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U.S. Clinical Research and Equipment Industry Analysis

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies61
  • 7D-0.6%
  • 3M-17.3%
  • 1Y2.7%
  • YTDn/a

Over the last 7 days, the Clinical Research and Equipment industry has remained flat, although notably Illumina gained 6.2%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

Has the U.S. Clinical Research and Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 04 May 2026US$545.1bUS$149.1bUS$13.7b36.4x39.7x3.7x
Wed, 01 Apr 2026US$540.2bUS$147.8bUS$14.1b36.6x38.4x3.7x
Fri, 27 Feb 2026US$591.1bUS$147.9bUS$14.0b34.9x42.2x4x
Sun, 25 Jan 2026US$693.6bUS$145.8bUS$12.4b36x56.1x4.8x
Tue, 23 Dec 2025US$651.7bUS$145.8bUS$12.5b35.2x52.2x4.5x
Thu, 20 Nov 2025US$648.1bUS$145.7bUS$12.2b34x53.2x4.4x
Sat, 18 Oct 2025US$628.7bUS$144.3bUS$14.6b33x43.2x4.4x
Mon, 15 Sep 2025US$565.3bUS$144.3bUS$14.6b28.6x38.8x3.9x
Wed, 13 Aug 2025US$550.7bUS$144.1bUS$14.4b29.7x38.3x3.8x
Fri, 11 Jul 2025US$541.8bUS$142.9bUS$9.1b37.2x59.3x3.8x
Sun, 08 Jun 2025US$518.0bUS$142.9bUS$9.2b35.6x56.5x3.6x
Tue, 06 May 2025US$524.0bUS$142.4bUS$9.7b37.5x54.3x3.7x
Thu, 03 Apr 2025US$558.3bUS$142.5bUS$10.0b37.6x55.9x3.9x
Sat, 01 Mar 2025US$599.5bUS$143.3bUS$9.7b38.1x61.7x4.2x
Mon, 27 Jan 2025US$700.4bUS$142.4bUS$10.2b45.1x68.6x4.9x
Wed, 25 Dec 2024US$658.4bUS$142.4bUS$10.2b44.7x64.4x4.6x
Fri, 22 Nov 2024US$644.5bUS$142.4bUS$10.4b43.8x62.2x4.5x
Sun, 20 Oct 2024US$736.4bUS$141.8bUS$8.5b37.2x86.7x5.2x
Tue, 17 Sep 2024US$740.7bUS$141.8bUS$8.5b37.7x87.1x5.2x
Thu, 15 Aug 2024US$733.6bUS$141.5bUS$8.4b38.6x87.8x5.2x
Sat, 13 Jul 2024US$681.6bUS$141.2bUS$12.2b40.7x55.8x4.8x
Mon, 10 Jun 2024US$713.3bUS$141.3bUS$12.2b37.7x58.6x5x
Wed, 08 May 2024US$715.6bUS$141.6bUS$12.5b39.8x57.4x5.1x
Fri, 05 Apr 2024US$727.9bUS$142.1bUS$12.8b42.7x56.9x5.1x
Sun, 03 Mar 2024US$744.0bUS$142.2bUS$12.8b44.2x58.1x5.2x
Tue, 30 Jan 2024US$698.4bUS$153.8bUS$14.2b36x49.3x4.5x
Thu, 28 Dec 2023US$704.7bUS$153.8bUS$14.2b37.9x49.5x4.6x
Sat, 25 Nov 2023US$642.8bUS$153.8bUS$14.0b34.7x45.9x4.2x
Mon, 23 Oct 2023US$607.7bUS$154.6bUS$11.2b31.3x54.2x3.9x
Wed, 20 Sep 2023US$688.0bUS$154.6bUS$11.2b32.3x61.4x4.5x
Fri, 18 Aug 2023US$708.0bUS$154.6bUS$11.2b32.5x63.2x4.6x
Sun, 16 Jul 2023US$706.2bUS$155.5bUS$12.7b29.3x55.7x4.5x
Tue, 13 Jun 2023US$692.4bUS$152.4bUS$12.5b29.3x55.4x4.5x
Thu, 11 May 2023US$685.9bUS$152.3bUS$12.7b30x53.9x4.5x
Price to Earnings Ratio

53.9x


Total Market Cap: US$685.9bTotal Earnings: US$12.7bTotal Revenue: US$152.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Clinical Research and Equipment Industry Price to Earnings3Y Average 56.8x202420252026
Current Industry PE
  • Investors are pessimistic on the American Life Sciences Tools and Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 39.7x which is lower than its 3-year average PE of 56.9x.
  • The 3-year average PS ratio of 4.5x is higher than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Life Sciences Tools and Services industry have grown 2.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Comparison

How does U.S. Clinical Research and Equipment compare with similar industries?

