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 revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 3 years

Total assets $110.3B

Total liabilities ~$56.9B

Shareholders equity $53.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	22.1%	9.3%	18.8%
Short Term Investments	0.6%	3.6%	0.0%
Accounts Receivable	20.0%	19.1%	19.2%
Inventory	12.2%	11.6%	11.9%
Other Current Assets	9.6%	7.9%	7.5%
Total Current Assets	64.4%	51.6%	57.4%
Property,Plant and Equipment	23.7%	21.7%	22.0%
Goodwill	110.8%	106.9%	102.7%
Intangible Assets	35.5%	36.2%	38.9%
Other Noncurrent Assets	13.2%	10.5%	9.3%
Total Assets	247.7%	227.0%	230.4%
Liabilities
Accounts Payable	8.1%	7.2%	6.7%
Accrued Liabilities	11.9%	12.1%	11.3%
Deferred Revenue	6.1%	6.7%	6.3%
Current Portion of Long Term Debt	7.9%	5.2%	8.4%
Total Current Liabilities	34.1%	31.1%	32.7%
Long Term Debt	80.5%	67.8%	73.1%
Deferred Tax Liabilities	3.4%	3.0%	4.5%
Other Noncurrent Liabilities	9.6%	9.3%	10.8%
Equity
Preferred Stock	0.0%	0.0%	—
Common Stock	1.0%	1.0%	1.0%
Additional Paid In Capital	41.7%	41.9%	40.3%
Retained Earnings	132.8%	123.8%	110.5%
Treasury Stock	50.1%	44.8%	35.3%
Accumulated Other Comprehensive Income	-5.5%	-6.3%	-7.5%
Total Stockholders Equity	119.9%	115.6%	109.0%
Noncontrolling Interest	0.0%	-0.1%	-0.0%
Temporary Equity and Other	0.3%	0.3%	0.3%
Total Liabilitiesand Equity	247.7%	227.0%	230.4%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $44.6B

Operating income $7.7B

Net income $6.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Research and Development	3.1%	3.2%	3.1%
Expenses Selling,General and Administrative	19.6%	20.0%	19.7%
Expenses Restructuring and Asset Impairment	0.8%	0.9%	1.1%
Other Income Expense Operating Income	17.4%	17.1%	16.0%
Other Income Expense Interest Income	2.2%	2.5%	2.1%
Other Income Expense Interest Expense	3.2%	3.2%	3.2%
Other Income Expense Other Income/expense	-0.0%	0.0%	-0.2%
Other Income Expense Income Before Tax	16.4%	16.4%	14.7%
Income Tax Income Tax Expense	1.2%	1.5%	0.7%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.0%
net Income net Income	15.0%	14.8%	14.0%
net Income Comprehensive Income	15.6%	16.0%	13.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.9%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $7.8B

Investing cash flow $-4.0B

Financing cash flow $1.8B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	15.1%	14.8%	13.9%
Operating Activities Depreciation and Amortization	6.2%	7.2%	7.9%
Operating Activities Stock Based Compensation	0.7%	0.7%	0.6%
Operating Activities Deferred Income Taxes	-1.4%	-2.8%	-3.0%
Operating Activities Changes In Operating Assets and Liabilities	-4.0%	-0.8%	-1.2%
Operating Activities Other Non Cash Items	0.9%	1.1%	1.3%
Operating Activities net Cash From Operating Activities	17.5%	20.2%	19.6%
Investing Activities Capital Expenditures	-3.4%	-3.3%	-3.5%
Investing Activities Business Acquisitions	-9.1%	-7.3%	-8.5%
Investing Activities Purchases of Investments	-0.9%	-7.9%	-0.5%
Investing Activities Proceeds From Sale of Investments	3.5%	4.1%	0.0%
Investing Activities Other Investing Activities	0.7%	0.7%	0.4%
Investing Activities net Cash From Investing Activities	-9.1%	-13.6%	-12.0%
Financing Activities Proceeds From Debt	19.9%	2.8%	17.6%
Financing Activities Repayment of Debt	-7.9%	-8.4%	-18.0%
Financing Activities Repurchase of Common Stock	-6.7%	-9.3%	-7.0%
Financing Activities Dividends Paid	-1.4%	-1.4%	-1.2%
Financing Activities Other Financing Activities	0.2%	0.5%	0.1%
Financing Activities net Cash From Financing Activities	4.0%	-15.8%	-8.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.6%	-0.2%	-0.2%
Cash Reconciliation net Change In Cash	13.1%	-9.5%	-1.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+17.4%	+17.1%	+16.0%
Net margin	+15.0%	+14.8%	+14.0%
FCF margin	+14.1%	+16.9%	+16.2%
Growth
Revenue CAGR (3y)	-0.3%	+3.0%	+10.0%
Returns
ROE	+12.6%	+12.8%	+12.8%
ROA	+6.1%	+6.5%	+6.1%
ROIC	+8.6%	+8.7%	+8.9%
Liquidity
Current ratio	1.89x	1.66x	1.75x
Quick ratio	1.23x	0.92x	1.16x
Leverage
D/E	1.07x	0.96x	1.11x
Interest coverage	5.46x	5.28x	4.99x
Efficiency
Asset turnover	0.40x	0.44x	0.43x
Cash conversion cycle	—	—	—

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Thermo Fisher Scientific

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