Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Market Value Added (MVA)

Microsoft Excel

MVA

Thermo Fisher Scientific Inc., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Fair value of debt obligations1 32,458 30,500 36,247 24,665 18,666
Operating lease liability 1,507 1,585 1,469 810 738
Market value of common equity 213,722 212,353 211,310 177,786 123,302
Preferred stock, $100 par value; none issued
Redeemable noncontrolling interest 118 116 122
Noncontrolling interests (11) 54 62 10
Market (fair) value of Thermo Fisher 247,794 244,608 249,210 203,271 142,706
Less: Invested capital2 85,596 82,839 80,074 61,179 52,638
MVA 162,198 161,769 169,136 142,092 90,068

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Thermo Fisher Scientific Inc. market (fair) value less invested capital. Thermo Fisher Scientific Inc. MVA decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

MVA Spread Ratio

Thermo Fisher Scientific Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 162,198 161,769 169,136 142,092 90,068
Invested capital2 85,596 82,839 80,074 61,179 52,638
Performance Ratio
MVA spread ratio3 189.49% 195.28% 211.22% 232.26% 171.11%
Benchmarks
MVA Spread Ratio, Competitors4
AbbVie Inc. 438.96% 297.39% 253.64% 172.70% 236.51%
Amgen Inc. 207.91% 308.27% 303.88% 343.98% 341.92%
Bristol-Myers Squibb Co. 100.64% 160.91% 138.81% 109.83% 90.05%
Danaher Corp. 157.62% 156.95% 187.44% 172.97% 135.15%
Eli Lilly & Co. 2,389.96% 1,239.79% 833.40% 778.02% 601.09%
Gilead Sciences Inc. 148.05% 175.26% 119.58% 125.56% 226.14%
Johnson & Johnson 309.06% 288.03% 366.17% 363.07% 335.85%
Merck & Co. Inc. 412.35% 312.72% 223.02% 292.93% 328.56%
Moderna Inc. 426.77% 461.14% 378.45% 1,322.35% 1,719.94%
Pfizer Inc. 40.45% 124.43% 210.66% 116.68% 95.96%
Regeneron Pharmaceuticals Inc. 663.41% 521.52% 461.61% 508.24% 460.29%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 162,198 ÷ 85,596 = 189.49%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Thermo Fisher Scientific Inc. MVA spread ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

MVA Margin

Thermo Fisher Scientific Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 162,198 161,769 169,136 142,092 90,068
Revenues 42,857 44,915 39,211 32,218 25,542
Performance Ratio
MVA margin2 378.46% 360.17% 431.35% 441.03% 352.63%
Benchmarks
MVA Margin, Competitors3
AbbVie Inc. 551.18% 420.74% 432.93% 391.08% 446.12%
Amgen Inc. 540.65% 493.74% 503.37% 550.26% 575.79%
Bristol-Myers Squibb Co. 151.08% 250.01% 240.26% 232.86% 345.41%
Danaher Corp. 517.54% 389.99% 468.46% 507.10% 438.18%
Eli Lilly & Co. 2,058.21% 1,055.66% 769.29% 778.57% 578.77%
Gilead Sciences Inc. 251.89% 295.97% 211.56% 259.24% 321.38%
Johnson & Johnson 359.73% 345.62% 383.46% 432.99% 396.88%
Merck & Co. Inc. 479.92% 390.05% 323.90% 349.01% 376.50%
Moderna Inc. 487.11% 230.15% 197.41% 1,368.57%
Pfizer Inc. 107.10% 137.35% 227.20% 289.28% 224.34%
Regeneron Pharmaceuticals Inc. 605.08% 525.04% 312.14% 495.20% 382.11%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × 162,198 ÷ 42,857 = 378.46%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Thermo Fisher Scientific Inc. MVA margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.