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 revenue.

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	22.1%	9.3%	18.8%	19.0%	11.4%
Short Term Investments	0.6%	3.6%	—	—	—
Accounts Receivable	20.0%	19.1%	19.2%	18.1%	20.3%
Inventory	12.2%	11.6%	11.9%	12.5%	12.9%
Prepaid Expenses	5.9%	4.6%	4.1%	3.7%	4.2%
Other Current Assets	5.9%	4.6%	4.1%	3.7%	4.2%
Total Current Assets	64.4%	51.6%	57.4%	56.2%	51.3%
Property,Plant and Equipment	23.7%	21.7%	22.0%	20.7%	21.3%
Goodwill	110.8%	106.9%	102.7%	91.7%	106.9%
Intangible Assets	35.5%	36.2%	38.9%	38.8%	51.3%
Long Term Investments	0.6%	0.8%	1.1%	0.8%	1.5%
Deferred Tax Assets	3.4%	3.0%	4.5%	6.3%	9.8%
Other Noncurrent Assets	13.2%	10.5%	9.3%	8.9%	11.8%
Total Assets	247.7%	227.0%	230.4%	216.3%	242.6%
Liabilities
Accounts Payable	8.1%	7.2%	6.7%	7.5%	7.3%
Accrued Liabilities	4.5%	4.6%	3.7%	4.7%	6.2%
Deferred Revenue	6.1%	6.7%	6.3%	5.8%	6.8%
Current Portion of Long Term Debt	7.9%	5.2%	8.4%	12.4%	6.5%
Other Current Liabilities	7.5%	7.5%	7.6%	7.5%	7.5%
Total Current Liabilities	34.1%	31.1%	32.7%	37.9%	34.3%
Long Term Debt	87.9%	72.5%	81.0%	76.3%	88.4%
Deferred Revenue Noncurrent	2.7%	2.7%	3.5%	2.6%	3.2%
Deferred Tax Liabilities	3.4%	3.0%	4.5%	6.3%	9.8%
Other Noncurrent Liabilities	9.6%	9.3%	10.8%	9.4%	11.6%
Total Liabilities	34.1%	31.1%	32.7%	37.9%	34.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	1.0%	1.0%	1.0%	1.0%	1.1%
Additional Paid In Capital	41.7%	41.9%	40.3%	37.3%	41.2%
Retained Earnings	132.8%	123.8%	110.5%	93.3%	90.4%
Treasury Stock	50.1%	44.8%	35.3%	26.8%	22.8%
Accumulated Other Comprehensive Income	-5.5%	-6.3%	-7.5%	-6.9%	-5.9%
Noncontrolling Interest	0.0%	-0.1%	-0.0%	0.1%	0.2%
Total Stockholders Equity	119.9%	115.6%	109.0%	97.9%	104.0%
Total Liabilitiesand Equity	247.7%	227.0%	230.4%	216.3%	242.6%

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	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	82.6%	82.9%	84.0%	81.3%	74.4%
Expenses Research and Development	3.1%	3.2%	3.1%	3.3%	3.6%
Expenses Selling,General and Administrative	19.6%	20.0%	19.7%	20.0%	20.4%
Expenses Depreciation and Amortization	3.9%	4.6%	5.5%	5.3%	4.5%
Expenses Share Based Compensation	0.7%	0.7%	0.6%	0.7%	0.6%
Expenses Restructuring and Asset Impairment	0.4%	0.2%	0.5%	0.2%	0.1%
Expenses Operating Expenses	82.6%	82.9%	84.0%	81.3%	74.4%
Other Income Expense Operating Income	17.4%	17.1%	16.0%	18.7%	25.6%
Other Income Expense Interest Income	2.2%	2.5%	2.1%	0.6%	0.1%
Other Income Expense Interest Expense	3.2%	3.2%	3.2%	1.6%	1.4%
Other Income Expense Other Income/expense	-0.0%	0.0%	-0.2%	-0.2%	-1.8%
Other Income Expense Income Before Tax	16.4%	16.4%	14.7%	17.4%	22.5%
Income Tax Income Tax Expense	1.2%	1.5%	0.7%	1.6%	2.8%
net Income net Income	15.0%	14.8%	14.0%	15.5%	19.7%
net Income Comprehensive Income	15.6%	16.0%	13.7%	13.8%	20.9%
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	0.8%	0.9%	0.9%	0.9%	1.0%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.9%	0.9%	0.9%	1.0%

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	15.0%	14.8%	14.0%	15.5%	19.7%
Operating Activities Depreciation and Amortization	2.4%	2.7%	2.5%	2.2%	2.1%
Operating Activities Stock Based Compensation	0.7%	0.7%	0.6%	0.7%	0.6%
Operating Activities Deferred Income Taxes	-1.4%	-2.8%	-3.0%	-2.2%	-1.6%
Operating Activities Changes In Operating Assets and Liabilities	2.1%	1.0%	-2.5%	4.2%	4.5%
Operating Activities net Cash From Operating Activities	17.5%	20.2%	19.6%	20.4%	23.7%
Investing Activities Capital Expenditures	3.4%	3.3%	3.5%	5.0%	6.4%
Investing Activities Business Acquisitions	9.1%	7.3%	8.5%	0.1%	49.5%
Investing Activities Purchases of Investments	0.9%	7.9%	0.5%	0.1%	—
Investing Activities Other Investing Activities	-0.0%	-0.0%	-0.1%	-0.0%	0.1%
Investing Activities net Cash From Investing Activities	-9.1%	-13.6%	-12.0%	-4.8%	-55.9%
Financing Activities Proceeds From Debt	17.4%	2.8%	13.9%	7.1%	46.3%
Financing Activities Repayment of Debt	5.4%	8.4%	13.5%	0.8%	29.9%
Financing Activities Repurchase of Common Stock	6.7%	9.3%	7.0%	6.7%	5.1%
Financing Activities Dividends Paid	1.4%	1.4%	1.2%	1.0%	1.0%
Financing Activities Other Financing Activities	0.2%	0.5%	0.1%	-0.0%	0.2%
Financing Activities net Cash From Financing Activities	4.0%	-15.8%	-8.5%	-6.3%	16.8%
Cash Reconciliation net Change In Cash	13.1%	-9.5%	-1.0%	9.0%	-14.9%
Cash Reconciliation Cash At Beginning of Period	22.2%	9.4%	18.9%	19.0%	11.5%
Cash Reconciliation Cash At End of Period	22.2%	9.4%	18.9%	19.0%	11.5%

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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