Thermo Fisher Scientific Inc., current enterprise value calculation

Current share price (P)	$509.12
No. shares of common stock outstanding	382,500,265
US$ in millions
Common equity (market value)¹	194,739)
Add: Preferred stock, $100 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	(11)
Total equity	194,728)
Add: Short-term obligations and current maturities of long-term obligations (per books)	3,609)
Add: Long-term obligations, excluding current maturities (per books)	31,308)
Total equity and debt	229,645)
Less: Cash and cash equivalents	8,077)
Enterprise value (EV)	221,568)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 509.12 × 382,500,265

Thermo Fisher Scientific Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$560.49	$550.95	$540.17	$451.47	$309.16
No. shares of common stock outstanding¹	381,312,268	385,430,077	391,191,770	393,793,362	398,828,389
US$ in millions
Common equity (market value)³	213,722)	212,353)	211,310)	177,786)	123,302)
Add: Preferred stock, $100 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	(11)	54)	62)	10)	—)
Total equity	213,711)	212,407)	211,372)	177,796)	123,302)
Add: Short-term obligations and current maturities of long-term obligations (book value)	3,609)	5,579)	2,537)	2,628)	676)
Add: Long-term obligations, excluding current maturities (book value)	31,308)	28,909)	32,333)	19,107)	17,076)
Total equity and debt	248,628)	246,895)	246,242)	199,531)	141,054)
Less: Cash and cash equivalents	8,077)	8,524)	4,477)	10,325)	2,399)
Enterprise value (EV)	240,551)	238,371)	241,765)	189,206)	138,655)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 560.49 × 381,312,268

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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 decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Thermo Fisher Scientific Inc. (NYSE:TMO)

Enterprise Value (EV)