Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Thermo Fisher Scientific Inc., solvency ratios (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Debt Ratios
Debt to equity 0.72 0.75 0.78 0.75 0.78 0.78 0.83 0.78 0.67 0.72 0.81 0.85 0.56 0.51 0.53 0.63 0.66 0.71 0.70 0.60 0.58 0.66 0.66
Debt to capital 0.42 0.43 0.44 0.43 0.44 0.44 0.45 0.44 0.40 0.42 0.45 0.46 0.36 0.34 0.35 0.39 0.40 0.42 0.41 0.37 0.37 0.40 0.40
Debt to assets 0.35 0.36 0.37 0.35 0.36 0.36 0.37 0.35 0.32 0.33 0.36 0.37 0.29 0.28 0.28 0.31 0.33 0.35 0.34 0.30 0.30 0.33 0.33
Financial leverage 2.05 2.08 2.13 2.11 2.14 2.15 2.24 2.21 2.08 2.14 2.26 2.33 1.90 1.84 1.88 2.00 2.01 2.06 2.05 1.97 1.93 2.02 2.01
Coverage Ratios
Interest coverage 5.62 5.62 5.53 5.54 5.98 6.64 8.28 11.56 13.59 15.70 16.73 17.49 19.94 19.52 17.58 14.07 10.78 7.93 7.66 7.02

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Thermo Fisher Scientific Inc. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Thermo Fisher Scientific Inc. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Thermo Fisher Scientific Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Thermo Fisher Scientific Inc. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Thermo Fisher Scientific Inc. interest coverage ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.

Debt to Equity

Thermo Fisher Scientific Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Short-term obligations and current maturities of long-term obligations 4,116 5,121 4,451 3,609 4,795 4,814 6,122 5,579 1,010 1,010 1,866 2,537 19 4 4 2,628 2 675 738 676 661 2,377 1,336
Long-term obligations, excluding current maturities 31,197 30,284 31,157 31,308 30,489 29,194 29,135 28,909 28,150 29,250 31,389 32,333 21,688 18,773 18,641 19,107 21,091 20,638 19,231 17,076 16,392 16,663 16,812
Total debt 35,313 35,405 35,608 34,917 35,284 34,008 35,257 34,488 29,160 30,260 33,255 34,870 21,707 18,777 18,645 21,735 21,093 21,313 19,969 17,752 17,053 19,040 18,148
 
Total Thermo Fisher Scientific Inc. shareholders’ equity 48,992 47,432 45,516 46,735 45,328 43,752 42,257 43,978 43,549 42,293 40,956 40,793 38,710 36,854 35,058 34,507 31,824 29,875 28,559 29,675 29,355 28,729 27,693
Solvency Ratio
Debt to equity1 0.72 0.75 0.78 0.75 0.78 0.78 0.83 0.78 0.67 0.72 0.81 0.85 0.56 0.51 0.53 0.63 0.66 0.71 0.70 0.60 0.58 0.66 0.66
Benchmarks
Debt to Equity, Competitors2
AbbVie Inc. 11.78 10.42 9.24 5.73 5.02 4.74 4.68 3.67 4.35 4.98 4.51 4.98 5.96 6.53 6.24 6.58 5.70 5.94
Amgen Inc. 8.02 10.57 12.75 10.37 7.90 9.08 11.52 10.64 10.60 15.10 40.23 4.97 4.57 3.98 3.50 3.51 3.13 3.21 3.36 3.09 2.73 2.84 3.05
Bristol-Myers Squibb Co. 2.90 3.08 3.38 1.35 1.30 1.18 1.19 1.27 1.20 1.29 1.42 1.24 1.20 1.23 1.23 1.34 0.90 0.95 0.94 0.91 1.41 1.56 0.40
Danaher Corp. 0.34 0.34 0.34 0.34 0.42 0.38 0.39 0.39 0.41 0.43 0.47 0.49 0.54 0.48 0.50 0.53 0.57 0.62 0.84 0.72 0.54 0.32 0.30
Eli Lilly & Co. 2.19 2.13 2.05 2.34 1.80 1.70 1.69 1.52 1.58 1.97 1.77 1.88 2.20 2.56 2.35 2.94 3.51 3.99 5.60 5.88 4.50 5.68 6.44
Gilead Sciences Inc. 1.28 1.44 1.09 1.12 1.19 1.20 1.19 1.20 1.30 1.32 1.27 1.29 1.53 1.59 1.73 1.68 1.34 1.09 1.09 1.19 1.15 1.21
Johnson & Johnson 0.51 0.58 0.48 0.43 0.42 0.61 0.75 0.52 0.43 0.43 0.44 0.46 0.48 0.48 0.51 0.56 0.59 0.48 0.45 0.47 0.50 0.48 0.50
Merck & Co. Inc. 0.87 0.85 0.93 0.85 0.95 0.66 0.67 0.68 0.73 0.78 0.87 0.74 0.80 1.16 1.26 0.98 1.12 1.07 1.02 0.97 0.96 0.94
Moderna Inc. 0.05 0.04 0.04 0.04 0.05 0.04 0.05 0.05 0.04 0.04 0.04 0.02 0.05 0.04 0.04 0.04 0.02 0.02 0.03 0.04 0.03 0.03
Pfizer Inc. 0.73 0.79 0.75 0.81 0.66 0.66 0.36 0.37 0.40 0.46 0.44 0.50 0.53 0.56 0.58 0.63 0.97 0.99 0.80 0.83 0.81 0.78 0.77
Regeneron Pharmaceuticals Inc. 0.09 0.10 0.10 0.10 0.11 0.11 0.11 0.12 0.13 0.13 0.14 0.14 0.16 0.18 0.23 0.24 0.27 0.24 0.06 0.06 0.07 0.07 0.08

