Thermo Fisher Scientific Inc. (TMO)

Measuring & Controlling Devices, NEC

Latest Price

$675.05

TTM P/E

36.31

Normalized P/E

39.40

Div Yield

0.27%

Book Value

142.47

P/B Ratio

4.74

Valuation metrics

EPS: $17.74

Book value / share: $141.29

Formula: √(22.5 × EPS × BVPS)

Graham Number

$237.48

65% downside

Norm. op. income: $7.7B (median of 7yr)

Tax rate: 9%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$99.85

85% downside

Base FCF: $6.9B (median of recent 5yr)

Growth: 1%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$146.37

78% downside

EPS: $17.74

Target P/E: 39×

Formula: EPS × P/E

P/E Fair Value

$691.86

+2% upside

93.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	30.92M	$15.50B	8.33%	+468.9K	2026-06-30
Vanguard Capital Management LLC	24.28M	$12.17B	6.54%	-4.5K	2026-06-30
State Street Corp	16.83M	$8.44B	4.54%	+94.2K	2026-06-30
Corient Private Wealth LP	16.19M	$384.0M	4.36%	+15.36M	2026-06-30
FMR LLC	14.08M	$7.06B	3.80%	+3.31M	2026-06-30
Morgan Stanley	10.76M	$5.40B	2.90%	-100.5K	2026-06-30
JPMorgan Chase & Co	8.50M	$4.31B	2.29%	+1.89M	2026-06-30
Geode Capital Management, LLC	8.38M	$4.18B	2.26%	-25.5K	2026-06-30
Franklin Resources Inc	7.27M	$3.65B	1.96%	+458.5K	2026-06-30
Vanguard Portfolio Management LLC	6.23M	$3.12B	1.68%	+62.8K	2026-06-30