Thermo Fisher Scientific

Health Care Life Sciences Tools & Services Waltham, Massachusetts Last filing Feb 26, 2026 · FY2025

                    Revenue
                    FY2025
                
$44.6B
                    3y CAGR -0.3%
                    
                    P14
                    
                    +3.9%
                    
                    Net income
                    FY2025
                
$6.7B
                    Net margin +15.0%
                    
                    P67
                    
                    +5.8%
                    
                    Total assets
                    FY2025
                
$110.3B
                    ROA +6.1%
                    
                    P52
                    
                    +13.4%
                    
                    Operating cash flow
                    FY2025
                
$7.8B
                    FCF margin +14.1%
                    
                    P47
                    
                    -9.8%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $110.3B

Total liabilities ~$56.9B

Shareholders equity $53.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	8.9%	4.1%	8.2%	8.8%	4.7%	15.0%	4.1%	3.7%	2.4%	1.7%
Short Term Investments	0.2%	1.6%	0.0%	—	—	—	—	—	—	—
Accounts Receivable	8.1%	8.4%	8.3%	8.4%	8.4%	8.3%	7.4%	7.4%	6.8%	6.6%
Inventory	4.9%	5.1%	5.2%	5.8%	5.3%	5.8%	5.8%	5.3%	5.2%	4.8%
Other Current Assets	3.9%	3.5%	3.2%	3.0%	2.7%	2.7%	3.0%	2.5%	2.2%	2.1%
Total Current Assets	26.0%	22.7%	24.9%	26.0%	21.1%	31.8%	20.4%	18.9%	16.6%	15.3%
Property,Plant and Equipment	9.6%	9.6%	9.6%	9.6%	8.8%	8.6%	8.1%	7.4%	7.1%	5.6%
Goodwill	44.7%	47.1%	44.6%	42.4%	44.1%	37.7%	44.0%	45.1%	44.6%	46.5%
Intangible Assets	14.4%	16.0%	16.9%	18.0%	21.1%	18.4%	24.0%	26.6%	29.4%	30.4%
Other Noncurrent Assets	5.3%	4.6%	4.1%	4.1%	4.9%	3.6%	3.4%	2.0%	2.2%	2.2%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.3%	3.2%	2.9%	3.5%	3.0%	3.1%	3.3%	2.9%	2.5%	2.0%
Accrued Liabilities	4.8%	5.3%	4.9%	5.6%	5.7%	6.1%	4.6%	4.4%	4.9%	4.8%
Deferred Revenue	2.5%	2.9%	2.7%	2.7%	2.8%	1.8%	1.6%	1.4%	1.3%	1.1%
Current Portion of Long Term Debt	3.2%	2.3%	3.7%	5.7%	2.7%	3.8%	1.2%	2.3%	3.8%	2.7%
Total Current Liabilities	13.8%	13.7%	14.2%	17.5%	14.1%	14.9%	10.6%	10.9%	12.4%	10.6%
Long Term Debt	32.5%	29.9%	31.7%	29.8%	34.0%	27.7%	29.2%	31.5%	33.3%	33.5%
Deferred Tax Liabilities	1.4%	1.3%	1.9%	2.9%	4.0%	2.6%	3.8%	4.0%	4.9%	5.6%
Other Noncurrent Liabilities	3.9%	4.1%	4.7%	4.4%	4.8%	4.8%	5.6%	4.5%	4.5%	3.4%
Equity
Preferred Stock	0.0%	0.0%	—	—	—	—	—	—	—	—
Common Stock	0.4%	0.5%	0.4%	0.5%	0.5%	0.6%	0.7%	0.8%	0.8%	0.9%
Additional Paid In Capital	16.8%	18.5%	17.5%	17.2%	17.0%	22.6%	25.8%	26.0%	25.0%	26.4%
Retained Earnings	53.6%	54.6%	48.0%	43.1%	37.2%	40.7%	37.8%	33.2%	28.1%	30.3%
Treasury Stock	20.2%	19.8%	15.3%	12.4%	9.4%	9.9%	9.0%	6.5%	5.5%	5.0%
Accumulated Other Comprehensive Income	-2.2%	-2.8%	-3.3%	-3.2%	-2.4%	-4.1%	-4.6%	-4.4%	-3.5%	-5.7%
Total Stockholders Equity	48.4%	50.9%	47.3%	45.3%	42.9%	50.0%	50.8%	49.1%	44.8%	46.9%
Noncontrolling Interest	0.0%	-0.0%	-0.0%	0.1%	0.1%	0.0%	—	—	—	—
Temporary Equity and Other	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	—	—	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $44.6B

