Question 1

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/S ratio is 4.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Thermo Fisher Scientific specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Thermo Fisher Scientific's P/S ratio of 4.3× is below its own 5-year average of 4.9× and above the sector median of 3.4×. That places the current reading at the 19th 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/S ratio range?

Accepted Answer

In the available daily series, Thermo Fisher Scientific (TMO) P/S ratio has ranged from a low of 1.3× in 2002 to a high of 6.8× in 2021. The 5-year average is 4.9× and the 5-year median is 4.8×.

Question 7

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

Accepted Answer

Thermo Fisher Scientific (TMO) P/S ratio at the end of 2025 was 4.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$44.6B	4.9×	+0.2×	Dec 31, 2025
2024	$199B	$42.9B	4.6×	-0.1×	Dec 31, 2024
2023	$205B	$42.9B	4.8×	-0.0×	Dec 31, 2023
2022	$215B	$44.9B	4.8×	-1.9×	Dec 31, 2022
2021	$263B	$39.2B	6.7×	+1.0×	Dec 31, 2021
2020	$185B	$32.2B	5.7×	+0.7×	Dec 31, 2020
2019	$130B	$25.5B	5.1×	+1.4×	Dec 31, 2019
2018	$90B	$24.4B	3.7×	+0.1×	Dec 31, 2018
2017	$76.1B	$20.9B	3.6×	+0.6×	Dec 31, 2017
2016	$55.7B	$18.3B	3.0×	-0.3×	Dec 31, 2016
2015	$56.7B	$17B	3.3×	+0.4×	Dec 31, 2015
2014	$49.8B	$16.9B	3.0×	-0.1×	Dec 31, 2014
2013	$40.3B	$13.1B	3.1×	+1.3×	Dec 31, 2013
2012	$22.8B	$12.6B	1.8×	+0.4×	Dec 31, 2012
2011	$16.8B	$11.7B	1.4×	-0.6×	Dec 31, 2011
2010	$21.5B	$10.8B	2.0×	+0.1×	Dec 31, 2010
2009	$19.5B	$10.1B	1.9×	+0.6×	Dec 31, 2009
2008	$14.2B	$10.5B	1.4×	-1.1×	Dec 31, 2008
2007	$24.1B	$9.75B	2.5×	-2.5×	Dec 31, 2007
2006	$19B	$3.79B	5.0×	+3.2×	Dec 31, 2006
2005	$4.91B	$2.63B	1.9×	-0.3×	Dec 31, 2005
2004	$4.86B	$2.26B	2.1×	+0.2×	Dec 31, 2004
2003	$4.16B	$2.1B	2.0×	+0.4×	Dec 31, 2003
2002	$3.28B	$2.09B	1.6×	—	Dec 31, 2002


Zimmer Biomet Holdings (ZBH)	2.1×
AptarGroup (ATR)	2.1×
Becton, Dickinson and (BDX)	2.1×
Charles River (CRL)	1.9×
Quest Diagnostics (DGX)	1.9×
IQVIA (IQV)	1.7×
GE HealthCare (GEHC)	1.6×
Labcorp Holdings (LH)	1.6×
HCA Healthcare (HCA)	1.4×
Solventum (SOLV)	1.4×
Viatris (VTRS)	1.1×
UnitedHealth Group (UNH)	0.8×
Baxter International (BAX)	0.8×
DaVita (DVA)	0.7×
Henry Schein (HSIC)	0.6×
Universal Health Services (UHS)	0.6×
Elevance Health (ELV)	0.4×
Teladoc Health (TDOC)	0.4×
McKesson (MCK)	0.3×
Cigna (CI)	0.3×
CVS Health (CVS)	0.2×
Cardinal Health (CAH)	0.2×
Cencora (COR)	0.2×
Humana (HUM)	0.2×
Centene (CNC)	0.1×

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

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

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

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

Thermo Fisher Scientific P/S Ratio by Year

Thermo Fisher Scientific P/S Ratio 2025: 4.9×

Thermo Fisher Scientific P/S Ratio 2024: 4.6×

Thermo Fisher Scientific P/S Ratio 2023: 4.8×

Thermo Fisher Scientific P/S Ratio 2022: 4.8×

Thermo Fisher Scientific P/S Ratio 2021: 6.7×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Thermo Fisher Scientific (TMO) Key Financials