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 35,313 ÷ 48,992 = 0.72

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Thermo Fisher Scientific Inc. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Capital

Thermo Fisher Scientific Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Short-term obligations and current maturities of long-term obligations 4,116 5,121 4,451 3,609 4,795 4,814 6,122 5,579 1,010 1,010 1,866 2,537 19 4 4 2,628 2 675 738 676 661 2,377 1,336
Long-term obligations, excluding current maturities 31,197 30,284 31,157 31,308 30,489 29,194 29,135 28,909 28,150 29,250 31,389 32,333 21,688 18,773 18,641 19,107 21,091 20,638 19,231 17,076 16,392 16,663 16,812
Total debt 35,313 35,405 35,608 34,917 35,284 34,008 35,257 34,488 29,160 30,260 33,255 34,870 21,707 18,777 18,645 21,735 21,093 21,313 19,969 17,752 17,053 19,040 18,148
Total Thermo Fisher Scientific Inc. shareholders’ equity 48,992 47,432 45,516 46,735 45,328 43,752 42,257 43,978 43,549 42,293 40,956 40,793 38,710 36,854 35,058 34,507 31,824 29,875 28,559 29,675 29,355 28,729 27,693
Total capital 84,305 82,837 81,124 81,652 80,612 77,760 77,514 78,466 72,709 72,553 74,211 75,663 60,417 55,631 53,703 56,242 52,917 51,188 48,528 47,427 46,408 47,769 45,841
Solvency Ratio
Debt to capital1 0.42 0.43 0.44 0.43 0.44 0.44 0.45 0.44 0.40 0.42 0.45 0.46 0.36 0.34 0.35 0.39 0.40 0.42 0.41 0.37 0.37 0.40 0.40
Benchmarks
Debt to Capital, Competitors2
AbbVie Inc. 0.92 0.91 0.90 0.85 0.83 0.83 0.82 0.79 0.81 0.83 0.82 0.83 0.86 0.87 0.86 0.87 0.85 0.86 1.12 1.14 1.27 1.30 1.27
Amgen Inc. 0.89 0.91 0.93 0.91 0.89 0.90 0.92 0.91 0.91 0.94 0.98 0.83 0.82 0.80 0.78 0.78 0.76 0.76 0.77 0.76 0.73 0.74 0.75
Bristol-Myers Squibb Co. 0.74 0.75 0.77 0.57 0.56 0.54 0.54 0.56 0.54 0.56 0.59 0.55 0.55 0.55 0.55 0.57 0.47 0.49 0.48 0.48 0.59 0.61 0.28
Danaher Corp. 0.25 0.25 0.25 0.26 0.30 0.28 0.28 0.28 0.29 0.30 0.32 0.33 0.35 0.32 0.33 0.35 0.37 0.38 0.46 0.42 0.35 0.24 0.23
Eli Lilly & Co. 0.69 0.68 0.67 0.70 0.64 0.63 0.63 0.60 0.61 0.66 0.64 0.65 0.69 0.72 0.70 0.75 0.78 0.80 0.85 0.85 0.82 0.85 0.87
Gilead Sciences Inc. 0.56 0.59 0.52 0.53 0.54 0.55 0.54 0.54 0.56 0.57 0.56 0.56 0.60 0.61 0.63 0.63 0.57 0.52 0.52 0.54 0.54 0.55
Johnson & Johnson 0.34 0.37 0.32 0.30 0.30 0.38 0.43 0.34 0.30 0.30 0.31 0.31 0.33 0.32 0.34 0.36 0.37 0.33 0.31 0.32 0.33 0.33 0.33
Merck & Co. Inc. 0.46 0.46 0.48 0.46 0.49 0.40 0.40 0.41 0.42 0.44 0.46 0.42 0.44 0.54 0.56 0.50 0.53 0.52 0.50 0.49 0.49 0.48
Moderna Inc. 0.05 0.04 0.04 0.04 0.05 0.04 0.05 0.05 0.03 0.04 0.04 0.02 0.05 0.03 0.04 0.04 0.02 0.02 0.03 0.04 0.03 0.03
Pfizer Inc. 0.42 0.44 0.43 0.45 0.40 0.40 0.26 0.27 0.28 0.32 0.31 0.33 0.35 0.36 0.37 0.39 0.49 0.50 0.45 0.45 0.45 0.44 0.43
Regeneron Pharmaceuticals Inc. 0.08 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.14 0.15 0.18 0.20 0.21 0.20 0.06 0.06 0.06 0.07 0.07

