Question 1

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/B ratio is 3.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Thermo Fisher Scientific specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Thermo Fisher Scientific's P/B ratio of 3.8× is below its own 5-year average of 4.6× and above the sector median of 3.2×. That places the current reading at the 18th 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/B ratio range?

Accepted Answer

In the available daily series, Thermo Fisher Scientific (TMO) P/B ratio has ranged from a low of 1.0× in 2008 to a high of 6.9× in 2021. The 5-year average is 4.6× and the 5-year median is 4.6×.

Question 7

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/B ratio at the end of 2025 was 4.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$53.4B	4.1×	+0.1×	Dec 31, 2025
2024	$199B	$49.6B	4.0×	-0.4×	Dec 31, 2024
2023	$205B	$46.7B	4.4×	-0.5×	Dec 31, 2023
2022	$215B	$44B	4.9×	-1.5×	Dec 31, 2022
2021	$263B	$40.8B	6.4×	+1.1×	Dec 31, 2021
2020	$185B	$34.5B	5.4×	+1.0×	Dec 31, 2020
2019	$130B	$29.7B	4.4×	+1.1×	Dec 31, 2019
2018	$90B	$27.6B	3.3×	+0.3×	Dec 31, 2018
2017	$76.1B	$25.4B	3.0×	+0.4×	Dec 31, 2017
2016	$55.7B	$21.5B	2.6×	-0.1×	Dec 31, 2016
2015	$56.7B	$21.4B	2.7×	+0.2×	Dec 31, 2015
2014	$49.8B	$20.5B	2.4×	+0.0×	Dec 31, 2014
2013	$40.3B	$16.9B	2.4×	+0.9×	Dec 31, 2013
2012	$22.8B	$15.5B	1.5×	+0.4×	Dec 31, 2012
2011	$16.8B	$15B	1.1×	-0.3×	Dec 31, 2011
2010	$21.5B	$15.4B	1.4×	+0.1×	Dec 31, 2010
2009	$19.5B	$15.4B	1.3×	+0.3×	Dec 31, 2009
2008	$14.2B	$14.9B	1.0×	-0.7×	Dec 31, 2008
2007	$24.1B	$14.5B	1.7×	+0.3×	Dec 31, 2007
2006	$19B	$13.9B	1.4×	-0.4×	Dec 31, 2006
2005	$4.91B	$2.79B	1.8×	-0.1×	Dec 31, 2005
2004	$4.86B	$2.67B	1.8×	+0.1×	Dec 31, 2004
2003	$4.16B	$2.38B	1.7×	+0.1×	Dec 31, 2003
2002	$3.28B	$2.03B	1.6×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

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

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

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

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

Thermo Fisher Scientific P/B Ratio by Year

Thermo Fisher Scientific P/B Ratio 2025: 4.1×

Thermo Fisher Scientific P/B Ratio 2024: 4.0×

Thermo Fisher Scientific P/B Ratio 2023: 4.4×

Thermo Fisher Scientific P/B Ratio 2022: 4.9×

Thermo Fisher Scientific P/B Ratio 2021: 6.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Thermo Fisher Scientific (TMO) Key Financials