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Thermo Fisher Scientific Inc. (NYSE: TMO) is a global leader in serving science, providing analytical instruments, specialty diagnostics, and laboratory products and services. With a focus on innovation and customer success, the company supports pharmaceutical, biotech, academic, and government clients in advancing research, solving complex analytical challenges, and increasing laboratory productivity.

Key Takeaways:

• Thermo Fisher Scientific is well-positioned for long-term growth driven by strong demand in its end markets, a robust product pipeline, and strategic acquisitions
• We project Thermo Fisher’s stock price to appreciate steadily over the next two decades, reaching $6,700 by 2050
• The company’s focus on innovation, operational excellence, and disciplined capital allocation should support margin expansion and shareholder returns
• Key risks include competition, regulatory changes, macroeconomic headwinds, and integration challenges from M&A

Overview of Thermo Fisher Scientific

Thermo Fisher Scientific was founded in 1956 and has grown to become the world leader in serving science. The company provides a comprehensive offering of analytical instruments, equipment, reagents and consumables, software, and services for research, analysis, discovery, and diagnostics.

Thermo Fisher operates through four segments:

1. Life Sciences Solutions: Provides reagents, instruments, and consumables for biological and medical research, discovery, and production of new drugs and vaccines
2. Analytical Instruments: Offers instruments, consumables, software, and services for the laboratory workflow, from sample preparation to analysis and interpretation
3. Specialty Diagnostics: Gives diagnostic test kits, reagents, culture media, and related products and services used to increase productivity in clinical laboratories
4. Laboratory Products and Biopharma Services: Provides self-manufactured and sourced products for the life science industry, as well as biopharma outsourcing services

Thermo Fisher Scientific Company Profile

Thermo Fisher Scientific (TMO) Balance Sheet Analysis

Thermo Fisher Scientific Inc. (NYSE: TMO) released its balance sheet for the fiscal year ending December 31, 2023, showcasing its strong financial position in the biotechnology industry. Total assets reached $98.73 billion, a slight increase from $97.15 billion in 2022.

Liabilities net minority interest decreased to $51.88 billion from $53.01 billion, while total equity gross minority interest grew to $46.84 billion from $44.15 billion. Total capitalization stood at $78.04 billion, up from $72.89 billion in the previous year.

Common stock equity increased to $46.74 billion, but net tangible assets remained negative at -$13.96 billion. Working capital improved to $10.58 billion, and invested capital grew to $81.65 billion.

As of December 31, 2023, Thermo Fisher Scientific had 442.19 million shares issued, with 386.65 million ordinary shares and 55.54 million treasury shares. The company’s solid balance sheet demonstrates its resilience and leadership in the biotechnology sector.

Balance Sheet Data Source: finance.yahoo

Thermo Fisher Scientific Stock Price History

Thermo Fisher Scientific Inc. (NYSE: TMO), a leading global biotechnology company, has a rich history dating back to its initial public offering (IPO) in 1978.

Since its IPO, Thermo Fisher Scientific has experienced a total of six stock splits. The first split occurred on January 4th, 1984, followed by subsequent splits on September 17th, 1985, November 3rd, 1986, October 29th, 1993, May 25th, 1995, and the most recent one on June 6th, 1996. The cumulative effect of these splits is significant: a single TMO share purchased before the first split in 1984 would now equate to 11.390625 shares.¹

As of May 24, 2024, the stock trades at $584.05.

Thermo Fisher Scientific Stock Price Forecast 2024

For 2024, we project Thermo Fisher’s stock price to trade between a low of $620 and a high of $725, with an average price target of $675. This represents a 16-24% increase from the current stock price of around $584.

Our 2024 forecast is based on expectations for:

• Mid single-digit organic revenue growth driven by strong end-market demand
• Continued margin expansion from productivity initiatives and volume leverage
• Accretion from the PPD and PeproTech acquisitions
• Shareholder returns through increasing dividends and opportunistic share repurchases

The projected 16-24% stock price gain equates to a 15-22% CAGR from the current level. Key potential catalysts include better-than-expected synergies from recent deals, new product launches, and market share gains. Risks to monitor include FX headwinds, supply chain constraints, and slower-than-expected recovery in some end markets.

Thermo Fisher Scientific Stock Price Forecast 2025

Looking ahead to 2025, we model Thermo Fisher’s stock trading up to a high of $785, with an average price of $735 and a low of $680. This would represent a 16-34% total return from the current price.

