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%
                    
                    P68
                    
                    +5.8%
                    
                    Total assets
                    FY2025
                
$110.3B
                    ROA +6.1%
                    
                    P52
                    
                    +13.4%
                    
                    Operating cash flow
                    FY2025
                
$7.8B
                    FCF margin +14.1%
                    
                    P45
                    
                    -9.8%

20 yrs · FY2006–FY2025 9 filed · 0 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

34 accounts · 5 years

Total assets $110.3B

Total liabilities $15.2B

Shareholders equity $53.4B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	8.9%	4.1%	8.2%	8.8%	4.7%
Short Term Investments	0.2%	1.6%	—	—	—
Accounts Receivable	8.1%	8.4%	8.3%	8.4%	8.4%
Inventory	4.9%	5.1%	5.2%	5.8%	5.3%
Prepaid Expenses	2.4%	2.0%	1.8%	1.7%	1.7%
Other Current Assets	2.4%	2.0%	1.8%	1.7%	1.7%
Total Current Assets	26.0%	22.7%	24.9%	26.0%	21.1%
Property,Plant and Equipment	9.6%	9.6%	9.6%	9.6%	8.8%
Goodwill	44.7%	47.1%	44.6%	42.4%	44.1%
Intangible Assets	14.4%	16.0%	16.9%	18.0%	21.1%
Long Term Investments	0.2%	0.4%	0.5%	0.4%	0.6%
Deferred Tax Assets	1.4%	1.3%	1.9%	2.9%	4.0%
Other Noncurrent Assets	5.3%	4.6%	4.1%	4.1%	4.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.3%	3.2%	2.9%	3.5%	3.0%
Accrued Liabilities	1.8%	2.0%	1.6%	2.2%	2.6%
Deferred Revenue	2.5%	2.9%	2.7%	2.7%	2.8%
Current Portion of Long Term Debt	3.2%	2.3%	3.7%	5.7%	2.7%
Other Current Liabilities	3.0%	3.3%	3.3%	3.5%	3.1%
Total Current Liabilities	13.8%	13.7%	14.2%	17.5%	14.1%
Long Term Debt	35.5%	31.9%	35.2%	35.3%	36.4%
Deferred Revenue Noncurrent	1.1%	1.2%	1.5%	1.2%	1.3%
Deferred Tax Liabilities	1.4%	1.3%	1.9%	2.9%	4.0%
Other Noncurrent Liabilities	3.9%	4.1%	4.7%	4.4%	4.8%
Total Liabilities	13.8%	13.7%	14.2%	17.5%	14.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.4%	0.5%	0.4%	0.5%	0.5%
Additional Paid In Capital	16.8%	18.5%	17.5%	17.2%	17.0%
Retained Earnings	53.6%	54.6%	48.0%	43.1%	37.2%
Treasury Stock	20.2%	19.8%	15.3%	12.4%	9.4%
Accumulated Other Comprehensive Income	-2.2%	-2.8%	-3.3%	-3.2%	-2.4%
Noncontrolling Interest	0.0%	-0.0%	-0.0%	0.1%	0.1%
Total Stockholders Equity	48.4%	50.9%	47.3%	45.3%	42.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $44.6B

Operating income $7.7B

Net income $6.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	40.4%	44.1%	43.4%	46.2%	41.2%
Expenses Cost of Revenue	33.4%	36.5%	36.5%	37.6%	30.7%
Expenses Research and Development	1.3%	1.4%	1.4%	1.5%	1.5%
Expenses Selling,General and Administrative	7.9%	8.8%	8.6%	9.3%	8.4%
Expenses Depreciation and Amortization	1.6%	2.0%	2.4%	2.5%	1.9%
Expenses Share Based Compensation	0.3%	0.3%	0.3%	0.3%	0.2%
Expenses Restructuring and Asset Impairment	0.2%	0.1%	0.2%	0.1%	0.0%
Expenses Operating Expenses	33.4%	36.5%	36.5%	37.6%	30.7%
Other Income Expense Operating Income	7.0%	7.5%	6.9%	8.6%	10.5%
Other Income Expense Interest Income	0.9%	1.1%	0.9%	0.3%	0.0%
Other Income Expense Interest Expense	1.3%	1.4%	1.4%	0.7%	0.6%
Other Income Expense Other Income/expense	-0.0%	0.0%	-0.1%	-0.1%	-0.7%
Other Income Expense Income Before Tax	6.6%	7.2%	6.4%	8.1%	9.3%
Income Tax Income Tax Expense	0.5%	0.7%	0.3%	0.7%	1.2%
net Income net Income	6.1%	6.5%	6.1%	7.2%	8.1%
net Income Comprehensive Income	6.3%	7.1%	5.9%	6.4%	8.6%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	0.3%	0.4%	0.4%	0.4%	0.4%
Earnings Per Share Weighted Average Shares Diluted	0.3%	0.4%	0.4%	0.4%	0.4%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $7.8B