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 35,313 ÷ 84,305 = 0.42

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Thermo Fisher Scientific Inc. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Assets

Thermo Fisher Scientific Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Short-term obligations and current maturities of long-term obligations 4,116 5,121 4,451 3,609 4,795 4,814 6,122 5,579 1,010 1,010 1,866 2,537 19 4 4 2,628 2 675 738 676 661 2,377 1,336
Long-term obligations, excluding current maturities 31,197 30,284 31,157 31,308 30,489 29,194 29,135 28,909 28,150 29,250 31,389 32,333 21,688 18,773 18,641 19,107 21,091 20,638 19,231 17,076 16,392 16,663 16,812
Total debt 35,313 35,405 35,608 34,917 35,284 34,008 35,257 34,488 29,160 30,260 33,255 34,870 21,707 18,777 18,645 21,735 21,093 21,313 19,969 17,752 17,053 19,040 18,148
 
Total assets 100,364 98,496 97,095 98,726 97,057 94,105 94,658 97,154 90,536 90,579 92,747 95,123 73,600 67,698 65,931 69,052 64,061 61,593 58,688 58,381 56,729 57,970 55,596
Solvency Ratio
Debt to assets1 0.35 0.36 0.37 0.35 0.36 0.36 0.37 0.35 0.32 0.33 0.36 0.37 0.29 0.28 0.28 0.31 0.33 0.35 0.34 0.30 0.30 0.33 0.33
Benchmarks
Debt to Assets, Competitors2
AbbVie Inc. 0.50 0.50 0.50 0.44 0.45 0.45 0.46 0.46 0.49 0.51 0.51 0.52 0.54 0.56 0.57 0.57 0.58 0.58 0.74 0.75 0.65 0.65 0.65
Amgen Inc. 0.66 0.69 0.69 0.67 0.67 0.68 0.69 0.60 0.61 0.62 0.62 0.54 0.58 0.55 0.52 0.52 0.53 0.53 0.52 0.50 0.50 0.52 0.52
Bristol-Myers Squibb Co. 0.53 0.55 0.56 0.42 0.41 0.40 0.40 0.41 0.40 0.42 0.44 0.41 0.40 0.41 0.41 0.43 0.36 0.36 0.36 0.36 0.43 0.45 0.17
Danaher Corp. 0.22 0.22 0.22 0.22 0.25 0.23 0.23 0.23 0.24 0.25 0.26 0.27 0.29 0.26 0.27 0.28 0.30 0.31 0.38 0.35 0.29 0.19 0.18
Eli Lilly & Co. 0.41 0.40 0.41 0.39 0.35 0.34 0.36 0.33 0.33 0.36 0.35 0.35 0.35 0.35 0.35 0.36 0.39 0.39 0.42 0.39 0.40 0.41 0.42
Gilead Sciences Inc. 0.44 0.45 0.40 0.40 0.40 0.41 0.40 0.40 0.42 0.42 0.39 0.41 0.44 0.45 0.46 0.48 0.43 0.40 0.40 0.42 0.41 0.42
Johnson & Johnson 0.20 0.23 0.20 0.18 0.18 0.24 0.27 0.21 0.18 0.18 0.19 0.19 0.19 0.19 0.19 0.20 0.22 0.19 0.18 0.18 0.19 0.19 0.20
Merck & Co. Inc. 0.34 0.32 0.33 0.33 0.35 0.29 0.28 0.28 0.30 0.30 0.31 0.28 0.29 0.34 0.35 0.32 0.34 0.33 0.31 0.31 0.32 0.31
Moderna Inc. 0.04 0.03 0.03 0.03 0.04 0.03 0.04 0.04 0.02 0.02 0.02 0.01 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.02
Pfizer Inc. 0.31 0.32 0.31 0.32 0.30 0.30 0.18 0.18 0.19 0.21 0.20 0.21 0.22 0.23 0.25 0.26 0.35 0.36 0.31 0.31 0.31 0.30 0.29
Regeneron Pharmaceuticals Inc. 0.07 0.07 0.08 0.08 0.08 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.13 0.15 0.16 0.17 0.15 0.05 0.05 0.05 0.05 0.06

