Avantor vs Thermo Fisher Scientific
Thermo Fisher Scientific reported revenue of $44.6 billion in fiscal 2025, 6.8 times Avantor's $6.6 billion in fiscal 2025. Avantor's revenue fell 3.4% in its latest year, and Thermo Fisher Scientific's grew 3.9%. Avantor had an operating margin of -3.8%, against 17.4% at Thermo Fisher Scientific. Free cash flow was $495 million at Avantor and $6.3 billion at Thermo Fisher Scientific.
Side by side
| Avantor | Thermo Fisher Scientific | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $6.6B | $44.6B |
| Revenue growth | −3.4% | 3.9% |
| Revenue growth a year, last 5 years | 0.5% | 6.7% |
| Gross margin | 32.6% | — |
| Operating margin | −3.8% | 17.4% |
| Net margin | −8.1% | 15.1% |
| Free cash flow | $495M | $6.3B |
| Free cash flow margin | 7.5% | 14.1% |
| Return on capital | −2.0% | 9.1% |
| Net debt to EBITDA | 22.0x | 2.8x |
| Dividends and buybacks | $75M | $3.6B |
| Change in diluted share count | −0.2% | −1.3% |
| Last close | $17.29 | $684.89 |
| P/E at the last close | — | 36.8× |
| Insider trades, last 12 months | bought $8.7 million, sold $0 | sold $148.1 million |
| Piotroski F-score | 5 of 9 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AvantorThermo Fisher Scientific
Operating margin
Percent of revenue
AvantorThermo Fisher Scientific
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AvantorThermo Fisher Scientific
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Avantor and Thermo Fisher Scientific pages.