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U.S. Clinical Research and Equipment Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies61
  • 7D5.0%
  • 3M-15.6%
  • 1Y17.2%
  • YTDn/a

Over the last 7 days, the Clinical Research and Equipment industry has risen 5.8%, driven by gains from Thermo Fisher Scientific of 6.1%. In the same time, Atlantic International was down 26%. This means that the industry has gained 17% over the past year. Looking forward, 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, 20 Apr 2026US$595.2bUS$147.9bUS$14.1b38.3x42.3x4x
Wed, 18 Mar 2026US$541.4bUS$147.8bUS$14.0b34.9x38.6x3.7x
Fri, 13 Feb 2026US$600.2bUS$147.6bUS$12.4b33.2x48.3x4.1x
Sun, 11 Jan 2026US$699.1bUS$145.8bUS$12.4b37.1x56.5x4.8x
Tue, 09 Dec 2025US$659.4bUS$145.8bUS$12.5b35.7x52.9x4.5x
Thu, 06 Nov 2025US$642.0bUS$145.5bUS$12.1b34.1x53.2x4.4x
Sat, 04 Oct 2025US$620.2bUS$144.3bUS$14.6b31.2x42.6x4.3x
Mon, 01 Sep 2025US$585.1bUS$144.3bUS$14.6b29.2x40.2x4.1x
Wed, 30 Jul 2025US$583.6bUS$143.7bUS$8.8b38.6x66.2x4.1x
Fri, 27 Jun 2025US$534.3bUS$142.9bUS$9.2b36x58.3x3.7x
Sun, 25 May 2025US$494.4bUS$142.8bUS$9.1b31.6x54.4x3.5x
Tue, 22 Apr 2025US$503.8bUS$142.6bUS$10.0b33.9x50.6x3.5x
Thu, 20 Mar 2025US$599.3bUS$143.0bUS$9.9b38.5x60.5x4.2x
Sat, 15 Feb 2025US$618.3bUS$143.3bUS$10.0b34.4x61.8x4.3x
Mon, 13 Jan 2025US$671.3bUS$142.4bUS$10.2b43.2x65.8x4.7x
Wed, 11 Dec 2024US$678.3bUS$142.4bUS$10.2b44.7x66.3x4.8x
Fri, 08 Nov 2024US$702.9bUS$142.4bUS$10.4b43.2x67.8x4.9x
Sun, 06 Oct 2024US$733.8bUS$141.8bUS$8.5b37.6x86.4x5.2x
Tue, 03 Sep 2024US$749.6bUS$141.8bUS$8.5b37.8x88.2x5.3x
Thu, 01 Aug 2024US$749.1bUS$140.9bUS$12.5b37.9x59.7x5.3x
Sat, 29 Jun 2024US$682.1bUS$141.3bUS$12.2b37.9x56x4.8x
Mon, 27 May 2024US$726.8bUS$141.5bUS$12.4b38.7x58.5x5.1x
Wed, 24 Apr 2024US$721.5bUS$142.0bUS$12.7b41.3x56.9x5.1x
Fri, 22 Mar 2024US$744.1bUS$142.1bUS$12.8b45x58x5.2x
Sun, 18 Feb 2024US$720.7bUS$142.2bUS$12.5b43.3x57.5x5.1x
Tue, 16 Jan 2024US$684.9bUS$153.9bUS$14.2b35.4x48.3x4.5x
Thu, 14 Dec 2023US$653.3bUS$153.7bUS$14.2b36.9x45.9x4.2x
Sat, 11 Nov 2023US$582.1bUS$153.8bUS$13.9b30.9x41.7x3.8x
Mon, 09 Oct 2023US$644.8bUS$154.6bUS$11.2b33.1x57.5x4.2x
Wed, 06 Sep 2023US$717.8bUS$154.6bUS$11.2b32.2x64.1x4.6x
Fri, 04 Aug 2023US$724.9bUS$154.7bUS$11.5b30.6x62.9x4.7x
Sun, 02 Jul 2023US$697.8bUS$152.4bUS$12.5b29.5x55.8x4.6x
Tue, 30 May 2023US$677.3bUS$152.2bUS$12.5b27.7x54.2x4.5x
Thu, 27 Apr 2023US$685.2bUS$154.2bUS$10.6b28.3x64.9x4.4x
Price to Earnings Ratio

64.9x


Total Market Cap: US$685.2bTotal Earnings: US$10.6bTotal Revenue: US$154.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Clinical Research and Equipment Industry Price to Earnings3Y Average 57.2x202420252026
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 42.3x which is lower than its 3-year average PE of 57.3x.
  • The 3-year average PS ratio of 4.5x is higher than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Life Sciences Tools and Services industry have grown 9.2% 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 Market4.02%
Healthcare1.68%
Life Sciences5.03%
Clinical Research and Equipment5.03%
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
TMO Thermo Fisher ScientificUS$526.602.4%
+US$4.6b		24.8%PE29.2x
TEM Tempus AIUS$55.8721.5%
+US$1.8b		36.3%PS7.9x
A Agilent TechnologiesUS$121.873.7%
+US$1.2b		21.6%PE26.7x
ILMN IlluminaUS$134.505.9%
+US$1.1b		86.8%PE24x
WST West Pharmaceutical ServicesUS$273.735.3%
+US$991.7m		33.0%PE39.9x

