Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
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Current Valuation Ratios
Thermo Fisher Scientific Inc., current price multiples
| Thermo Fisher Scientific Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Vertex Pharmaceuticals Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | |||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||
| Growth rate (g) | |||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||
| Next year expected EPS | |||||||||||||||||
| Operating profit per share | |||||||||||||||||
| Sales per share | |||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | |||||||||||||||||
| Price to next year expected earnings | |||||||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||||||
| Price to operating profit (P/OP) | |||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Thermo Fisher Scientific Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of the common stock valuation ratios reveals several discernible trends over the five-year period. Generally, the ratios demonstrate fluctuation, with indications of peaking in 2023 followed by a moderation in subsequent years. This suggests a potential shift in investor sentiment or company performance expectations.
- Price to Earnings (P/E)
- The Price to Earnings ratio increased from 27.35 in 2021 to a high of 35.65 in 2023, indicating increasing investor willingness to pay for each dollar of earnings. However, the ratio decreased to 32.03 in 2024 and further to 28.82 in 2025, suggesting a potential cooling of valuation relative to earnings. This could be due to concerns about future earnings growth or a broader market correction.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio exhibited an upward trend, rising from 21.07 in 2021 to 31.16 in 2023. This indicates a growing premium placed on the company’s operating profitability. The ratio then declined to 27.65 in 2024 and 24.94 in 2025, mirroring the trend observed in the P/E ratio and potentially reflecting similar underlying factors.
- Price to Sales (P/S)
- The Price to Sales ratio showed less pronounced movement compared to the earnings-based ratios. It decreased from 5.39 in 2021 to 4.73 in 2022, then increased to 4.99 in 2023 before returning to 4.73 in 2024 and decreasing to 4.34 in 2025. This suggests a relatively stable valuation relative to revenue, with a slight downward trend in the latter years.
- Price to Book Value (P/BV)
- A consistent downward trend is observed in the Price to Book Value ratio, decreasing from 5.18 in 2021 to 3.62 in 2025. This indicates a declining premium investors are willing to pay for the company’s net asset value. This could be attributed to factors such as changes in the company’s asset base, investor perceptions of asset quality, or broader market conditions.
Collectively, the ratios suggest a period of increasing valuation through 2023, followed by a moderation in 2024 and 2025. The consistent decline in the Price to Book Value ratio warrants further investigation, as it may indicate evolving investor perceptions regarding the company’s underlying asset value.
Price to Earnings (P/E)
Thermo Fisher Scientific Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to Thermo Fisher Scientific Inc. (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to Thermo Fisher Scientific Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited a generally increasing trend from 2021 to 2023, followed by a decline in the subsequent two years. This analysis details the observed patterns in the P/E ratio alongside its constituent components, share price and earnings per share.
- Share Price
- The share price demonstrated an initial increase from US$540.17 in 2021 to US$560.49 in 2023. However, the share price then decreased to US$537.83 in 2024 and further to US$520.12 in 2025. This indicates a reversal of the prior upward momentum.
- Earnings Per Share (EPS)
- Earnings per share decreased from US$19.75 in 2021 to US$15.72 in 2023. A recovery in EPS was then observed, rising to US$16.79 in 2024 and US$18.05 in 2025. This suggests a potential stabilization and improvement in profitability following the initial decline.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased from 27.35 in 2021 to a peak of 35.65 in 2023. This increase coincided with the period of share price appreciation and a simultaneous decline in earnings per share. Subsequently, the P/E ratio decreased to 32.03 in 2024 and 28.82 in 2025. The decline in the P/E ratio from 2023 to 2025 is attributable to the combination of a decreasing share price and increasing earnings per share. The ratio’s movement suggests that the market valuation, relative to earnings, has moderated over the latter part of the observed period.
The interplay between share price and earnings per share significantly influenced the P/E ratio. The initial rise in the P/E ratio was driven by a greater increase in share price compared to the decrease in earnings. The subsequent decline in the P/E ratio reflects the impact of a falling share price coupled with a recovery in earnings per share.
Price to Operating Profit (P/OP)
Thermo Fisher Scientific Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates a generally increasing trend, followed by a stabilization and slight decline. The share price exhibited initial growth, peaking in December 2023, before experiencing a decrease in subsequent years. Simultaneously, operating profit per share decreased from 2021 to 2023, then showed signs of recovery in 2024 and 2025.
