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Thermo Fisher Scientific vs Onto Innovation: TMO and ONTO compared
Thermo Fisher Scientific is the larger company: $12.1B of revenue in its latest quarter (Q3 2026) against $343M for Onto Innovation (Q2 2026). Onto Innovation is growing faster (+35% against +9% a year earlier). Thermo Fisher Scientific is more profitable, with an operating margin of 18.6% against 18.5%.
Where the money goes: TMO and ONTO
Thermo Fisher Scientific (TMO) · Q3 2026
Thermo Fisher Scientific, Q3 2026: revenue $12.1B (+9% year over year), operating margin 18.6%, net earnings $1.7B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
Onto Innovation (ONTO) · Q2 2026
Onto Innovation, Q2 2026: revenue $343M (+35% year over year), operating margin 18.5%, net earnings $60.1M, operating cash flow $61.5M. The chart follows the revenue to costs, profit and cash.
| Thermo Fisher Scientific (TMO) | Onto Innovation (ONTO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $12.1B | $343M |
| Revenue growth, Y/Y | +9% | +35% |
| Gross margin | — | 53.4% |
| Operating margin | 18.6% | 18.5% |
| Net earnings | $1.7B | $60.1M |
| Net margin | 14.2% | 17.5% |
| Operating cash flow | $2.5B | $61.5M |
| Free cash flow | $2.1B | $57.9M |
| Market value | $251.1B | $8.6B |
| P/E | 35.7× | 64.9× |
| Analysts’ mean target | $752.12 | $383.33 |
Where the revenue comes from
Thermo Fisher Scientific
- Laboratory Products and Biopharma Services: $6.8B (56%)
- Life Sciences Solutions: $2.3B (19%)
- Analytical Instruments: $1.9B (16%)
- Specialty Diagnostics: $1.1B (9%)
Onto Innovation
- Systems and Software Revenue: $294M (86%)
- Parts Revenue: $28.7M (8%)
- Service Revenue: $20.4M (6%)
Questions
Which is bigger, Thermo Fisher Scientific or Onto Innovation?
Thermo Fisher Scientific is the larger company: $12.1B of revenue in its latest quarter (Q3 2026) against $343M for Onto Innovation (Q2 2026).
Is Thermo Fisher Scientific or Onto Innovation growing faster?
Onto Innovation is growing faster (+35% against +9% a year earlier).
Which is more profitable, Thermo Fisher Scientific or Onto Innovation?
Thermo Fisher Scientific is more profitable, with an operating margin of 18.6% against 18.5%.
More: Thermo Fisher Scientific earnings · how Thermo Fisher Scientific makes money · Onto Innovation earnings · how Onto Innovation makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Aug 6, 2026). Fiscal quarters can end on different dates. Not investment advice.