Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Statement of Comprehensive Income
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Thermo Fisher Scientific Inc., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total assets experienced a general upward trend over the five-year period, increasing from US$95.123 billion in 2021 to US$110.343 billion in 2025. However, this growth was not consistent year-over-year, with a slight decrease observed in 2024.
- Current Assets
- Current assets demonstrated significant growth between 2021 and 2025, rising from US$20.113 billion to US$28.707 billion. A notable increase occurred between 2021 and 2022, reaching US$25.229 billion, followed by a decline in 2023 and 2024 before resuming growth in 2025. Cash and cash equivalents exhibited substantial volatility, peaking at US$8.524 billion in 2022 before decreasing to US$4.009 billion in 2024 and then rebounding to US$9.852 billion in 2025. Short-term investments were minimal until 2024, increasing to US$1.561 billion, but decreased significantly in 2025. Accounts receivable remained relatively stable, with a gradual increase from US$7.977 billion to US$8.900 billion over the period. Inventories fluctuated modestly, remaining within a range of US$4.978 billion to US$5.634 billion. Contract assets and other current assets both showed consistent growth throughout the period.
- Long-Term Assets
- Long-term assets also generally increased, moving from US$75.010 billion in 2021 to US$81.636 billion in 2025. Goodwill represents the largest component of long-term assets, increasing from US$41.924 billion to US$49.362 billion. Property, plant, and equipment, net, also showed consistent growth, rising from US$8.333 billion to US$10.565 billion. Acquisition-related intangible assets, net, decreased steadily from US$20.113 billion in 2021 to US$15.838 billion in 2025. Other assets experienced moderate growth, increasing from US$4.640 billion to US$5.871 billion.
The composition of assets shifted slightly over the period. While goodwill and long-term assets contributed significantly to the overall asset base, the substantial increase in cash and cash equivalents in 2025 suggests a potential change in liquidity or investment strategy. The decrease in acquisition-related intangible assets may indicate amortization or impairment of those assets.