Thermo Fisher Scientific

TN8.DE

Medical - Diagnostics & Research · Healthcare

Price

€536.00

-5.20 (-0.96%)

Market Cap

€198.18B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−4.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 397.0M (2021) → 378.0M (2025)

Winston Score History

The full picture

Thermo Fisher Scientific makes tools and supplies that scientists use to do research, run tests, and develop medicines. Its main products include lab equipment, chemicals, diagnostic tests, and software used by hospitals, pharmaceutical companies, universities, and government labs. It is one of the largest life sciences companies in the world and owns well-known brands like Thermo Scientific, Applied Biosystems, and Fisher Scientific.

The company makes money by selling equipment, consumable supplies that labs need to restock regularly, and software subscriptions. It operates globally, with significant revenue from North America, Europe, and Asia, and generates roughly $40 billion in annual revenue. Its competitive advantage comes from its massive product catalog and deep customer relationships, which make it costly for labs to switch suppliers. The main risk is that revenue from COVID-related testing and vaccine production has declined sharply since its pandemic peak, and the company must grow its core business fast enough to offset that drop.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+9.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$1.4B/ year

→ Flat (+1% vs prior year)

3.1% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Thermo Fisher Scientific is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.2%

Modest — 37.2% gross margin

Profit after running costs

Operating Margin

18.2%

Healthy — 18.2% operating margin

Return on the money invested

ROCE

8.8%

Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.2%

Steady sales growth (+7.2% YoY)

Profit growth

EPS YoY

+7.4%

Modest earnings growth (+7.4% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

129%

Turns 129% of profit into real cash

Spare cash per sale

FCF Margin

15.8%

Converts sales into free cash efficiently (15.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Covers its interest

Interest Cover

5.73x

Adequate interest coverage (5.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

28.8x

Growth-priced — P/E 28.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.8 → 20.1)

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Dividends

Dividend

Dividend Yield

0.30%

Small dividend — 0.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+5.9%

Dividend growing modestly (5.9% YoY)

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