Thermo Fisher Scientific Inc.

TMONYSEHealthcare● Active

$469.63

$-3.17(-0.67%)

Market Cap$174.5B

P/E Ratio—

52W High$643.99

52W Low$385.46

Avg Volume2.3M

Open$473.65

Beta0.87

Overview

Thermo Fisher Scientific Inc. (TMO) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TMO · free cash flow · updated Jun 9, 2026

Core FCF metrics

TMO · FCF · TTM · margin & CAGR

Free cash flow was $6.29B for FY2025 (fiscal year ending 2025-12-31), down 13.4% year-over-year The FCF margin was 14.1%. Five-year CAGR stands at -1.6%.

FY2025 Free Cash Flow$6.29B▼ -13.4% YoY

Trailing 12M (TTM)$6.75Btrailing 4 quarters sum

FCF Margin14.1%$6.29B ÷ revenue

3-Year CAGR-3.1%FY2022 → FY2025

5-Year CAGR-1.6%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TMO · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$7.82B(1.52B)$6.29B▼ 13.4%14.1%

FY2024$8.67B(1.40B)$7.27B▲ +4.9%16.9%

FY2023$8.41B(1.48B)$6.93B▲ +0.2%16.2%

FY2022$9.15B(2.24B)$6.91B▼ 1.6%15.4%

FY2021$9.54B(2.52B)$7.02B▲ +3.0%17.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TMO · P/FCF · FCF yield · FCF per share

Thermo Fisher Scientific Inc. (TMO) trades at a FCF yield of 3.87% and a price-to-free-cash-flow ratio of 26.2x. FCF per share stands at $17.95, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.87%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$17.95

TTM FCF ÷ Shares Outstanding

Price / FCF

x26.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x31.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

TMO · cash flow statement · operating / investing / financing

For FY2025, Thermo Fisher Scientific Inc. generated $7.82B in operating cash flow and spent 1.52B in capital expenditures, yielding $6.29B in free cash flow.

Operating Activities

+$7.82B

Cash from core business operations

2025-12-31

Investing Activities

−$4.05B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.80B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($7.82B) − |CapEx| (1.52B) = FCF ($6.29B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

TMO vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Thermo Fisher Scientific Inc.YOU

TMO

$6.29B-13.4%14.1%

32%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Thermo Fisher Scientific Inc. (TMO) reported free cash flow of $6.29B for FY2025 (fiscal year ending 2025-12-31), down 13.4% year-over-year. The FCF margin was 14.1%.

Based on available data, Thermo Fisher Scientific Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $7.27B in FY2024. The 5-year CAGR stands at -1.6%.

Thermo Fisher Scientific Inc.'s FCF yield is 3.87% and price-to-FCF ratio is 26.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TMO free cash flow · 8 questions

Thermo Fisher Scientific Inc. free cash flow was $6.29B for FY2025, down 13.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $6.75B.

TMO free cash flowTMO FCFTMO FCF 2025TMO free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Thermo Fisher Scientific Inc. · Thermo Fisher Scientific Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026