Company profile
SEC EDGAR ↗- Industry
- Measuring & Controlling Devices, NEC
- Listed
- NYSE: TMO
- Incorporated
- DE
- Headquarters
- Waltham, MA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $44.6B
- Net income
- $6.72B
- Total assets
- $110.3B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Thermo Fisher Sells Pipettes. Its Real Business Is Renting Out the Lab.
Everyone calls Thermo Fisher a scientific-tools empire. But every big deal after 2013 - $13.6B for Life Technologies, $7.2B for Patheon, $17.4B for PPD - walked it away from instruments and into running drugmakers' R&D and manufacturing for them. By 2024, services were $17.8B of $42.9B in revenue.
8 min
The Money Machine · Business Model
Instruments Are About 17% of Thermo Fisher's Revenue; Reagents at 36% Margins Are the Engine
Everyone calls Thermo Fisher a scientific instruments giant. But instruments were only ~17% of its $42.9B in FY2024 revenue. The real engine is reagents and biologics, running a 36% margin - and a low-margin distribution arm exists mostly to lock the customer in.
7 min
The Money Machine · Business Model
Thermo Fisher Sells the Picks and Shovels. It's Just Not As Immune to the Gold Rush as You Think.
The gospel is that Thermo Fisher prints money by selling tools to every drugmaker no matter who wins. But instruments are only ~17% of its $42.9B revenue; the bulk is low-margin distribution and services - and post-COVID, revenue stalled three years running.
8 min
The Market-Entry Gambit · Growth & Portfolio
Thermo Fisher Caught a $9 Billion Wave - and Spent It Before It Broke.
COVID testing handed Thermo Fisher $9.23 billion in a single year, then took $6 billion of it back. The boom looks like the story. It wasn't. The company converted the windfall into PPD and a permanent new identity, so the bust arrived as a rounding error - not a reckoning.
7 min