Discounted Cash Flow

Thermo Fisher Scientific Inc.

TMO · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $18.3b $2.0b $2.7b 11.1% $5.12
2017 $20.9b (14.5%) $2.2b (10.1%) $3.6b (31.5%) 10.6% (-3.9%) $5.64 (10.2%)
2018 $24.4b (16.4%) $2.9b (32.0%) $4.0b (12.6%) 12.1% (13.4%) $7.31 (29.6%)
2019 $25.5b (4.9%) $3.7b (25.8%) $4.4b (9.8%) 14.5% (20.0%) $9.24 (26.4%)
2020 $32.2b (26.1%) $6.4b (72.5%) $7.6b (73.1%) 19.8% (36.7%) $16.09 (74.1%)
2021 $39.2b (21.7%) $7.7b (21.2%) $8.5b (11.1%) 19.7% (-0.4%) $19.62 (21.9%)
2022 $44.9b (14.5%) $7.0b (-10.0%) $8.2b (-3.7%) 15.5% (-21.5%) $17.75 (-9.5%)
2023 $42.9b (-4.6%) $6.0b (-13.7%) $7.3b (-10.2%) 14.0% (-9.6%) $15.52 (-12.6%)
2024 $42.9b (0.1%) $6.3b (5.7%) $7.5b (2.4%) 14.8% (5.6%) $16.58 (6.8%)
2025 $44.6b (3.9%) $6.7b (5.8%) $6.8b (-9.9%) 15.0% (1.8%) $17.77 (7.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model