Thermo Fisher Scientific Inc., current enterprise value calculation

Current share price (P)	$537.83
No. shares of common stock outstanding	377,261,182
US$ in millions
Common equity (market value)¹	202,902)
Add: Preferred stock, $100 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	(33)
Total equity	202,869)
Add: Short-term obligations and current maturities of long-term obligations (per books)	2,214)
Add: Long-term obligations, excluding current maturities (per books)	29,061)
Total equity and debt	234,144)
Less: Cash and cash equivalents	4,009)
Less: Short-term investments	1,561)
Enterprise value (EV)	228,574)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 537.83 × 377,261,182

Thermo Fisher Scientific Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$537.83	$560.49	$550.95	$540.17	$451.47
No. shares of common stock outstanding¹	377,261,182	381,312,268	385,430,077	391,191,770	393,793,362
US$ in millions
Common equity (market value)³	202,902)	213,722)	212,353)	211,310)	177,786)
Add: Preferred stock, $100 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	(33)	(11)	54)	62)	10)
Total equity	202,869)	213,711)	212,407)	211,372)	177,796)
Add: Short-term obligations and current maturities of long-term obligations (book value)	2,214)	3,609)	5,579)	2,537)	2,628)
Add: Long-term obligations, excluding current maturities (book value)	29,061)	31,308)	28,909)	32,333)	19,107)
Total equity and debt	234,144)	248,628)	246,895)	246,242)	199,531)
Less: Cash and cash equivalents	4,009)	8,077)	8,524)	4,477)	10,325)
Less: Short-term investments	1,561)	3)	—)	—)	—)
Enterprise value (EV)	228,574)	240,548)	238,371)	241,765)	189,206)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 537.83 × 377,261,182

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Thermo Fisher Scientific Inc. EV increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Thermo Fisher Scientific Inc. (NYSE:TMO)

Enterprise Value (EV)