Danaher Corporation vs THERMO FISHER SCIENTIFIC INC., two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Thermo Fisher currently earns nearly twice Danaher's return on equity, 13.2% against 7%, and one and a half times the return on assets, 6.1% to 4.4%, on gross scale Danaher does not attempt: $191B of market value against $139B. Both are serial acquirers of life-science franchises, so the capital-return gap measures digestion, not strategy. Danaher runs the higher gross margin, 60.3%, and the market pays a premium for it anyway, 37.8 times earnings against Thermo's 28.2, betting the bioprocessing recovery lands harder at Danaher. Free-cash yields are close, 3.8% and 3.5%. Same industry, same playbook, one price already crediting the rebound and one still charging for proof.
Comparison updated 2026-07-10.
| Metric | DHR | TMO |
|---|---|---|
| Price | $195.71 | $512.74 |
| Market cap | $139.2B | $191.3B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Mature | Mature |
| Implied growth (priced in) | +24.3% | +21.6% |
| P/E | 37.8 | 28.2 |
| P/B | 2.63 | 3.68 |
| P/S | 5.62 | 4.23 |
| EV/EBITDA | 28.7 | 26.1 |
| Revenue growth | +4.0% | +5.3% |
| Gross margin | 60.3% | — |
| Operating margin | 22.6% | 16.9% |
| Net margin | 14.9% | 15.2% |
| Return on equity | 7.0% | 13.2% |
| Return on assets | 4.4% | 6.0% |
| Return on invested capital | 5.5% | 6.4% |
| FCF yield | 3.8% | 3.5% |
| Dividend yield | — | 0.3% |
| Debt / equity | 0.37 | 0.89 |
| Current ratio | 1.87 | 1.53 |
| Altman Z (solvency) | 7.24 | 7.28 |
| Piotroski F (quality) | 6 / 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.