Thermo Fisher (TMO) vs Danaher (DHR): Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
The two are priced about the same on earnings (36.1 and 36.9 times); Danaher keeps the higher net margin (16.9% against 14.9%); Thermo Fisher grew revenue faster over the last year (8.3% against 5.5%); dividend yield is about the same (0.3% and 0.6%). Thermo Fisher clears 4 of this site's 8 value filters and Danaher 4. Figures are as of November 7, 2026; each is on the page below with its source.
How do Thermo Fisher and Danaher compare on the numbers?
| Measure | Thermo Fisher (TMO) | Danaher (DHR) | Clearer lead |
|---|---|---|---|
| Share price | $694.76 | $230.25 | |
| Market value | $255 billion | $160 billion | |
| P/E ratio (trailing) | 36.1 | 36.9 | About the same |
| PEG ratio | 3.85 | 4.24 | About the same |
| Free-cash-flow yield | 3.0% | 3.6% | About the same |
| Net profit margin | 14.9% | 16.9% | DHR |
| Revenue growth, last year | 8.3% | 5.5% | TMO |
| Return on equity | 13.3% | 8.2% | TMO |
| Debt to equity | 0.76 | 0.49 | DHR |
| Dividend yield | 0.3% | 0.6% | About the same |
| Margin of safety (DCF) | -96.7% | -63.3% | DHR |
| Value filters passed (of 8) | 4 | 4 | About the same |
| Distance from 52-week high | -2.0% | -4.9% |
How have Thermo Fisher and Danaher shares done against each other?
Thermo Fisher 111Danaher 86
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Thermo Fisher shares are up 11% and Danaher shares down 14%, so Thermo Fisher has pulled ahead of Danaher by 25 points of the starting price. The deepest fall from a prior high in that window was 38% for Thermo Fisher and 40% for Danaher.
| Period | Thermo Fisher (TMO) | Danaher (DHR) |
|---|---|---|
| Last 1 year | +22.8% | +9.3% |
| Last 3 years | +52.7% | +17.8% |
| Last 5 years | +12.6% | -11.1% |
Which has grown faster, Thermo Fisher or Danaher?
Over 5 years, Thermo Fisher grew revenue 6.7% a year and earnings per share 2.1% a year; Danaher grew revenue 2.0% and earnings per share -0.1%. Its net margin averaged 15.8% at Thermo Fisher and 20.8% at Danaher.
| Measure | Thermo Fisher (TMO) | Danaher (DHR) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Dec 2025 |
| Revenue, first year to latest | $32.2 billion to $44.6 billion | $22.3 billion to $24.6 billion |
| Revenue growth per year | 6.7% | 2.0% |
| Earnings per share, first year to latest | $15.98 to $17.74 | $5.07 to $5.05 |
| Earnings per share growth per year | 2.1% | -0.1% |
| Net margin, latest year | 15.0% | 14.7% |
| Net margin, average of the years | 15.8% | 20.8% |
| Free cash flow margin, latest year | 14.1% | 21.4% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years.
What growth does each share price assume?
| Measure | Thermo Fisher (TMO) | Danaher (DHR) |
|---|---|---|
| Free cash flow growth the price implies | 25.4% a year | 20.5% a year |
| Free cash flow per share | $20.69 | $8.26 |
| Margin of safety on this site's DCF | -96.7% | -63.3% |
At $694.76, Thermo Fisher's price implies free cash flow growth of 25.4% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
At $230.25, Danaher's price implies free cash flow growth of 20.5% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Thermo Fisher leads
- Faster revenue growth last year: 8.3% against 5.5%
- Higher return on equity: 13.3% against 8.2%
- Faster revenue growth over its filed record: 6.7% against 2.0%
- Faster earnings-per-share growth over its filed record: 2.1% against -0.1%
Where Danaher leads
- Higher net margin: 16.9% against 14.9%
- Less debt for its equity: 0.49 against 0.76
- Higher margin of safety on this site's DCF: -63.3% against -96.7%
- A higher average net margin: 20.8% against 15.8%
- A higher free-cash-flow margin in its latest filed year: 21.4% against 14.1%
About the same on: p/e ratio (trailing), peg ratio, free-cash-flow yield, dividend yield, value filters passed (of 8), net margin, latest year. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Thermo Fisher. Thermo Fisher sells laboratory instruments, chemicals, supplies and services to pharmaceutical companies, hospitals and research labs, from electron microscopes to clinical-trial services.
Danaher. Danaher owns and runs a portfolio of life-sciences, diagnostics and water-quality businesses. Its customers are labs, biotech and pharmaceutical companies, hospitals and utilities.
Both are in the Life Sciences Tools & Services industry on this site.
What stands out about Thermo Fisher
- Misses 2 of the 8 value filters. It fails Trailing P/E < 25 (36.08) and PEG Ratio < 1.5 (3.85); the other 4 pass and 2 were not evaluated.
- Close to its 52-week high. At $694.76, TMO is within 2.0% of its high of $709.18, 58.5% above its low of $438.34.
- Strongest against peers: P/E ratio. At 36.1× (peer median 38.3×) it ranks 3rd of 10 among life sciences tools & services stocks this site tracks.
What stands out about Danaher
- Misses 2 of the 8 value filters. It fails Trailing P/E < 25 (36.86) and PEG Ratio < 1.5 (4.24); the other 4 pass and 2 were not evaluated.
- The margin of safety is steady. It went from -64% on Oct 7 to -63% on Nov 7 across 8 weekly readings.
- Strongest against peers: dividend yield. At 0.64% (peer median 0.35%) it ranks 1st of 6 among life sciences tools & services stocks this site tracks.
Frequently asked questions about Thermo Fisher and Danaher
Which is cheaper, Thermo Fisher or Danaher?
On trailing earnings, they are priced about the same: Thermo Fisher trades at 36.1 times and Danaher at 36.9 times. On free cash flow, the yields are 3.0% and 3.6%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, Thermo Fisher or Danaher?
Their yields are about the same: Thermo Fisher 0.3% and Danaher 0.6% over the last year.
Which has grown faster, Thermo Fisher or Danaher?
Over their latest filed five years, Thermo Fisher grew revenue 6.7% a year and Danaher 2.0%; earnings per share grew 2.1% and -0.1% a year.
Which has more debt, Thermo Fisher or Danaher?
Thermo Fisher has more debt for its equity: debt to equity is 0.76 for Thermo Fisher and 0.49 for Danaher. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Thermo Fisher or Danaher?
Danaher keeps more of each sales dollar as profit: 14.9% for Thermo Fisher and 16.9% for Danaher, with a return on equity of 13.3% and 8.2%.
Which passes more of the 8 value filters?
Both clear 4 of the 8. The filters are this site's own value rules, shown with each stock's page.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Thermo Fisher and Danaher). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.