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
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $44.6B | $6.72B | $110.3B |
| FY2024 | $42.9B | $6.34B | $97.3B |
| FY2023 | $42.9B | $5.96B | $98.7B |
| FY2022 | $44.9B | $6.96B | $97.2B |
| FY2021 | $39.2B | $7.73B | $95.1B |
| FY2020 | $32.2B | $6.38B | $69.1B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
2 verified Decision Records on Thermo Fisher, and the casebook each one belongs to.
| Fork date | Decision type | What Thermo Fisher chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2014 | The Money Machine | Acquire Life Technologies | FY2025 revenue grew 4% to $44.56 billion, with 2% organic growth and adjusted operating margin back at 22.7% (2025) | Read the story → | The Money Machine Casebook → |
| 2021 | Market-Entry Gambit | Buy PPD platform | Testing dwindled to $330 million for the full year while total revenue declined only 5%, to $42.86 billion (2023) | Read the story → | Market-Entry Gambit Casebook → |
Run one of these yourself
The decisions Thermo Fisher faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Growth & PortfolioThe Market EntryHow fast can this actually be done?See the pack →
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 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