What is Thermo Fisher Scientific Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Thermo Fisher Scientific Inc.'s reported free cash flow gives $231.35 per share. The share price was $675.00 on September 25, 2026, 192% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 1.5% | 10.0% | $106.69 | -84% |
| Base | 6.5% | 9.0% | $231.35 | -66% |
| Bull | 11.5% | 8.0% | $479.88 | -29% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $323.42 | $351.53 | $385.89 | $428.84 | $484.06 |
| 8.0% | $254.71 | $272.94 | $294.48 | $320.34 | $351.94 |
| 9.0% | $204.50 | $216.96 | $231.35 | $248.12 | $267.95 |
| 10.0% | $166.25 | $175.11 | $185.16 | $196.64 | $209.89 |
| 11.0% | $136.17 | $142.67 | $149.93 | $158.10 | $167.36 |
Where the presets come from
Base: years 1 to 5 grow at Thermo Fisher Scientific Inc.'s revenue growth rate over the last 5 fiscal years (6.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions