THERMO FISHER SCIENTIFIC INC. (TMO): what the price assumes

In the published model solve dated 2026-Q2, anchored at $622.18, THERMO FISHER SCIENTIFIC INC. (TMO) is priced for +23.3% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-11.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/TMO

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 8.1% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.4%); the inversion above states its own rate.

Per-Model Detail (n=14)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Thermo Fisher is the picks-and-shovels vendor to the entire life-sciences economy, $45.2B of trailing revenue across consumables, instruments, and services, with $4.65B returned to shareholders over the past year and a fresh $9 billion acquisition of Clario extending its clinical-trial data business.
• The risk is the price, not the business: today's level embeds operating-profit growth of roughly 21.6% a year for five years, a pace only about 35% of comparable fast-growers have sustained that long, while management guides 2026 organic revenue growth of just 3% to 4%.
• Watch the July 29 second-quarter report for whether academic and government demand stabilizes and tariff drag eases; the FY2025 10-K notes that "Demand for some of our products depends on capital spending policies of our customers and on government funding".

Bull Case

The market is pricing Thermo Fisher like a compounding machine rather than an instruments maker, and the fundamentals give that framing more support than the multiple alone suggests. What the price is actually leaning on is duration, not heroics: the arithmetic behind today's level requires operating margins well below what the company already earns, at about 17.5% today. The bet is that a business this entrenched keeps growing for a very long time. Entrenchment is the right word. Thermo Fisher sells the consumables, instruments, and services that pharmaceutical, biotech, academic, and diagnostic customers run their daily work on, and its own filing describes the growth engine as deliberately layered: "strengthening our presence in selected geographic markets; allocating research and development funding to products with higher growth prospects; developing new applications for our technologies; expanding our service offerings" (FY2025 10-K, accession 0000097745-26-000018).

The recent prints back the durability claim. In FY2025 the pharma services business and the research and safety market channel grew "$457 million and $422 million, respectively" on a reported basis, per the 10-K, even as COVID-era revenue kept moderating out of the base. First-quarter 2026 revenue grew 6% to $11.01 billion with adjusted EPS up 6% to $5.44, and management raised full-year guidance to $47.3 to $48.1 billion of revenue and adjusted EPS of $24.64 to $25.12, an 8% to 10% increase. The Clario acquisition, closed in late March at a $9 billion initial price, adds an endpoint-data business expected to contribute roughly $900 million of 2026 revenue and about $0.32 of adjusted EPS. That is the familiar Thermo Fisher pattern: buy a capability the customer base already needs, then push it through the largest commercial channel in the industry.

The financial engine underneath is steady rather than spectacular, which is the point. Free cash flow of $6.75B converts nearly all of net income, all four trailing quarters generated positive free cash flow, and the balance sheet carries moderate, well-covered leverage with a fortress-grade solvency profile. Capital return runs through both channels: $4.00B of buybacks and $649M of dividends over the trailing year, with the dividend growing and the payout ratio at just 10.2%, leaving enormous headroom. A buyer at today's price is not paying for a turnaround or a product cycle; they are paying for the most diversified toll collector in life sciences to keep doing what it has done through every research-funding cycle.

Bear Case

Follow the cash and the bear case assembles itself. Over the trailing year management spent $4.00B on buybacks, 58.4% of net income, and the share count still is not falling; the repurchases are largely absorbing stock issuance rather than shrinking the ownership base. Meanwhile the company layered a $9 billion initial purchase price for Clario, with future performance-based payments on top, onto a balance sheet already carrying debt at 0.89x equity and goodwill the 10-K puts at "$49.36 billion at December 31, 2025" (accession 0000097745-26-000018). A quarter of a century of serial acquisition built this company, but it means reported growth is perpetually part-purchased, and the filing itself concedes the goodwill math rests on "assumptions related to revenue and operating income margin growth rates, discount rates and other factors". Return on equity of 13.2% is what all that capital currently earns, which is respectable and unremarkable, and notably close to the cost of that equity.

