TMO vs. ZTS: Thermo Fisher Scientific vs. Zoetis Stock Comparison

November 11, 2026

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

Company profile comparison for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Profile Item	TMO	ZTS
Name	Thermo Fisher Scientific Inc.	Zoetis Inc. Class A Common Stock
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	Pharmaceuticals
GICS Sub-Industry	Life Sciences Tools & Services	Pharmaceuticals
Market Capitalization	257.42 billion USD	32.26 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 17, 1980	February 1, 2013
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

TMO

ZTS

GSPC

Thermo Fisher Scientific (TMO) vs. Zoetis (ZTS), 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 Thermo Fisher Scientific (TMO) and Zoetis (ZTS). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Total Return (1Y)	24.62%	-30.10%
Total Return (3Y, Annualized)	17.34%	-20.42%
Total Return (5Y, Annualized)	3.11%	-16.87%

Risk Profile

Drawdown History

TMO

ZTS

GSPC

Thermo Fisher Scientific (TMO) vs. Zoetis (ZTS), 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 Thermo Fisher Scientific (TMO) and Zoetis (ZTS). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Volatility (1Y, Annualized)	29.96%	38.23%
Beta (5Y)	0.83	0.66
Max Drawdown (5Y)	-40.95%	-70.45%
Avg. Volume (3M)	2.10M	4.65M

Risk-Adjusted Performance

Risk-Return Positioning

TMO and ZTS 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 Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Sharpe Ratio (1Y)	0.68	-0.90
Sortino Ratio (1Y)	1.02	-1.10

Profitability

ROE (TTM)

Both Thermo Fisher Scientific (TMO) at 13.38% and Zoetis (ZTS) at 57.63% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

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%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

57.63%

Max: 109.18%
ZTS: 57.63%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

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

Net Margin (TTM)

Zoetis (ZTS) at 26.41% keeps the most of each sales dollar — above its industry’s net margin range — and Thermo Fisher Scientific (TMO) at 14.94% also retains a top-quartile 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%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

26.41%

ZTS: 26.41%
Max: 18.05%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

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

Operating Margin (TTM)

Both Thermo Fisher Scientific (TMO) at 20.19% and Zoetis (ZTS) at 38.19% convert sales into operating profit at a top-quartile rate, pointing to tighter cost discipline before financing and tax.

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%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

38.19%

Max: 83.12%
ZTS: 38.19%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

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

Profitability Metrics

Profitability metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
ROE (TTM)	13.38%	57.63%
ROA (TTM)	5.19%	14.87%
Net Margin (TTM)	14.94%	26.41%
Operating Margin (TTM)	20.19%	38.19%
Gross Margin (TTM)	41.26%	71.65%

Growth

Revenue Growth

Both Thermo Fisher Scientific (TMO) at 3.91% and Zoetis (ZTS) at 2.28% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

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

EPS Growth

Both Thermo Fisher Scientific (TMO) at 7.32% and Zoetis (ZTS) at 10.05% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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

Growth Metrics

Growth metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Revenue Growth (YoY)	3.91%	2.28%
Revenue Growth (3Y CAGR)	-0.27%	5.42%
EPS Growth (YoY)	7.32%	10.05%
EPS Growth (3Y CAGR)	0.21%	10.27%

Financial Strength

Current Ratio (MRQ)

Both Thermo Fisher Scientific (TMO) at 1.81 and Zoetis (ZTS) at 2.35 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

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

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.35

Max: 25.13
Q3: 12.13
Median: 5.52
Q1: 2.47
ZTS: 2.35
Min: 0.10

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

Debt / Equity (MRQ)

Both balance sheets lean debt-heavy versus peers, but ZTS is more stretched: Thermo Fisher Scientific (TMO) at 0.75 sits in the higher-leverage quartile and Zoetis (ZTS) at 2.80 is above its industry benchmark range.

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

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.80

ZTS: 2.80
Max: 1.42
Q3: 0.65
Median: 0.15
Q1: 0.02
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Current Ratio (MRQ)	1.81	2.35
Debt / Equity (MRQ)	0.75	2.80
Net Debt / EBITDA	2.91	1.92

Dividends

Dividend Yield (TTM)

Both Thermo Fisher Scientific (TMO) at 0.27% and Zoetis (ZTS) at 2.55% yield above their industries’ entire benchmark ranges — high enough that dividend safety, not income, becomes the first question.

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%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

2.55%

ZTS: 2.55%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Thermo Fisher Scientific (TMO) at 9.70% and Zoetis (ZTS) at 35.24% pay out more of their earnings than any of their industry peers — the thinnest cover in their groups, so dividend headroom deserves attention.

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%

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.24%

ZTS: 35.24%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
Dividend Yield (TTM)	0.27%	2.55%
Dividend Payout Ratio (TTM)	9.70%	35.24%

Valuation

P/E Ratio (TTM)

Both Thermo Fisher Scientific (TMO) at 36.64 and Zoetis (ZTS) at 13.50 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

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

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.50

Max: 85.34
Q3: 43.46
Median: 26.69
ZTS: 13.50
Q1: 13.30
Min: 0.07

Thermo Fisher Scientific (TMO) vs. Zoetis (ZTS): 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 Thermo Fisher Scientific (TMO) at 5.44 and Zoetis (ZTS) at 3.40 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

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.40

Max: 58.18
Q3: 25.77
Median: 7.30
ZTS: 3.40
Q1: 3.01
Min: 0.01

Thermo Fisher Scientific (TMO) vs. Zoetis (ZTS): 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 Zoetis (ZTS) at 9.80 carries an above-peer premium to book — ZTS is pricier on assets.

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

ZTS

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.80

Max: 13.53
ZTS: 9.80
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

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

Valuation Metrics

Valuation metrics for Thermo Fisher Scientific (TMO) and Zoetis (ZTS)
Metric	TMO	ZTS
P/E Ratio (TTM)	36.64	13.50
P/S Ratio (TTM)	5.44	3.40
P/B Ratio (MRQ)	4.70	9.80
Free Cash Flow Yield (TTM)	2.50%	6.36%