Latest News

TMO
US$526.60
Thermo Fisher Scientific
7D
2.4%
1Y
24.8%
QGEN
US$41.24
Qiagen
7D
-1.6%
1Y
-3.2%
ILMN
US$134.50
Illumina
7D
5.9%
1Y
86.8%
DHR
US$194.75
Danaher
7D
-0.6%
1Y
5.3%

DHR: Masimo Cash Deal Will Support Premium Future Earnings Multiple

Danaher’s analyst price target has been reset from about $264.91 to $257.73, as analysts factor in updated assumptions around profit margins, revenue growth, discount rates and future P/E, alongside mixed recent research that includes both target raises and cuts, as well as the planned Masimo acquisition. Analyst Commentary Recent research on Danaher reflects a split view, with some firms raising their price targets and others trimming them, while the planned Masimo acquisition sits at the center of many discussions about valuation and execution risk.
IQV
US$176.46
IQVIA Holdings
7D
2.6%
1Y
25.0%

IQV: Data And Clinical Trial Scale Will Support Earnings Reacceleration

The analyst price target for IQVIA Holdings has been reset from $250.00 to $231.60 as analysts factor in updated models after recent Q4 results, AI related uncertainties, and broader sector target cuts, while still highlighting the company’s data and clinical trial capabilities in several upgraded ratings. Analyst Commentary Recent research updates on IQVIA show a mix of optimism around the company’s data assets and clinical trial exposure, alongside caution as models are reset after Q4 results and AI related questions.
MEDP
US$520.60
Medpace Holdings
7D
3.9%
1Y
80.1%

MEDP: Slower Revenue Assumptions Will Test Rich Multiple And 2026 Execution

Medpace Holdings' analyst-derived fair value has inched up by about $5 to roughly $357, as analysts weigh higher assumed profit margins and a richer future P/E against slower projected revenue growth and a slightly higher discount rate, while incorporating a wave of recent rating upgrades and higher price targets clustered around $419 to $522. Analyst Commentary Recent research on Medpace reflects a mix of upgrades and cautious fine tuning, with several firms lifting ratings while keeping a close eye on valuation, end market trends, and execution risk.
TEM
US$55.87
Tempus AI
7D
21.5%
1Y
36.3%

TEM: Data Partnerships And Backlog Will Support Future Precision Oncology Leadership

Narrative Update on Tempus AI The updated analyst price target for Tempus AI moves to $72.73 from $77.93, as analysts factor in slightly higher discount rates and a lower future P/E multiple. They still point to ongoing partnerships and data backlog as key supports for the long term story.
TKNO
US$2.93
Alpha Teknova
7D
-3.0%
1Y
-49.3%

TKNO: Long Term Revenue Guidance And Higher P/E Will Support Future Upside

Analysts have adjusted their price target on Alpha Teknova to $7.00 from $7.00, reflecting updated views on discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Alpha Teknova issued revenue guidance for the fiscal year ending December 31, 2026, indicating an expected total revenue range of $42 million to $44 million.
MTD
US$1,340.58
Mettler-Toledo International
7D
-0.4%
1Y
38.2%

MTD: Extensive Buybacks And 2026 Sales Outlook Will Support Future Upside

Analysts have trimmed their price target for Mettler-Toledo International by about $7 to $1,498, reflecting small adjustments to fair value, discount rate, revenue growth and profit margin assumptions, along with a slightly lower future P/E estimate. What's in the News Mettler-Toledo International reported completion of a long running share repurchase program first announced on February 9, 2010, having bought back a total of 17,805,987 shares, or 66.06%, for US$9,514.61m under the authorization.
WST
US$273.73
West Pharmaceutical Services
7D
5.3%
1Y
33.0%
A
US$121.87
Agilent Technologies
7D
3.7%
1Y
21.6%

A: New Diagnostic Expansion And Guidance Will Support Long Term Upside

Analysts have slightly reduced their price target on Agilent Technologies by about $1, citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. They indicate that the overall outlook remains largely intact.
ICLR
US$119.68
ICON
7D
8.4%
1Y
-12.8%

ICLR: Accounting Review And Backlog Uncertainty Will Pressure Earnings Quality And Sentiment

Narrative update on ICON analyst targets Analysts have collectively reset ICON's average price target lower to around $120, citing ongoing accounting investigations and reduced sector targets. Some also highlight the possibility of upside if biopharma activity improves and current valuation already reflects much of the perceived risk.
ATLN
US$2.05
Atlantic International
7D
-31.0%
1Y
-46.5%