The price, though, assumes something better than unremarkable. The market is paying about 33 times company-wide operating income, and at 28.7x trailing GAAP earnings against a sector median of 18x, the stock carries a premium the operating trajectory has to keep validating. The near-term reality is mid-single-digit: 2026 guidance assumes just 3% to 4% organic growth, first-quarter adjusted operating margin actually slipped 10 basis points to 21.8% with an 80-basis-point drag from tariffs and related currency effects, and academic and government revenue declined low single digits on persistent U.S. and China headwinds. If the growth the price requires does not materialize, the premium multiple has no floor of its own; the earnings-power methods put today's price at several times what current profitability alone would support, which is another way of saying the multiple is the risk.

The structural exposures are documented where bears should look first. The 10-K flags that "Demand for some of our products depends on capital spending policies of our customers and on government funding", and that failure to navigate government-contract rules "could harm our business by leading to a reduction in revenues associated with these customers". Pharma and biotech budgets are themselves hostage to drug-pricing policy and funding cycles, and competitors are not idle: Agilent's own 10-K names Thermo Fisher directly among the rivals it fights across life sciences, diagnostics, and applied markets (accession 0001090872-25-000087), and Danaher's bioprocessing franchise contests the same customers. None of this breaks the company. All of it bears on whether a mature, acquisition-assembled business deserves a price that no standard valuation frame currently reaches.

Valuation

At $526.95 (July 11, 2026), the market is paying about 33 times company-wide operating income, which works out to an embedded assumption of roughly 21.6% annual operating-profit growth sustained for five years. The rate itself is within what the company has recently delivered; the stretch is the duration. Of comparable fast-growers historically, only about 35% sustained that pace for even five years. One softer note in the price's favor: the margin the price requires over the long run sits below the roughly 17.5% operating margin the business earns today, so the bet is concentrated entirely in growth and its persistence, not in margin expansion.

No family of valuation method reaches the price. The forward-growth methods come closest, with the price about 1.4x above their central estimate; peer multiples read it at roughly 2.4x, asset value at 2.7x, and the earnings-power methods, which capitalize a five-year average of operating income with no growth credit, sit furthest away at 6.9x. The pattern is coherent: every frame that credits forward compounding gets near the price, and every frame anchored to demonstrated profitability does not. That spread is the premium, and it is a premium for durability. The demonstrated base it rests on is real: $45.20B of trailing revenue, $6.85B of net income, and $6.75B of free cash flow converting 98.5% of earnings, with FY2025 segment growth documented in the filing, the pharma services business and research and safety channel adding "$457 million and $422 million, respectively" on a reported basis (FY2025 10-K, accession 0000097745-26-000018). On trailing multiples the stock stands at 28.7x GAAP earnings versus an 18x sector median and 26.7x EV/EBITDA versus 12x, both roughly the sector's premium name pricing.

The balance sheet does not add risk to the bet. Leverage is moderate and well covered, the current ratio is 1.53, and the company generated positive free cash flow in all four trailing quarters while returning $4.65B through dividends and buybacks. The dividend, at an annualized $1.88 per share declared rate and a 10.2% payout, is an afterthought rather than a commitment. What the buyer at today's price is underwriting is singular and simple to state: that this franchise compounds operating profit at a pace only about a third of comparable companies have sustained, for at least five more years.

Catalysts

The next information event is the second-quarter report on July 29, 2026, before the open. Management guided second-quarter organic revenue growth of approximately 3% with adjusted EPS $0.25 to $0.30 higher than the first quarter, and Street consensus sits near $5.72 of Q2 2026 adjusted EPS, up roughly 7% year over year. The print will show whether the two live headwinds from Q1 are fading: tariffs and related currency effects cost 80 basis points of adjusted operating margin last quarter, and academic and government revenue declined low single digits on U.S. and China pressure, though management pointed to the late-January U.S. budget passage as a stabilizer.

