A vs TMO: Agilent Technologies and Thermo Fisher Scientific compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Thermo Fisher Scientific is the larger company, worth $245.5B, about 5.1 times Agilent Technologies.
- Thermo Fisher Scientific grew revenue faster over the last year (+10.5% vs +8.1%).
- Agilent Technologies keeps more of each dollar of revenue as operating profit (22.2% vs 17.6%).
- On earnings, Thermo Fisher Scientific is the cheaper stock (36.3x vs 37.2x).
- Agilent Technologies's price assumes faster free cash flow growth: about 15% a year, against 14% for Thermo Fisher Scientific (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | A | TMO |
|---|---|---|
| Market cap | $47.8B | $245.5B |
| Share price | $170.54 | $658.02 |
| Revenue (last fiscal year) | $6.9B | $44.6B |
| Free cash flow (last fiscal year) | $1.2B | $6.3B |
| Revenue growth, last year | +8.1% | +10.5% |
| Revenue growth per year, last 5 fiscal years | +2.4% | +3.2% |
| Operating margin | 22.2% | 17.6% |
| Net margin | 19.5% | 15.0% |
| Return on equity | 19.6% | 13.2% |
| P/E (trailing) | 37.2x | 36.3x |
| Price / free cash flow | 41.4x | 39.0x |
| EV / EBITDA | 24.8x | 23.7x |
| FCF growth the price implies | 14.5% | 13.7% |
| Dividend yield | 0.58% | 0.27% |
| Debt / equity | 0.90x | 1.15x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 16 |
| Insider purchases, last 12 months | 2 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agilent Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $1.3B | 21.3% |
| 2022 | $6.8B | $1.0B | 23.6% |
| 2023 | $6.8B | $1.5B | 19.8% |
| 2024 | $6.5B | $1.4B | 22.9% |
| 2025 | $6.9B | $1.2B | 21.3% |
Thermo Fisher Scientific
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $39.2B | $6.8B | 25.6% |
| 2022 | $44.9B | $6.9B | 18.7% |
| 2023 | $42.9B | $6.9B | 16.0% |
| 2024 | $42.9B | $7.3B | 17.1% |
| 2025 | $44.6B | $6.3B | 17.4% |
Where the revenue comes from
Agilent Technologies · by segments, 2025
Agilent CrossLab$2.9B42%
Life Sciences and Diagnostics Markets$2.7B39%
Applied Markets$1.3B19%
Thermo Fisher Scientific · by segments, 2025
Laboratory Products and Biopharma Services$23.8B53%
Life Sciences Solutions$8.8B20%
Analytical Instruments$7.4B17%
Specialty Diagnostics$4.6B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open A in InvestinglyQuestions
Which is bigger, Agilent Technologies or Thermo Fisher Scientific?
Thermo Fisher Scientific (TMO), at $245.5B against $47.8B.
Is A or TMO cheaper?
By trailing P/E, Thermo Fisher Scientific (36.3x) is cheaper than Agilent Technologies (37.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, A or TMO?
Thermo Fisher Scientific: revenue grew +10.5% over the last year, against +8.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.