# Thermo Fisher Scientific (TMO.US)

Canonical: https://gigainvestors.com/s/TMO

Analysis as of: 2026-10-16T07:32:25.928Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $696.49 per share; close as of 2026-10-15.

Estimated value: low $261.68 per share, central $296.59 per share, high $343.06 per share. Buy at or below the central value $296.59 per share. Valuation as of 2026-10-16T07:32:25.928Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.25×

- FY2021: 0.26×

- FY2022: 0.19×

- FY2023: 0.16×

- FY2024: 0.18×

- FY2025: 0.18×

- LTM to Jun 2026: 0.18×

### moat: pass

- ROIC, median of available years: 22.3%

- ROIC, second-lowest year: 18.2%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 43.4%

- Recent gross margin (lower of latest and 3-year median): 41.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.1%

- FY2018: 18.2%

- FY2019: 19.3%

- FY2020: 33.7%

- FY2021: 29.4%

- FY2022: 25.5%

- FY2023: 22.1%

- FY2024: 22.4%

- FY2025: 22.5%

- LTM to Jun 2026: 21.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $40B

- Net income, five-year total: $33B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 26.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.16×

- FY2023: 1.32×

- FY2024: 1.27×

- FY2025: 1.19×

- LTM to Jun 2026: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.8% vs 22.4%

- Per-share earnings: 5.09 to 16.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: $163B

- Cumulative retained earnings: $45B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.9%

- Per-share value change: $11.45

- Per-share value, starting three-year median: $5.09

- Per-share value, ending three-year median: $16.54

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 1.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $40B

- Cumulative net income, 10 years: $51B

- ROIC, first three-year median: 17.8%

- ROIC, last three-year median: 22.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.09

- FY2017: $5.59

- FY2018: $7.24

- FY2019: $9.17

- FY2020: $15.98

- FY2021: $19.46

- FY2022: $17.64

- FY2023: $15.45

- FY2024: $16.54

- FY2025: $17.82

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.5%

- FY2017: -3.1%

- FY2018: -2.9%

- FY2019: -2.2%

- FY2020: -2.8%

- FY2021: -1.9%

- FY2022: -2.3%

- FY2023: -2.4%

- FY2024: -2.4%

- FY2025: -1.0%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.9% a year for ten years · sales +4%

Story as of 2026-10-16T09:59:42.223Z; price observation 2026-10-15.

Price needs cash profits to grow 11.9% a year for ten years

- 2025-07-23: Thermo Fisher Scientific Raises Outlook Following Second-Quarter Beat; CFO to Retire ([finance.yahoo.com](https://finance.yahoo.com/news/thermo-fisher-scientific-raises-outlook-145059706.html))

- 2025-08-12: Thermo Fisher Scientific (TMO) Oncomine Dx Test Gains FDA Approval for NSCLC Treatment ([finance.yahoo.com](https://finance.yahoo.com/news/thermo-fisher-scientific-tmo-oncomine-172801916.html))

- 2025-10-22: Thermo Fisher Scientific Lifts 2025 Outlook Following Third-Quarter Beat ([finance.yahoo.com](https://finance.yahoo.com/news/thermo-fisher-scientific-lifts-2025-145526989.html))

- 2026-04-23: Thermo Fisher Raises 2026 Outlook Despite First-Quarter Organic Revenue Growth Miss ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/thermo-fisher-raises-2026-outlook-144825257.html))

- 2026-07-24: Thermo Fisher raises 2026 outlook after 10% growth in Q2 ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/thermo-fisher-raises-2026-outlook-112521196.html))

- 2026-08-03: Thermo Fisher Raises 2026 Outlook After Strong Second-Quarter Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/thermo-fisher-raises-2026-outlook-153700819.html))

### Sales · FY2025–2026

sales +4%; source https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm; observed 2026-02-26.

- FY2017: $21B 

- FY2018: $24B 

- FY2019: $26B 

- FY2020: $32B 

- FY2021: $39B 

- FY2022: $45B 

- FY2023: $43B 

- FY2024: $43B 

- FY2025: $45B 

- FY2026: $46B 

### Gross margin · FY2026

gross margin 41%; source https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm; observed 2026-02-26.

- FY2017: 46.3% 

- FY2018: 45.1% 

- FY2019: 44.4% 

- FY2020: 49.7% 

- FY2021: 50.1% 

- FY2022: 42.3% 

- FY2023: 41.0% 

- FY2024: 41.3% 

- FY2025: 40.9% 

- FY2026: 41.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are USD 44.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm (filed 2026-02-26); FY2025: revenue 44557000000; grossProfit 18239000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TMO.US: Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.

