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

Year-over-year change per cell; first column has no prior.

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	+145.7%	-50.4%	—
Short Term Investments	-83.8%	+51933.3%	—
Accounts Receivable	+8.7%	-0.4%	—
Inventory	+9.0%	-2.2%	—
Other Current Assets	+25.9%	+6.2%	—
Total Current Assets	+29.7%	-10.0%	—
Property,Plant and Equipment	+13.5%	-1.5%	—
Goodwill	+7.7%	+4.2%	—
Intangible Assets	+2.0%	-6.8%	—
Other Noncurrent Assets	+30.7%	+12.3%	—
Total Assets	+13.4%	-1.4%	—
Liabilities
Accounts Payable	+17.6%	+7.2%	—
Accrued Liabilities	+2.6%	+7.1%	—
Deferred Revenue	-5.0%	+6.1%	—
Current Portion of Long Term Debt	+59.6%	-38.7%	—
Total Current Liabilities	+13.9%	-4.9%	—
Long Term Debt	+23.4%	-7.2%	—
Deferred Tax Liabilities	+17.7%	-34.0%	—
Other Noncurrent Liabilities	+7.1%	-14.1%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.2%	+0.5%	—
Additional Paid In Capital	+3.3%	+3.9%	—
Retained Earnings	+11.4%	+12.1%	—
Treasury Stock	+16.0%	+27.0%	—
Accumulated Other Comprehensive Income	+9.2%	+16.3%	—
Total Stockholders Equity	+7.7%	+6.1%	—
Noncontrolling Interest	+121.2%	-200.0%	—
Temporary Equity and Other	+1.7%	+1.7%	—
Total Liabilitiesand Equity	+13.4%	-1.4%	—

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	+3.9%	+0.1%	—
Expenses Research and Development	+0.5%	+4.0%	—
Expenses Selling,General and Administrative	+1.6%	+1.8%	—
Expenses Restructuring and Asset Impairment	-4.5%	-17.4%	—
Other Income Expense Operating Income	+5.6%	+7.0%	—
Other Income Expense Interest Income	-7.9%	+22.6%	—
Other Income Expense Interest Expense	+2.1%	+1.1%	—
Other Income Expense Other Income/expense	-200.0%	+118.5%	—
Other Income Expense Income Before Tax	+3.9%	+11.7%	—
Income Tax Income Tax Expense	-16.7%	+131.3%	—
net Income Other Items Below Tax	-28.9%	-136.8%	—
net Income net Income	+5.8%	+5.7%	—
net Income Comprehensive Income	+1.3%	+16.9%	—
Earnings Per Share Basic Eps	+7.2%	+6.8%	—
Earnings Per Share Diluted Eps	+7.3%	+7.0%	—
Earnings Per Share Weighted Average Shares Diluted	-1.3%	-1.3%	—

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	+6.0%	+6.4%	—
Operating Activities Depreciation and Amortization	-10.6%	-8.7%	—
Operating Activities Stock Based Compensation	+3.0%	+8.3%	—
Operating Activities Deferred Income Taxes	+47.1%	+7.0%	—
Operating Activities Changes In Operating Assets and Liabilities	-428.7%	+32.5%	—
Operating Activities Other Non Cash Items	-10.8%	-17.6%	—
Operating Activities net Cash From Operating Activities	-9.8%	+3.1%	—
Investing Activities Capital Expenditures	-8.9%	+5.3%	—
Investing Activities Business Acquisitions	-28.9%	+14.4%	—
Investing Activities Purchases of Investments	+88.7%	-1532.7%	—
Investing Activities Proceeds From Sale of Investments	-11.6%	+11700.0%	—
Investing Activities Other Investing Activities	+5.0%	+66.8%	—
Investing Activities net Cash From Investing Activities	+30.7%	-13.6%	—
Financing Activities Proceeds From Debt	+635.4%	-84.1%	—
Financing Activities Repayment of Debt	+2.8%	+53.3%	—
Financing Activities Repurchase of Common Stock	+25.0%	-33.3%	—
Financing Activities Dividends Paid	-9.1%	-11.5%	—
Financing Activities Other Financing Activities	-53.8%	+248.2%	—
Financing Activities net Cash From Financing Activities	+126.5%	-87.5%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+393.4%	-11.0%	—
Cash Reconciliation net Change In Cash	+243.9%	-822.0%	—

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	—	—	—

Valuation

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Thermo Fisher Scientific

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