Thermo Fisher Scientific Inc.

TMONYSE

$667.55

Last price · USD

Market cap: $251.7B
P/E: 37.6x
EV / EBITDA: 24.5x
P/S: 5.6x
FCF yield: 2.5%
Div. yield: 0.25%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Thermo Fisher Scientific Inc. balance sheet

Annual · USD millions except per-share data · 45 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	9,852	4,019	8,083	8,524	4,477	+21.8%
Short-term investments	253	1,561	0	0	0	—
Cash & short-term investments	10,105	5,580	8,083	8,524	4,477	+22.6%
Net receivables	10,566	9,626	9,664	9,427	8,945	+4.3%
Accounts receivable	8,900	9,626	8,221	8,115	7,977	+2.8%
Other receivables	1,666	0	1,443	1,312	968	+14.5%
Inventory	5,425	4,978	5,088	5,634	5,051	+1.8%
Other current assets	2,611	1,953	1,760	1,644	1,640	+12.3%
Total current assets	28,707	22,137	24,589	25,229	20,113	+9.3%
Non-current assets
Property, plant & equipment (net)	10,565	10,795	11,004	10,873	9,864	+1.7%
Goodwill	49,362	45,853	44,020	41,196	41,924	+4.2%
Intangible assets	15,838	15,533	16,670	17,478	20,146	-5.8%
Goodwill & intangible assets	65,200	61,386	60,690	58,674	62,070	+1.2%
Long-term investments	0	560	59	155	73	—
Other non-current assets	5,871	2,443	2,384	2,223	3,003	+18.2%
Total non-current assets	81,636	75,184	74,137	71,925	75,010	+2.1%
Total assets	110,343	97,321	98,726	97,154	95,123	+3.8%
Current liabilities
Accounts payable	3,622	3,079	2,872	3,381	2,867	+6.0%
Total payables	3,622	3,079	2,872	3,381	2,867	+6.0%
Short-term debt	3,533	2,475	3,872	5,851	2,803	+6.0%
Deferred revenue	2,710	2,852	2,689	2,601	2,655	+0.5%
Other current liabilities	0	2,938	2,983	3,082	2,684	—
Total current liabilities	15,189	13,332	14,012	17,010	13,436	+3.1%
Non-current liabilities
Long-term debt	35,852	29,061	31,308	28,909	32,148	+2.8%
Capital lease obligations (non-current)	0	1,239	1,244	1,313	1,388	—
Deferred revenue (non-current)	0	1,138	1,499	1,179	1,238	—
Deferred tax liabilities (non-current)	1,493	1,268	1,922	2,849	3,837	-21.0%
Other non-current liabilities	4,273	1,612	1,899	1,746	2,099	+19.4%
Total non-current liabilities	41,618	34,318	37,872	35,996	40,710	+0.6%
Capital lease obligations	0	1,239	1,244	1,313	1,388	—
Total debt	39,385	32,775	36,424	36,073	36,339	+2.0%
Total liabilities	56,807	47,650	51,884	53,006	54,146	+1.2%
Stockholders' equity
Common stock	445	444	442	441	439	+0.3%
Retained earnings	59,156	53,102	47,364	41,910	35,431	+13.7%
Additional paid-in capital	18,563	17,962	17,286	16,743	16,174	+3.5%
Treasury stock	(22,309)	(19,226)	(15,133)	(12,017)	(8,922)	—
Accumulated other comprehensive income (loss)	(2,448)	(2,697)	(3,224)	(3,099)	(2,329)	—
Other stockholders' equity	0	(1)	0	0	0	—
Total stockholders' equity	53,407	49,584	46,735	43,978	40,793	+7.0%
Total equity	53,536	49,671	46,842	44,148	40,977	+6.9%
Minority interest	129	87	107	170	184	-8.5%
Total liabilities & equity	110,343	97,321	98,726	97,154	95,123	+3.8%
Additional fields
Accrued Expenses	5,324	1,988	1,596	2,095	2,427	+21.7%
Net Debt	29,533	28,766	28,341	27,549	31,862	-1.9%
Total Investments	253	2,121	59	155	73	+36.4%

Thermo Fisher Scientific Inc.

