Thermo Fisher Scientific

Track record blends high‑return reinvestment, programmatic M&A and disciplined returns. In 2024 Thermo Fisher generated 7.3 billion of free cash flow and deployed 7.7 billion, including 3.1 billion for Olink and 4.6 billion to shareholders via buybacks and dividends.

In 2025 the company repurchased 2.96 billion year‑to‑date through Q3 and completed strategic deals, including Solventum’s filtration business and Sanofi’s Ridgefield sterile fill‑finish site. The dividend was raised 10 percent to 0.43 per quarter in 2025, while stock‑based compensation remains modest relative to revenue.

We view the M&A program as value‑creative on average, with integration risk managed by scale and operating discipline.