Thermo Fisher: Great Business Still Trading At A Risky Price Before Earnings

Thermo Fisher Scientific (TMO) remains a high-quality, stable business, but its stock is currently overvalued relative to its growth outlook. TMO reported FY25 revenue growth of 3.9% and EPS growth of 7.3%, with management guiding for 6–8% adjusted EPS growth in FY26. Despite solid fundamentals and resilient end-markets, valuation multiples near 30x earnings/free cash flow appear stretched unless double-digit growth resumes.