- P/OP Ratio Trend
- The P/OP ratio increased from 21.07 in 2021 to a peak of 31.16 in 2023. This increase suggests that the market was willing to pay a progressively higher premium for each dollar of operating profit generated by the company during this period. Following the peak, the ratio decreased to 27.65 in 2024 and further to 24.94 in 2025, indicating a potential shift in market valuation or investor sentiment. The decline in the ratio, despite a recovering operating profit per share, could suggest that the market’s growth expectations moderated.
- Share Price Movement
- The share price increased from US$540.17 in 2021 to US$560.49 in 2023, mirroring the initial increase in the P/OP ratio. However, the share price then decreased to US$537.83 in 2024 and continued to decline to US$520.12 in 2025. This downward trend in the share price, coupled with the decreasing P/OP ratio, suggests potential headwinds affecting the company’s valuation.
- Operating Profit Per Share
- Operating profit per share decreased from US$25.63 in 2021 to US$17.99 in 2023. This decline likely contributed to the initial increase in the P/OP ratio, as investors may have anticipated future earnings growth. The subsequent increase in operating profit per share to US$19.45 in 2024 and US$20.85 in 2025 indicates a recovery in profitability, but this recovery did not fully offset the earlier declines or prevent the P/OP ratio from decreasing from its peak.
In summary, the period examined shows a dynamic relationship between share price, operating profit per share, and the P/OP ratio. The initial increase in the P/OP ratio was driven by a combination of share price appreciation and declining operating profit per share. The subsequent decline in the P/OP ratio, despite a recovery in operating profit per share, suggests a potential recalibration of market expectations and a possible shift in investor sentiment.
Price to Sales (P/S)
Thermo Fisher Scientific Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited a generally decreasing trend over the five-year period. While fluctuations occurred, the ratio moved from 5.39 in 2021 to 4.34 in 2025. This suggests a relative decrease in the valuation assigned to each dollar of sales generated by the company.
- Price to Sales Ratio Trend
- The price to sales ratio decreased from 5.39 in 2021 to 4.73 in 2022, representing a decline of approximately 12.2%. A slight increase was then observed in 2023, with the ratio reaching 4.99. However, this was followed by another decrease to 4.73 in 2024, and a further decline to 4.34 in 2025. The 2025 value represents the lowest ratio observed during the analyzed period.
- Share Price and Sales per Share Relationship
- The share price demonstrated an initial increase from US$540.17 in 2021 to US$560.49 in 2023. Subsequently, the share price experienced declines, reaching US$520.12 by 2025. Sales per share increased from US$100.23 in 2021 to US$119.94 in 2025, indicating consistent growth in sales relative to the number of outstanding shares. The decreasing P/S ratio, despite increasing sales per share, suggests that the market’s valuation of each sales dollar has diminished over time.
The observed decrease in the price to sales ratio could indicate several factors, including changing investor sentiment, increased competition, or concerns about future growth prospects. Further investigation into these potential drivers would be necessary to fully understand the implications of this trend.
Price to Book Value (P/BV)
Thermo Fisher Scientific Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Thermo Fisher Scientific Inc. shareholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Thermo Fisher Scientific Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio demonstrates a consistent downward trend over the five-year period. This indicates that the market valuation of the equity relative to its book value has decreased steadily.
- Share Price
- The share price experienced a modest increase from 2021 to 2023, peaking at 560.49 US$. However, the share price then declined in both 2024 and 2025, finishing at 520.12 US$.
- Book Value Per Share
- Book value per share exhibited a consistent upward trajectory throughout the period. It increased from 104.28 US$ in 2021 to 143.77 US$ in 2025, representing a substantial cumulative growth in net asset value attributable to each share.
- Price to Book Value Ratio
- The price to book value ratio decreased from 5.18 in 2021 to 3.62 in 2025. This decline occurred concurrently with the increasing book value per share and the fluctuating share price. The ratio’s reduction suggests investors are willing to pay less for each dollar of net asset value compared to earlier in the period. This could be due to changing market perceptions of growth potential, increased risk factors, or broader economic conditions.
The divergence between the increasing book value per share and the decreasing price to book value ratio suggests a potential disconnect between the company’s underlying asset value and market sentiment. Further investigation into the factors driving this trend would be warranted.