+$0,05 (+0,01%)
Precio Histórico
+$99,18 (+20,78%) en 1 Año
Estimaciones de Analistas
Precio Objetivo
$620,13
$520,00 - $750,00
$620,00
Consenso de Analistas
Estimaciones a Futuro
$24,88
$27,36
$50,42B
Indicadores en vivo
Indicadores que cambian con el precio actual (P/E, P/FCF, dividend yield, beta) y cifras del último período. Se actualizan en tiempo real. Los valores en verde indican métricas favorables.
EPS
19,14
P/E Ratio
30,12
P/FCF
4,12
Dividend Yield
0,34%
Profit Margin
15,04%
Beta
0,87
Ingresos
$46,34B
EBITDA
$11,74B
FCF
$6,23B
Análisis con IA
Reporte ejecutivo generado a partir de los datos de la empresaDesbloqueá el análisis con IA de TMO
Tesis ejecutiva de la situación de la empresa
Fortalezas, debilidades y riesgos materiales
Valuación frente a sus pares y calidad de balance
Lectura del momentum de resultados, todo enmarcado en datos
Análisis fundamental detallado
Ratios estructurales de valuación, rentabilidad, solvencia y crecimiento, tomados del último balance reportado. Los valores en verde indican métricas favorables.
Valuación
P/B
3,25
EV/EBITDA
19,15
PEG
1,56
P/S
3,79
Rentabilidad
ROE
13,52%
ROIC
7,64%
ROA
5,00%
Margen Bruto
40,93%
Margen Operativo
17,89%
Solvencia
Deuda / Patrimonio
0,83
Current Ratio
1,53
Quick Ratio
0,97
Caja Total
$3,26B
Deuda Total
$43,16B
Crecimiento
Crec. Ingresos
6,20%
Crec. Ganancias
11,30%
Análisis del 10-K
Warren AI leyó el último 10-K de Thermo Fisher Scientific Inc, el informe anual auditado que toda empresa que cotiza en Estados Unidos presenta ante la SEC (Securities and Exchange Commission, el regulador del mercado). Acá va lo que importa de ese documento: cómo gana plata la empresa, qué riesgos declara ella misma y cómo explicó el management el año.
Filing presentado el 26/02/2026, año fiscal cerrado el 31/12/2025. Ver el documento original en SEC EDGAREl negocio: cómo gana plata
Thermo Fisher Scientific is 'the world leader in serving science,' providing an extensive portfolio of innovative technologies, purchasing convenience and pharmaceutical services to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, government agencies, and industrial/environmental customers through industry-leading brands including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.
Los segmentos del negocio
Así se reparte la operación según el propio filing:
Life Sciences Solutions: Reagents, instruments and consumables used in biological and medical research, drug/vaccine discovery and production, and disease diagnosis. Three primary businesses: biosciences, genetic sciences, and bioproduction (including upstream cell culture, downstream purification, analytics, filtration and single-use solutions for biologics workflows).
Analytical Instruments: Instruments plus supporting consumables, software and services across three businesses: chromatography and mass spectrometry (organic/inorganic sample analysis), chemical analysis (production/process/analytics, field and safety instruments, environmental and process instruments), and electron microscopy (life sciences, materials sciences, and semiconductor markets, including integrated workflows for semiconductor R&D and production).
Specialty Diagnostics: Diagnostic test kits, reagents, culture media, instruments and associated products across five businesses: clinical diagnostics (drugs-of-abuse, therapeutic drug monitoring, thyroid, sepsis screening, tumor markers, multiple myeloma), immunodiagnostics (allergy, asthma, autoimmune), microbiology, transplant diagnostics (HLA typing/testing), and a healthcare market channel serving hospitals, clinical/reference labs and physicians' offices.
Laboratory Products and Biopharma Services: 'Virtually everything needed for the laboratory' plus outsourced services for pharma/biotech. Four businesses: laboratory products (consumables, equipment, chemicals), research and safety market channel (mix of self-manufactured, private-label and third-party branded products), pharma services (development, manufacturing and clinical trials services for small- and large-molecule pharmaceuticals), and clinical research (Phases I-IV, peri- and post-approval, site and patient access services).
Ventajas competitivas con evidencia
No es una lista de deseos: son las ventajas que el propio documento respalda con datos.
'Industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.'
Approximately 125,000 colleagues globally and approximately 14,000 sales personnel (including highly trained technical specialists); 'extensive global channels' and 'unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services.'
