Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Clinical Research and Equipment Industry Analysis

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

In the last week, the Clinical Research and Equipment industry is up 5.0%, with Thermo Fisher Scientific up 2.4%. This takes the industry's 12 month performance to a gain of 17%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026US$595.2bUS$147.9bUS$14.1b38.3x42.3x4x
Thu, 19 Mar 2026US$548.9bUS$147.8bUS$14.0b34.9x39.1x3.7x
Sat, 14 Feb 2026US$578.1bUS$147.7bUS$12.5b33.9x46.4x3.9x
Mon, 12 Jan 2026US$699.1bUS$145.8bUS$12.4b37.1x56.5x4.8x
Wed, 10 Dec 2025US$651.6bUS$145.8bUS$12.5b35.4x52.2x4.5x
Fri, 07 Nov 2025US$641.8bUS$145.8bUS$12.1b34.3x53x4.4x
Sun, 05 Oct 2025US$634.9bUS$144.3bUS$14.6b31.2x43.6x4.4x
Tue, 02 Sep 2025US$585.1bUS$144.3bUS$14.6b29.2x40.2x4.1x
Thu, 31 Jul 2025US$582.3bUS$143.7bUS$8.8b37.6x66.1x4.1x
Sat, 28 Jun 2025US$536.3bUS$142.9bUS$9.2b35.7x58.5x3.8x
Mon, 26 May 2025US$494.4bUS$142.8bUS$9.1b31.6x54.4x3.5x
Wed, 23 Apr 2025US$498.6bUS$142.6bUS$9.8b36.5x50.7x3.5x
Fri, 21 Mar 2025US$596.6bUS$143.0bUS$9.9b38.5x60.3x4.2x
Sun, 16 Feb 2025US$619.7bUS$143.3bUS$10.0b34.4x62x4.3x
Tue, 14 Jan 2025US$671.5bUS$142.4bUS$10.2b44x65.8x4.7x
Thu, 12 Dec 2024US$674.3bUS$142.4bUS$10.2b44.7x66x4.7x
Sat, 09 Nov 2024US$698.6bUS$142.4bUS$10.3b44.3x67.6x4.9x
Mon, 07 Oct 2024US$733.8bUS$141.8bUS$8.5b37.6x86.4x5.2x
Wed, 04 Sep 2024US$749.5bUS$141.8bUS$8.5b37.2x88.2x5.3x
Fri, 02 Aug 2024US$749.1bUS$141.0bUS$12.3b38x61.1x5.3x
Sun, 30 Jun 2024US$680.5bUS$141.3bUS$12.2b37.9x55.9x4.8x
Tue, 28 May 2024US$726.8bUS$141.5bUS$12.4b38.7x58.5x5.1x
Thu, 25 Apr 2024US$721.5bUS$141.6bUS$12.7b41.7x56.7x5.1x
Sat, 23 Mar 2024US$749.2bUS$142.1bUS$12.8b44.7x58.4x5.3x
Mon, 19 Feb 2024US$720.7bUS$142.2bUS$12.5b43.3x57.5x5.1x
Wed, 17 Jan 2024US$684.9bUS$153.8bUS$14.2b35.2x48.3x4.5x
Fri, 15 Dec 2023US$679.9bUS$153.8bUS$14.2b37.7x47.7x4.4x
Sun, 12 Nov 2023US$585.3bUS$153.8bUS$14.0b30.9x41.9x3.8x
Tue, 10 Oct 2023US$645.4bUS$154.6bUS$11.2b33.3x57.6x4.2x
Thu, 07 Sep 2023US$710.8bUS$154.6bUS$11.2b31.8x63.4x4.6x
Sat, 05 Aug 2023US$724.6bUS$154.7bUS$11.3b30.2x64.4x4.7x
Mon, 03 Jul 2023US$697.8bUS$152.4bUS$12.5b29.5x55.8x4.6x
Wed, 31 May 2023US$668.8bUS$152.2bUS$12.5b27.4x53.5x4.4x
Fri, 28 Apr 2023US$684.6bUS$152.9bUS$9.6b29x71.6x4.5x
Price to Earnings Ratio

71.6x


Total Market Cap: US$684.6bTotal Earnings: US$9.6bTotal Revenue: US$152.9bTotal 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 57.2x.
  • 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 10% 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$526.022.3%
+US$4.4b		24.7%PE29.2x
TEM Tempus AIUS$56.7823.5%
+US$1.9b		38.6%PS8x
WST West Pharmaceutical ServicesUS$278.006.9%
+US$1.3b		35.0%PE40.6x
WAT WatersUS$335.613.4%
+US$1.1b		6.1%PE51.3x
A Agilent TechnologiesUS$120.962.9%
+US$977.8m		20.6%PE26.5x

Latest News

TMO
US$526.02
Thermo Fisher Scientific
7D
2.3%
1Y
24.7%

Thermo Fisher: Great Business Still Trading At A Risky Price Before Earnings

Apr 20
QTRX
US$3.30
Quanterix
7D
-2.7%
1Y
-32.5%
WAT
US$335.61
Waters
7D
3.4%
1Y
6.1%

WAT: Reorganization And Product Pipeline Will Likely Keep Upside In Check

Analysts have kept their price target for Waters steady at $330.00, citing updated assumptions for slightly higher revenue growth, a wider profit margin, and a higher future P/E multiple as the key drivers behind the unchanged fair value view. What's in the News Launched the Waters omniDAWN Multi-Angle Light Scattering Photometer for UHPLC and UPLC workflows, targeting absolute molar mass and size measurements for complex analytes such as protein aggregates, viral vectors, lipid nanoparticles, and advanced materials.
QGEN
US$41.04
Qiagen
7D
-2.1%
1Y
-3.7%
ILMN
US$132.86
Illumina
7D
4.6%
1Y
84.5%
DHR
US$195.50
Danaher
7D
-0.2%
1Y
5.7%

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$176.76
IQVIA Holdings
7D
2.8%
1Y
25.2%

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$528.44
Medpace Holdings
7D
5.4%
1Y
82.9%

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$56.78
Tempus AI
7D
23.5%
1Y
38.6%

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$2.91
Alpha Teknova
7D
-3.6%
1Y
-49.7%

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$1,324.66
Mettler-Toledo International
7D
-1.6%
1Y
36.5%

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.
NAUT
US$2.96
Nautilus Biotechnology
7D
-0.3%
1Y
311.1%
WST
US$278.00
West Pharmaceutical Services
7D
6.9%
1Y
35.0%
A
US$120.96
Agilent Technologies
7D
2.9%
1Y
20.6%

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.
CTKB
US$4.57
Cytek Biosciences
7D
-0.4%
1Y
23.5%

CTKB: 2026 Guidance And Buyback Will Frame Balanced Multi Year Upside Potential

Narrative Update Analysts have lifted their price target on Cytek Biosciences to $5 from $4, pointing to a clearer multi year framework and several potential growth drivers as key reasons for the change. Analyst Commentary Analysts highlighting the higher US$5 price target frame Cytek Biosciences as a name that could benefit if the broader diagnostic tools group sees improving sentiment and clearer multi year guidance.
ATLN
US$2.04
Atlantic International
7D
-31.3%
1Y
-46.7%