Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Thermo Fisher Scientific Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 4.54 4.84 4.71 5.45 5.38
Net fixed asset turnover (including operating lease, right-of-use asset) 3.89 4.13 3.98 4.82 4.69
Total asset turnover 0.43 0.46 0.41 0.47 0.44
Equity turnover 0.92 1.02 0.96 0.93 0.86

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Thermo Fisher Scientific Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Thermo Fisher Scientific Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Thermo Fisher Scientific Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Thermo Fisher Scientific Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Net Fixed Asset Turnover

Thermo Fisher Scientific Inc., net fixed asset turnover 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)
Revenues 42,857 44,915 39,211 32,218 25,542
Property, plant and equipment, net 9,448 9,280 8,333 5,912 4,749
Long-term Activity Ratio
Net fixed asset turnover1 4.54 4.84 4.71 5.45 5.38
Benchmarks
Net Fixed Asset Turnover, Competitors2
AbbVie Inc. 10.89 11.76 11.00 8.73 11.23
Amgen Inc. 4.53 4.57 4.69 4.96 4.51
Bristol-Myers Squibb Co. 6.77 7.38 7.67 7.22 4.18
Danaher Corp. 5.25 7.96 7.77 6.83 7.78
Eli Lilly & Co. 2.64 2.81 3.15 2.83 2.83
Gilead Sciences Inc. 5.07 4.93 5.27 4.90 4.91
Johnson & Johnson 4.28 4.79 4.95 4.40 4.65
Merck & Co. Inc. 2.61 2.77 2.53 2.67 3.11
Moderna Inc. 3.43 9.14 14.24 0.67 0.00
Pfizer Inc. 3.09 6.17 5.46 3.01 3.71
Regeneron Pharmaceuticals Inc. 3.16 3.23 4.62 2.64 2.72
Net Fixed Asset Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 4.05 5.02 5.06 4.27 4.30
Net Fixed Asset Turnover, Industry
Health Care 10.13 10.62 10.44 9.62 9.73

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 2023 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= 42,857 ÷ 9,448 = 4.54

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Thermo Fisher Scientific Inc. net fixed asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Thermo Fisher Scientific Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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)
Revenues 42,857 44,915 39,211 32,218 25,542
 
Property, plant and equipment, net 9,448 9,280 8,333 5,912 4,749
Operating lease ROU assets (included in Other assets) 1,556 1,593 1,531 775 699
Property, plant and equipment, net (including operating lease, right-of-use asset) 11,004 10,873 9,864 6,687 5,448
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 3.89 4.13 3.98 4.82 4.69
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
AbbVie Inc. 9.47 10.24 9.57 7.46 10.06
Amgen Inc. 4.08 4.13 4.23 4.58 4.11
Bristol-Myers Squibb Co. 5.60 6.18 6.66 6.30 3.76
Danaher Corp. 4.26 6.35 6.10 5.30 5.84
Eli Lilly & Co. 2.43 2.63 2.93 2.63 2.66
Gilead Sciences Inc. 4.57 4.51 4.77 4.34 4.28
Johnson & Johnson 4.07 4.54 4.72 4.18 4.41
Merck & Co. Inc. 2.45 2.60 2.33 2.43 2.90
Moderna Inc. 2.51 8.62 12.78 0.52 0.00
Pfizer Inc. 2.68 5.20 4.59 2.74 3.39
Regeneron Pharmaceuticals Inc. 3.11 3.17 4.52 2.58 2.66
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Pharmaceuticals, Biotechnology & Life Sciences 3.65 4.52 4.54 3.88 3.93
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 8.26 8.57 8.28 7.55 7.63

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 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 42,857 ÷ 11,004 = 3.89

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Thermo Fisher Scientific Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Total Asset Turnover

Thermo Fisher Scientific Inc., total asset turnover 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)
Revenues 42,857 44,915 39,211 32,218 25,542
Total assets 98,726 97,154 95,123 69,052 58,381
Long-term Activity Ratio
Total asset turnover1 0.43 0.46 0.41 0.47 0.44
Benchmarks
Total Asset Turnover, Competitors2
AbbVie Inc. 0.40 0.42 0.38 0.30 0.37
Amgen Inc. 0.28 0.38 0.40 0.39 0.37
Bristol-Myers Squibb Co. 0.47 0.48 0.42 0.36 0.20
Danaher Corp. 0.28 0.37 0.35 0.29 0.29
Eli Lilly & Co. 0.53 0.58 0.58 0.53 0.57
Gilead Sciences Inc. 0.43 0.43 0.40 0.36 0.36
Johnson & Johnson 0.51 0.51 0.52 0.47 0.52
Merck & Co. Inc. 0.56 0.54 0.46 0.52 0.55
Moderna Inc. 0.36 0.71 0.72 0.03 0.00
Pfizer Inc. 0.26 0.51 0.45 0.27 0.31
Regeneron Pharmaceuticals Inc. 0.40 0.42 0.63 0.50 0.53
Total Asset Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 0.40 0.48 0.45 0.38 0.39
Total Asset Turnover, Industry
Health Care 0.80 0.81 0.76 0.70 0.71

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 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 42,857 ÷ 98,726 = 0.43

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Thermo Fisher Scientific Inc. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Equity Turnover

Thermo Fisher Scientific Inc., equity turnover 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)
Revenues 42,857 44,915 39,211 32,218 25,542
Total Thermo Fisher Scientific Inc. shareholders’ equity 46,735 43,978 40,793 34,507 29,675
Long-term Activity Ratio
Equity turnover1 0.92 1.02 0.96 0.93 0.86
Benchmarks
Equity Turnover, Competitors2
AbbVie Inc. 5.24 3.36 3.65 3.50
Amgen Inc. 4.32 6.77 3.63 2.58 2.30
Bristol-Myers Squibb Co. 1.53 1.49 1.29 1.12 0.51
Danaher Corp. 0.45 0.63 0.65 0.56 0.59
Eli Lilly & Co. 3.17 2.68 3.15 4.35 8.56
Gilead Sciences Inc. 1.18 1.27 1.28 1.34 0.98
Johnson & Johnson 1.24 1.24 1.27 1.31 1.38
Merck & Co. Inc. 1.60 1.29 1.28 1.90 1.81
Moderna Inc. 0.48 0.96 1.25 0.08 0.00
Pfizer Inc. 0.66 1.05 1.05 0.66 0.82
Regeneron Pharmaceuticals Inc. 0.51 0.54 0.86 0.77 0.71
Equity Turnover, Sector
Pharmaceuticals, Biotechnology & Life Sciences 1.15 1.25 1.28 1.23 1.20
Equity Turnover, Industry
Health Care 2.23 2.17 2.10 2.07 2.07

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 2023 Calculation
Equity turnover = Revenues ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 42,857 ÷ 46,735 = 0.92

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Thermo Fisher Scientific Inc. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.