Thermo Fisher Scientific Inc.
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+ FollowMarket Cap$331.91B
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Earnings Call Q3 2026
October 21, 2026 - AI Summary
Q3 performance was strong and ahead of prior guidance
- Revenue +9% YoY to $12.14B; organic revenue +6% (reported beat ~$200M vs prior guidance).
- Adjusted operating income +15% to $2.97B; adjusted margin +120 bps to 24.5%.
- Adjusted EPS +15% to $6.68; GAAP EPS $4.64 (+9% YoY).
- Free cash flow strength: YTD operating cash flow $5.9B and YTD FCF $4.6B (after $1.2B capex); leverage 3.4x gross / 2.9x net at quarter end.
End-market recovery continued; growth mix was broadly positive (with some areas flat)
- Pharma & biotech: high single-digit growth (led by Pharma Services and research & safety channel); clinical research strong; biotech improving with confidence and funding improving.
- Academic & government: flat; strong demand in chromatography & mass spectrometry.
- Industrial & applied: high single-digit growth led by electron microscopy and research & safety.
- Diagnostics & healthcare: low single-digit growth, driven by transplant diagnostics.
- Geography: North America & Europe mid-single digits, Asia Pacific low double digits (China low double digits).
Key drivers behind results: PPI execution + AI differentiation + capacity/investment
- Continued execution via the PPI Business System, with AI being deployed to improve workflows and productivity.
- AI examples:
- Embedded AI software on Krios 5 / Glacios 3 (automates workflows; manual setup time reduced ~90%).
- Agentic AI in clinical research (new AI clinical research assistant to connect systems and help teams focus on higher-value work).
- Innovation/product launches supporting market share and adoption across instruments and diagnostics (e.g., Orbitrap isotope ratio system, EMPAD G2 detector, new autoimmune test).
- Strategic investment/capacity actions: expanded distribution capacity (Kentucky) and continued scaling in Pharma Services.
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$312.64
54.4% downside
Current Fair Value
54.4% downsideOvervalued by 54.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $331.91 Billion |
|---|---|
| Enterprise Value | $367.82 Billion |
| Annual dividend | $1.84 |
| Dividend yield | 0.27% |
| Earnings per Share | $17.77 |
| Beta | 0.88 |
| Outstanding Shares | 370,000,000 |
Return
| Return on Equity | 12.93% |
|---|---|
| Return on Assets | 6.20% |
| Return on Invested Capital | 8.77% |
Valuation & Multiples
| P/E Ratio | 35.48 |
|---|---|
| PEG | 546.1 |
| Price to Sales | 5.39 |
| Price to Book Ratio | 4.63 |
| Enterprise Value to Revenue | 7.77 |
| Enterprise Value to EBIT | 41.92 |
| Enterprise Value to Net Income | 51 |
| Total Debt to Enterprise | 0.11 |
| Debt to Equity | 0.76 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$6.40
Consensus analyst estimateRevenue Estimate
$11.95 B
Consensus analyst estimateNext Earnings Call
Expected Date
October 28, 2026
EPS Estimate
$6.41
Consensus analyst estimateRevenue Estimate
$11.95 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.38, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3750▼ 63.64% |
|---|---|
| Total Calls | 800▼ 99.96% |
| Total Puts | 300▼ 99.98% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.49%▼ 87.91% |
|---|---|
| Total Invested | $8.69B▼ 94.91% |
| Investors Holding | 815▼ 1899.00% |
About Thermo Fisher Scientific Inc.
75,000 employees
CEO: Marc Casper
Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue exceeding $25 billion. Its Mission is to enable our customers to make the world healthier, cleaner and safer. Whether the customers are acceleratin...