Thermo Fisher Scientific management check
TMO · Health Care · Life Sciences Tools & Services · CEO Marc N Casper
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $126, against $157 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.54 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.2% of net income$79.9m of reported pay in fiscal 2025, against $6.7bn of net income.
- Flag
Do they own the stock?
CEO stake ≈ 1.0 years of payThe CEO holds 123,200.592 shares, directly or through trusts (unvested awards not counted): about 1.0 years of pay. 5 insiders sold $61.7m in the last six months and none bought. 91 of 94 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.3% a year over the last three fiscal years. Stock-based pay was 0.7% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Mr. Casper. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 26 | 26 | |
| Pay for performance | 77 | 85 | |
| CEO cost | 44 | 44 | |
| Skin in the game | 14 | 46 | |
| Dilution | 66 | 68 | |
| Stable leadership | 100 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Life Sciences Tools & Services, by management score. Thermo Fisher Scientific is 36th of 60 in its sector.
- 104WATWaters Corporation76
- 173IQVIQVIA71
- 218MTDMettler Toledo67
- 297DHRDanaher Corporation62
- 301TMOThermo Fisher Scientific61
- 374CRLCharles River Laboratories56
- 397AAgilent Technologies53
- 422TECHBio-Techne50
- 444ILMNIllumina, Inc.47
Pay versus performance
From the proxy statement filed April 7, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Casper | $79.9m | $116.1m | $7.6m | $126 | $157 | $6.7bn |
| 2024 | — | $30.4m | $29.6m | $10.9m | $113 | $135 | $6.3bn |
| 2023 | — | $19.0m | $9.2m | $5.5m | $115 | $128 | $6.0bn |
| 2022 | — | $28.2m | −$4.7m | $5.9m | $119 | $122 | $7.0bn |
| 2021 | — | $21.2m | $65.9m | $8.2m | $144 | $125 | $7.7bn |
The board says pay is tied most to Adjusted EPS. Its other key measures: Organic Revenue Growth, Adjusted Net Income, Free Cash Flow, Total Shareholder Return.
Insiders and the CEO's stake
Marc N Casper (Chairman & CEO) held 123,200.592 shares directly after their latest Form 4 on Aug 28, 2026, roughly $76.7m at that filing's price.
5 insiders sold $61.7m in the last six months and none bought. 91 of 94 sales ran on pre-arranged 10b5-1 plans.
- SoldMarc N CasperChairman & CEO · 10b5-1 plan$32.8mAug 24, 2026
- SoldMichael D ShaferExecutive Vice President · 10b5-1 plan$15.3mAug 11, 2026
- SoldLisa P. BrittSr. VP and Chief HR Officer$10.4mAug 19, 2026
- SoldGianluca PettitiPresident & COO · 10b5-1 plan$3.0mAug 31, 2026
Leadership and governance on file
- Jan 12, 2026Leadership change8-K 5.02
- Jul 23, 2025Leadership change8-K 5.02
- May 22, 2025Leadership change8-K 5.02
- Feb 19, 2025Leadership change8-K 5.02
- Sep 21, 2023Leadership change8-K/A 5.02
- Jul 13, 2023Leadership change8-K 5.02
- May 26, 2023Leadership change8-K 5.02
- Nov 14, 2022Leadership change8-K 5.02
- Feb 24, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $17.6bn returned to owners in buybacks and dividends, 52% of net income, and $1.4bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $39.2bn | $44.9bn | $42.9bn | $42.9bn | $44.6bn |
| Net income | $7.7bn | $7.0bn | $6.0bn | $6.3bn | $6.7bn |
| Stock-based pay | $230.0m | $307.0m | $278.0m | $301.0m | $310.0m |
| Buybacks | $2.0bn | $3.0bn | $3.0bn | $4.0bn | $3.0bn |
| Dividends | $395.0m | $455.0m | $523.0m | $583.0m | $636.0m |
| Diluted shares | 397m | 394m | 388m | 383m | 378m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.