Danaher vs Thermo Fisher Scientific
Thermo Fisher Scientific reported revenue of $44.6 billion in fiscal 2025, 1.8 times Danaher's $24.6 billion in fiscal 2025. Danaher's revenue grew 2.9% in its latest year, and Thermo Fisher Scientific's grew 3.9%. Danaher had an operating margin of 19.1%, against 17.4% at Thermo Fisher Scientific. Free cash flow was $5.3 billion at Danaher and $6.3 billion at Thermo Fisher Scientific.
Side by side
| Danaher | Thermo Fisher Scientific | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $24.6B | $44.6B |
| Revenue growth | 2.9% | 3.9% |
| Revenue growth a year, last 5 years | 2.0% | 6.7% |
| Gross margin | 59.1% | — |
| Operating margin | 19.1% | 17.4% |
| Net margin | 14.7% | 15.1% |
| Free cash flow | $5.3B | $6.3B |
| Free cash flow margin | 21.4% | 14.1% |
| Return on capital | 6.1% | 9.1% |
| Net debt to EBITDA | 1.9x | 2.8x |
| Dividends and buybacks | $4.0B | $3.6B |
| Change in diluted share count | −2.9% | −1.3% |
| Last close | $232.97 | $684.89 |
| P/E at the last close | 38.1× | 36.8× |
| Insider trades, last 12 months | sold $257.9 million | sold $148.1 million |
| Piotroski F-score | 7 of 9 | 7 of 8 |
Amounts in each company's own currency, US$ 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
DanaherThermo Fisher Scientific
Operating margin
Percent of revenue
DanaherThermo Fisher Scientific
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
DanaherThermo 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 Danaher and Thermo Fisher Scientific pages.