Assumptions underlying our 2025 price target include:

• Continued healthy organic growth in the 4-6% range
• Incremental benefits from capital deployment and tuck-in M&A
• Modest multiple expansion reflecting peer-leading growth and profitability
• Dividends increasing at a double-digit annual rate

The implied 16-34% upside by 2025 translates to a 13-28% CAGR in the stock price. Potential outperformance could come from accelerated revenue synergies, scientific breakthroughs, or overall multiple expansion in the life sciences/diagnostics sector. Downside risks include greater competition, reimbursement pressure, and global macro slowdowns.

Thermo Fisher Scientific Stock Price Forecast 2026

Our outlook for 2026 calls for Thermo Fisher’s stock to appreciate to an average price of $800, within a range of $730 to $860. The $800 target would mark a 37% total return over the next 2.5 years.

We base our 2026 forecast on the following assumptions:

• Organic sales growth moderating into the low to mid single-digits
• Operating leverage and cost controls driving further margin expansion
• Continued robust free cash flow generation supporting M&A and shareholder returns
• Potential for multiple expansion as business mix shifts further toward recurring revenue

Attaining our $800 average 2026 target would equate to an 11% CAGR in the stock price from current levels. Outperformance could be driven by market share gains, operating efficiencies, or capital deployment upside. Risks to the downside include economic slowdowns, political/regulatory changes, and adverse currency movements.

Thermo Fisher Scientific Stock Price Forecast 2027

For 2027, we see Thermo Fisher’s stock rising to an average price of $875 and trading between $790 and $945. This implies 35-62% total return potential over the next 3.5 years.

Underlying our 2027 projections are the following assumptions:

• Stable low to mid-single digit organic revenue growth
• Gross and operating margin expansion from mix shift and cost controls
• Strategic deployment of strong cash flows for M&A, dividends, and buybacks
• Stable to improving trading multiple as Thermo Fisher grows its recurring revenues

The $875 average 2027 target price represents a 10% CAGR from the current level over the 3.5 year period. Potential catalysts to drive outperformance include accelerated synergies from M&A, new breakthrough innovations, or increased investor demand for resilient business models. Key risks to the downside case include disruptive technologies, unfavorable policy changes, and deteriorating end-market conditions.

Thermo Fisher Scientific Stock Price Forecast 2028

Looking out to 2028, we forecast an average stock price of $960 for Thermo Fisher, with a range of $860 to $1,040. Hitting the midpoint of this range would generate a 64% total return over the next 4.5 years.

Our 2028 outlook is predicated on the following key assumptions:

• Low to mid single-digit organic revenue increases as end markets grow
• Margin gains from favorable business mix shift and operational efficiencies
• Continued strong free cash flow allocated to M&A, internal investments, and capital returns
• Premium valuation supported by above-market growth, profitability and durability

The $960 average price target for 2028 implies a 10% CAGR from the current stock price over the next 4.5 years. Outperformance drivers could include accretive M&A, innovative new product cycles, or multiple expansion to match other high-quality compounders. Potential risks include disruptive competition, cyclical downturns, and integration challenges.

Thermo Fisher Scientific Stock Price Forecast 2029

Our base case for Thermo Fisher in 2029 is an average trading price of $1,060, with a low of $945 and a high of $1,150. Attaining the midpoint would deliver a robust 82% total return over the next 5.5 years.

Embedded in our 2029 forecast are the following assumptions:

• Ongoing low to mid-single digit core revenue growth as Thermo Fisher executes its strategy
• Further margin expansion driven by operating leverage and business improvements
• Active capital deployment including M&A, organic investments, dividends and buybacks
• Valuation upside from mix shift toward recurring revenues and leadership position

The implied 82% total return by 2029 equates to a 10% CAGR in the stock price. Factors that could drive outperformance include transformational M&A, major scientific advancements, or fund flows into high-quality names. Potential risks to the 2029 price target include economic recessions, adverse changes in reimbursement, and slower-than-expected synergies.

Thermo Fisher Scientific Stock Price Forecast 2030

Extending our forecast to 2030, we project an average Thermo Fisher stock price of $1,180, within a range of $1,050 on the low end to $1,285 on the high end. The midpoint of this range would generate a 102% total return by the end of the decade.

Our 2030 forecast rests on the following key assumptions:

• Sustained low to mid-single digit organic sales growth across end markets
• Positive business mix shift and productivity supporting healthy margin expansion
• Continued strong cash generation fueling M&A, R&D investments and shareholder returns
• Modest multiple expansion to peer group averages reflecting Thermo’s industry leadership

Achieving the $1,180 average stock price in 2030 would translate to a 12% CAGR from current levels over the next 6.5 years. Outperformance could be driven by favorable changes in reimbursement/regulations, operating efficiencies, or a re-rating to match other high-quality compounders. Key downside risks include unanticipated competitive threats, macroeconomic shocks, and less effective capital deployment.