Clario is the swing factor in the model for the rest of the year. The endpoint-data business closed in late March at a $9 billion initial purchase price with future performance-based payments, contributed $30 million of revenue and $0.01 of adjusted EPS in its first partial quarter, and is expected to add roughly $900 million to 2026 revenue and about $0.32 of adjusted EPS. Its integration pace, and any disclosure on the performance-payment triggers, will shape how the raised full-year guidance of $47.3 to $48.1 billion in revenue and $24.64 to $25.12 in adjusted EPS lands within its range.

Beyond the quarter, the watch items are the ones that move a duration bet: whether pharma and biotech customers keep converting clinical pipelines into services demand, whether China stabilizes, and whether the company resumes shrinking its share count rather than merely offsetting issuance. Each successive quarter of mid-single-digit organic growth is consistent with the guidance and, at the same time, a reminder of how much heavier the lifting embedded in the price is.

Peer Cohorts (Per Segment, With Filing Citations)

Life Sciences Solutions (reported)

• ILMN (Illumina, Inc.)
• FY2025 10-K: …multiomics and other emerging technologies, is expected to continue to support efforts toward more personalized approaches to medicine. Customers in the translational and clinical oncology markets use our products to perform research that may help identify individuals who are genetically predisposed to cancer and to…
• FY2025 10-K: …system, featuring room temperature reagents, empowering every lab, everywhere. Illumina informatics products play a critical role in supporting our sequencing applications and customers' needs across a range of activities, including sample preparation, instrument control and management, and post-run analysis. Our…
• QGEN (QIAGEN N.V.)
• FY2025 20-F: …of new breakthroughs that can lead to new medicines and diagnostics for use in clinical healthcare. This market also includes the use of molecular testing technologies for applied applications, in particular for forensics as well as food and veterinary testing. These customers are all often served by public funding…
• FY2025 20-F: …into the life-cycle management of its products. The ongoing monitoring of product performance supports the early identification of quality‑related risks, underpins regulatory compliance across markets, and helps maintain trust in QIAGEN's solutions among customers, patients and end users. These efforts are supported…
• A (AGILENT TECHNOLOGIES, INC.)
• FY2025 10-K: Life Sciences and Diagnostics Markets and Applied Markets segments, such as: Danaher Corporation, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc. and Waters Corporation, as well as numerous niche service providers. We compete on the basis of product performance, reliability, support quality,…
• FY2025 10-K: …common goal of patient health and safety. We offer our pharmaceutical customers even more specialized manufacturing capabilities for targeted therapeutics. Together, our BIOVECTRA and nucleic acid solutions businesses provide clinical-to-commercial scale production capabilities. Biomolecular Analysis Automated…
• BIO (Bio-Rad Laboratories, Inc.)
• FY2025 10-K: …We believe this direct commercial model enables effective portfolio coverage, deeper customer engagement, and the development of long-term customer relationships. We also use a range of sales and marketing intermediaries ("SMIs") in our international markets. The types of SMIs we utilize are distributors, agents,…
• FY2025 10-K: …and within these countries, our sales efforts are supplemented by distributors and agents. Description of Business Business Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics…
• DHR (Danaher Corporation)
• FY2025 10-K: …vaccines and gene editing technologies. Additionally, the segment provides products and consumables used to filter and remove contaminants from a variety of liquids and gases in many end-market applications. As discussed in Note 10 to the accompanying Consolidated Financial Statements, during the third quarter of…
• FY2025 10-K: …flexibility, innovation (particularly productivity and sensitivity improvements), product performance and ergonomics, access to an advanced technical expertise, service and support network and the other factors described under the heading "Competition" below. The businesses in Danaher's Biotechnology segment market…
• RVTY (REVVITY, INC)
• FY2025 10-K: …talented and engaged employees; • Accelerating transformational innovation through both internal research and development and third-party collaborations and alliances; • Augmenting growth in both of our core business segments, Life Sciences and Diagnostics, through strategic acquisitions and licensing; • Advancing…
• FY2025 10-K: …the way that management organizes the segments within the Company for making operating decisions and assessing financial performance. The CODM of the Company is the Chief Executive Officer ("CEO"). The CEO evaluates the performance of its operating segments based on revenue and operating income as adjusted for…
• TXG (10x Genomics, Inc.)
• FY2025 10-K: …and publication of research using such product, new life sciences products, versions or applications do not generally contribute a meaningful amount of revenue in the year they are introduced. In certain situations, new life sciences products, versions or applications, even if sufficiently covered in peer-reviewed…
• FY2025 10-K: …or training. If our customers believe that deploying our enhanced or new solutions would be overly time-consuming, confusing or technically challenging, or require significant training or retraining, then our ability to grow our business would be substantially harmed. We aim to create and deliver repeatable,…