US Market0.91%
Healthcare0.77%
Life Sciences-0.62%
Clinical Research and Equipment-0.62%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ILMN IlluminaUS$135.785.6%
+US$1.1b		73.7%PE24.2x
ICLR ICONUS$112.859.3%
+US$736.1m		-21.1%PE14.4x
WAT WatersUS$307.122.4%
+US$719.6m		-11.8%PE46.9x
TEM Tempus AIUS$55.005.5%
+US$516.2m		-3.6%PS7.8x
STVN Stevanato GroupUS$17.719.5%
+US$417.7m		-17.2%PE29.5x

Latest News

ILMN
US$135.78
Illumina
7D
5.6%
1Y
73.7%
ICLR
US$112.85
ICON
7D
9.3%
1Y
-21.1%
TMO
US$469.21
Thermo Fisher Scientific
7D
-0.1%
1Y
10.8%

TMO: Revised Profitability And Tools Headwinds Will Shape Returns Through 2026

The analyst price target for Thermo Fisher Scientific has been revised from $575 to $520. Analysts cite updated views on discount rates, revenue growth, profit margins and sector-specific tools headwinds, as reflected in recent target cuts from multiple firms, along with at least one new bullish initiation.
CRL
US$165.78
Charles River Laboratories International
7D
-3.2%
1Y
38.8%
DHR
US$175.15
Danaher
7D
-3.0%
1Y
-11.3%

DHR: Masimo Cash Acquisition Will Support Premium Future Earnings Multiple

Danaher’s updated analyst price target moves lower by about $8 per share to roughly $250, as analysts factor in more conservative assumptions for growth, profitability and future P/E multiples following a recent series of mostly downward target revisions across the Street. Analyst Commentary Recent research on Danaher reflects a mixed but generally cautious tone, with several price target cuts offset by one modest increase and a change in rating context at another company linked to Danaher’s pending acquisition activity.
WAT
US$307.12
Waters
7D
2.4%
1Y
-11.8%

WAT: New Instrument Launches And Reorganized Divisions Will Support Future Upside

Analysts have trimmed their price target on Waters from $480 to $470, citing updated assumptions for significantly higher revenue growth at 37.91%, a profit margin of 17.88%, a prospective P/E of 47.70 and a discount rate of 7.89%. What's in the News Waters plans to globally launch the omniDAWN Multi Angle Light Scattering Photometer in summer 2026, targeting UHPLC and UPLC workflows for absolute molar mass and size measurements across complex analytes such as protein aggregates, viral vectors, lipid nanoparticles, and advanced materials (Key Developments).
DNA
US$9.70
Ginkgo Bioworks Holdings
7D
23.3%
1Y
37.8%
BIO
US$256.55
Bio-Rad Laboratories
7D
-10.7%
1Y
6.8%
AVTR
US$7.96
Avantor
7D
0.8%
1Y
-38.2%

AVTR: Reset Expectations And Execution Progress May Support Future Upside

Avantor's updated analyst price target moves lower by several dollars to reflect a reset in fair value to $9.92, as analysts reference reduced price targets across the Street and ongoing questions around market share trends and management execution. Analyst Commentary Recent Street research around Avantor clusters around lower price targets and a downgrade in rating, with most comments focused on valuation reset, market share questions, and confidence in management execution.
QGEN
US$34.25
Qiagen
7D
-10.1%
1Y
-24.0%

Latent Tuberculosis And Research Pressures Will Constrain Progress Yet Long-Term Prospects Remain Intact

Catalysts About Qiagen Qiagen provides sample preparation, diagnostic testing and bioinformatics tools for molecular and clinical laboratories. What are the underlying business or industry changes driving this perspective?
IQV
US$157.77
IQVIA Holdings
7D
-3.7%
1Y
3.6%

IQV: Future Returns Will Rely On AI Enabled Clinical Trial Expansion

IQVIA Holdings' analyst fair value estimate has been reset from $200.00 to about $186.12 as analysts factor in a mix of reduced price targets across several firms, alongside ongoing optimism around AI, clinical trial activity and the company's data analytics capabilities. Analyst Commentary Recent research updates on IQVIA show a split picture, with some firms increasing ratings or setting higher targets while several bearish analysts are trimming price targets and calling out execution and growth risks tied to AI and recent results.
A
US$114.52
Agilent Technologies
7D
-0.9%
1Y
5.4%
FTRE
US$12.18
Fortrea Holdings
7D
24.3%
1Y
94.6%
TEM
US$55.00
Tempus AI
7D
5.5%
1Y
-3.6%

TEM: Data Partnerships And Backlog Will Support Future Oncology Data Monetization

Analysts have slightly reduced the blended price target on Tempus AI to $72.40. This reflects updated models around revenue growth, profit margins and P/E assumptions after a mix of target cuts and increases across recent research, including responses to Q4 results and ongoing partnership momentum.
MTD
US$1,267.07
Mettler-Toledo International
7D
-0.6%
1Y
16.1%

MTD: Ongoing Buybacks And 2026 Sales Outlook Will Drive Future Upside

Analysts have reduced their price target for Mettler-Toledo International by about $10. This change reflects slightly updated assumptions for fair value, discount rate, revenue growth and future P/E, while projected profit margins are expected to remain broadly similar.
STVN
US$17.71
Stevanato Group
7D
9.5%
1Y
-17.2%