Related: Novartis (NVS) Stock Forecast & Price Prediction

Thermo Fisher Scientific Stock Price Forecast 2031

For 2031, our forecast calls for Thermo Fisher’s stock to reach an average price of $1,310, with a trading range of $1,165 to $1,430. The midpoint of this range would mark a 124% total return over the next 7.5 years.

Underlying our 2031 stock price outlook are the following assumptions:

• Durable low to mid single digit organic revenue growth across Thermo’s end markets
• Further operating margin improvement from scale efficiencies and cost controls
• Robust free cash flow allocated to M&A, growth investments and capital returns
• Premium valuation reflecting Thermo’s above-market growth and cash flow generation

The $1,310 average 2031 price target equates to a 12% CAGR from the current stock price over the 7.5 year period. Potential drivers of upside include market share gains, scientific breakthroughs, and increased investor appreciation of recurring revenue models. Risks to the downside case include disruptive innovations, funding pressures, and cyclical industry slowdowns.

Thermo Fisher Scientific Stock Price Forecast 2032

Looking ahead to 2032, we model an average stock price of $1,460 for Thermo Fisher, with a low of $1,290 and a high of $1,595. Reaching the midpoint would provide a robust 150% total return through the end of 2032.

Our 2032 forecast incorporates the following core assumptions:

• Consistent low to mid single digit organic sales gains from healthy end markets
• Incremental margin expansion supported by operational excellence and volume growth
• Active capital deployment for strategic M&A, dividends, buybacks and organic investments
• Stable premium valuation reflecting durable growth, margins and cash flows

The $1,460 average price target for 2032 represents an 11% CAGR from today’s stock price over the 8.5 year time frame. Outperformance could come from accelerated market growth, transformational acquisitions, or valuation multiple expansion. Downside risks include pricing pressures, execution missteps, and macro headwinds.

Thermo Fisher Scientific Stock Price Forecast 2033

Extending our projection to 2033, we forecast an average Thermo Fisher stock price of $1,625, with a trading range of $1,430 to $1,780. Attaining the midpoint would generate a 178% total return over the next 9.5 years.

Embedded in our 2033 forecast are the following assumptions:

• Stable low to mid single digit organic revenue growth across Thermo’s end markets
• Continued margin gains driven by positive mix shift and operational efficiencies
• Steady capital deployment focused on M&A, R&D, dividends and opportunistic buybacks
• Potentially higher relative multiple from peer-leading growth, margins and cash flows

The implied 178% total return by 2033 translates to an 11% CAGR in the stock price from current levels. Potential outperformance could stem from better-than-expected synergies, new growth opportunities, or greater investor demand for compounders. Risks to the downside include competition, tech disruptions, and slower end-market growth.

Thermo Fisher Scientific Stock Price Forecast 2034

For 2034, we see Thermo Fisher’s stock appreciating to an average price of $1,815, within a range of $1,590 on the low end and $1,990 on the high end. The midpoint of this range would deliver a 211% total return over the coming decade.

Our 2034 outlook reflects the following key assumptions:

• Durable low to mid single-digit organic sales growth in Thermo’s end markets
• Further margin expansion potential from volume leverage and productivity efforts
• Continued strong free cash flow fueling M&A, organic investments, dividends and buybacks
• Stable premium valuation reflecting Thermo Fisher’s industry-leading position

The $1,815 average price target for 2034 equates to an 11% CAGR from the current stock price over the 10-year period. Outperformance drivers could include market share gains, margin upside, strategic M&A, or increased investor appreciation of the company’s recurring revenue profile. Potential risks include pricing pressure, unfavorable policy changes, and scientific or technological disruption.

Thermo Fisher Scientific Stock Price Forecast 2035

Extending our forecast to 2035, we project an average stock price of $2,025 for Thermo Fisher, with a low estimate of $1,770 and a high estimate of $2,230. Reaching the midpoint of this range would provide a compelling 247% total return by the end of 2035.

Underlying our 2035 forecast are the following assumptions:

• Consistent low to mid-single digit organic revenue growth across end markets
• Incremental margin gains from operating leverage, mix shift and cost discipline
• Active capital deployment including M&A, capex, R&D and shareholder returns
• Premium valuation supported by peer-leading growth, profitability and durability

Achieving the $2,025 average price in 2035 would translate to an 11% CAGR from today’s stock price over the 11-year time frame. Potential upside catalysts include accelerated synergies, new growth verticals, or fund flows into high-quality compounders. Key risks to monitor include cyclical slowdowns, adverse policy changes, and competitive disruptions.