Operating income $7.7B

Net income $6.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	40.4%	44.1%	43.4%	46.2%	41.2%	46.7%	43.8%	43.3%	36.9%	39.8%
Expenses Research and Development	1.3%	1.4%	1.4%	1.5%	1.5%	1.7%	1.7%	1.7%	1.6%	1.6%
Expenses Selling,General and Administrative	7.9%	8.8%	8.6%	9.3%	8.4%	10.0%	10.5%	10.8%	9.7%	10.8%
Expenses Restructuring and Asset Impairment	0.3%	0.4%	0.5%	0.1%	0.2%	0.1%	-0.7%	0.1%	0.2%	0.4%
Other Income Expense Operating Income	7.0%	7.5%	6.9%	8.6%	10.5%	11.3%	7.9%	6.7%	5.2%	5.4%
Other Income Expense Interest Income	0.9%	1.1%	0.9%	0.3%	0.0%	0.1%	0.4%	0.2%	0.1%	—
Other Income Expense Interest Expense	1.3%	1.4%	1.4%	0.7%	0.6%	0.8%	1.2%	1.2%	1.0%	—
Other Income Expense Other Income/expense	-0.0%	0.0%	-0.1%	-0.1%	-0.7%	-0.1%	-0.1%	0.0%	-0.0%	-0.9%
Other Income Expense Income Before Tax	6.6%	7.2%	6.4%	8.1%	9.3%	10.5%	7.0%	5.8%	4.3%	4.4%
Income Tax Income Tax Expense	0.5%	0.7%	0.3%	0.7%	1.2%	1.2%	0.6%	0.6%	0.4%	-0.0%
net Income Other Items Below Tax	-0.1%	-0.0%	-0.0%	-0.2%	-0.0%	-0.0%	-0.0%	—	-0.0%	-0.0%
net Income net Income	6.1%	6.5%	6.1%	7.2%	8.1%	9.2%	6.3%	5.2%	3.9%	4.4%
net Income Comprehensive Income	6.3%	7.1%	5.9%	6.4%	8.6%	9.0%	6.0%	4.5%	5.0%	3.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.4%	0.4%	0.4%	0.4%	0.6%	0.7%	0.7%	0.7%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $7.8B