### Why customers stay

Margins ranged from 40.9% to 41.3% during 2023–25; it earns 22.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 41%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 41.3%.

- Source: https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2017,0.15137681419228705],[2018,0.1823387746547421],[2019,0.19288013327510636],[2020,0.3368557615881264],[2021,0.2936169272135724],[2022,0.25528075326262456],[2023,0.22085909325090158],[2024,0.22448271802130262],[2025,0.22501488864716523],[2026,0.21120956517490233]]; median 0.2226709056361021. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 444400000; owner earnings 3335400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 508000000; owner earnings 3750000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 758000000; owner earnings 4447000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 926000000; owner earnings 5047000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 1474000000; owner earnings 7226000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 2523000000; owner earnings 7794000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 2243000000; owner earnings 8088000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 1479000000; owner earnings 7922000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 1400000000; owner earnings 8043000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 1525000000; owner earnings 7992000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,238400000],[2017,237000000],[2018,266000000],[2019,297000000],[2020,337000000],[2021,395000000],[2022,455000000],[2023,523000000],[2024,583000000],[2025,636000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 3000000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TMO.US SharesStats.PercentInsiders = 0.13 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.9% yearly over ten years; actual growth was 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.15809039673838787. Price 696.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.061442786069652 → FY2025 21.142857142857142. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $147.03 per share

