Natera Inc (NTRA) is overvalued and Thermo Fisher Scientific Inc (TMO) is overvalued.
Both trade above our estimate of their intrinsic value. TMO is the closer of the two: -138%, against -573% for NTRA.
Values as of the 22 Sept 2026 close.
A 2.7x revenue multiple, discounted for its losses, values the shares at $58.09; the price of $390.90 is 573% above that value.
Leak Score 42/100 on 8 of 12 signals
Discounting its cash flows at 9.2% (average of 3 methods) values the shares at $276.91; the price of $658.52 is 138% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | NTRA | TMO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $390.90 | $658.52 |
| Intrinsic value | $58.09 | $276.91 |
| Margin of safety | -573% | -138% |
| Leak Score | 42/100 (8/12) | 45/100 (10/12) |
| Market cap | $56.3B | $243.5B |
| Revenue growth, 5 years | 42.6% | 6.7% |
| Operating margin | -10.6% | 19.1% |
| Net margin | -7.1% | 15.0% |
| Return on equity | -12.5% | 13.5% |
| Debt to equity | 0.13 | 0.81 |
| P/E | — | 35.4x |
| Forward P/E | — | 24.0x |
| P/B | 30.8x | 4.6x |
| Dividend yield | — | 0.3% |