MRNA vs. TMO: Moderna vs. Thermo Fisher Scientific Stock Comparison

November 11, 2026

How do Moderna (MRNA) 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

Moderna (MRNA) and Thermo Fisher Scientific (TMO) both fall under the Pharmaceuticals, Biotechnology & Life Sciences industry group, but MRNA is classified in Biotechnology while TMO is classified in Life Sciences Tools & Services.

Company profile comparison for Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Profile Item	MRNA	TMO
Name	Moderna Inc.	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	Biotechnology	Life Sciences Tools & Services
GICS Sub-Industry	Biotechnology	Life Sciences Tools & Services
Market Capitalization	101.48 billion USD	257.42 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	December 7, 2018	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

MRNA

TMO

GSPC

Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Total Return (1Y)	1,031.66%	24.62%
Total Return (3Y, Annualized)	58.68%	17.34%
Total Return (5Y, Annualized)	3.23%	3.11%

Risk Profile

Drawdown History

MRNA

TMO

GSPC

Moderna (MRNA) 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 Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Volatility (1Y, Annualized)	194.88%	29.96%
Beta (5Y)	1.08	0.83
Max Drawdown (5Y)	-93.93%	-40.95%
Avg. Volume (3M)	21.61M	2.10M

Risk-Adjusted Performance

Risk-Return Positioning

MRNA 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Sharpe Ratio (1Y)	5.27	0.68
Sortino Ratio (1Y)	20.44	1.02

Profitability

ROE (TTM)

Moderna (MRNA) reports a negative ROE of -39.00%; negative ROE can reflect losses or negative shareholders’ equity, so it is harder to read as capital efficiency. Meanwhile Thermo Fisher Scientific (TMO) reports 13.38%, ranking against industry peers normally.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

-39.00%

Max: 109.18%
Q3: 6.23%
Median: -26.66%
MRNA: -39.00%
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%

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

Net Margin (TTM)

Moderna (MRNA) reports a negative net margin of -141.43%, usually indicating a net loss over the period. Meanwhile Thermo Fisher Scientific (TMO) reports 14.94%, ranking against industry peers normally.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

-141.43%

Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%
MRNA: -141.43%

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%

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

Operating Margin (TTM)

Moderna (MRNA) reports a negative operating margin of -557.93%, usually indicating that operating costs exceeded revenue at the operating-income line. Meanwhile Thermo Fisher Scientific (TMO) reports 20.19%, ranking against industry peers normally.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

-557.93%

Max: 83.12%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%
MRNA: -557.93%

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%

Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
ROE (TTM)	-39.00%	13.38%
ROA (TTM)	-13.26%	5.19%
Net Margin (TTM)	-141.43%	14.94%
Operating Margin (TTM)	-557.93%	20.19%
Gross Margin (TTM)	-66.02%	41.26%

Growth

Revenue Growth

Thermo Fisher Scientific (TMO) at 3.91% is around its peer norm for revenue growth, while Moderna (MRNA) at -39.92% drops into the bottom quartile, signaling weaker demand or pricing momentum.

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

EPS Growth

Only one side can be read here: Thermo Fisher Scientific (TMO) reports EPS growth of 7.32%, ranked against its industry; Moderna (MRNA) has no EPS growth figure this period.

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

Growth Metrics

Growth metrics for Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Revenue Growth (YoY)	-39.92%	3.91%
Revenue Growth (3Y CAGR)	-53.30%	-0.27%
EPS Growth (YoY)	--	7.32%
EPS Growth (3Y CAGR)	--	0.21%

Financial Strength

Current Ratio (MRQ)

Both Moderna (MRNA) at 2.30 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.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.30

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
MRNA: 2.30
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

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

Debt / Equity (MRQ)

Moderna (MRNA) at 0.19 carries an industry-typical debt-to-equity mix, while Thermo Fisher Scientific (TMO) at 0.75 uses more debt funding than most peers.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.19

Max: 1.42
Q3: 0.65
MRNA: 0.19
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

Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Current Ratio (MRQ)	2.30	1.81
Debt / Equity (MRQ)	0.19	0.75
Net Debt / EBITDA	--	2.91

Dividends

Dividend Yield (TTM)

Moderna (MRNA) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Thermo Fisher Scientific (TMO) reports a yield of 0.27%, ranking against industry peers normally.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

MRNA: 0.00%
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%

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

Dividend Payout Ratio (TTM)

Moderna (MRNA) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Thermo Fisher Scientific (TMO) reports a payout of 9.70%, ranking against industry peers normally.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

MRNA: 0.00%
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%

Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
Dividend Yield (TTM)	0.00%	0.27%
Dividend Payout Ratio (TTM)	0.00%	9.70%

Valuation

P/E Ratio (TTM)

An earnings multiple is available for just one side: Thermo Fisher Scientific (TMO) trades at 36.64 times trailing earnings, ranked against its peers, while Moderna (MRNA) has no P/E ratio this period.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

Max: 85.34
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07
MRNA: --

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

Moderna (MRNA) vs. Thermo Fisher Scientific (TMO): MRNA does not report P/E ratio, so it has no value marker; TMO is benchmarked against the Pharmaceuticals, Biotechnology & Life Sciences industry group.

P/S Ratio (TTM)

Thermo Fisher Scientific (TMO) at 5.44 is priced about in line with its industry on P/S ratio, while Moderna (MRNA) at 45.55 sits in the pricier quartile — MRNA costs more per dollar of sales.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

45.55

Max: 58.18
MRNA: 45.55
Q3: 25.77
Median: 7.30
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

Moderna (MRNA) 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)

Thermo Fisher Scientific (TMO) at 4.70 is valued about in line with its industry on P/B ratio, while Moderna (MRNA) at 11.58 carries an above-peer premium to book — MRNA is pricier on assets.

MRNA

Pharmaceuticals, Biotechnology & Life Sciences industry group

11.58

Max: 13.53
MRNA: 11.58
Q3: 6.54
Median: 3.25
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

Moderna (MRNA) 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 Moderna (MRNA) and Thermo Fisher Scientific (TMO)
Metric	MRNA	TMO
P/E Ratio (TTM)	--	36.64
P/S Ratio (TTM)	45.55	5.44
P/B Ratio (MRQ)	11.58	4.70
Free Cash Flow Yield (TTM)	0.29%	2.50%