Question 1

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/E ratio is 25.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Thermo Fisher Scientific specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

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

Accepted Answer

Thermo Fisher Scientific's P/E ratio of 25.7× is below its own 5-year average of 31.0× and above the sector median of 25.0×. That places the current reading at the 9th 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/E ratio range?

Accepted Answer

In the available daily series, Thermo Fisher Scientific (TMO) P/E ratio has ranged from a low of 10.6× in 2002 to a high of 112.7× in 2006. The 5-year average is 31.0× and the 5-year median is 31.2×.

Question 7

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/E ratio at the end of 2025 was 32.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$217.87B	$6.71B	32.4×	+1.0×	Dec 31, 2025
2024	$199.17B	$6.34B	31.4×	-2.8×	Dec 31, 2024
2023	$205.42B	$6.00B	34.3×	+3.3×	Dec 31, 2023
2022	$215.32B	$6.95B	31.0×	-3.1×	Dec 31, 2022
2021	$262.89B	$7.72B	34.0×	+5.0×	Dec 31, 2021
2020	$184.91B	$6.38B	29.0×	-6.1×	Dec 31, 2020
2019	$129.62B	$3.70B	35.1×	+4.5×	Dec 31, 2019
2018	$89.96B	$2.94B	30.6×	-3.6×	Dec 31, 2018
2017	$76.14B	$2.23B	34.2×	+6.7×	Dec 31, 2017
2016	$55.68B	$2.02B	27.5×	-1.1×	Dec 31, 2016
2015	$56.67B	$1.98B	28.7×	+2.4×	Dec 31, 2015
2014	$49.84B	$1.89B	26.3×	-5.3×	Dec 31, 2014
2013	$40.29B	$1.27B	31.6×	+12.2×	Dec 31, 2013
2012	$22.84B	$1.18B	19.4×	+6.8×	Dec 31, 2012
2011	$16.79B	$1.33B	12.6×	-8.1×	Dec 31, 2011
2010	$21.51B	$1.04B	20.8×	-2.2×	Dec 31, 2010
2009	$19.53B	$850.30M	23.0×	+8.6×	Dec 31, 2009
2008	$14.23B	$990.80M	14.4×	-17.3×	Dec 31, 2008
2007	$24.08B	$761.10M	31.6×	-81.0×	Dec 31, 2007
2006	$19.03B	$168.90M	112.7×	+90.6×	Dec 31, 2006
2005	$4.91B	$223.22M	22.0×	+8.6×	Dec 31, 2005
2004	$4.86B	$362.78M	13.4×	-7.4×	Dec 31, 2004
2003	$4.16B	$200.01M	20.8×	+10.2×	Dec 31, 2003
2002	$3.28B	$309.73M	10.6×	—	Dec 31, 2002
2001	$4.16B	−$781.00K	—	—	Dec 31, 2001


Medtronic (MDT)	22.2×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
UnitedHealth Group (UNH)	20.4×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
HCA Healthcare (HCA)	15.8×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Elevance Health (ELV)	12.3×
Cigna (CI)	11.1×
Novo Nordisk (NVO)	8.6×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

P/E Ratio for Thermo Fisher Scientific (TMO)

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

Historical P/E Ratio for Thermo Fisher Scientific (TMO) from 2001 to 2025

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

Thermo Fisher Scientific P/E Ratio by Year

Thermo Fisher Scientific P/E Ratio 2025: 32.4×

Thermo Fisher Scientific P/E Ratio 2024: 31.4×

Thermo Fisher Scientific P/E Ratio 2023: 34.3×

Thermo Fisher Scientific P/E Ratio 2022: 31.0×

Thermo Fisher Scientific P/E Ratio 2021: 34.0×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Thermo Fisher Scientific (TMO) Key Financials

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

Historical P/E Ratio for Thermo Fisher Scientific (TMO) from 2001 to 2025

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

Thermo Fisher Scientific P/E Ratio by Year

Thermo Fisher Scientific P/E Ratio 2025: 32.4×

Thermo Fisher Scientific P/E Ratio 2024: 31.4×

Thermo Fisher Scientific P/E Ratio 2023: 34.3×

Thermo Fisher Scientific P/E Ratio 2022: 31.0×

Thermo Fisher Scientific P/E Ratio 2021: 34.0×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

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

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

Thermo Fisher Scientific (TMO) Key Financials