TMO
Thermo Fisher Scientific
Hybrid Industrial
★ Quality 35/100Price today
$613.78
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
Sells the razors; every lab comes back for the blades every week.
Thermo Fisher sells the instruments, reagents, and services that power life science: from spectrometers to diagnostics to contract manufacturing (CDMO). It brings in $44.6B, much of it recurring consumables — the customer comes back to buy every week, not every decade.
The moat is in the consumables tied to installed equipment and in regulatory switching costs. A pharma company doesn't change suppliers halfway through an FDA-approved trial. That friction turns every hardware sale into an annuity.
Revenue history
From $39.2B to $44.6B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $44.6B · FY2025
Of every $100 in sales, $85 goes to costs and operations; $15 is left as net profit (15% margin).
Catalysts and risks
Recovery in biopharma spending after destocking; revenue of $44.6B in 2025 vs $42.9B in 2024.
CDMO expansion with new manufacturing capacity coming online in 2026.
$6.3B of FCF funding buybacks and bolt-on acquisitions without diluting.
$35.9B of debt against $9.9B in cash — real leverage if rates rise.
Dependence on the biotech funding cycle, which freezes fast in a recession.
Exposure to academic and government research budget cuts.
Charlie's note
“At 15x for a business growing barely 3%, you're paying a sensible multiple for recurring consumables and switching costs that border on regulatory. Annuity quality disguised as an instrument maker; patience here costs little and pays off well.”
Analysis · June 2026
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