Analytical Instruments (reported)

• A (AGILENT TECHNOLOGIES, INC.)
• FY2025 10-K: …automation offers automated sample preparation solutions, including liquid handling, plate management, consumables and scheduling software. These solutions range from standalone automation platforms to integrated workflow solutions with seamless integration to our instrumentation. Our Applied Markets segment provides…
• FY2025 10-K: Life Sciences and Diagnostics Markets and Applied Markets segments, such as: Danaher Corporation, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc. and Waters Corporation, as well as numerous niche service providers. We compete on the basis of product performance, reliability, support quality,…
• WAT (Waters Corporation)
• FY2025 10-K: …strategies of the Company's customers, which in turn could adversely impact the Company's results of operations or financial condition. The Company typically experiences seasonality in its orders that is reflected as an increase in sales in its fourth quarter as a result of purchasing habits for capital goods by…
• FY2025 10-K: …instruments to life science, pharmaceutical, biochemical, industrial, nutritional safety and environmental, academic and governmental customers working in research and development, quality assurance and other laboratory applications, and the Company is also a developer and supplier of software and software-based…
• MTD (Mettler-Toledo International Inc.)
• FY2025 10-K: …capabilities enable improved asset management solutions for our customers to reduce process downtime and maintenance costs. Our instruments offer leading multi-parameter capabilities and plant-wide control system integration, which are key for integrated measurement of multiple parameters to secure production quality…
• FY2025 10-K: …development and scale-up activities of our customers. Our on-line measurement technologies, based on infrared and laser light scattering, enable customers to monitor chemical reactions and crystallization processes in real time in the lab and plant. In situ samples allow overnight sampling and testing. Additionally,…
• BRKR (BRUKER CORPORATION)
• FY2025 10-K: …BSI BioSpin Segment's instruments are based on the following technology platforms: Instrument Name Description Market/Uses NMR-Nuclear magnetic resonance Qualitative & quantitative analytical technique to determine molecular structure & purity of sample. Molecules placed in a magnetic field, give off radio frequency…
• FY2025 10-K: …range of sampling accessories and techniques, which include, among others, microanalysis and high-throughput screening to help users find suitable solutions to analyze their samples effectively. Customers of our BSI CALID Segment include pharmaceutical, biotechnology and diagnostics companies, contract research…
• RVTY (REVVITY, INC)
• FY2025 10-K: …Signals Image Artist™, SMARTpool ® , SMARTvector ™ , Spark PLUS™, Spectrum™, TotalSeq™, Tri-Carb ® , Ultra-LEAF™, VariSpec™, Vega ® , VesselVue ® , ViaStain™, VICTOR Nivo ® , Western Lightning ™ , Wizard2 ® , and Zephyr ® . Diagnostics Segment We offer instruments, reagents, assay platforms and software to hospitals,…
• FY2025 10-K: …cell contamination throughout bioprocessing workflows. 8 Table of Contents Brand Names: Our Life Sciences segment offers additional products under various brand names: Accell™, AlphaLISA ® , AlphaPlex ™ , AlphaScreen ® , Alpha™ SureFire ® , AssayMate™, BIOCHIPs™, BioLegend ® , Bioo Scientific ® , BioQule™, Brilliant…
• DHR (Danaher Corporation)
• FY2025 10-K: …projections of tariff or other trade-related impacts, revenue, expenses, profit, profit margins, asset values, pricing, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; management's plans and strategies for…
• FY2025 10-K: …sciences consumables business and the filtration, separation and purification business. The life sciences instruments business enables the discovery, development and manufacture of new therapies. Key product areas include validated centrifugation, automated liquid handling systems, advanced cell culture and…

