.95%
1.8%
Tax Rate (%)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Tax Rate (%)
  • 9.17%
  • 4.55%
  • 9.39%
  • 7.39%
  • 15.25%
  • 9.20%
  • 11.45%
  • 16.32%
  • 16.08%
Y/Y
26.9%
50.38%
106.34%
55.52%
106.3%
39.69%
30.48%
42.54%
1.46%
Net Income
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Net Income
  • $6.95 B
  • $6.00 B
  • $6.34 B
  • $1.24 B
  • $1.29 B
  • $1.30 B
  • $7.21 B
  • $4.76 B
  • $3.90 B
Y/Y
10.03%
13.74%
5.67%
1.12%
3.95%
1.09%
12.06%
33.92%
18.16%
Revenue Per Employee
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Revenue Per Employee
  • $329.67 K
  • $351.47 K
  • -
  • $377.51 K
  • $363.69 K
  • $383.87 K
  • $294.94 K
  • $378.97 K
  • -
Y/Y
4.58%
6.61%
100%
0.22%
3.66%
5.55%
11.44%
28.49%
100%
Net Income Per Employee
Years
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
  • 2023
  • 2024
  • 2025
Net Income Per Employee
  • $46.12 K
  • $51.93 K
  • -
  • $68.51 K
  • $72.01 K
  • $71.99 K
  • $58.81 K
  • $61.89 K
  • -
Y/Y
13.74%
12.6%
100%
1.12%
5.11%
0.03%
34.73%
5.23%
100%

Assets & Liabilities | Cash Flow

Total Assets
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Total Assets
  • $97.15 B
  • $98.73 B
  • $97.32 B
  • $10.76 B
  • $11.85 B
  • $12.73 B
  • $84.35 B
  • $84.49 B
  • $77.54 B
Y/Y
2.14%
1.62%
1.42%
2.19%
10.06%
7.44%
1.4%
0.16%
8.22%
Total Liabilities
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Total Liabilities
  • $53.01 B
  • $51.88 B
  • $47.65 B
  • $4.92 B
  • $5.95 B
  • $5.99 B
  • $34.26 B
  • $31.00 B
  • $27.99 B
Y/Y
2.11%
2.12%
8.16%
5.91%
20.94%
0.64%
9.86%
9.52%
9.7%
Capital Expenditures (Capex)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Capital Expenditures (Capex)
  • -$2.24 B
  • -$1.48 B
  • -$1.40 B
  • -$298.00 M
  • -$378.00 M
  • -$407.00 M
  • -$1.15 B
  • -$1.38 B
  • -$1.39 B
Y/Y
11.1%
34.06%
5.34%
2.41%
26.85%
7.67%
10.97%
20.05%
0.65%

Profitability

Operating Income Margin (%)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Operating Income Margin (%)
  • 18.98%
  • 17.37%
  • 17.87%
  • 19.76%
  • 22.86%
  • 21.29%
  • 28.29%
  • 22.10%
  • 21.71%
Y/Y
27.87%
8.46%
2.85%
16.38%
15.69%
6.87%
3.49%
21.88%
1.74%
Net Income Margin (%)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Net Income Margin (%)
  • 15.47%
  • 13.99%
  • 14.77%
  • 18.15%
  • 19.80%
  • 18.75%
  • 27.06%
  • 19.94%
  • 16.33%
Y/Y
21.46%
9.6%
5.62%
0.9%
9.11%
5.29%
23.88%
26.3%
18.11%
EBITDA
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
EBITDA
  • $11.94 B
  • $11.20 B
  • $11.80 B
  • $1.70 B
  • $1.87 B
  • $1.84 B
  • $9.49 B
  • $7.50 B
  • $7.28 B
Y/Y
0.23%
6.26%
5.4%
10.6%
10.04%
2.08%
5.22%
20.94%
2.97%
Free Cash Flow (FCF)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Free Cash Flow (FCF)
  • $6.91 B
  • $6.93 B
  • $7.27 B
  • $1.47 B
  • $1.37 B
  • $1.15 B
  • $7.37 B
  • $5.78 B
  • $5.30 B
Y/Y
1.55%
0.23%
4.91%
44.37%
6.85%
16.1%
4.29%
21.53%
8.39%

Ratios

Return on Equity (ROE)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Return on Equity (ROE)
  • 15.80%
  • 12.83%
  • 12.78%
  • 21.21%
  • 21.85%
  • 6.44%
  • 14.39%
  • 8.91%
  • 7.87%
Y/Y
16.55%
18.83%
0.4%
10.25%
3.02%
70.54%
1.07%
38.12%
11.64%
Return on Assets (ROA)
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Return on Assets (ROA)
  • 7.15%
  • 6.07%
  • 6.51%
  • 11.52%
  • 10.88%
  • 3.41%
  • 8.55%
  • 5.64%
  • 5.03%
Y/Y
11.91%
15.11%
7.2%
3.24%
5.55%
68.66%
10.51%
34.02%
10.83%
Debt to Equity
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Debt to Equity
  • 82.03%
  • 77.94%
  • 66.10%
  • 46.79%
  • 60.60%
  • 49.76%
  • 41.16%
  • 36.53%
  • 34.61%
Y/Y
7.92%
4.98%
15.19%
10.35%
29.5%
17.89%
20.11%
11.27%
5.25%

Valuation

Enterprise Value
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Enterprise value
  • $243.42 B
  • $233.23 B
  • $227.49 B
  • $31.54 B
  • $40.03 B
  • $42.98 B
  • $185.22 B
  • $184.05 B
  • $182.87 B
Y/Y
17.42%
4.19%
2.46%
26.8%
26.95%
7.37%
19.15%
0.63%
0.64%
Enterprise value to Revenue
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Enterprise value to Revenue
  • 5.42
  • 5.44
  • 5.31
  • 4.62
  • 6.15
  • 23.10
  • 6.95
  • 7.70
  • 7.66
Y/Y
27.9%
0.41%
2.51%
26.64%
33.25%
275.59%
10.62%
10.82%
0.58%
Enterprise value to EBITDA
Years
  • 2022
  • 2023
  • 2024
  • 2023
  • 2024
  • 2025
  • 2022
  • 2023
  • 2024
Enterprise value to EBITDA
  • 20.38
  • 20.83
  • 19.28
  • 18.52
  • 21.36
  • 58.80
  • 19.53
  • 24.54
  • 25.13
Y/Y
17.23%
2.21%
7.46%
18.12%
15.37%
175.25%
14.7%
25.69%
2.4%

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