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 35,313 ÷ 100,364 = 0.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Thermo Fisher Scientific Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Financial Leverage

Thermo Fisher Scientific Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Total assets 100,364 98,496 97,095 98,726 97,057 94,105 94,658 97,154 90,536 90,579 92,747 95,123 73,600 67,698 65,931 69,052 64,061 61,593 58,688 58,381 56,729 57,970 55,596
Total Thermo Fisher Scientific Inc. shareholders’ equity 48,992 47,432 45,516 46,735 45,328 43,752 42,257 43,978 43,549 42,293 40,956 40,793 38,710 36,854 35,058 34,507 31,824 29,875 28,559 29,675 29,355 28,729 27,693
Solvency Ratio
Financial leverage1 2.05 2.08 2.13 2.11 2.14 2.15 2.24 2.21 2.08 2.14 2.26 2.33 1.90 1.84 1.88 2.00 2.01 2.06 2.05 1.97 1.93 2.02 2.01
Benchmarks
Financial Leverage, Competitors2
AbbVie Inc. 23.78 20.94 18.59 13.00 11.26 10.52 10.14 8.04 8.84 9.77 8.80 9.51 10.99 11.77 10.98 11.51 9.80 10.17
Amgen Inc. 12.07 15.34 18.51 15.59 11.83 13.31 16.59 17.79 17.44 24.51 64.62 9.13 7.91 7.25 6.70 6.69 5.90 6.10 6.50 6.17 5.45 5.50 5.91
Bristol-Myers Squibb Co. 5.46 5.56 6.01 3.23 3.15 2.92 2.96 3.12 3.01 3.08 3.26 3.04 2.98 3.01 2.99 3.13 2.50 2.61 2.59 2.52 3.25 3.44 2.29
Danaher Corp. 1.57 1.57 1.56 1.58 1.67 1.64 1.65 1.68 1.72 1.76 1.80 1.84 1.90 1.82 1.87 1.92 1.92 1.97 2.22 2.05 1.89 1.66 1.64
Eli Lilly & Co. 5.31 5.30 4.99 5.94 5.16 4.95 4.75 4.65 4.71 5.51 5.03 5.44 6.21 7.42 6.79 8.27 9.10 10.25 13.35 15.07 11.20 13.91 15.32
Gilead Sciences Inc. 2.93 3.21 2.72 2.80 2.95 2.95 2.97 2.97 3.11 3.17 3.23 3.13 3.45 3.56 3.76 3.49 3.10 2.71 2.74 2.87 2.79 2.86
Johnson & Johnson 2.54 2.53 2.46 2.44 2.33 2.55 2.77 2.44 2.35 2.33 2.39 2.46 2.55 2.54 2.62 2.76 2.65 2.51 2.53 2.65 2.67 2.55 2.54
Merck & Co. Inc. 2.58 2.62 2.84 2.59 2.70 2.30 2.37 2.41 2.48 2.61 2.77 2.61 2.72 3.37 3.62 3.08 3.28 3.24 3.26 3.10 3.04 2.99
Moderna Inc. 1.34 1.31 1.33 1.45 1.29 1.28 1.35 1.45 1.45 1.62 1.74 2.07 2.41 3.31 2.86 1.69 1.18 1.26 1.35 1.27 1.26 1.25
Pfizer Inc. 2.38 2.47 2.40 2.54 2.22 2.22 1.94 2.06 2.10 2.24 2.23 2.35 2.37 2.43 2.31 2.44 2.74 2.77 2.56 2.65 2.62 2.62 2.64
Regeneron Pharmaceuticals Inc. 1.28 1.28 1.27 1.27 1.29 1.28 1.28 1.29 1.29 1.32 1.32 1.36 1.37 1.42 1.48 1.56 1.59 1.59 1.30 1.34 1.33 1.35 1.36

