Debt to Equity
since 2005

Thermo Fisher Scientific Inc., debt to equity, long-term trends, calculation

	Debt to equity	=	Total obligations¹	÷	Total Thermo Fisher Scientific Inc. shareholders’ equity¹
Dec 31, 2023	0.75	=	34,917)	÷	46,735)
Dec 31, 2022	0.78	=	34,488)	÷	43,978)
Dec 31, 2021	0.85	=	34,870)	÷	40,793)
Dec 31, 2020	0.63	=	21,735)	÷	34,507)
Dec 31, 2019	0.60	=	17,752)	÷	29,675)
Dec 31, 2018	0.69	=	18,990)	÷	27,586)
Dec 31, 2017	0.83	=	21,008)	÷	25,413)
Dec 31, 2016	0.77	=	16,628)	÷	21,539)
Dec 31, 2015	0.59	=	12,527)	÷	21,350)
Dec 31, 2014	0.71	=	14,564)	÷	20,548)
Dec 31, 2013	0.62	=	10,487)	÷	16,856)
Dec 31, 2012	0.46	=	7,124)	÷	15,465)
Dec 31, 2011	0.47	=	7,028)	÷	15,038)
Dec 31, 2010	0.14	=	2,137)	÷	15,361)
Dec 31, 2009	0.14	=	2,183)	÷	15,431)
Dec 31, 2008	0.14	=	2,058)	÷	14,927)
Dec 31, 2007	0.15	=	2,195)	÷	14,488)
Dec 31, 2006	0.19	=	2,664)	÷	13,912)
Dec 31, 2005	0.21	=	599)	÷	2,793)

¹ US$ in millions

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Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to competitors

	Thermo Fisher Scientific Inc.	AbbVie Inc.	Amgen Inc.	Bristol-Myers Squibb Co.	Danaher Corp.	Eli Lilly & Co.	Gilead Sciences Inc.	Johnson & Johnson	Merck & Co. Inc.	Moderna Inc.	Pfizer Inc.	Regeneron Pharmaceuticals Inc.
Dec 31, 2023	0.75	5.73	10.37	1.35	0.34	2.34	1.09	0.43	0.93	0.04	0.81	0.10
Dec 31, 2022	0.78	3.67	10.64	1.27	0.39	1.52	1.19	0.52	0.67	0.06	0.37	0.12
Dec 31, 2021	0.85	4.98	4.97	1.24	0.49	1.88	1.27	0.46	0.87	0.05	0.50	0.14
Dec 31, 2020	0.63	6.58	3.51	1.34	0.53	2.94	1.73	0.56	1.26	0.05	0.63	0.24
Dec 31, 2019	0.60	—	3.09	0.91	0.72	5.88	1.09	0.47	1.02	0.03	0.83	0.06
Dec 31, 2018	0.69	—	2.71	0.52	0.35	1.30	1.28	0.51	0.94	0.03	0.66	0.08
Dec 31, 2017	0.83	7.33	1.40	0.68	0.40	1.18	1.64	0.57	0.71	—	0.60	0.11
Dec 31, 2016	0.77	7.95	1.16	0.41	0.53	0.74	1.39	0.39	0.62	—	0.71	0.11
Dec 31, 2015	0.59	8.03	1.12	0.47	0.54	0.55	1.20	0.28	0.59	—	0.60	0.10
Dec 31, 2014	0.71	8.62	1.19	0.53	0.15	0.52	0.80	0.27	0.44	—	0.51	0.18
Dec 31, 2013	0.62	3.28	1.45	0.55	0.16	0.30	0.58	0.25	0.50	—	0.48	0.26
Dec 31, 2012	0.46	4.66	1.39	0.54	0.28	0.37	0.88	0.25	0.39	—	0.46	0.37
Dec 31, 2011	0.47	—	1.13	0.34	0.31	0.52	1.13	0.34	0.32	—	0.47	0.90
Dec 31, 2010	0.14	—	0.56	0.35	0.21	0.56	0.59	0.30	0.33	—	0.50	0.31
Dec 31, 2009	0.14	—	0.47	0.43	0.25	0.70	0.18	0.29	0.30	—	0.54	0.27
Dec 31, 2008	0.14	—	0.50	0.55	0.27	1.55	0.31	0.28	0.33	—	0.30	0.00
Dec 31, 2007	0.15	—	0.63	0.59	0.41	0.37	0.38	0.22	0.32	—	0.20	0.43
Dec 31, 2006	0.19	—	0.48	0.74	0.37	0.34	0.77	0.17	0.39	—	0.11	0.92
Dec 31, 2005	0.21	—	0.19	0.77	0.21	0.60	0.10	0.07	0.45	—	0.27	1.75

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Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

	Thermo Fisher Scientific Inc.	Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2023	0.75	0.98
Dec 31, 2022	0.78	0.79
Dec 31, 2021	0.85	0.92
Dec 31, 2020	0.63	1.14
Dec 31, 2019	0.60	1.10
Dec 31, 2018	0.69	0.94
Dec 31, 2017	0.83	0.88
Dec 31, 2016	0.77	0.79
Dec 31, 2015	0.59	0.68
Dec 31, 2014	0.71	0.55
Dec 31, 2013	0.62	0.52
Dec 31, 2012	0.46	0.51
Dec 31, 2011	0.47	0.46
Dec 31, 2010	0.14	0.39
Dec 31, 2009	0.14	0.39
Dec 31, 2008	0.14	0.37
Dec 31, 2007	0.15	0.30
Dec 31, 2006	0.19	0.25
Dec 31, 2005	0.21	0.29

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Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to industry (health care)

	Thermo Fisher Scientific Inc.	Health Care
Dec 31, 2023	0.75	0.81
Dec 31, 2022	0.78	0.72
Dec 31, 2021	0.85	0.78
Dec 31, 2020	0.63	0.90
Dec 31, 2019	0.60	0.91
Dec 31, 2018	0.69	0.87
Dec 31, 2017	0.83	0.79
Dec 31, 2016	0.77	0.75
Dec 31, 2015	0.59	0.68
Dec 31, 2014	0.71	0.52
Dec 31, 2013	0.62	0.49
Dec 31, 2012	0.46	0.51
Dec 31, 2011	0.47	0.45
Dec 31, 2010	0.14	0.41
Dec 31, 2009	0.14	0.41
Dec 31, 2008	0.14	0.41
Dec 31, 2007	0.15	0.36
Dec 31, 2006	0.19	0.33
Dec 31, 2005	0.21	0.30

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Thermo Fisher Scientific Inc. (NYSE:TMO)