Thermo Fisher Scientific Stock Price Forecast 2036

For 2036, our base case calls for Thermo Fisher’s stock to reach an average trading price of $2,260, within a range of $1,970 to $2,495. Attaining the midpoint would generate an impressive 287% total stock return over the next 12 years.

Our 2036 projections incorporate the following core assumptions:

• Sustainable low to mid single-digit organic sales growth in Thermo’s end markets
• Further operating margin expansion driven by volume, mix and productivity
• Robust free cash flow allocated to M&A, growth investments and capital returns
• Continued premium valuation reflecting industry-leading growth, margins and cash flows

The implied 287% total return by 2036 equates to a 12% CAGR in the stock price from current levels. Outperformance could stem from better-than-expected acquisitions, product innovations, or multiple expansion. Downside risks include economic downturns, reimbursement pressures, and market share losses.

Thermo Fisher Scientific Stock Price Forecast 2037

Looking out to 2037, we model an average stock price of $2,525 for Thermo Fisher, bracketed by a low of $2,190 and a high of $2,790. Reaching the midpoint would deliver a 332% total return over the next 13 years.

Embedded in our 2037 forecast are the following key assumptions:

• Continued low to mid single-digit organic revenue growth across end markets
• Steady margin improvement supported by operational excellence initiatives
• Robust capital deployment for bolt-on M&A, R&D investments, dividends and buybacks
• Peer-leading valuation reflecting best-in-class growth, profitability and durability

The $2,525 average price target for 2037 represents an 11% CAGR from the current stock price over the 13-year period. Potential upside drivers include transformative M&A, breakthrough innovations, or a valuation re-rating to match other compounders. Key risks include funding challenges, macro volatility, and market saturation.

Thermo Fisher Scientific Stock Price Forecast 2038

Extending our model to 2038, we forecast an average Thermo Fisher stock price of $2,820, within a trading range of $2,440 to $3,120. Achieving the midpoint would generate a robust 383% total return through 2038.

Our 2038 outlook rests on the following key assumptions:

• Durable low to mid-single digit organic sales gains across Thermo’s end markets
• Ongoing margin expansion driven by business mix and operational efficiency
• Steady capital deployment focused on strategic M&A, innovation and capital returns
• Premium valuation in-line with other industry-leading growth compounders

Reaching the $2,820 average stock price by 2038 would translate to an 11% CAGR from today’s price over the 14-year time horizon. Outperformance could be driven by accelerated growth investments, favorable policy changes, or increased fund flows into quality names. Risks to the downside case include technological disruption, cyclical pressures, and misallocation of capital.

Thermo Fisher Scientific Stock Price Forecast 2039

In our base case for 2039, we project Thermo Fisher’s stock will appreciate to an average price of $3,155, with a low of $2,720 and a high of $3,495. Attaining the midpoint would produce an impressive 440% total return through the end of 2039.

Underlying our 2039 forecast are the following major assumptions:

• Sustained low to mid single-digit organic revenue increases across end markets
• Further gross and operating margin gains from mix shift and productivity measures
• Continued strong free cash flow fueling M&A, growth investments and capital returns
• Stable premium valuation reflecting peer-leading growth, profitability and durability

The implied 440% total return by 2039 equates to a 12% CAGR in Thermo Fisher’s stock price from the current level. Potential catalysts for outperformance include value-enhancing M&A, positive changes in reimbursement, and valuation multiple expansion. Key downside risks include disruptive competition, geopolitical instability, and integration challenges.

Thermo Fisher Scientific Stock Price Forecast 2040

Looking out to 2040, we model an average stock price of $3,530 for Thermo Fisher, with a trading range of $3,030 to $3,920. Reaching the midpoint would generate a compelling 504% total return over the next 16 years.

Our 2040 projections are based on the following core assumptions:

• Consistent low to mid single-digit organic sales growth across Thermo’s end markets
• Incremental margin expansion supported by operating leverage and cost controls
• Active capital deployment for high-return M&A, internal investments and cash returns
• Premium valuation in-line with other large-cap growth and quality compounders

Achieving the $3,530 average price target in 2040 would represent an 11% CAGR from today’s stock price over the 16-year period. Outperformance could stem from market share gains, scientific breakthroughs, or greater recognition of the company’s moat. Risks to the downside case include funding pressures, macro slowdowns, and adverse policy changes.