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

1 Q3 2024 Calculation
Financial leverage = Total assets ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 100,364 ÷ 48,992 = 2.05

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Thermo Fisher Scientific Inc. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Interest Coverage

Thermo Fisher Scientific Inc., interest coverage calculation (quarterly data)

Microsoft Excel
Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 31, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 1,630 1,548 1,328 1,630 1,715 1,361 1,289 1,576 1,495 1,664 2,215 1,658 1,902 1,828 2,337 2,498 1,933 1,156 788 1,002 760 1,119 815
Add: Net income attributable to noncontrolling interest (1) 5 3 (24) (20) 1 3 (2) 3 4 5 1 1 1
Add: Income tax expense 99 128 281 133 53 52 46 173 31 198 301 203 271 219 416 394 319 97 40 36 62 274 2
Add: Interest expense 356 354 363 390 359 326 300 269 173 148 136 161 128 122 125 146 144 137 126 142 164 181 189
Earnings before interest and tax (EBIT) 2,084 2,035 1,975 2,129 2,107 1,740 1,638 2,016 1,702 2,014 2,657 2,023 2,302 2,170 2,878 3,038 2,396 1,390 954 1,180 986 1,574 1,006
Solvency Ratio
Interest coverage1 5.62 5.62 5.53 5.54 5.98 6.64 8.28 11.56 13.59 15.70 16.73 17.49 19.94 19.52 17.58 14.07 10.78 7.93 7.66 7.02
Benchmarks
Interest Coverage, Competitors2
Amgen Inc. 2.45 2.10 2.38 3.73 4.54 5.43 6.51 6.22 6.83 6.97 6.40 6.60 6.46 6.48 7.64 7.44 7.62 7.62 7.85 8.09
Danaher Corp. 16.11 17.61 17.81 18.64 23.66 29.65 35.60 40.30 41.32 35.26 33.54 32.92 28.74 25.87 21.54 17.35 16.90 20.00 25.33 31.44
Gilead Sciences Inc. 2.58 2.11 8.27 8.88 9.03 8.84 7.22 5.80 6.73 6.97 9.27 10.06 7.61 2.93 2.70 2.83 0.41 5.90 6.19
Johnson & Johnson 23.92 26.40 29.06 20.51 19.09 23.89 31.49 79.71 141.63 160.27 164.15 125.46 94.27 87.06 73.87 83.07 96.82 81.36 81.56 55.49
Regeneron Pharmaceuticals Inc. 79.88 69.47 57.85 58.52 61.70 69.61 73.97 82.80 108.62 116.35 163.24 163.75 139.74 104.12 68.20 67.97 72.22 108.12 90.22 81.43

Based on: 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30).

1 Q3 2024 Calculation
Interest coverage = (EBITQ3 2024 + EBITQ2 2024 + EBITQ1 2024 + EBITQ4 2023) ÷ (Interest expenseQ3 2024 + Interest expenseQ2 2024 + Interest expenseQ1 2024 + Interest expenseQ4 2023)
= (2,084 + 2,035 + 1,975 + 2,129) ÷ (356 + 354 + 363 + 390) = 5.62

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Thermo Fisher Scientific Inc. interest coverage ratio improved from Q1 2024 to Q2 2024 but then slightly deteriorated from Q2 2024 to Q3 2024.