TERADYNE, 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 number that separates this pair is 80.9, Teradyne's multiple, nearly three times Thermo Fisher's 28.2 for a company a third its size. Teradyne earns its heat honestly for now, a 36.9% operating margin and 19.3% return on assets riding AI chip-test demand, against Thermo's 16.9% and 6.1% in a life-science market still convalescing. The cash runs the other way: Thermo converts 3.5% of its price into free cash, four times Teradyne's 0.8%. Teradyne is debt-free; Thermo carries the acquirer's 0.89. The market has priced the cycle at three times the platform, which is what markets do at this point in cycles; the dateline on this page is load-bearing.
Comparison updated 2026-07-10.
| Metric | TER | TMO |
|---|---|---|
| Price | $435.82 | $512.74 |
| Market cap | $68.7B | $191.3B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +21.6% |
| P/E | 80.9 | 28.2 |
| P/B | 21.85 | 3.68 |
| P/S | 18.14 | 4.23 |
| EV/EBITDA | 60.4 | 26.1 |
| Revenue growth | +31.1% | +5.3% |
| Gross margin | 60.9% | — |
| Operating margin | 36.9% | 16.9% |
| Net margin | 22.6% | 15.2% |
| Return on equity | 27.2% | 13.2% |
| Return on assets | 19.3% | 6.0% |
| Return on invested capital | 27.6% | 6.4% |
| FCF yield | 0.8% | 3.5% |
| Dividend yield | 0.1% | 0.3% |
| Debt / equity | 0.00 | 0.89 |
| Current ratio | 2.15 | 1.53 |
| Altman Z (solvency) | 7.87 | 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.