Thermo Fisher Scientific TMO

Name: TMO Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $494.18

Crucible Score

54.2

Quality × Value Composite

KQI — Quality

58.6

C+

Fundamental Quality Index

KVI — Value

48.8

D+

Valuation Attractiveness Index

Crucible Verdict — TMO

Thermo Fisher Scientific earns a middling C rating despite strong diversification and market position, dragged down by weak competitive moats and mediocre growth prospects. TMO trades at a 10% discount to fair value, but insider selling signals management's lukewarm confidence in near-term performance. The company's defensive qualities make it a safe harbor, though upside remains limited without moat improvements.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

70.5

Growth Profile

54.7

Moat Durability

44.6

Management Effectiveness

56.8

Diversification & Resilience⚠

76.0

Market Position

72.0

Weakest dimension: Moat Durability (44.6)

◆ KVI Value Dimensions

DCF Margin of Safety

65.0

FCF Yield & Cash Returns

38.9

Relative Valuation

43.3

Growth-Adjusted Value

15.1

Historical Valuation

85.1

Macro Context

45.7

◆ DCF Valuation Scenarios

Bear Case

$390.52

Base Case

$545.80

Bull Case

$738.15

Price at Analysis

$494.18

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$390.52	3.5%	17.0%	9.7%
🟢 Base	$545.80	5.0%	19.0%	9.2%
🟢 Bull	$738.15	7.0%	21.0%	8.7%

Key Assumptions: TMO revenue grew modestly from ~$39B to ~$45B over the trailing period with operating margins ranging 17-26%, reflecting post-COVID normalization in life sciences demand. WACC calculated using CAPM with 4.39% risk-free rate, 0.97 beta, and 5.5% ERP yielding ~9.2% base WACC; bear/bull cases shift ERP by +/-50bps. Tax rate normalized at 8.7% reflecting TMO's historically low effective rate from IP structuring; capex intensity anchored at ~3.5-4.5% of revenue consistent with recent years.

◆ Financial Snapshot

Profitability

Gross Margin39.5%

Operating Margin18.0%

Net Margin15.1%

ROIC7.7%

ROE13.3%

Balance Sheet

Balance SheetCR: 1.89

Cash ConversionFCF/EPS: 0.94x

Capital IntensityCapex/Rev: 3.4%

Altman Z-Score3.38 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR3.2% CAGR

Earnings CAGR-3.5% CAGR

Growth ConsistencyCV: 0.90

Segment Breadth2/3 growing (67%)

Quarterly TrendMargin↑, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOLaura Basuki · 3 years

CEO Ownership< 1%

Compensation73% performance-based

Insider ActivitySelling

Capital AllocationROIC 7.7% vs WACC 2.7%

Earnings Beat Rate86% (18/22)

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.