(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $217 billion (based on ~$572.77/share and 379 million shares outstanding)
Introduction
Thermo Fisher Scientific Inc. (NYSE: TMO), founded in 1902 and headquartered in Waltham, Massachusetts, is a global leader in scientific instruments, laboratory equipment, diagnostics, and life sciences solutions, serving research, healthcare, and industrial sectors with brands like Thermo Scientific, Applied Biosystems, and Invitrogen. Public since 1984, it operates through segments including Life Sciences Solutions (~25% revenue), Analytical Instruments (~20%), Specialty Diagnostics (~15%), and Laboratory Products/Services (~40%). Ownership is institutionally dominant (~93%), with insiders ~0.17%, and retail ~10%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $1.34M in insider sales (Nov 2025) and $1B in Q3 buybacks (total $3B YTD, part of ongoing program).
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($217B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.01% | $19.5 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~33.85M shares. Passive with ~$9.3T AUM; added 50K shares (+0.15%) in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on life sciences growth. |
| 2 | BlackRock Inc. | 7.89% | $17.1 billion | Holds ~29.64M shares through iShares ETFs (e.g., IVV); passive/active mix. Added ~148K shares (+0.87%) in Q3 2025; board observer on governance/ESG. Key in healthcare funds; TMO ~0.3% of portfolio. |
| 3 | State Street Corporation | 4.36% | $9.5 billion | Owns ~16.38M shares via SPDRs (e.g., SPY); fully passive. Trimmed 97K shares (-0.59%) in Q3; votes proxies on exec comp and drug pricing ethics. ~4% of health holdings; supports buyback program. |
| 4 | JPMorgan Chase & Co. | 3.87% | $8.4 billion | ~14.55M shares across asset management; index/active blend. Stable QoQ; provides banking/debt for TMO's $10B+ cash reserves and capex. |
| 5 | Morgan Stanley | 3.39% | $7.3 billion | ~12.72M shares via wealth/ETFs; index/active blend. Up ~1% in Q3; advisory on M&A (e.g., recent bioproduction acquisitions). |
| 6 | Capital World Investors | 2.50% | $5.4 billion | ~9.4M shares in growth strategies; active manager. Added ~5% in Q3; focuses on analytical instruments (up 5% Q3). |
| 7 | Geode Capital Management, LLC | 2.20% | $4.8 billion | Fidelity affiliate with ~8.3M shares in index trackers; passive. Grew ~0.3% in Q3; tracks S&P 500; minimal voting power. |
| 8 | FMR LLC (Fidelity) | 1.80% | $3.9 billion | ~6.8M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on diagnostics (up 10% Q3 YoY). |
| 9 | Price T. Rowe Associates Inc. | 1.50% | $3.3 billion | ~5.7M shares in growth funds (e.g., Blue Chip); stable QoQ; holds for lab products/services (~40% revenue). |
| 10 | Marc N. Casper (Chairman & CEO) | 0.02% | $43 million | ~430K shares; largest active insider. Recent stability; oversees strategy since 2009; aligns with $22.60-22.86 FY2025 adj. EPS guidance. |
Total Top 10 = ~54.1% | Remaining: Other Institutions (~39%), Other Insiders (~0.15%, e.g., Stephen Williamson CFO at ~0.005%), Retail (~10%) | Grand Total = 100%
Conclusion
As of December 2025, Thermo Fisher Scientific's ownership is institutionally concentrated (~93% total) by passive leaders like Vanguard and BlackRock, providing stability for its $11.12B Q3 2025 revenue (up 5% YoY, organic +3%) and $5.79 adj. EPS (up 10% YoY), with FY2025 guidance raised to $44.1-44.5B revenue (up ~2-3%) and $22.60-22.86 adj. EPS amid bioproduction strength. Insiders (~0.17% combined) ensure execution on acquisitions (e.g., $4.1B Solventum), while retail's ~10% stake reflects healthcare appeal. With $217B market cap (up ~3% YoY) and $3B YTD buybacks, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and Q4 revenue ~$11.3B. This structure supports innovation via $2.36 annual dividends (0.41% yield). For filings, visit SEC EDGAR or Thermo Fisher's investor relations.