Thermo Fisher (TMO) valuation
Thermo Fisher P/E ratio history
Thermo Fisher trades at 36.8 times its earnings over the last twelve months and 25.7 times the earnings analysts expect over the next twelve. At its last 10 fiscal year ends its P/E ranged from 27.7 (year to Dec 2016) to 35.5 (year to Dec 2019), with a median of 32.1.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $579.45 | $17.74 | 32.7 | 24.0 |
| Dec 31, 2024 | $520.23 | $16.53 | 31.5 | 22.6 |
| Dec 31, 2023 | $530.79 | $15.45 | 34.4 | 24.3 |
| Dec 31, 2022 | $550.69 | $17.63 | 31.2 | 22.9 |
| Dec 31, 2021 | $667.24 | $19.46 | 34.3 | 30.8 |
| Dec 31, 2020 | $465.78 | $15.96 | 29.2 | — |
| Dec 31, 2019 | $324.87 | $9.16 | 35.5 | — |
| Dec 31, 2018 | $223.79 | $7.25 | 30.9 | — |
| Dec 31, 2017 | $189.88 | $5.60 | 33.9 | — |
| Dec 31, 2016 | $141.10 | $5.09 | 27.7 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Thermo Fisher valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| Thermo FisherTMO | $259B | 36.8 | 25.7 | 5.6 |
| Abbott LaboratoriesABT | $185B | 34.3 | 18.5 | 4.0 |
| DanaherDHR | $163B | 38.0 | 25.4 | 6.4 |
| Intuitive SurgicalISRG | $153B | 52.4 | 35.6 | 13.2 |
| MedtronicMDT | $124B | 23.8 | 15.9 | 3.3 |
| StrykerSYK | $112B | 30.2 | 18.6 | 4.3 |
| Boston ScientificBSX | $62.4B | 17.0 | 13.2 | 3.0 |
| Becton DickinsonBDX | $54.5B | 74.5 | 15.1 | 2.6 |
| Edwards LifesciencesEW | $53.0B | 52.9 | 28.9 | 8.1 |
| Peer median | 36.1 | 18.6 | 4.2 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: TMO financials · TMO returns
No forecast, no recommendation. This page describes Thermo Fisher from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.