Thermo Fisher Scientific (TMO) Financial Ratios: P/E, ROE & More

Thermo Fisher Scientific (TMO) Financial Ratios

For fiscal 2025 (fiscal year ended Dec 31, 2025), Thermo Fisher Scientific had a P/E ratio of 32.47 (up from 31.41), return on equity of 13.0% (down from 13.1%), debt-to-equity of 0.76 (up from 0.66) and a current ratio of 1.89 (up from 1.66). A current ratio of 1.89 means current assets exceed current liabilities. Its dividend yield was 0.30% with a payout ratio of 9.5%.

Thermo Fisher Scientific Financial Ratios Analysis

Valuation, profitability, leverage, and liquidity ratios

Income Statement Balance Sheet Cash Flow Ratios

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Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Valuation Ratios
P/E Ratio	32.47	31.41	34.21	31.22	34.04	28.96
Forward P/E	24.05	22.87	24.65	25.00	32.55	21.67
P/S Ratio	4.89	4.64	4.79	4.83	6.71	5.73
P/B Ratio	4.07	4.01	4.38	4.92	6.42	5.35
Price/FCF	34.59	27.38	29.61	31.40	38.73	27.09
Price/OCF	27.85	22.96	24.40	23.70	28.23	22.27
PEG Ratio	3.13	2.76	2.51	1.17	1.91	1.51
Enterprise Value Ratios
EV/Revenue	5.61	5.32	5.47	5.42	6.95	6.15
EV/EBITDA	22.44	21.04	21.86	20.39	21.03	19.44
EV/EBIT	29.91	29.50	32.03	28.44	26.28	25.19
EV/FCF	39.72	31.37	33.85	35.22	40.15	29.08
Profitability & Returns
Return on Equity (ROE)	13.02%	13.13%	13.09%	16.35%	20.47%	19.87%
Return on Assets (ROA)	5.03%	4.93%	4.67%	5.57%	7.90%	7.72%
Return on Invested Capital (ROIC)	9.59%	9.19%	9.49%	10.75%	15.17%	9.34%
Return on Capital Employed (ROCE)	8.80%	9.20%	8.60%	10.70%	12.70%	13.40%
Leverage & Solvency Ratios
Debt/Equity	0.76	0.66	0.78	0.82	0.89	0.65
Debt/EBITDA	3.51	2.90	3.28	2.92	2.74	2.16
Debt/FCF	6.49	4.51	5.30	5.23	5.35	3.31
Liquidity Ratios
Current Ratio	1.89	1.66	1.75	1.48	1.50	2.13
Quick Ratio	1.36	1.14	1.27	1.05	1.00	1.63
Efficiency Ratios
Asset Turnover	0.43	0.44	0.44	0.47	0.48	0.51
Inventory Turnover	5.05	4.99	4.80	4.86	4.31	4.38
Yield & Distribution Ratios
Earnings Yield	3.08%	3.18%	2.92%	3.20%	2.94%	3.45%
FCF Yield	2.89%	3.65%	3.38%	3.19%	2.58%	3.69%
Dividend Yield	0.30%	0.30%	0.26%	0.22%	0.16%	0.19%
Payout Ratio	9.49%	9.20%	8.72%	6.55%	5.11%	5.29%
Buyback Yield	1.31%	1.29%	1.52%	0.76%	0.50%	0.99%
Total Return	1.60%	1.59%	1.79%	0.97%	0.66%	1.18%

Source: Company financial statements from annual and quarterly filings. Data as of Sep 26, 2026. Data sources and methodology

Frequently Asked Questions About Thermo Fisher Scientific Financial Ratios

What is Thermo Fisher Scientific's P/E ratio?

Thermo Fisher Scientific's P/E ratio was 32.47 for fiscal 2025 (period ended Dec 31, 2025). It was 31.41 a year earlier.

What is Thermo Fisher Scientific's return on equity?

Thermo Fisher Scientific's return on equity (ROE) was 13.0% for fiscal 2025 (period ended Dec 31, 2025). It was 13.1% a year earlier.

What is Thermo Fisher Scientific's debt-to-equity ratio?

Thermo Fisher Scientific's debt-to-equity ratio was 0.76 for fiscal 2025 (period ended Dec 31, 2025). It was 0.66 a year earlier.

What is return on equity (ROE)?

Return on equity is net income divided by shareholders' equity. It measures how much profit a company generates from the capital its shareholders have invested. Full definition