Thermo Fisher Scientific Stock Price Forecast 2050

For our final projection year of 2050, we forecast Thermo Fisher’s stock to reach an average trading price of $6,700, bracketed by a low of $5,690 and a high of $7,500. Attaining the midpoint would deliver an astounding 1,048% total return over the next 26 years.

Embedded in our 2050 forecast are the following key assumptions:

• Durable low to mid single-digit organic revenue growth, supplemented by M&A
• Steady margin gains from scale efficiencies, productivity and positive mix shift
• Robust free cash flow allocated to growth investments, M&A and capital returns
• Continued premium valuation reflecting industry-leading growth and profitability

The $6,700 average price target for 2050 equates to a 10% CAGR from the current stock price over the 26-year time horizon. Potential upside drivers include transformative acquisitions and innovations, as well as a valuation re-rating as the business grows. Major risks to consider include disruptive technologies, regulatory shifts, and macroeconomic volatility.

Conclusion

In summary, we believe Thermo Fisher Scientific is well-positioned to deliver strong revenue growth, margin expansion, and cash flows over the next several decades. The company’s deep capabilities, customer relationships, and proven business model should support sustainable value creation. While not without risks, we view Thermo Fisher as a high-quality, defensive growth compounder deserving of a premium valuation. Based on our analysis, we project the stock can appreciate to $6,700 by 2050, generating a 10% CAGR and over 10x return from current levels. As such, we believe the stock represents an attractive core holding for long-term growth portfolios.

FAQs

1. Is Thermo Fisher a good investment?

Thermo Fisher is widely considered a high-quality, defensive growth stock. The company has a strong track record of organic growth, margin expansion, and value-creating capital deployment. With a diversified product portfolio, deep customer relationships, and leadership across attractive end markets, Thermo Fisher seems well-positioned to deliver sustained growth and profitability over the long-term. However, investors should always consider their specific financial goals and risk tolerance before making investment decisions.

2. What is the future outlook for Thermo Fisher Scientific?

The future outlook for Thermo Fisher appears favorable, supported by several key factors. The company operates in markets with solid long-term growth prospects, driven by increasing healthcare spending, demand for pharmaceuticals, and the need for advanced scientific solutions. Thermo Fisher has opportunities to expand its market share, enter new adjacencies, and continue innovating to meet evolving customer needs. Additionally, the company’s strong free cash flow generation provides flexibility for ongoing investments in growth initiatives and shareholder returns.

3. Is Thermo Fisher a Fortune 500 company?

Yes, Thermo Fisher Scientific is a Fortune 500 company. As of 2023, the company ranks #97 on the Fortune 500 list, which ranks U.S. companies by total revenue. Thermo Fisher generated over $44.92 billion in revenue in 2022.

4. Who are the largest shareholders of Thermo Fisher?

According to recent institutional ownership filings, some of the largest shareholders of Thermo Fisher Scientific include:

1. The Vanguard Group, Inc.
2. BlackRock, Inc.
3. State Street Corporation
4. Capital World Investors
5. T. Rowe Price Associates, Inc. These institutional investors each own a significant number of Thermo Fisher shares, though the specific holdings can change over time.

5. Who is Thermo Fisher’s biggest competitor?

Thermo Fisher Scientific competes in several life sciences and diagnostic markets. Some of the company’s major competitors include:

• Danaher Corporation (life sciences, diagnostics)
• Agilent Technologies (analytical instruments, consumables)
• Becton, Dickinson and Company (BD) (medical supplies, devices)
• Illumina (genetic sequencing, analysis)
• PerkinElmer (diagnostics, life sciences)
• Merck KGaA (life sciences, pharmaceuticals)
• Bio-Rad Laboratories (life sciences, clinical diagnostics)
• Bruker Corporation (scientific instruments) Given Thermo Fisher’s broad portfolio, the company may face different competitors across its various business segments and end markets.

Disclaimer:

The stock price predictions provided herein are based on historical data, current market trends, and analysis. However, past performance does not guarantee future results. Stock markets are inherently volatile and subject to numerous economic, political, and market factors that can cause rapid and unpredictable fluctuations in stock prices. The information provided is for educational and informational purposes only and should not be construed as financial advice. It is strongly recommended that you consult with a qualified financial advisor before making any investment decisions. Invest responsibly and consider your individual financial situation, risk tolerance, and investment objectives before acting on any information provided.

Source:

1. https://companiesmarketcap.com/thermo-fisher-scientific/stock-splits/ ↩︎