TMO vs WAT
Thermo Fisher Scientific (TMO) and Waters (WAT) compared side by side. Thermo Fisher Scientific (TMO) is larger, with a market cap of $249.1B versus $44.5B for Waters, about 5.6 times the size. On trailing earnings, TMO is cheaper at 35.5x versus 114.9x for WAT.
Head to head
| Metric | TMO | WAT |
|---|---|---|
| Market cap | $249.1B | $44.5B |
| P/E (TTM) | 35.5x | 114.9x |
| Forward P/E | 24.3x | 27.4x |
| Revenue (TTM) | $47.4B | $4.6B |
| Revenue growth | 9.1% | 113.4% |
| Gross margin | 41.2% | 56.3% |
| Operating margin | 20.2% | 9.4% |
| Free cash flow | $7.3B | $398.8M |
| Dividend yield | 0.28% | None |
| 1-year return | +18.2% | +27.6% |
| 5-year return (annual) | +2.2% | +4.5% |
| Max drawdown | -71% | -80% |
| FI Handbook grade | C+ | C- |
Highlighted: the stronger figure on metrics where higher or lower is clearly better.
Growth of $10,000 (5 years, price only)
TMO vs WAT FAQ
Which is bigger, TMO or WAT?
Thermo Fisher Scientific (TMO) is larger, with a market cap of $249.1B versus $44.5B for Waters, about 5.6 times the size.
Is TMO or WAT cheaper?
On trailing earnings, TMO is cheaper at 35.5x versus 114.9x for WAT. A lower P/E can reflect slower expected growth, so compare growth and margins too.
Which stock performed better over the past year, TMO or WAT?
WAT returned +27.6% over the past year including dividends, versus +18.2% for TMO, through October 23, 2026.
Which pays a higher dividend, TMO or WAT?
TMO yields 0.28%; WAT does not pay a dividend.
Full pages: Thermo Fisher Scientific · Waters