Specialty Diagnostics (reported)

• QGEN (QIAGEN N.V.)
• FY2025 20-F: …position and sales may suffer. Additionally, in commercial clinical diagnostics, we often compete with laboratory-developed tests (LDTs) created by our customers. Converting users from LDTs to our commercial assays remains a challenge, which may impact our market adoption and revenue. We rely on collaborative…
• FY2025 20-F: …kits, assay solutions, reagents and instrumentation. We compete with other suppliers through innovative technologies and products, offering a comprehensive solution for nucleic acid collection, pre-treatment, separation and purification needs as well as downstream applications. Our products provide significant…
• DGX (QUEST DIAGNOSTICS INC)
• FY2025 10-K: …expanding opportunities presented by the growth of consumer-initiated testing and of the demand for expanded access to health and wellness services. We continually evaluate technologies with the potential to improve choice and convenience for patients and consumers. We offer patients and consumers experiencing…
• FY2025 10-K: …other diseases, and offer advanced tests in many fields, including endocrinology, immunology, neurology and oncology. Increasingly, we are focused on providing solutions and insights to our customers, based on the testing that we perform, the data that we gather and our extensive medical, information and connectivity…
• LH (LABCORP HOLDINGS INC.)
• FY2025 10-K: …largest portion of the clinical laboratory market, and Dx supports this demand through an expansive test menu that includes clinical, anatomic pathology, genetic, and genomic tests. In addition, Dx performs testing for a wide range of other customers and purposes, including employment and occupational testing,…
• FY2025 10-K: …that offer comprehensive testing capabilities. • The Company continues to see a strong pipeline of partnership opportunities and, during 2025, signed or completed 13 collaboration transactions with health systems and local and regional laboratories. • The Company seeks partnerships that meet financial criteria,…
• BIO (Bio-Rad Laboratories, Inc.)
• FY2025 10-K: …food producers and testing laboratories. Clinical Diagnostics Segment Our Clinical Diagnostics segment designs, manufactures, markets, and supports diagnostic test systems, informatics solutions, test kits, and specialized quality controls for clinical laboratories in the global diagnostics market. Our products…
• FY2025 10-K: …producers and food testing laboratories. The Clinical Diagnostics segment designs, manufactures, markets and supports test systems, informatics systems, test kits and specialized quality controls that serve clinical laboratories in the global diagnostics market. These products are primarily sold to hospital…
• RVTY (REVVITY, INC)
• FY2025 10-K: …Signals Image Artist™, SMARTpool ® , SMARTvector ™ , Spark PLUS™, Spectrum™, TotalSeq™, Tri-Carb ® , Ultra-LEAF™, VariSpec™, Vega ® , VesselVue ® , ViaStain™, VICTOR Nivo ® , Western Lightning ™ , Wizard2 ® , and Zephyr ® . Diagnostics Segment We offer instruments, reagents, assay platforms and software to hospitals,…
• FY2025 10-K: …talented and engaged employees; • Accelerating transformational innovation through both internal research and development and third-party collaborations and alliances; • Augmenting growth in both of our core business segments, Life Sciences and Diagnostics, through strategic acquisitions and licensing; • Advancing…
• IDXX (IDEXX LABORATORIES INC /DE)
• FY2025 10-K: , and Livestock, Poultry and Dairy. Our Other operating segment combines and presents our human medical diagnostic products business with our out-licensing arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments. Companion Animal Group ("CAG") - Diagnostic and…
• FY2025 10-K: …training, and superior sales and customer service. Our success depends, in part, on our ability to differentiate our products in a way that justifies a premium price. Recurring Diagnostic Revenue . Revenues from our IDEXX VetLab consumable products, our SNAP rapid assay test kits, outside reference laboratory and…
• NEOG (Neogen Corporation)
• FY2025 10-K: …is primarily engaged in the development, production and marketing of diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the development,…
• FY2025 10-K: …capital resources to execute our strategy. FOOD SAFETY: With a large professional sales organization offering a comprehensive catalog of food safety solutions, management believes we maintain a general advantage over competitors offering only limited product lines. In most cases, Neogen sales and technical service…