'Patents are important in many aspects of our business' and the company seeks patent protection, protects technology as trade secrets, and uses/registers trademarks; also enters into license agreements. However the filing states 'No particular patent, or related group of patents, is so important, however, that its loss would significantly affect our operations as a whole.'
Provides customers with 'product standardization and other supply-chain-management services to reduce procurement costs,' suggesting embedded procurement integration with customers.
Depth of capabilities and breadth of portfolio cited as competitive success factors: 'the depth of our capabilities' and 'product and service differentiation, availability and reliability.'
'Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more innovative, productive and cost-efficient.'
Four-segment reporting structure (Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, Laboratory Products and Biopharma Services). Growth strategy is explicitly stated as both organic (R&D, capacity and capabilities) and through acquisitions. Q4 seasonality due to capital spending patterns of industrial, pharmaceutical and government customers, plus seasonal allergy/flu diagnostic sales. Environmental remediation obligations include Fair Lawn NJ (Superfund site: groundwater plant construction completed in 2025; Borough of Fair Lawn took ownership in January 2026, with company continuing to finance O&M and monitoring) and former Davis Landfill in Smithfield RI (remedial action expected to commence 2026); accrued environmental liabilities total $86 million at December 31, 2025. Approximately 125,000 colleagues globally (59,000 Americas; 22,000 Asia-Pacific; 44,000 EMEA). Culture rooted in '4i Values' (Integrity, Intensity, Innovation, Involvement). Approximately 14,000 sales personnel. New General Counsel Thomas B. Shropshire appointed in 2025 (joined from Diageo plc). Filing highlights AI as a competitive factor and a growing regulatory area (EU AI Act, evolving global AI regulation).
Los riesgos que declara la propia empresa
Todo 10-K trae una sección de factores de riesgo, y la mayoría es boilerplate legal que aparece en cualquier filing. Estos son los que de verdad distinguen a Thermo Fisher Scientific Inc, ordenados por materialidad:
1. Pharma services quality failures and regulatory enforcement
TMO's pharma services (CDMO/CRO) operations are highly exacting and subject to strict FDA, DEA and EMA oversight. As the sole manufacturer of numerous pharmaceuticals for many customers, a quality control failure could trigger recalls, seizures, halted production and customer claims for lost active pharmaceutical ingredients.
Si se materializa: Lost revenues, customer reimbursement claims, product recalls, facility shutdowns, criminal/civil sanctions, damage to PPD/Patheon franchise reputation
2. Goodwill and intangible asset impairment from $65B+ acquired asset base
TMO carries approximately $49.36 billion of goodwill, $1.23 billion of indefinite-lived intangibles and $14.60 billion of definite-lived intangibles from years of large acquisitions (PPD, Patheon, etc.). Failure to integrate or generate expected cash flows from acquired businesses could force material impairment charges.
Si se materializa: Material non-cash charges to earnings, book value erosion, potential covenant pressure given $39.38B of indebtedness
3. Tariffs, trade policy volatility and China localization mandates
A substantial portion of TMO's revenue, manufacturing, suppliers and contract operations sit outside the U.S. New and shifting U.S. tariffs, retaliatory tariffs, export controls and Chinese localization rules that favor local suppliers directly threaten cross-border supply chains and demand in key emerging markets.
Si se materializa: Higher input and logistics costs, lost emerging-market growth (notably China), supply chain interruptions, reduced gross margins
4. Government funding cuts and federal budget disruption affecting customer demand
TMO sells heavily to government agencies, universities and research institutions whose capital spending depends on federal appropriations. The October 2025 federal government shutdown is cited as a concrete example of demand disruption from budget impasses, and national procurement initiatives could further depress spending.
Si se materializa: Reduced or delayed orders from academic, government and research customers, longer sales cycles, potential revenue softness in U.S. life sciences end markets
5. Leverage and covenant risk on $39.4B debt load
TMO carries approximately $39.38 billion of outstanding indebtedness plus a $5.00 billion revolver, subject to a minimum 3.5:1.0 Consolidated Net Interest Coverage Ratio covenant. Rising rates, FX swings or operating shortfalls could trigger covenant breaches with cross-default consequences across debt instruments.
Si se materializa: Accelerated debt repayment, restricted M&A capacity, reduced R&D and capex flexibility, credit rating pressure
El año según el management
El MD&A (Management's Discussion and Analysis) es la parte del 10-K donde la dirección explica los resultados con sus propias palabras. La lectura del año fiscal:
Thermo Fisher delivered 4% revenue growth to $44.56 billion in 2025 with modest margin expansion, led by the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, while executing two notable acquisitions and returning $3.64 billion to shareholders.
Qué empujó los resultados
- Revenues grew in the pharma and biotech market due to increased demand from customers (not separately quantified). Segmento: company-wide
- Sales grew in North America, Europe and Asia-Pacific (not separately quantified). Segmento: geographic
- Bioproduction business growth driven by higher demand from pharma and biotech customers and the 2025 acquisition of the filtration and separation business (bioproduction business grew $548 million on a reported basis). Segmento: Life Sciences Solutions
- Genetic sciences growth driven by the 2024 acquisition of Olink (grew $82 million). Segmento: Life Sciences Solutions
- Growth in electron microscopy and chromatography and mass spectrometry businesses (electron microscopy +$87 million; chromatography and mass spectrometry +$83 million). Segmento: Analytical Instruments
- Growth in the healthcare market channel and the transplant diagnostics business (clinical diagnostic +$52M; immunodiagnostics +$48M; transplant diagnostics +$37M). Segmento: Specialty Diagnostics
- Growth in the research and safety market channel and the pharma services business (pharma services +$457 million; research and safety market channel +$422 million). Segmento: Laboratory Products and Biopharma Services
- Very strong productivity improvements from PPI Business System (primary contributor to margin expansion). Segmento: company-wide
- Lower amortization expense vs 2024 benefiting GAAP operating margin (Amortization of acquisition-related intangibles $1,730M vs $1,952M). Segmento: company-wide
Qué jugó en contra
- Reduced demand for COVID-19 vaccine and therapy related products and services (not quantified). Segmento: pharma and biotech / Laboratory Products and Biopharma Services
- Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China (not quantified). Segmento: academic and government market
- Sales declined in China (not quantified). Segmento: geographic
- Decline in the chemical analysis business (declined $78 million). Segmento: Analytical Instruments
- Impacts of tariffs and related foreign exchange (not quantified). Segmento: Analytical Instruments
- Unfavorable business mix (not quantified). Segmento: Life Sciences Solutions, Analytical Instruments, Laboratory Products and Biopharma Services
- Strategic investments (expansion of geographic sales reach, e-commerce, marketing, service, R&D, customer experience, incentive compensation) (not quantified). Segmento: company-wide
- Higher transaction-related costs partially offsetting GAAP margin benefit from lower amortization (not quantified). Segmento: company-wide
- Net interest expense increased due to lower cash and short-term investments balances and lower interest rates on those balances (Net interest expense $426M vs $312M). Segmento: non-operating
Qué hizo con la plata
La asignación de capital del año: a dónde fue el efectivo que generó el negocio.
Recompras de acciones: Repurchased $3.00 billion of common stock (5.8 million shares) in 2025. On November 6, 2025, Board authorized up to $5.00 billion of repurchases. Early in Q1 2026, repurchased an additional $3.00 billion (4.9 million shares); $2.00 billion available for future repurchases at February 26, 2026.
Dividendos: Paid $0.64 billion in cash dividends in 2025 (vs $0.58 billion in 2024)
Capex (inversión en activos): $1.52 billion for purchase of property, plant and equipment in 2025 (vs $1.40 billion in 2024) for capacity and capability investments; 2026 expected to be between $1.8 billion and $2.0 billion net of disposals
Deuda: Issuance of debt provided $7.76 billion in 2025; repayment of debt used $2.41 billion. In Q1 2026, the company issued $3.80 billion of senior notes.
Caja al cierre: Cash and cash equivalents $9,852 million at December 31, 2025 (vs $4,009M at year-end 2024); short-term investments $253 million (vs $1,561M); total debt $39,384 million (vs $31,275M). Approximately half of cash balances and operating cash flows generated outside the U.S.
Resumen generado por Warren AI a partir del texto del 10-K presentado ante la SEC. Un resumen nunca reemplaza al documento: si una cifra pesa en tu decisión, verificala en el filing original. Esto es material educativo y no constituye una recomendación de inversión.
Dividendos
Pagos por acción registrados. 57 pagos desde 13/03/2012.
Dividendo anual por acción
Pagos recientes
| Ex-date | Pago | Monto |
|---|---|---|
| 13/03/2026 | N/A | $0,47 |
| 15/12/2025 | N/A | $0,43 |
| 15/09/2025 | N/A | $0,43 |
| 13/06/2025 | N/A | $0,43 |
| 14/03/2025 | N/A | $0,43 |
| 13/12/2024 | N/A | $0,39 |
| 13/09/2024 | N/A | $0,39 |
| 14/06/2024 | N/A | $0,39 |