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Side-by-side financial comparison of Thermo Fisher Scientific (TMO) and Travelers Companies (The) (TRV). Click either name above to swap in a different company.
Travelers Companies (The) is the larger business by last-quarter revenue ($12.4B vs $11.0B, roughly 1.1× Thermo Fisher Scientific). Travelers Companies (The) runs the higher net margin — 20.1% vs 15.0%, a 5.0% gap on every dollar of revenue. On growth, Thermo Fisher Scientific posted the faster year-over-year revenue change (6.2% vs 3.5%). Over the past eight quarters, Travelers Companies (The)'s revenue compounded faster (5.2% CAGR vs 2.2%).
Thermo Fisher Scientific Inc. is an American life science and clinical research company. It is a global supplier of analytical instruments, clinical development solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services. Based in Waltham, Massachusetts, Thermo Fisher was formed through the merger of Thermo Electron and Fisher Scientific in 2006.
The Travelers Companies, Inc., commonly known as Travelers, is an American multinational insurance company. It is the second-largest writer of U.S. commercial property and casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, with headquarters in New York City, and its largest office in Hartford, Connecticut. It has been a component of the Dow Jones Industrial Average since June 8, 2009.
TMO vs TRV — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.0B | $12.4B |
| Net Profit | $1.7B | $2.5B |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 25.0% |
| Net Margin | 15.0% | 20.1% |
| Revenue YoY | 6.2% | 3.5% |
| Net Profit YoY | 9.6% | 19.9% |
| EPS (diluted) | $4.43 | $10.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $11.0B | — | ||
| Q4 25 | $12.2B | $12.4B | ||
| Q3 25 | $11.1B | $12.5B | ||
| Q2 25 | $10.9B | $12.1B | ||
| Q1 25 | $10.4B | $11.8B | ||
| Q4 24 | $11.4B | $12.0B | ||
| Q3 24 | $10.6B | $11.9B | ||
| Q2 24 | $10.5B | $11.3B |
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $2.5B | ||
| Q3 25 | $1.6B | $1.9B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.5B | $395.0M | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $534.0M |
| Q1 26 | 16.9% | — | ||
| Q4 25 | 18.5% | 25.0% | ||
| Q3 25 | 17.5% | 18.8% | ||
| Q2 25 | 16.9% | 15.5% | ||
| Q1 25 | 16.6% | 4.0% | ||
| Q4 24 | 17.7% | 21.6% | ||
| Q3 24 | 17.3% | 13.1% | ||
| Q2 24 | 17.3% | 5.8% |
| Q1 26 | 15.0% | — | ||
| Q4 25 | 16.1% | 20.1% | ||
| Q3 25 | 14.5% | 15.1% | ||
| Q2 25 | 14.9% | 12.5% | ||
| Q1 25 | 14.6% | 3.3% | ||
| Q4 24 | 16.0% | 17.3% | ||
| Q3 24 | 15.4% | 10.6% | ||
| Q2 24 | 14.7% | 4.7% |
| Q1 26 | $4.43 | — | ||
| Q4 25 | $5.21 | $10.96 | ||
| Q3 25 | $4.27 | $8.24 | ||
| Q2 25 | $4.28 | $6.53 | ||
| Q1 25 | $3.98 | $1.70 | ||
| Q4 24 | $4.78 | $8.96 | ||
| Q3 24 | $4.25 | $5.42 | ||
| Q2 24 | $4.04 | $2.29 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.3B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $51.9B | $32.9B |
| Total Assets | $113.3B | $143.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.3B | — | ||
| Q4 25 | $10.1B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $6.6B | — | ||
| Q2 24 | $8.8B | — |
| Q1 26 | — | — | ||
| Q4 25 | $35.9B | — | ||
| Q3 25 | $31.9B | — | ||
| Q2 25 | $33.0B | — | ||
| Q1 25 | $31.4B | — | ||
| Q4 24 | $29.1B | — | ||
| Q3 24 | $31.2B | — | ||
| Q2 24 | $30.3B | — |
| Q1 26 | $51.9B | — | ||
| Q4 25 | $53.4B | $32.9B | ||
| Q3 25 | $51.0B | $31.6B | ||
| Q2 25 | $50.5B | $29.5B | ||
| Q1 25 | $49.4B | $28.2B | ||
| Q4 24 | $49.6B | $27.9B | ||
| Q3 24 | $49.0B | $27.7B | ||
| Q2 24 | $47.4B | $24.9B |
| Q1 26 | $113.3B | — | ||
| Q4 25 | $110.3B | $143.7B | ||
| Q3 25 | $103.0B | $143.7B | ||
| Q2 25 | $101.2B | $138.9B | ||
| Q1 25 | $99.0B | $136.0B | ||
| Q4 24 | $97.3B | $133.2B | ||
| Q3 24 | $100.4B | $134.6B | ||
| Q2 24 | $98.5B | $129.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.67× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.64× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $2.7B |
| Free Cash FlowOCF − Capex | $825.0M | — |
| FCF MarginFCF / Revenue | 7.5% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.72× | 1.08× |
| TTM Free Cash FlowTrailing 4 quarters | $6.8B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.2B | — | ||
| Q4 25 | $3.5B | $2.7B | ||
| Q3 25 | $2.2B | $4.2B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $723.0M | $1.4B | ||
| Q4 24 | $3.3B | $2.1B | ||
| Q3 24 | $2.2B | $3.9B | ||
| Q2 24 | $2.0B | $1.7B |
| Q1 26 | $825.0M | — | ||
| Q4 25 | $3.0B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $361.0M | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.7B | — |
| Q1 26 | 7.5% | — | ||
| Q4 25 | 24.5% | — | ||
| Q3 25 | 16.5% | — | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 24.7% | — | ||
| Q3 24 | 17.9% | — | ||
| Q2 24 | 15.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.9% | — |
| Q1 26 | 0.72× | — | ||
| Q4 25 | 1.75× | 1.08× | ||
| Q3 25 | 1.39× | 2.24× | ||
| Q2 25 | 0.87× | 1.55× | ||
| Q1 25 | 0.48× | 3.44× | ||
| Q4 24 | 1.80× | 0.99× | ||
| Q3 24 | 1.33× | 3.08× | ||
| Q2 24 | 1.27× | 3.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TMO
| Laboratory Products and Biopharma Services | $6.0B | 55% |
| Life Sciences Solutions | $2.6B | 24% |
| Analytical Instruments | $1.7B | 16% |
| Specialty Diagnostics | $1.1B | 10% |
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
