Thermo Fisher Scientific (TMO) 10-K Red Flags
Risk signals extracted deterministically from Thermo Fisher Scientific’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (15)
- Earnings-cash flow divergence: Net income grew +350.8% while operating cash flow declined -8.2%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 25 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 18 filing(s).
- Operating cash flow exceeds net income: OCF is 1.40x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Gross margin expansion: Gross margin expanded +2.2%pp (from 13.0% to 15.2%), indicating improved pricing power, cost efficiency, or favorable product mix.
- Endogenous analysis: "Material weakness in internal controls" combined with earnings-cash flow divergence is especially concerning — it suggests the reported earnings may not be reliable due to control deficiencies, and the cash flow shortfall may be masking underlying issues.
- 7 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements.
- Ongoing high-severity risk language: Material weakness in internal controls.
- Market cap $194.52B at $523.44 per share.
- Trailing P/E 33.88, P/S 11.47, P/B 3.75.
- Earnings-cash flow divergence: Net income grew +350.8% while operating cash flow declined -8.2%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
Filings & ownership
- Latest annual report (10-K) filed Feb 26, 2026.
- Latest quarterly report (10-Q) filed May 1, 2026.
- 10 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Thermo Fisher Scientific; broad institutional reporting.
- Recent filers include Oxler Private Wealth LLC, Axiom Investment Management LLC, Trivant Custom Portfolio Group, LLC.
- 4 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 16 recent 13G passive institutional ownership notices.
Full TMO analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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