Laboratory Products and Biopharma Services (reported)

• IQV (IQVIA HOLDINGS INC.)
• FY2025 10-K: …liable for claims with respect to the actions of third-party investigators, which may adversely affect our financial condition, results of operations and reputation. Social media platforms are increasingly being used to communicate about biopharmaceutical products and the diseases our customers' medicines and drug…
• FY2025 10-K: …considerations, we could be subject to significant costs or liability. Risks Relating to Our Industry • The biopharmaceutical services industry is highly competitive and our business could be materially impacted if we do not compete effectively or rapidly adapt to technological change. • Outsourcing trends in the…
• ICLR (ICON plc)
• FY2025 20-F: …both traditional and emerging clinical research markets gives global CROs a competitive advantage. Progress within the biotechnology sector The nature of the drugs being developed is continuing to change. Biotechnology is enabling the development of targeted drugs with diagnostic tests to determine whether a drug…
• FY2025 20-F: …adversely affect our business and operations. New entrants may also enter the market which would further increase competition and could adversely affect our business and operations. In addition, the emergence of the use of Real World Evidence and the advancements in new approaches such as machine learning and…
• CRL (CHARLES RIVER LABORATORIES INTERNATIONAL, INC.)
• FY2025 10-K: DL™) offerings, where we provide vivarium space to our clients. Some research institutions prefer to retain certain elements of their research in-house, while outsourcing staffing and management, thus driving demand for our services. We believe that our expertise in early-stage drug research, and in particular…
• FY2025 10-K: …manufacture, distribution and/or marketing of products globally. Our Cell Solutions site provides the starting material ( e.g., leukopak) to customers that are typically in cell and gene therapy companies. Leukopaks are collected from eligible donors in compliance with applicable regulatory requirements. Donors…
• MEDP (Medpace Holdings, Inc.)
• FY2025 10-K: …on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small and mid-sized biopharmaceutical companies…
• FY2025 10-K: …or take other actions that would reduce the confidence of our customers in the CRO industry. As a result, the willingness of biopharmaceutical companies to outsource R&D services to CROs could diminish and our business could thus be harmed materially by events outside our control. Other Legal, Regulatory, Insurance…
• AVTR (Avantor, Inc.)
• FY2025 10-K: …& government and advanced technologies & applied materials industries. The following charts present the approximate mix of net sales for each of these groups during 2025: Products and services Our portfolio includes a comprehensive range of products and services that allows us to create customized and integrated…
• FY2025 10-K: …to retain key personnel, customers and suppliers of the acquired business; and (viii) adverse impacts resulting from impairment charges on goodwill, other intangible assets and tangible assets. These factors related to our acquisition strategy, among others, could have an adverse effect on our business, financial…
• WAT (Waters Corporation)
• FY2025 10-K: …instruments to life science, pharmaceutical, biochemical, industrial, nutritional safety and environmental, academic and governmental customers working in research and development, quality assurance and other laboratory applications, and the Company is also a developer and supplier of software and software-based…
• FY2025 10-K: …Inc., NETZSCH-Geraetebau GmbH, Malvern PANalytical Ltd., Spectris plc, Anton-Paar GmbH and others not identified here. The market for consumable LC products, including separation columns, is highly competitive and generally more fragmented than the analytical instruments market. The Company encounters competition in…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.