DHR vs. TMO: Danaher vs. Thermo Fisher Scientific Stock Comparison

November 11, 2026

How do Danaher (DHR) and Thermo Fisher Scientific (TMO) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Danaher (DHR) and Thermo Fisher Scientific (TMO) are both classified in the Life Sciences Tools & Services sub-industry within the broader Life Sciences Tools & Services industry, placing them in the closest GICS peer bucket.

Company profile comparison for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Profile Item	DHR	TMO
Name	Danaher Corp.	Thermo Fisher Scientific Inc.
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Life Sciences Tools & Services	Life Sciences Tools & Services
GICS Sub-Industry	Life Sciences Tools & Services	Life Sciences Tools & Services
Market Capitalization	161.86 billion USD	257.42 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	December 29, 1978	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

DHR

TMO

GSPC

Danaher (DHR) vs. Thermo Fisher Scientific (TMO), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Danaher (DHR) and Thermo Fisher Scientific (TMO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Danaher (DHR) and Thermo Fisher Scientific (TMO). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Total Return (1Y)	11.88%	24.62%
Total Return (3Y, Annualized)	6.67%	17.34%
Total Return (5Y, Annualized)	-2.05%	3.11%

Risk Profile

Drawdown History

DHR

TMO

GSPC

Danaher (DHR) vs. Thermo Fisher Scientific (TMO), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Danaher (DHR) and Thermo Fisher Scientific (TMO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Volatility (1Y, Annualized)	30.61%	29.96%
Beta (5Y)	0.76	0.83
Max Drawdown (5Y)	-43.31%	-40.95%
Avg. Volume (3M)	3.94M	2.10M

Risk-Adjusted Performance

Risk-Return Positioning

DHR and TMO are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Sharpe Ratio (1Y)	0.25	0.68
Sortino Ratio (1Y)	0.35	1.02

Profitability

ROE (TTM)

Both Danaher (DHR) at 8.19% and Thermo Fisher Scientific (TMO) at 13.38% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

8.19%

Max: 109.18%
DHR: 8.19%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.38%

Max: 109.18%
TMO: 13.38%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their ROE against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Net Margin (TTM)

For every dollar of sales, both Danaher (DHR) at 16.91% and Thermo Fisher Scientific (TMO) at 14.94% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

16.91%

Max: 18.05%
DHR: 16.91%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

14.94%

Max: 18.05%
TMO: 14.94%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their net margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Operating Margin (TTM)

Both Danaher (DHR) at 21.13% and Thermo Fisher Scientific (TMO) at 20.19% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

21.13%

Max: 83.12%
DHR: 21.13%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

20.19%

Max: 83.12%
TMO: 20.19%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their operating margin against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Profitability Metrics

Profitability metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
ROE (TTM)	8.19%	13.38%
ROA (TTM)	4.06%	5.19%
Net Margin (TTM)	16.91%	14.94%
Operating Margin (TTM)	21.13%	20.19%
Gross Margin (TTM)	59.36%	41.26%

Growth

Revenue Growth

Both Danaher (DHR) at 2.90% and Thermo Fisher Scientific (TMO) at 3.91% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Danaher (DHR) at -4.54% and Thermo Fisher Scientific (TMO) at 7.32% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Revenue Growth (YoY)	2.90%	3.91%
Revenue Growth (3Y CAGR)	-2.67%	-0.27%
EPS Growth (YoY)	-4.54%	7.32%
EPS Growth (3Y CAGR)	-19.44%	0.21%

Financial Strength

Current Ratio (MRQ)

Both Danaher (DHR) at 1.63 and Thermo Fisher Scientific (TMO) at 1.81 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.63

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
DHR: 1.63
Min: 0.10

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.81

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
TMO: 1.81
Min: 0.10

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their current ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Debt / Equity (MRQ)

Danaher (DHR) at 0.52 carries an industry-typical debt-to-equity mix, while Thermo Fisher Scientific (TMO) at 0.75 uses more debt funding than most peers.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.52

Max: 1.42
Q3: 0.65
DHR: 0.52
Median: 0.15
Q1: 0.02
Min: 0.00

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.75

Max: 1.42
TMO: 0.75
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their debt-to-equity ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Current Ratio (MRQ)	1.63	1.81
Debt / Equity (MRQ)	0.52	0.75
Net Debt / EBITDA	2.68	2.91

Dividends

Dividend Yield (TTM)

Both Danaher (DHR) at 0.67% and Thermo Fisher Scientific (TMO) at 0.27% yield above their industries’ entire benchmark ranges — high enough that dividend safety, not income, becomes the first question.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.67%

DHR: 0.67%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.27%

TMO: 0.27%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their dividend yield against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Payout Ratio (TTM)

Both Danaher (DHR) at 25.17% and Thermo Fisher Scientific (TMO) at 9.70% pay out more of their earnings than any of their industry peers — the thinnest cover in their groups, so dividend headroom deserves attention.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

25.17%

DHR: 25.17%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.70%

TMO: 9.70%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their payout ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Dividend Metrics

Dividend metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
Dividend Yield (TTM)	0.67%	0.27%
Dividend Payout Ratio (TTM)	25.17%	9.70%

Valuation

P/E Ratio (TTM)

Both Danaher (DHR) at 38.12 and Thermo Fisher Scientific (TMO) at 36.64 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

38.12

Max: 85.34
Q3: 43.46
DHR: 38.12
Median: 26.69
Q1: 13.30
Min: 0.07

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

36.64

Max: 85.34
Q3: 43.46
TMO: 36.64
Median: 26.69
Q1: 13.30
Min: 0.07

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their P/E ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Danaher (DHR) at 6.32 and Thermo Fisher Scientific (TMO) at 5.44 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

6.32

Max: 58.18
Q3: 25.77
Median: 7.30
DHR: 6.32
Q1: 3.01
Min: 0.01

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

5.44

Max: 58.18
Q3: 25.77
Median: 7.30
TMO: 5.44
Q1: 3.01
Min: 0.01

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their P/S ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Danaher (DHR) at 3.02 and Thermo Fisher Scientific (TMO) at 4.70 are valued close to their industries’ norm against book — neither stands out from peers.

DHR

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.02

Max: 13.53
Q3: 6.54
Median: 3.25
DHR: 3.02
Q1: 1.69
Min: -5.59

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.70

Max: 13.53
Q3: 6.54
TMO: 4.70
Median: 3.25
Q1: 1.69
Min: -5.59

Danaher (DHR) vs. Thermo Fisher Scientific (TMO): A comparison of their P/B ratio against the Pharmaceuticals, Biotechnology & Life Sciences industry group benchmark.

Valuation Metrics

Valuation metrics for Danaher (DHR) and Thermo Fisher Scientific (TMO)
Metric	DHR	TMO
P/E Ratio (TTM)	38.12	36.64
P/S Ratio (TTM)	6.32	5.44
P/B Ratio (MRQ)	3.02	4.70
Free Cash Flow Yield (TTM)	2.93%	2.50%