TMOTHERMO FISHER SCIENTIFIC INC.
Measuring & Controlling Devices, NEC
- Revenue
- $44.6B
- 3.9% YoY
- Operating margin
- 17.4%
- 1.6% YoY
- EBITDA
- $8.8B
- 3.6% YoY
- Market cap
- $258.2B
- Employees
- 125,000
- $356K revenue each
- Net debt / EBITDA
- 3.8×
- $33.6B net debt
- AI in 10-K
- 2.7
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 4 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$28M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo116% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo47% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes48% of assetsOver 40% of assets
- Shareholder dissentYes32% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$356K · 44th pctBottom quartile of its SIC industry
- Quiet on AINo2.7 per 10K words · 66th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$258.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$146M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $39.2B | $44.9B | $42.9B | $42.9B | $44.6B | 3.9% |
| Operating income | $10.0B | $8.4B | $6.9B | $7.3B | $7.7B | 5.6% |
| Net income | $7.7B | $7.0B | $6.0B | $6.3B | $6.7B | 6.0% |
| Operating cash flow | $9.3B | $9.2B | $8.4B | $8.7B | $7.8B | 9.8% |
| Capex | $2.5B | $2.2B | $1.5B | $1.4B | $1.5B | 8.9% |
| Stock-based comp | $230M | $307M | $278M | $301M | $310M | 3.0% |
| Buybacks | $2.0B | $3.0B | $3.0B | $4.0B | $3.0B | 25% |
| Dividends | $395M | $455M | $523M | $583M | $636M | 9.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $146M · 144
- Net
- −$146M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $80M | $116M | 126 | 157 |
| FY2024 | $30M | $30M | 113 | 135 |
| FY2023 | $19M | $9M | 115 | 128 |
| FY2022 | $28M | −$5M | 119 | 122 |
| FY2021 | $21M | $66M | 144 | 125 |