Question 1

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/FCF ratio is 29.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Thermo Fisher Scientific?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Thermo Fisher Scientific specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Thermo Fisher Scientific's P/FCF ratio high or low?

Accepted Answer

Thermo Fisher Scientific's P/FCF ratio of 29.1× is below its own 5-year average of 30.5× and above the sector median of 19.1×. That places the current reading at the 35th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Thermo Fisher Scientific's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Thermo Fisher Scientific (TMO) P/FCF ratio has ranged from a low of 11.7× in 2009 to a high of 447.1× in 2002. The 5-year average is 30.5× and the 5-year median is 29.8×.

Question 7

What was Thermo Fisher Scientific's P/FCF ratio in 2025?

Accepted Answer

Thermo Fisher Scientific (TMO) P/FCF ratio at the end of 2025 was 34.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Thermo Fisher Scientific's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$218B	$6.29B	34.6×	+7.2×	Dec 31, 2025
2024	$199B	$7.27B	27.4×	-2.2×	Dec 31, 2024
2023	$205B	$6.93B	29.7×	-1.5×	Dec 31, 2023
2022	$215B	$6.91B	31.2×	-6.3×	Dec 31, 2022
2021	$263B	$7.02B	37.4×	+10.3×	Dec 31, 2021
2020	$185B	$6.82B	27.1×	-4.9×	Dec 31, 2020
2019	$130B	$4.05B	32.0×	+8.3×	Dec 31, 2019
2018	$90B	$3.79B	23.8×	+2.0×	Dec 31, 2018
2017	$76.1B	$3.5B	21.8×	+1.2×	Dec 31, 2017
2016	$55.7B	$2.71B	20.5×	-3.1×	Dec 31, 2016
2015	$56.7B	$2.39B	23.7×	+0.9×	Dec 31, 2015
2014	$49.8B	$2.19B	22.7×	-0.6×	Dec 31, 2014
2013	$40.3B	$1.73B	23.3×	+10.1×	Dec 31, 2013
2012	$22.8B	$1.72B	13.2×	+1.5×	Dec 31, 2012
2011	$16.8B	$1.42B	11.8×	-5.7×	Dec 31, 2011
2010	$21.5B	$1.23B	17.5×	+4.0×	Dec 31, 2010
2009	$19.5B	$1.45B	13.5×	+1.1×	Dec 31, 2009
2008	$14.2B	$1.16B	12.3×	-6.1×	Dec 31, 2008
2007	$24.1B	$1.31B	18.4×	-39.4×	Dec 31, 2007
2006	$19B	$329M	57.9×	+36.2×	Dec 31, 2006
2005	$4.91B	$227M	21.6×	-1.0×	Dec 31, 2005
2004	$4.86B	$215M	22.7×	-1.8×	Dec 31, 2004
2003	$4.16B	$171M	24.4×	-39.0×	Dec 31, 2003
2002	$3.28B	$51.7M	63.4×	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Thermo Fisher Scientific (TMO) 2002-2026

P/FCF Ratio daily chart for Thermo Fisher Scientific (TMO)

Historical P/FCF Ratio for Thermo Fisher Scientific (TMO) from 2002 to 2025

About P/FCF Ratio at Thermo Fisher Scientific (TMO)

Thermo Fisher Scientific P/FCF Ratio by Year

Thermo Fisher Scientific P/FCF Ratio 2025: 34.6×

Thermo Fisher Scientific P/FCF Ratio 2024: 27.4×

Thermo Fisher Scientific P/FCF Ratio 2023: 29.7×

Thermo Fisher Scientific P/FCF Ratio 2022: 31.2×

Thermo Fisher Scientific P/FCF Ratio 2021: 37.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Thermo Fisher Scientific (TMO) Key Financials