Investing cash flow $-4.0B

Financing cash flow $1.8B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	6.1%	6.5%	6.1%	7.2%	8.1%
Operating Activities Depreciation and Amortization	1.0%	1.2%	1.1%	1.0%	0.9%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.3%	0.3%	0.2%
Operating Activities Deferred Income Taxes	-0.6%	-1.2%	-1.3%	-1.0%	-0.7%
Operating Activities Changes In Operating Assets and Liabilities	0.8%	0.4%	-1.1%	2.0%	1.8%
Operating Activities net Cash From Operating Activities	7.1%	8.9%	8.5%	9.4%	9.8%
Investing Activities Capital Expenditures	1.4%	1.4%	1.5%	2.3%	2.7%
Investing Activities Business Acquisitions	3.7%	3.2%	3.7%	0.0%	20.4%
Investing Activities Purchases of Investments	0.3%	3.5%	0.2%	0.1%	—
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.0%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-3.7%	-6.0%	-5.2%	-2.2%	-23.1%
Financing Activities Proceeds From Debt	7.0%	1.2%	6.0%	3.3%	19.1%
Financing Activities Repayment of Debt	2.2%	3.7%	5.9%	0.4%	12.3%
Financing Activities Repurchase of Common Stock	2.7%	4.1%	3.0%	3.1%	2.1%
Financing Activities Dividends Paid	0.6%	0.6%	0.5%	0.5%	0.4%
Financing Activities Other Financing Activities	0.1%	0.2%	0.1%	-0.0%	0.1%
Financing Activities net Cash From Financing Activities	1.6%	-7.0%	-3.7%	-2.9%	6.9%
Cash Reconciliation net Change In Cash	5.3%	-4.2%	-0.4%	4.2%	-6.1%
Cash Reconciliation Cash At Beginning of Period	9.0%	4.2%	8.2%	8.8%	4.7%
Cash Reconciliation Cash At End of Period	9.0%	4.2%	8.2%	8.8%	4.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+17.4%	+17.1%	+16.0%	+18.7%	+25.6%
Operating margin	+17.4%	+17.1%	+16.0%	+18.7%	+25.6%
Net margin	+15.0%	+14.8%	+14.0%	+15.5%	+19.7%
FCF margin	+14.1%	+16.9%	+16.2%	+15.4%	+17.3%
Growth
Revenue CAGR (3y)	-0.3%	+3.0%	+10.0%	+20.7%	+17.2%
Returns
ROE	+12.6%	+12.8%	+12.8%	+15.8%	+18.9%
ROA	+6.1%	+6.5%	+6.1%	+7.2%	+8.1%
ROIC	+8.3%	+8.4%	+8.5%	+10.1%	+11.9%
Liquidity
Current ratio	1.89x	1.66x	1.75x	1.48x	1.50x
Quick ratio	1.23x	0.92x	1.16x	0.98x	0.93x
Leverage
D/E	0.28x	0.27x	0.30x	0.39x	0.33x
Interest coverage	5.46x	5.28x	4.99x	11.56x	18.71x
Efficiency
Asset turnover	0.40x	0.44x	0.43x	0.46x	0.41x
Cash conversion cycle	+91d	+89d	+92d	+88d	+102d

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Thermo Fisher Scientific

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