Start with its own history
At 30.49×, TMO is 4.5% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · TMOMedical - Diagnostics & ResearchUpdated Nov 4, 2026
Thermo Fisher Scientific Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
30.49×
4.5% belowthe 10-year annual average
Share price706.16
÷Earnings per share23.16
Price and EPS in quote currency. Calculation details
Investors are paying 30.49 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 31.92×
3-year average32.72×3 positive annual observations
5-year average32.65×5 positive annual observations
10-year average31.92×10 positive annual observations
Peer median · TTM42.00×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 32.61× | +3.9% |
| Dec 31, 2024 | 31.38× | -8.2% |
| Dec 31, 2023 | 34.18× | +10.0% |
| Dec 31, 2022 | 31.06× | -8.7% |
| Dec 31, 2021 | 34.03× | +17.6% |
| Dec 31, 2020 | 28.93× | -17.7% |
| Dec 31, 2019 | 35.16× | +14.8% |
| Dec 31, 2018 | 30.61× | -9.1% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 33.67× | +22.2% |
| Dec 31, 2016 | 27.56× | -3.6% |
| Dec 31, 2015 | 28.60× | +8.7% |
| Dec 31, 2014 | 26.32× | -16.6% |
| Dec 31, 2013 | 31.54× | +60.2% |
| Dec 31, 2012 | 19.69× | +52.8% |
| Dec 31, 2011 | 12.89× | -40.2% |
| Dec 31, 2010 | 21.54× | -7.0% |
| Dec 31, 2009 | 23.15× | +59.0% |
| Dec 31, 2008 | 14.56× | -54.3% |
| Dec 31, 2007 | 31.87× | -39.5% |
| Dec 31, 2006 | 52.66× | +141.2% |
| Dec 31, 2005 | 21.83× | +60.5% |
| Dec 31, 2004 | 13.60× | -33.6% |
| Dec 31, 2003 | 20.49× | +87.4% |
| Dec 31, 2002 | 10.93× | N/M |
| Dec 31, 2001 | N/M | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How TMO compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 TMO This stockThermo Fisher Scientific Inc. | 30.49× |
 DHRDanaher Corporation | 38.39× |
 AAgilent Technologies, Inc. | 34.81× |
 RVTYRevvity, Inc. | 70.54× |
 BIOBio-Rad Laboratories, Inc. | 45.62× |
 WATWaters Corporation | 198.98× |
 TECHBio-Techne Corporation | 62.16× |
 QGENQiagen N.V. | 26.07× |
 BMXXYbioMérieux S.A. | 24.85× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does TMO’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 42.00×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take TMO into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("TMO", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 706.16 ÷ EPS 23.16 = 30.49×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 4, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
TMO P/E ratio: common questions
The essentials behind the numbers.
Thermo Fisher Scientific Inc.'s current P/E is 30.49× based on the quote data last updated Nov 4, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.