Financials Thermo Fisher Scientific

Equities

TMO

US8835561023

Advanced Medical Equipment & Technology

Real-time Estimate Cboe BZX Other stock markets 09:43:22 2024-05-09 am EDT			5-day change	1st Jan Change
574.3 ^USD	+0.11%		-0.23%	+8.07%

May. 08	Bio-Rad Laboratories reiterates 2024 revenue growth outlook; shares slip	RE
May. 02	Thermo Fisher Scientific Insider Sold Shares Worth $5,737,356, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	130,270	184,605	262,925	216,998	205,083	218,968	-	-
Enterprise Value (EV) ¹	145,623	196,015	293,318	242,962	231,923	242,959	238,152	232,684
P/E ratio	35.4 x	29.2 x	34.3 x	31.2 x	34.4 x	36.2 x	30.8 x	26.5 x
Yield	0.23%	0.19%	0.16%	0.22%	-	0.26%	0.28%	0.31%
Capitalization / Revenue	5.1 x	5.73 x	6.71 x	4.83 x	4.79 x	5.09 x	4.75 x	4.43 x
EV / Revenue	5.7 x	6.08 x	7.48 x	5.41 x	5.41 x	5.65 x	5.17 x	4.7 x
EV / EBITDA	22.3 x	19.2 x	22.6 x	20.3 x	21.3 x	22.5 x	20.1 x	17.8 x
EV / FCF	36 x	28.8 x	41.8 x	35 x	33.5 x	34 x	30.1 x	27 x
FCF Yield	2.78%	3.48%	2.39%	2.85%	2.99%	2.94%	3.32%	3.7%
Price to Book	4.38 x	5.39 x	6.45 x	4.89 x	-	4.46 x	4.27 x	3.65 x
Nbr of stocks (in thousands)	400,991	396,335	394,048	394,048	386,372	381,716	-	-
Reference price ²	324.9	465.8	667.2	550.7	530.8	573.6	573.6	573.6
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,542	32,218	39,211	44,915	42,857	43,007	46,078	49,471
EBITDA ¹	6,537	10,214	12,969	11,971	10,878	10,800	11,856	13,057
EBIT ¹	5,973	9,556	12,138	10,985	9,810	9,726	10,724	11,741
Operating Margin	23.39%	29.66%	30.96%	24.46%	22.89%	22.62%	23.27%	23.73%
Earnings before Tax (EBT) ¹	4,070	7,225	8,841	7,835	6,298	7,317	7,926	9,364
Net income ¹	3,696	6,375	7,725	6,950	5,995	6,111	7,001	8,044
Net margin	14.47%	19.79%	19.7%	15.47%	13.99%	14.21%	15.19%	16.26%
EPS ²	9.170	15.96	19.46	17.63	15.45	15.83	18.60	21.65
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,148	7,902	8,612
FCF margin	15.84%	21.15%	17.9%	15.44%	16.16%	16.62%	17.15%	17.41%
FCF Conversion (EBITDA)	61.91%	66.72%	54.13%	57.93%	63.68%	66.19%	66.65%	65.95%
FCF Conversion (Net income)	109.5%	106.9%	90.87%	99.78%	115.55%	116.98%	112.88%	107.06%
Dividend per Share ²	0.7600	0.8800	1.040	1.200	-	1.494	1.627	1.800
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,702	11,818	10,970	10,677	11,450	10,710	10,687	10,574	10,886	10,345	10,515	10,728	11,383	11,119	11,334
EBITDA ¹	3,378	3,700	2,841	2,614	2,816	2,583	2,640	2,829	2,826	2,564	2,543	2,698	2,954	2,789	2,846
EBIT ¹	3,161	3,450	2,605	2,370	2,560	2,330	2,370	2,560	2,550	2,278	2,310	2,453	2,695	2,521	2,590
Operating Margin	29.54%	29.19%	23.75%	22.2%	22.36%	21.76%	22.18%	24.21%	23.42%	22.02%	21.97%	22.87%	23.68%	22.68%	22.85%
Earnings before Tax (EBT) ¹	1,862	2,540	1,917	1,601	1,777	1,363	1,430	1,765	1,740	1,589	1,574	1,728	2,026	1,696	1,782
Net income ¹	1,658	2,215	1,664	1,495	1,576	1,289	1,361	1,715	1,630	1,328	1,450	1,571	1,812	1,574	1,654
Net margin	15.49%	18.74%	15.17%	14%	13.76%	12.04%	12.74%	16.22%	14.97%	12.84%	13.79%	14.64%	15.92%	14.15%	14.59%
EPS ²	4.170	5.610	4.220	3.790	4.010	3.320	3.510	4.420	4.200	3.460	3.740	4.044	4.620	4.260	4.480
Dividend per Share ²	0.2600	0.3000	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	-	-	0.3870	0.3871	0.3871	0.3955	0.4215
Announcement Date	2/2/22	4/28/22	7/28/22	10/26/22	2/1/23	4/26/23	7/26/23	10/25/23	1/31/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,353	11,410	30,393	25,964	26,840	23,991	19,184	13,716
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.349 x	1.117 x	2.344 x	2.169 x	2.467 x	2.221 x	1.618 x	1.05 x
Free Cash Flow ¹	4,047	6,815	7,020	6,935	6,927	7,148	7,902	8,612
ROE (net income / shareholders' equity)	17.4%	24.3%	26.5%	21.6%	18.4%	17.3%	18.2%	17.5%
ROA (Net income/ Total Assets)	8.7%	12.3%	9.43%	9.52%	8.54%	8.2%	9.09%	9.87%
Assets ¹	42,502	52,009	81,921	73,003	70,200	74,564	77,025	81,525
Book Value Per Share ²	74.20	86.50	103.0	113.0	-	129.0	134.0	157.0
Cash Flow per Share ²	12.30	20.80	24.00	23.20	21.70	21.60	27.70	30.60
Capex ¹	926	1,474	2,523	2,243	1,479	1,532	1,650	1,728
Capex / Sales	3.63%	4.58%	6.43%	4.99%	3.45%	3.56%	3.58%	3.49%
Announcement Date	1/30/20	2/1/21	2/2/22	2/1/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thermo Fisher Scientific

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

573.6 USD

Average target price

625.5 USD

Spread / Average Target

+9.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Advanced Medical Equipment & Technology

	1st Jan change	Capi.
THERMO FISHER SCIENTIFIC	+8.07%	219B
DANAHER CORPORATION	+7.87%	185B
INTUITIVE SURGICAL, INC.	+12.75%	135B
SIEMENS HEALTHINEERS AG	-1.37%	62.21B
SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.	+4.88%	51.01B
EDWARDS LIFESCIENCES CORPORATION	+11.59%	51.28B
AGILENT TECHNOLOGIES, INC.	+2.71%	41.85B
GE HEALTHCARE TECHNOLOGIES INC.	+4.90%	37.02B
RESMED, INC.	+23.75%	31.27B
PHILIPS NV	+16.47%	23.66B

Other Advanced Medical Equipment & Technology