Investing cash flow $-4.0B

Financing cash flow $1.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	6.1%	6.5%	6.0%	7.2%	8.1%	9.2%	6.3%	5.2%	3.9%	4.4%
Operating Activities Depreciation and Amortization	2.5%	3.2%	3.4%	3.5%	2.7%	3.4%	3.9%	4.0%	3.6%	3.8%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%	0.3%	0.3%	0.3%
Operating Activities Deferred Income Taxes	-0.6%	-1.2%	-1.3%	-1.0%	-0.7%	-0.8%	-0.5%	-0.7%	-1.9%	-1.4%
Operating Activities Changes In Operating Assets and Liabilities	-1.6%	-0.3%	-0.5%	-1.0%	-1.6%	-0.4%	-1.1%	-0.8%	1.2%	-0.3%
Operating Activities Other Non Cash Items	0.4%	0.5%	0.6%	0.5%	1.0%	0.4%	-0.5%	0.0%	-0.0%	0.2%
Operating Activities net Cash From Operating Activities	7.1%	8.9%	8.5%	9.4%	9.8%	12.0%	8.5%	8.1%	7.1%	7.1%
Investing Activities Capital Expenditures	-1.4%	-1.4%	-1.5%	-2.3%	-2.7%	-2.1%	-1.6%	-1.3%	-0.9%	-1.0%
Investing Activities Business Acquisitions	-3.7%	-3.2%	-3.7%	-0.0%	-20.4%	-0.1%	-3.2%	-1.0%	-12.8%	-11.3%
Investing Activities Purchases of Investments	-0.3%	-3.5%	-0.2%	-0.1%	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	1.4%	1.8%	0.0%	0.1%	—	—	—	—	—	—
Investing Activities Other Investing Activities	0.3%	0.3%	0.2%	0.1%	-0.0%	0.0%	2.2%	0.1%	0.0%	0.2%
Investing Activities net Cash From Investing Activities	-3.7%	-6.0%	-5.2%	-2.2%	-23.1%	-2.2%	-2.5%	-2.2%	-13.6%	-12.0%
Financing Activities Proceeds From Debt	8.0%	1.2%	7.7%	4.9%	21.7%	5.6%	14.4%	10.2%	26.2%	36.6%
Financing Activities Repayment of Debt	-3.2%	-3.7%	-7.8%	-4.2%	-12.3%	-1.6%	-16.8%	-13.0%	-20.8%	-27.5%
Financing Activities Repurchase of Common Stock	-2.7%	-4.1%	-3.0%	-3.1%	-2.1%	-2.2%	-2.6%	-0.9%	-1.3%	-2.7%
Financing Activities Dividends Paid	-0.6%	-0.6%	-0.5%	-0.5%	-0.4%	-0.5%	-0.5%	-0.5%	-0.4%	-0.5%
Financing Activities Other Financing Activities	0.1%	0.2%	0.1%	-0.0%	0.1%	0.1%	-0.1%	-0.1%	-0.0%	-0.0%
Financing Activities net Cash From Financing Activities	1.6%	-7.0%	-3.7%	-2.9%	6.9%	1.4%	-5.3%	-4.0%	6.8%	6.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.1%	-0.1%	-0.1%	0.2%	0.3%	-0.1%	-0.5%	0.7%	-0.3%
Cash Reconciliation net Change In Cash	5.3%	-4.2%	-0.4%	4.2%	-6.1%	11.5%	0.5%	1.3%	1.0%	0.8%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+17.4%	+17.1%	+16.0%	+18.7%	+25.6%	+24.2%	+18.0%	+15.5%	+14.2%	+13.5%
Net margin	+15.0%	+14.8%	+14.0%	+15.5%	+19.7%	+19.8%	+14.5%	+12.1%	+10.6%	+11.1%
FCF margin	+14.1%	+16.9%	+16.2%	+15.4%	+17.3%	+21.2%	+15.8%	+15.5%	+16.7%	+15.4%
Growth
Revenue CAGR (3y)	-0.3%	+3.0%	+10.0%	+20.7%	+17.2%	+15.5%	+11.8%	+12.8%	+7.4%	+11.8%
Returns
ROE	+12.6%	+12.8%	+12.8%	+15.8%	+18.9%	+18.5%	+12.5%	+10.7%	+8.8%	+9.4%
ROA	+6.1%	+6.5%	+6.1%	+7.2%	+8.1%	+9.2%	+6.3%	+5.2%	+3.9%	+4.4%
ROIC	+8.6%	+8.7%	+8.9%	+10.9%	+12.3%	+15.0%	+9.3%	+7.7%	+6.0%	+6.6%
Liquidity
Current ratio	1.89x	1.66x	1.75x	1.48x	1.50x	2.13x	1.92x	1.73x	1.34x	1.44x
Quick ratio	1.23x	0.92x	1.16x	0.98x	0.93x	1.56x	1.09x	1.01x	0.74x	0.79x
Leverage
D/E	1.07x	0.96x	1.11x	1.21x	1.33x	1.00x	0.97x	1.04x	1.23x	1.13x
Interest coverage	5.46x	5.28x	4.99x	11.56x	18.71x	14.09x	6.80x	5.67x	5.00x	—
Efficiency
Asset turnover	0.40x	0.44x	0.43x	0.46x	0.41x	0.47x	0.44x	0.43x	0.37x	0.40x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Thermo Fisher Scientific

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