TMO vs. WAT: Thermo Fisher Scientific vs. Waters Stock Comparison
How do Thermo Fisher Scientific (TMO) and Waters (WAT) 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
Thermo Fisher Scientific (TMO) and Waters (WAT) 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.
| Profile Item | TMO | WAT |
|---|---|---|
| Name | Thermo Fisher Scientific Inc. | Waters Corporation |
| 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 | 257.42 billion USD | 44.93 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | NYSE |
| Listing Date | March 17, 1980 | November 17, 1995 |
| Security Type | Common Stock | Common Stock |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | TMO | WAT |
|---|---|---|
| Total Return (1Y) | 24.62% | 27.70% |
| Total Return (3Y, Annualized) | 17.34% | 23.32% |
| Total Return (5Y, Annualized) | 3.11% | 6.27% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | TMO | WAT |
|---|---|---|
| Volatility (1Y, Annualized) | 29.96% | 35.45% |
| Beta (5Y) | 0.83 | 1.13 |
| Max Drawdown (5Y) | -40.95% | -36.47% |
| Avg. Volume (3M) | 2.10M | 816.72K |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | TMO | WAT |
|---|---|---|
| Sharpe Ratio (1Y) | 0.68 | 0.66 |
| Sortino Ratio (1Y) | 1.02 | 0.98 |
Profitability
ROE (TTM)
Thermo Fisher Scientific (TMO) at 13.38% sits in the top ROE quartile, while Waters (WAT) at 1.12% is closer to the peer norm — stronger capital efficiency for TMO.
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%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.12%
- Max
- 109.18%
- Q3
- 6.23%
- WAT
- 1.12%
- Median
- -26.66%
- Q1
- -64.05%
- Min
- -167.77%
Net Margin (TTM)
Thermo Fisher Scientific (TMO) at 14.94% retains a top-quartile share of revenue as profit, ahead of Waters (WAT) at 1.76%, which keeps about the industry-typical share.
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%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
1.76%
- Max
- 18.05%
- Q3
- 4.78%
- WAT
- 1.76%
- Median
- 0.00%
- Q1
- -4.14%
- Min
- -17.05%
Operating Margin (TTM)
Thermo Fisher Scientific (TMO) at 20.19% operates in the top operating margin quartile, ahead of Waters (WAT) at 11.38%, which runs around its industry’s norm.
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%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
11.38%
- Max
- 83.12%
- Q3
- 14.77%
- WAT
- 11.38%
- Median
- 0.00%
- Q1
- -78.82%
- Min
- -207.40%
Profitability Metrics
| Metric | TMO | WAT |
|---|---|---|
| ROE (TTM) | 13.38% | 1.12% |
| ROA (TTM) | 5.19% | 2.36% |
| Net Margin (TTM) | 14.94% | 1.76% |
| Operating Margin (TTM) | 20.19% | 11.38% |
| Gross Margin (TTM) | 41.26% | 49.83% |
Growth
Revenue Growth
Both Thermo Fisher Scientific (TMO) at 3.91% and Waters (WAT) at 6.99% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.
EPS Growth
Both Thermo Fisher Scientific (TMO) at 7.32% and Waters (WAT) at 0.47% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.
Growth Metrics
| Metric | TMO | WAT |
|---|---|---|
| Revenue Growth (YoY) | 3.91% | 6.99% |
| Revenue Growth (3Y CAGR) | -0.27% | 2.12% |
| EPS Growth (YoY) | 7.32% | 0.47% |
| EPS Growth (3Y CAGR) | 0.21% | -2.84% |
Financial Strength
Current Ratio (MRQ)
Short-term liquidity can only be read on one side of this pairing: Thermo Fisher Scientific (TMO) shows current ratio of 1.81 against its industry benchmark, while Waters (WAT) has no reading this period.
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
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
--
- Max
- 25.13
- Q3
- 12.13
- Median
- 5.52
- Q1
- 2.47
- Min
- 0.10
- WAT
- --
Debt / Equity (MRQ)
Waters (WAT) at 0.34 carries an industry-typical debt-to-equity mix, while Thermo Fisher Scientific (TMO) at 0.75 uses more debt funding than most peers.
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
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.34
- Max
- 1.42
- Q3
- 0.65
- WAT
- 0.34
- Median
- 0.15
- Q1
- 0.02
- Min
- 0.00
Financial Strength Metrics
| Metric | TMO | WAT |
|---|---|---|
| Current Ratio (MRQ) | 1.81 | -- |
| Debt / Equity (MRQ) | 0.75 | 0.34 |
| Net Debt / EBITDA | 2.91 | 3.23 |
Dividends
Dividend Yield (TTM)
Waters (WAT) 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.
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%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
Waters (WAT) 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.
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%
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
0.00%
- WAT
- 0.00%
- Max
- 0.00%
- Q3
- 0.00%
- Median
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | TMO | WAT |
|---|---|---|
| Dividend Yield (TTM) | 0.27% | 0.00% |
| Dividend Payout Ratio (TTM) | 9.70% | 0.00% |
Valuation
P/E Ratio (TTM)
Thermo Fisher Scientific (TMO) at 36.64 is near its industry’s usual P/E ratio, while Waters (WAT) at 191.46 sits above its peer range — an unusually expensive price for WAT’s trailing earnings.
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
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
191.46
- WAT
- 191.46
- Max
- 85.34
- Q3
- 43.46
- Median
- 26.69
- Q1
- 13.30
- Min
- 0.07
P/S Ratio (TTM)
On P/S ratio, both Thermo Fisher Scientific (TMO) at 5.44 and Waters (WAT) at 8.01 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.
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
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
8.01
- Max
- 58.18
- Q3
- 25.77
- WAT
- 8.01
- Median
- 7.30
- Q1
- 3.01
- Min
- 0.01
P/B Ratio (MRQ)
On P/B ratio, both Thermo Fisher Scientific (TMO) at 4.70 and Waters (WAT) at 2.94 are valued close to their industries’ norm against book — neither stands out from peers.
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
WAT
Pharmaceuticals, Biotechnology & Life Sciences industry group
2.94
- Max
- 13.53
- Q3
- 6.54
- Median
- 3.25
- WAT
- 2.94
- Q1
- 1.69
- Min
- -5.59
Valuation Metrics
| Metric | TMO | WAT |
|---|---|---|
| P/E Ratio (TTM) | 36.64 | 191.46 |
| P/S Ratio (TTM) | 5.44 | 8.01 |
| P/B Ratio (MRQ) | 4.70 | 2.94 |
| Free Cash Flow Yield (TTM) | 2.50% | -- |