# Thermo Fisher Scientific (TMO) Forecast Calculator

Interactive five-year financial forecast and DCF for Thermo Fisher Scientific. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/thermo-fisher-scientific/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 25542000000 | 4047000000 | 5158000000 | 3698000000 |
| 2022 | 32218000000 | 6815000000 | 8452000000 | 6377000000 |
| 2023 | 39211000000 | 6789000000 | 10859000000 | 7728000000 |
| 2024 | 44915000000 | 6911000000 | 9379000000 | 6960000000 |
| 2025 | 42857000000 | 6927000000 | 7927000000 | 5995000000 |

## Frequently asked questions

### What does Thermo Fisher Scientific do?

Thermo Fisher Scientific is the world's largest supplier of scientific instrumentation, reagents, consumables, and software to life sciences, clinical, and industrial laboratories. The company also provides extensive outsourced clinical trial and contract manufacturing services to the pharmaceutical industry.

### What are the primary revenue drivers for Thermo Fisher Scientific?

Thermo Fisher Scientific's main revenue drivers stem from its Laboratory Products and Biopharma Services, Life Sciences Solutions, Analytical Instruments, and Specialty Diagnostics segments. Their business model combines recurring consumables and services with capital equipment sales, offering a hybrid revenue stream.

### What is Thermo Fisher Scientific's typical capital expenditure as a percentage of revenue?

Thermo Fisher Scientific's capital expenditure as a percentage of revenue typically ranges from 3.0% to 4.5%. Growth capex, which accounts for approximately 60% of total capex, is primarily directed towards expanding CDMO capacity and building new bioproduction facilities.

### What is the assumed revenue growth rate for Thermo Fisher Scientific in the financial model?

The financial model for Thermo Fisher Scientific incorporates a revenue growth assumption of approximately 13.8%. This key input helps forecast the company's future financial performance and supports the comprehensive equity valuation.

### How does M&A activity influence Thermo Fisher Scientific's capital deployment and valuation?

M&A is the primary engine for Thermo Fisher Scientific's capital deployment, encompassing both smaller bolt-on acquisitions and larger transformational deals. Acquisition multiples paid typically range from 15x to 20x forward EBITDA, reflecting the premium nature of assets in the life sciences sector.

### Can I download an Excel financial model for Thermo Fisher Scientific?

Yes, an Excel financial model for Thermo Fisher Scientific is available for download. This model offers a comprehensive equity valuation and capital allocation forecast, allowing analysts to determine the company's intrinsic value and assess its capacity for future M&A.