TMO vs WAT: Thermo Fisher Scientific and Waters 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 5.8 times Waters.
- Waters grew revenue faster over the last year (+113.3% vs +10.5%).
- Thermo Fisher Scientific keeps more of each dollar of revenue as operating profit (17.6% vs 7.1%).
- On earnings, Thermo Fisher Scientific is the cheaper stock (36.3x vs 108.7x).
- Waters's price assumes faster free cash flow growth: about 23% 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 | TMO | WAT |
|---|---|---|
| Market cap | $245.5B | $42.6B |
| Share price | $658.02 | $435.99 |
| Revenue (last fiscal year) | $44.6B | $3.2B |
| Free cash flow (last fiscal year) | $6.3B | $540M |
| Revenue growth, last year | +10.5% | +113.3% |
| Revenue growth per year, last 5 fiscal years | +3.2% | +3.2% |
| Operating margin | 17.6% | 7.1% |
| Net margin | 15.0% | 3.6% |
| Return on equity | 13.2% | 1.1% |
| P/E (trailing) | 36.3x | 108.7x |
| Price / free cash flow | 39.0x | 78.9x |
| EV / EBITDA | 23.7x | 49.2x |
| FCF growth the price implies | 13.7% | 23.1% |
| Dividend yield | 0.27% | — |
| Debt / equity | 1.15x | 0.63x |
| Fundamental grade | C | D |
| Superinvestors holding it | 16 | 10 |
| Insider purchases, last 12 months | 8 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Waters
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | — | 29.5% |
| 2022 | $3.0B | — | 29.4% |
| 2023 | $3.0B | $442M | 27.7% |
| 2024 | $3.0B | $620M | 27.9% |
| 2025 | $3.2B | $540M | 25.4% |
Where the revenue comes from
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%
Waters · by products, 2025
Product$2.0B62%
Service$1.2B38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open TMO in InvestinglyQuestions
Which is bigger, Thermo Fisher Scientific or Waters?
Thermo Fisher Scientific (TMO), at $245.5B against $42.6B.
Is TMO or WAT cheaper?
By trailing P/E, Thermo Fisher Scientific (36.3x) is cheaper than Waters (108.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, TMO or WAT?
Waters: revenue grew +113.3% over the last year, against +10.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.