Thermo Fisher Scientific Inc (TMO) Stock Research Report

The company behind the test tube

Few people have ever bought anything from Thermo Fisher, yet most of us have relied on it. When a doctor sends your blood to a laboratory, the machine that analyzes it may well carry one of the company's names, such as Thermo Scientific or Invitrogen. So may the small tubes and chemicals that the machine uses up.

A new medicine reaches the pharmacy only after years of testing on patients. Thermo Fisher often helps run those trials; sometimes it even makes the drug for the company that sells it.

In recent years, Thermo Fisher has also bought other businesses, and it has borrowed heavily to pay for them. A company that borrows to grow is making a wager: that what it buys will earn more than the money costs. Has the buying made Thermo Fisher a better business, or only a bigger one?

What the Company Does

Thermo Fisher sells to almost anyone who works in a laboratory: drug makers and biotech firms, hospitals and diagnostic labs, universities, government agencies, and factories that test their own goods. Its catalog runs from electron microscopes to the plastic plates and chemicals a lab uses up every day. It also offers tests that show whether a transplanted organ is being rejected.

The instruments are the most visible part, yet they bring in only 16.4% of revenue. Consumables account for 41.9%, and services for 41.7%.

A university lab shows why. It might buy, once, a mass spectrometer, that is, a machine that identifies molecules by weighing them. After that, the lab goes on paying for solvents, filters and the technician who services the machine. One large sale opens a stream of smaller ones that can last for years.

Much of this business was assembled by buying other companies, and the buying continues. In March 2026 Thermo Fisher paid about $9.1 billion for Clario, which collects the measurements that show whether a drug works in a clinical trial. Thermo Fisher has also sold a microbiology unit, for about $1.07 billion, and has agreed to sell a drug-manufacturing plant.

The company also says that its program for working more efficiently now makes use of AI. Thermo Fisher is present in nearly every area of laboratory work, and it is far larger than any one of them.

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Legal Notes and Methodology

Producer and publisher: Francesco Monterosso · ReasyPort
Financial information reference: 2026-03-31
Legal contact: legal@reasyport.com

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Thermo Fisher Scientific Inc (TMO) - Stock report