TMONYSE

$667.55

Last price · USD

Market cap: $251.7B
P/E: 37.6x
EV / EBITDA: 24.5x
P/S: 5.6x
FCF yield: 2.5%
Div. yield: 0.25%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Thermo Fisher Scientific Inc. balance sheet

Annual · USD millions except per-share data · 45 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	9,852	4,019	8,083	8,524	4,477	+21.8%
Short-term investments	253	1,561	0	0	0	—
Cash & short-term investments	10,105	5,580	8,083	8,524	4,477	+22.6%
Net receivables	10,566	9,626	9,664	9,427	8,945	+4.3%
Accounts receivable	8,900	9,626	8,221	8,115	7,977	+2.8%
Other receivables	1,666	0	1,443	1,312	968	+14.5%
Inventory	5,425	4,978	5,088	5,634	5,051	+1.8%
Other current assets	2,611	1,953	1,760	1,644	1,640	+12.3%
Total current assets	28,707	22,137	24,589	25,229	20,113	+9.3%
Non-current assets
Property, plant & equipment (net)	10,565	10,795	11,004	10,873	9,864	+1.7%
Goodwill	49,362	45,853	44,020	41,196	41,924	+4.2%
Intangible assets	15,838	15,533	16,670	17,478	20,146	-5.8%
Goodwill & intangible assets	65,200	61,386	60,690	58,674	62,070	+1.2%
Long-term investments	0	560	59	155	73	—
Other non-current assets	5,871	2,443	2,384	2,223	3,003	+18.2%
Total non-current assets	81,636	75,184	74,137	71,925	75,010	+2.1%
Total assets	110,343	97,321	98,726	97,154	95,123	+3.8%
Current liabilities
Accounts payable	3,622	3,079	2,872	3,381	2,867	+6.0%
Total payables	3,622	3,079	2,872	3,381	2,867	+6.0%
Short-term debt	3,533	2,475	3,872	5,851	2,803	+6.0%
Deferred revenue	2,710	2,852	2,689	2,601	2,655	+0.5%
Other current liabilities	0	2,938	2,983	3,082	2,684	—
Total current liabilities	15,189	13,332	14,012	17,010	13,436	+3.1%
Non-current liabilities
Long-term debt	35,852	29,061	31,308	28,909	32,148	+2.8%
Capital lease obligations (non-current)	0	1,239	1,244	1,313	1,388	—
Deferred revenue (non-current)	0	1,138	1,499	1,179	1,238	—
Deferred tax liabilities (non-current)	1,493	1,268	1,922	2,849	3,837	-21.0%
Other non-current liabilities	4,273	1,612	1,899	1,746	2,099	+19.4%
Total non-current liabilities	41,618	34,318	37,872	35,996	40,710	+0.6%
Capital lease obligations	0	1,239	1,244	1,313	1,388	—
Total debt	39,385	32,775	36,424	36,073	36,339	+2.0%
Total liabilities	56,807	47,650	51,884	53,006	54,146	+1.2%
Stockholders' equity
Common stock	445	444	442	441	439	+0.3%
Retained earnings	59,156	53,102	47,364	41,910	35,431	+13.7%
Additional paid-in capital	18,563	17,962	17,286	16,743	16,174	+3.5%
Treasury stock	(22,309)	(19,226)	(15,133)	(12,017)	(8,922)	—
Accumulated other comprehensive income (loss)	(2,448)	(2,697)	(3,224)	(3,099)	(2,329)	—
Other stockholders' equity	0	(1)	0	0	0	—
Total stockholders' equity	53,407	49,584	46,735	43,978	40,793	+7.0%
Total equity	53,536	49,671	46,842	44,148	40,977	+6.9%
Minority interest	129	87	107	170	184	-8.5%
Total liabilities & equity	110,343	97,321	98,726	97,154	95,123	+3.8%
Additional fields
Accrued Expenses	5,324	1,988	1,596	2,095	2,427	+21.7%
Net Debt	29,533	28,766	28,341	27,549	31,862	-1.9%
Total Investments	253	2,121	59	155	73	+36.4%