Is Thermo Fisher Scientific Stock Underperforming the S&P 500?

Valued at a market cap of $181.1 billion, Thermo Fisher Scientific Inc. (TMO) is a global provider of life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, serving customers across North America, Europe, Asia-Pacific, and other international markets. It supports scientific research, drug development, clinical diagnostics, and laboratory operations worldwide.

Companies valued at $10 billion or more are generally classified as “large-cap” stocks, and Thermo Fisher Scientific fits this criterion perfectly. It operates through four business segments: Life Sciences Solutions; Analytical Instruments; Specialty Diagnostics; and Laboratory Products and Biopharma Services, offering a wide range of products and services for research, healthcare, and industrial applications. 

Shares of the Waltham, Massachusetts-based company have decreased 24.7% from its 52-week high of $643.99. TMO stock has declined 6.9% over the past three months, underperforming the broader S&P 500 Index’s ($SPX) 10.4% gain over the same time frame. 

The stock is down 16.3% on a YTD basis, lagging behind SPX’s nearly 11% rise. In the longer term, shares of Thermo Fisher Scientific have soared 20.6% over the past 52 weeks, compared to the 29% return of the SPX over the same time frame.

The stock has been trading below its 50-day moving average since late January. Also, it has fallen below its 200-day moving average since March.

Shares of Thermo Fisher Scientific tumbled 9.2% on Apr. 23 after the company reported Q1 2026 results. While Q1 revenue rose 6% year-over-year to $11 billion and adjusted EPS increased 6% to $5.44, the Analytical Instruments segment saw margins fall sharply to 20.7% from 23.7% a year earlier. Although the company raised its full-year 2026 guidance to $47.3 billion - $48.1 billion in revenue and $24.64 - $25.12 in adjusted EPS, investors remained concerned about slowing demand trends in analytical instruments and specialty diagnostics.

However, TMO stock has outperformed its rival, Danaher Corporation (DHR). DHR stock has dropped 21.5% on a YTD basis and nearly 5% over the past 52 weeks. 

Despite Thermo Fisher Scientific’s underperformance relative to the SPX, analysts remain strongly optimistic about its prospects. The stock has a consensus rating of “Strong Buy” from 24 analysts' coverage, and the mean price target of $615.18 is a premium of 25.8% to current levels.