Thermo Fisher Scientific dividend
Thermo Fisher Scientific begins with a dividend of $1.72 per share, and the cash-flow analysis shows free cash flow covering dividends. The forecast also shows cash going to buybacks and remaining not paid out.
How much does Thermo Fisher Scientific pay per share?
The dividend begins at $1.72 per share. Base growth of 10% produces $1.89 in 2027 and $2.29 in 2029. The bear pauses at $1.72 before reaching $1.77, while the bull uses 12% growth to reach $2.42. Five straight annual increases and a low historical cash burden support continued growth, although debt and investment needs justify a slower base assumption.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 7,270 (6,575 / 7,664) | 7,740 (6,690 / 8,474) | 8,237 (6,880 / 9,360) |
| Dividends per share | 1.89 (1.72 / 1.93) | 2.08 (1.72 / 2.16) | 2.29 (1.77 / 2.42) |
| Price to earnings | 33.00 (28.00 / 36.00) | 32.00 (26.00 / 36.00) | 31.00 (24.00 / 35.00) |
Is Thermo Fisher Scientific's dividend covered by its cash?
The pattern is important because shareholder payments and acquisitions competed for the same cash. A buyback removes shares, so future earnings are divided among fewer owners; that can lift earnings per share, but creates value only when the company buys at a sensible price. Money used for buybacks cannot simultaneously fund a factory, an acquisition or debt reduction.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 6,293 | 7,267 | 6,927 | 6,911 | 6,789 |
| − Dividends paid | 636 | 583 | 523 | 455 | 395 |
| − Share buybacks | 3,000 | 4,000 | 3,000 | 3,000 | 2,000 |
| = Free cash flow not paid out | 2,639 | 2,669 | 3,389 | 3,439 | 4,394 |
| Paid out, % of free cash flow | 57.8% | 63.1% | 50.9% | 50.0% | 35.3% |
What could change Thermo Fisher Scientific's dividend?
The base case becomes more credible if organic growth remains within the 3%–6% near-term range and repeat orders gradually lift segment revenue. It would also require cash generation to fund investment and shareholder returns while debt stabilizes.
What is Thermo Fisher Scientific's dividend yield today?
Revenue shows the pandemic surge and recovery. Operating margin improved, but the latest margin remains below its earlier peak. Real free cash flow, computed from the company’s cash-flow statement as cash from operations minus capital spending, declined in 2025 as the latest acquisition period increased net debt. The price is $662.09. Trailing P/E is 35.6x and forward P/E is 24.1x. Free-cash-flow yield is 2.6%; real free-cash-flow yield is 2.4%. Dividend yield is 0.3%; buyback yield is 1.2%.
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 662.09 |
| P/E, last 12 months (calculated) | 35.6x |
| P/E, next 12 months (calculated) | 24.1x |
| Free cash flow yield (calculated) | 2.6% |
| Real free cash flow yield (calculated) | 2.4% |
| Dividend yield (calculated) | 0.3% |