- 2016-11: $140.11 per share

- 2016-12: $141.10 per share

- 2017-01: $152.39 per share

- 2017-02: $157.68 per share

- 2017-03: $153.60 per share

- 2017-04: $165.33 per share

- 2017-05: $172.79 per share

- 2017-06: $174.47 per share

- 2017-07: $175.53 per share

- 2017-08: $187.14 per share

- 2017-09: $189.20 per share

- 2017-10: $193.83 per share

- 2017-11: $192.76 per share

- 2017-12: $189.88 per share

- 2018-01: $224.11 per share

- 2018-02: $208.58 per share

- 2018-03: $206.46 per share

- 2018-04: $210.35 per share

- 2018-05: $208.27 per share

- 2018-06: $207.14 per share

- 2018-07: $234.53 per share

- 2018-08: $239.10 per share

- 2018-09: $244.08 per share

- 2018-10: $233.65 per share

- 2018-11: $249.55 per share

- 2018-12: $223.79 per share

- 2019-01: $245.67 per share

- 2019-02: $259.57 per share

- 2019-03: $273.72 per share

- 2019-04: $277.45 per share

- 2019-05: $266.98 per share

- 2019-06: $293.68 per share

- 2019-07: $277.68 per share

- 2019-08: $287.06 per share

- 2019-09: $291.27 per share

- 2019-10: $301.98 per share

- 2019-11: $313.95 per share

- 2019-12: $324.87 per share

- 2020-01: $313.19 per share

- 2020-02: $290.80 per share

- 2020-03: $283.60 per share

- 2020-04: $334.68 per share

- 2020-05: $349.19 per share

- 2020-06: $362.34 per share

- 2020-07: $413.95 per share

- 2020-08: $428.98 per share

- 2020-09: $441.52 per share

- 2020-10: $473.12 per share

- 2020-11: $464.98 per share

- 2020-12: $465.78 per share

- 2021-01: $509.70 per share

- 2021-02: $450.08 per share

- 2021-03: $456.38 per share

- 2021-04: $470.23 per share

- 2021-05: $469.50 per share

- 2021-06: $504.47 per share

- 2021-07: $540.01 per share

- 2021-08: $554.95 per share

- 2021-09: $571.33 per share

- 2021-10: $633.07 per share

- 2021-11: $632.83 per share

- 2021-12: $667.24 per share

- 2022-01: $581.30 per share

- 2022-02: $544.00 per share

- 2022-03: $590.65 per share

- 2022-04: $552.92 per share

- 2022-05: $567.57 per share

- 2022-06: $543.28 per share

- 2022-07: $598.41 per share

- 2022-08: $545.32 per share

- 2022-09: $507.19 per share

- 2022-10: $513.97 per share

- 2022-11: $560.22 per share

- 2022-12: $550.69 per share

- 2023-01: $570.33 per share

- 2023-02: $541.76 per share

- 2023-03: $576.37 per share

- 2023-04: $554.90 per share

- 2023-05: $508.46 per share

- 2023-06: $521.75 per share

- 2023-07: $548.66 per share

- 2023-08: $557.10 per share

- 2023-09: $506.17 per share

- 2023-10: $444.77 per share

- 2023-11: $495.76 per share

- 2023-12: $530.79 per share

- 2024-01: $538.98 per share

- 2024-02: $570.18 per share

- 2024-03: $581.21 per share

- 2024-04: $568.72 per share

- 2024-05: $567.98 per share

- 2024-06: $553.00 per share

- 2024-07: $613.34 per share

- 2024-08: $615.07 per share

- 2024-09: $618.57 per share

- 2024-10: $546.32 per share

- 2024-11: $529.63 per share

- 2024-12: $520.23 per share

- 2025-01: $597.75 per share

- 2025-02: $528.96 per share

- 2025-03: $497.60 per share

- 2025-04: $429.00 per share

- 2025-05: $402.82 per share

- 2025-06: $405.46 per share

- 2025-07: $467.68 per share

- 2025-08: $492.72 per share

- 2025-09: $485.02 per share

- 2025-10: $567.39 per share

- 2025-11: $590.83 per share

- 2025-12: $579.45 per share

- 2026-01: $578.61 per share

- 2026-02: $521.11 per share

- 2026-03: $491.53 per share

- 2026-04: $478.96 per share

- 2026-05: $492.51 per share

- 2026-06: $501.36 per share

- 2026-07: $574.30 per share

- 2026-08: $617.10 per share

- 2026-09: $675.05 per share

- 2026-10: $663.04 per share

## Annual estimated value (USD per share)

- FY2016: low $92.89 per share, central $105.55 per share, high $122.41 per share

- FY2017: low $107.16 per share, central $121.61 per share, high $140.86 per share

- FY2018: low $123.70 per share, central $140.21 per share, high $162.18 per share

- FY2019: low $131.16 per share, central $148.60 per share, high $171.81 per share

- FY2020: low $185.39 per share, central $207.61 per share, high $237.19 per share

- FY2021: low $222.62 per share, central $252.03 per share, high $291.18 per share

- FY2022: low $265.56 per share, central $299.51 per share, high $344.70 per share

- FY2023: low $257.18 per share, central $290.08 per share, high $333.86 per share

- FY2024: low $241.87 per share, central $273.51 per share, high $315.64 per share

- FY2025: low $262.53 per share, central $295.37 per share, high $339.08 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:38:11.410Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 3,054,778 TMO shares; USD 1,531,543,000 reported position value; 0.8% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 248,244 TMO shares; USD 124,460,000 reported position value; 1.56% of portfolio; add; quarter 2026 Q2.
- [Mark Hillman](https://gigainvestors.com/HCM): 750 TMO shares; USD 376,000 reported position value; 0.27% of portfolio; add; quarter 2026 Q2.
- [Nick Train](https://gigainvestors.com/LT): 514,512 TMO shares; USD 257,956,000 reported position value; 9.81% of portfolio; reduce; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 23,947 TMO shares; USD 16,166,000 reported position value; 1.33% of portfolio; reduce; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 73,100 TMO shares; USD 36,649,000 reported position value; 0.28% of portfolio; add; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 1,241 TMO shares; USD 622,000 reported position value; 0.01% of portfolio; hold; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 165,318 TMO shares; USD 82,884,000 reported position value; 2.55% of portfolio; new; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 14,289 TMO shares; USD 7,164,000 reported position value; 1.51% of portfolio; add; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 115,200 TMO shares; USD 57,757,000 reported position value; 4% of portfolio; reduce; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 1,937,415 TMO shares; USD 971,342,000 reported position value; 2.77% of portfolio; add; quarter 2026 Q2.

