AMETEK, Inc. vs THERMO FISHER SCIENTIFIC INC., two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The balance sheets describe the two strategies before any margin does: AMETEK carries 0.2 of debt to equity, the restraint of a serial acquirer of small niche businesses it digests slowly; Thermo Fisher carries 0.89, the leverage of a company that buys entire industries at a time. AMETEK gets more from what it owns, a 26.7% operating margin against 16.9%, and a better return on assets, 9.4% to 6.1%. Thermo answers with sheer surface area, $191B of market value across instruments, consumables, and services, and the cheaper multiple, 28.2 times earnings to AMETEK's 35.9. Both convert price into free cash at similar rates, near 3.1% and 3.5%. The premium sits on the smaller, tidier machine.
Comparison updated 2026-07-10.
| Metric | AME | TMO |
|---|---|---|
| Price | $237.48 | $512.74 |
| Market cap | $54.6B | $191.3B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +21.6% |
| P/E | 35.9 | 28.2 |
| P/B | 5.00 | 3.68 |
| P/S | 7.18 | 4.23 |
| EV/EBITDA | 23.5 | 26.1 |
| Revenue growth | +9.5% | +5.3% |
| Operating margin | 26.7% | 16.9% |
| Net margin | 20.1% | 15.2% |
| Return on equity | 14.0% | 13.2% |
| Return on assets | 9.4% | 6.0% |
| Return on invested capital | 12.2% | 6.4% |
| FCF yield | 3.1% | 3.5% |
| Dividend yield | 0.2% | 0.3% |
| Debt / equity | 0.20 | 0.89 |
| Current ratio | 1.14 | 1.53 |
| Altman Z (solvency) | 7.68 | 7.28 |
| Piotroski F (quality) | 7 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.