⚠ Services Earn a 30.5% Gross Margin, Products 48.4%Moderate threat

Thermo Fisher Scientific (TMO) — threat to the moat

Thermo Fisher's services earn a 30.5% gross margin against 48.4% on products, so the growing half of its recurring base is the thinner half.

The shift toward services has a cost. In 2025 cost of service revenues was $12,913 million on service revenues of $18,592 million1, a gross margin of 30.5%2. Products earned 48.4%: $25,965 million of revenue against $13,405 million of cost34.

Gross margin by type, 2025 (%)48.4%Products30.5%ServicesThermo Fisher Form 10-K FY2025; calculated
Eighteen points apart.

Services are labour. A clinical trial is run by people, and people cost more per dollar of revenue than a reagent does to make.

So every point of mix that moves toward services lowers the blended margin, even when both halves are doing well. It is part of why the company's gross margin was 40.9% in 20255.

The service margin is at least moving the right way. It was 28.5% in 2023, 29.1% in 2024 and 30.5% in 202567. The product margin moved the other way, from 50.0% in 2024 to 48.4% in 20258, the year tariffs arrived. The gap is narrowing from both ends.

There is some operating leverage in the services. From 2023 to 2025 service revenue rose 5.6% while the cost of service revenues rose 2.6%910. If that pattern holds, the gap to products keeps closing; if costs start to rise faster than revenue again, the growing half of the recurring base will pull the company's margin down.

The danger is not the level but the direction. If the service gross margin falls below 30% while services keep growing as a share, the recurring base will be growing and earning less at the same time.

References
  1. ReportedIn 2025 cost of service revenues was $12,913 million on service revenues of $18,592 million, a gross margin of 30.5%.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue and cost by type: consumables, instruments and services. — FY2025 · publ. 26 February 2026 · source ↗
  2. Moat Explorer calcIn 2025 cost of service revenues was $12,913 million on service revenues of $18,592 million, a gross margin of 30.5%.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - segment margins, shares and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  3. ReportedProducts earned 48.4%: $25,965 million of revenue against $13,405 million of cost.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue and cost by type: consumables, instruments and services. — FY2025 · publ. 26 February 2026 · source ↗
  4. Moat Explorer calcProducts earned 48.4%: $25,965 million of revenue against $13,405 million of cost.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  5. Moat Explorer calcIt is part of why the company's gross margin was 40.9% in 2025.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - segment margins, shares and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  6. ReportedIt was 28.5% in 2023, 29.1% in 2024 and 30.5% in 2025.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 26 February 2026 · source ↗
  7. Moat Explorer calcIt was 28.5% in 2023, 29.1% in 2024 and 30.5% in 2025.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  8. Moat Explorer calcThe product margin moved the other way, from 50.0% in 2024 to 48.4% in 2025, the year tariffs arrived.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - segment margins, shares and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  9. ReportedFrom 2023 to 2025 service revenue rose 5.6% while the cost of service revenues rose 2.6%.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue and cost by type: consumables, instruments and services. — FY2025 · publ. 26 February 2026 · source ↗
  10. Moat Explorer calcFrom 2023 to 2025 service revenue rose 5.6% while the cost of service revenues rose 2.6%.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
Sources
Generated September 28, 2026