Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Thermo Fisher Scientific Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.44 0.43 0.46 0.41 0.47
Adjusted 0.44 0.44 0.47 0.42 0.47
Liquidity Ratio
Current Ratio
Reported 1.66 1.75 1.48 1.50 2.13
Adjusted 1.68 1.78 1.50 1.51 2.15
Solvency Ratios
Debt to Equity
Reported 0.63 0.75 0.78 0.85 0.63
Adjusted 0.65 0.76 0.78 0.83 0.63
Debt to Capital
Reported 0.39 0.43 0.44 0.46 0.39
Adjusted 0.39 0.43 0.44 0.45 0.39
Financial Leverage
Reported 1.96 2.11 2.21 2.33 2.00
Adjusted 1.92 2.04 2.08 2.14 1.91
Profitability Ratios
Net Profit Margin
Reported 14.77% 13.99% 15.47% 19.70% 19.79%
Adjusted 13.09% 10.59% 11.67% 19.18% 18.65%
Return on Equity (ROE)
Reported 12.78% 12.83% 15.80% 18.94% 18.47%
Adjusted 11.17% 9.42% 11.31% 17.11% 16.78%
Return on Assets (ROA)
Reported 6.51% 6.07% 7.15% 8.12% 9.23%
Adjusted 5.81% 4.63% 5.43% 7.98% 8.77%

Based on: 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), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Thermo Fisher Scientific Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Thermo Fisher Scientific Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Thermo Fisher Scientific Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Thermo Fisher Scientific Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenues 42,879 42,857 44,915 39,211 32,218
Total assets 97,321 98,726 97,154 95,123 69,052
Activity Ratio
Total asset turnover1 0.44 0.43 0.46 0.41 0.47
Adjusted
Selected Financial Data (US$ in millions)
Revenues 42,879 42,857 44,915 39,211 32,218
Adjusted total assets2 96,564 98,088 96,478 94,265 68,547
Activity Ratio
Adjusted total asset turnover3 0.44 0.44 0.47 0.42 0.47

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 42,879 ÷ 97,321 = 0.44

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 42,879 ÷ 96,564 = 0.44

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 22,137 24,589 25,229 20,113 21,957
Current liabilities 13,332 14,012 17,010 13,436 10,304
Liquidity Ratio
Current ratio1 1.66 1.75 1.48 1.50 2.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 22,310 24,782 25,418 20,263 22,141
Adjusted current liabilities3 13,282 13,952 16,969 13,419 10,283
Liquidity Ratio
Adjusted current ratio4 1.68 1.78 1.50 1.51 2.15

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 22,137 ÷ 13,332 = 1.66

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 22,310 ÷ 13,282 = 1.68

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Thermo Fisher Scientific Inc. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 31,275 34,917 34,488 34,870 21,735
Total Thermo Fisher Scientific Inc. shareholders’ equity 49,584 46,735 43,978 40,793 34,507
Solvency Ratio
Debt to equity1 0.63 0.75 0.78 0.85 0.63
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,775 36,424 36,073 36,339 22,545
Adjusted total equity3 50,232 48,186 46,362 43,973 35,827
Solvency Ratio
Adjusted debt to equity4 0.65 0.76 0.78 0.83 0.63

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 31,275 ÷ 49,584 = 0.63

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 32,775 ÷ 50,232 = 0.65

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 31,275 34,917 34,488 34,870 21,735
Total capital 80,859 81,652 78,466 75,663 56,242
Solvency Ratio
Debt to capital1 0.39 0.43 0.44 0.46 0.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 32,775 36,424 36,073 36,339 22,545
Adjusted total capital3 83,007 84,610 82,435 80,312 58,372
Solvency Ratio
Adjusted debt to capital4 0.39 0.43 0.44 0.45 0.39

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,275 ÷ 80,859 = 0.39

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 32,775 ÷ 83,007 = 0.39

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 97,321 98,726 97,154 95,123 69,052
Total Thermo Fisher Scientific Inc. shareholders’ equity 49,584 46,735 43,978 40,793 34,507
Solvency Ratio
Financial leverage1 1.96 2.11 2.21 2.33 2.00
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 96,564 98,088 96,478 94,265 68,547
Adjusted total equity3 50,232 48,186 46,362 43,973 35,827
Solvency Ratio
Adjusted financial leverage4 1.92 2.04 2.08 2.14 1.91

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 97,321 ÷ 49,584 = 1.96

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 96,564 ÷ 50,232 = 1.92

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Thermo Fisher Scientific Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 6,335 5,995 6,950 7,725 6,375
Revenues 42,879 42,857 44,915 39,211 32,218
Profitability Ratio
Net profit margin1 14.77% 13.99% 15.47% 19.70% 19.79%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,612 4,537 5,242 7,522 6,010
Revenues 42,879 42,857 44,915 39,211 32,218
Profitability Ratio
Adjusted net profit margin3 13.09% 10.59% 11.67% 19.18% 18.65%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Revenues
= 100 × 6,335 ÷ 42,879 = 14.77%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 5,612 ÷ 42,879 = 13.09%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Thermo Fisher Scientific Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 6,335 5,995 6,950 7,725 6,375
Total Thermo Fisher Scientific Inc. shareholders’ equity 49,584 46,735 43,978 40,793 34,507
Profitability Ratio
ROE1 12.78% 12.83% 15.80% 18.94% 18.47%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,612 4,537 5,242 7,522 6,010
Adjusted total equity3 50,232 48,186 46,362 43,973 35,827
Profitability Ratio
Adjusted ROE4 11.17% 9.42% 11.31% 17.11% 16.78%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 100 × 6,335 ÷ 49,584 = 12.78%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 5,612 ÷ 50,232 = 11.17%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 6,335 5,995 6,950 7,725 6,375
Total assets 97,321 98,726 97,154 95,123 69,052
Profitability Ratio
ROA1 6.51% 6.07% 7.15% 8.12% 9.23%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,612 4,537 5,242 7,522 6,010
Adjusted total assets3 96,564 98,088 96,478 94,265 68,547
Profitability Ratio
Adjusted ROA4 5.81% 4.63% 5.43% 7.98% 8.77%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Total assets
= 100 × 6,335 ÷ 97,321 = 6.51%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 5,612 ÷ 96,564 = 5.81%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.