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Thermo Fisher Scientific TMO Return on invested capital

Return on invested capital at other companies

Becton, Dickinson and Company logo
Becton, Dickinson and CompanyBDX
4.8%+0.3pp
GLW
CorningGLW
15.4%+9.7pp
Danaher logo
DanaherDHR
6%-0.1pp
Idexx Laboratories logo
Idexx LaboratoriesIDXX
56.9%+11.4pp
WAT
Waters CorporationWAT
4.5%-19.0pp
Mettler-Toledo International, Inc. logo
Mettler-Toledo International, Inc.MTD
47.1%-2.2pp

Other financials

Income statement

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Revenue$11.0B+6.2%
Operating income$1.9B+8.6%
Net income$1.7B+9.6%
EPS (diluted)$4.43+11.3%

Balance sheet

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Cash & equivalents$3.3B-21.4%
Total debt$43.2B+16.6%
Total equity$51.9B+5.1%
Total assets$113.28B+14.4%

Cash flow

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Operating cash flow$1.2B+64.9%
CapEx$376.0M+3.9%
Free cash flow$816.0M+126%

Valuation

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Market cap$171.57B-2.7%
Enterprise value$211.45B+0.9%
P/E25.1×-2.0×
P/S-0.8×

Profitability

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Gross margin58.3%
Operating margin17.2%+0.8pp
Net margin15.2%+1.0pp

Returns & leverage

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Return on equity13.5%-0.2pp
Debt / equity0.8×+0.1×
Current ratio1.5×-0.2×

Where this comes from

Calculated from Thermo Fisher Scientific’s reported figures.

Based on trailing twelve months.

The official record: Thermo Fisher Scientific’s 10-Q, filed May 1, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Thermo Fisher Scientific's return on invested capital?
Thermo Fisher Scientific (TMO) reported return on invested capital of 8.5% in Q1 2025.
How has Thermo Fisher Scientific's return on invested capital changed year-over-year?
Thermo Fisher Scientific's return on invested capital increased by 6.3% year-over-year, from 8% to 8.5%.
What is the long-term trend for Thermo Fisher Scientific's return on invested capital?
Over 3 years (2021 to 2024), Thermo Fisher Scientific's return on invested capital has grown at a -23.3% compound annual growth rate (CAGR), from 72% to 32.5%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.