# TMO — Thermo Fisher Scientific

Held by 1 investor · USD 16,166,000 total · 2026 Q3 · reported price USD 675.07 (split-adjusted).
Page: https://gigainvestors.com/s/TMO

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 16,166,000 | 1.3% | reduce -13.45% |

## Total held by quarter

- 2012 Q2: USD 12,401,513 · 2 holders · USD 51.92
- 2012 Q3: USD 33,732,570 · 2 holders · USD 58.83
- 2012 Q4: USD 37,113,950 · 2 holders · USD 63.80
- 2013 Q1: USD 262,282,924 · 3 holders · USD 76.49
- 2013 Q2: USD 535,923,184 · 5 holders · USD 84.63
- 2013 Q3: USD 255,151,175 · 4 holders · USD 92.15
- 2013 Q4: USD 151,045,883 · 3 holders · USD 111.35
- 2014 Q1: USD 148,893,192 · 3 holders · USD 120.24
- 2014 Q2: USD 167,914,000 · 3 holders · USD 118.00
- 2014 Q3: USD 183,706,618 · 3 holders · USD 121.70
- 2014 Q4: USD 70,325,745 · 2 holders · USD 125.32
- 2015 Q1: USD 75,243,402 · 2 holders · USD 134.34
- 2015 Q2: USD 71,757,706 · 2 holders · USD 129.79
- 2015 Q3: USD 62,973,774 · 2 holders · USD 122.28
- 2015 Q4: USD 68,045,161 · 2 holders · USD 141.85
- 2016 Q1: USD 47,403,892 · 2 holders · USD 141.59
- 2016 Q2: USD 49,322,688 · 2 holders · USD 147.80
- 2016 Q3: USD 51,917,184 · 2 holders · USD 159.06
- 2016 Q4: USD 50,725,034 · 2 holders · USD 141.10
- 2017 Q1: USD 55,424,779 · 3 holders · USD 153.56
- 2017 Q2: USD 62,843,558 · 3 holders · USD 174.47
- 2017 Q3: USD 68,072,644 · 3 holders · USD 189.19
- 2017 Q4: USD 59,478,763 · 3 holders · USD 189.88
- 2018 Q1: USD 91,544,271 · 3 holders · USD 206.46
- 2018 Q2: USD 102,327,605 · 3 holders · USD 207.14
- 2018 Q3: USD 248,753,636 · 4 holders · USD 244.08
- 2018 Q4: USD 297,591,065 · 4 holders · USD 223.79
- 2019 Q1: USD 676,698,902 · 5 holders · USD 273.72
- 2019 Q2: USD 463,712,895 · 5 holders · USD 293.68
- 2019 Q3: USD 431,173,906 · 5 holders · USD 291.27
- 2019 Q4: USD 659,595,986 · 4 holders · USD 324.87
- 2020 Q1: USD 310,021,550 · 3 holders · USD 283.60
- 2020 Q2: USD 1,013,146,047 · 4 holders · USD 362.34
- 2020 Q3: USD 1,259,640,626 · 5 holders · USD 441.52
- 2020 Q4: USD 742,049,772 · 4 holders · USD 465.79
- 2021 Q1: USD 1,163,302,818 · 4 holders · USD 456.38
- 2021 Q2: USD 1,480,402,968 · 4 holders · USD 504.47
- 2021 Q3: USD 1,284,334,635 · 4 holders · USD 571.33
- 2021 Q4: USD 1,535,591,752 · 5 holders · USD 667.24
- 2022 Q1: USD 1,830,595,648 · 6 holders · USD 590.65
- 2022 Q2: USD 2,115,837,956 · 6 holders · USD 543.28
- 2022 Q3: USD 1,665,857,078 · 6 holders · USD 507.19
- 2022 Q4: USD 1,654,085,390 · 7 holders · USD 550.69
- 2023 Q1: USD 1,919,583,324 · 8 holders · USD 576.37
- 2023 Q2: USD 3,107,425,579 · 8 holders · USD 521.75
- 2023 Q3: USD 2,784,783,767 · 8 holders · USD 506.17
- 2023 Q4: USD 2,599,526,867 · 7 holders · USD 530.79
- 2024 Q1: USD 1,842,595,829 · 9 holders · USD 581.21
- 2024 Q2: USD 859,366,858 · 8 holders · USD 553.00
- 2024 Q3: USD 884,766,179 · 9 holders · USD 618.57
- 2024 Q4: USD 1,154,067,676 · 11 holders · USD 520.23
- 2025 Q1: USD 978,604,153 · 10 holders · USD 497.60
- 2025 Q2: USD 854,636,155 · 10 holders · USD 405.46
- 2025 Q3: USD 1,052,502,073 · 11 holders · USD 485.02
- 2025 Q4: USD 1,672,135,260 · 13 holders · USD 579.45
- 2026 Q1: USD 1,734,737,692 · 11 holders · USD 491.53
- 2026 Q2: USD 3,084,624,905 · 11 holders · USD 501.36
- 2026 Q3: USD 16,166,000 · 1 holder · USD 675.07