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

Running CAGR since the earliest displayed year.

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	+21.8%	-3.6%	+34.3%	+90.4%	—
Short Term Investments	—	—	—	—	—
Accounts Receivable	+2.8%	+0.9%	+1.5%	+1.7%	—
Inventory	+1.8%	-0.5%	+0.4%	+11.5%	—
Prepaid Expenses	+12.3%	+6.2%	+3.6%	+0.2%	—
Other Current Assets	+12.3%	+6.2%	+3.6%	+0.2%	—
Total Current Assets	+9.3%	+3.2%	+10.6%	+25.4%	—
Property,Plant and Equipment	+6.1%	+3.7%	+6.5%	+11.4%	—
Goodwill	+4.2%	+3.0%	+2.5%	-1.7%	—
Intangible Assets	-5.8%	-8.3%	-9.0%	-13.3%	—
Long Term Investments	-18.6%	-14.7%	-7.9%	-35.9%	—
Deferred Tax Assets	-21.0%	-30.9%	-29.2%	-25.7%	—
Other Noncurrent Assets	+6.1%	-1.1%	-7.2%	-13.6%	—
Total Assets	+3.8%	+0.8%	+1.9%	+2.1%	—
Liabilities
Accounts Payable	+6.0%	+2.4%	+0.1%	+17.9%	—
Accrued Liabilities	-4.8%	-6.4%	-18.9%	-13.7%	—
Deferred Revenue	+0.5%	+2.4%	+0.6%	-2.0%	—
Current Portion of Long Term Debt	+8.6%	-4.4%	+19.3%	+119.9%	—
Other Current Liabilities	+3.1%	+2.7%	+4.9%	+13.7%	—
Total Current Liabilities	+3.1%	-0.3%	+2.1%	+26.6%	—
Long Term Debt	+3.1%	-3.6%	+0.1%	-1.1%	—
Deferred Revenue Noncurrent	-1.1%	-2.8%	+10.0%	-4.8%	—
Deferred Tax Liabilities	-21.0%	-30.9%	-29.2%	-25.7%	—
Other Noncurrent Liabilities	-1.5%	-4.2%	+1.1%	-6.7%	—
Total Liabilities	+3.1%	-0.3%	+2.1%	+26.6%	—
Equity
Preferred Stock	—	+0.0%	+0.0%	+0.0%	—
Common Stock	+0.3%	+0.4%	+0.3%	+0.5%	—
Additional Paid In Capital	+3.5%	+3.6%	+3.4%	+3.5%	—
Retained Earnings	+13.7%	+14.4%	+15.6%	+18.3%	—
Treasury Stock	+25.7%	+29.2%	+30.2%	+34.7%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Noncontrolling Interest	-42.0%	—	—	-12.9%	—
Total Stockholders Equity	+7.0%	+6.7%	+7.0%	+7.8%	—
Total Liabilitiesand Equity	+3.8%	+0.8%	+1.9%	+2.1%	—

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	+3.2%	+3.0%	+4.5%	+14.5%	—
Expenses Cost of Revenue	+6.0%	+6.8%	+11.1%	+25.1%	—
Expenses Research and Development	-0.2%	-0.4%	-2.5%	+4.6%	—
Expenses Selling,General and Administrative	+2.2%	+2.4%	+2.7%	+12.3%	—
Expenses Depreciation and Amortization	-0.4%	+3.5%	+15.2%	+36.0%	—
Expenses Share Based Compensation	+7.7%	+9.4%	+9.9%	+33.5%	—
Expenses Restructuring and Asset Impairment	+51.9%	+37.9%	+129.0%	+83.8%	—
Expenses Operating Expenses	+6.0%	+6.8%	+11.1%	+25.1%	—
Other Income Expense Operating Income	-6.3%	-9.9%	-17.3%	-16.3%	—
Other Income Expense Interest Income	+119.2%	+192.7%	+352.1%	+532.6%	—
Other Income Expense Interest Expense	+27.6%	+37.4%	+60.2%	+35.4%	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	-4.6%	-7.3%	-15.6%	-11.4%	—
Income Tax Income Tax Expense	-16.2%	-16.0%	-49.4%	-36.6%	—
net Income net Income	-3.5%	-6.4%	-11.9%	-9.9%	—
net Income Comprehensive Income	-4.1%	-5.8%	-15.4%	-24.7%	—
Earnings Per Share Basic Eps	-2.4%	-5.5%	-11.1%	-9.5%	—
Earnings Per Share Diluted Eps	-2.3%	-5.3%	-10.9%	-9.4%	—
Earnings Per Share Weighted Average Shares Basic	-1.1%	-1.0%	-1.0%	-0.5%	—
Earnings Per Share Weighted Average Shares Diluted	-1.2%	-1.2%	-1.1%	-0.8%	—

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	-3.5%	-6.4%	-11.9%	-9.9%	—
Operating Activities Depreciation and Amortization	+6.0%	+11.6%	+13.4%	+18.7%	—
Operating Activities Stock Based Compensation	+7.7%	+9.4%	+9.9%	+33.5%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-14.8%	-38.3%	—	+8.9%	—
Operating Activities net Cash From Operating Activities	-4.3%	-2.4%	-5.0%	-1.7%	—
Investing Activities Capital Expenditures	-11.8%	-17.8%	-23.4%	-11.1%	—
Investing Activities Business Acquisitions	-32.5%	-45.5%	-56.6%	-99.8%	—
Investing Activities Purchases of Investments	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	-19.1%	-59.5%	-42.8%	-82.4%	—
Financing Activities Repayment of Debt	-32.7%	-32.5%	-29.8%	-96.8%	—
Financing Activities Repurchase of Common Stock	+10.7%	+26.0%	+22.5%	+50.0%	—
Financing Activities Dividends Paid	+12.6%	+13.9%	+15.1%	+15.2%	—
Financing Activities Other Financing Activities	+8.5%	+44.2%	-7.2%	—	—
Financing Activities net Cash From Financing Activities	-27.7%	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	+21.8%	-3.5%	+34.3%	+90.1%	—
Cash Reconciliation Cash At End of Period	+21.8%	-3.5%	+34.3%	+90.1%	—

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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