Current EV
Historical EV

Thermo Fisher Scientific Inc., current enterprise value calculation

Current share price (P)	$479.46
No. shares of common stock outstanding	377,612,121
US$ in millions
Common equity (market value)¹	181,050)
Add: Preferred stock, $100 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	(33)
Total equity	181,017)
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	212,292)
Less: Cash and cash equivalents	4,009)
Less: Short-term investments	1,561)
Enterprise value (EV)	206,722)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 479.46 × 377,612,121

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)

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 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

Common equity (market value): The common equity market value experienced a steady increase from 177,786 million USD in 2020 to a peak of 213,722 million USD in 2023, representing a consistent growth trend over four years. However, in 2024, there was a decline to 202,902 million USD, indicating a decrease in market valuation during the most recent period analyzed.
Total equity: Total equity followed a pattern very similar to common equity, rising from 177,796 million USD in 2020 to a maximum of 213,711 million USD in 2023. In 2024, total equity decreased to 202,869 million USD, mirroring the decline seen in common equity. This parallel movement suggests that total equity changes are largely driven by changes in common equity market value.
Total equity and debt: Total equity and debt showed a significant increase from 199,531 million USD in 2020 to a peak of 248,628 million USD in 2023. This indicates an expansion in the company’s combined financing through both equity and debt over this period. However, in 2024, this figure decreased notably to 234,144 million USD, suggesting a reduction in either debt, equity, or both components.
Enterprise value (EV): The enterprise value rose markedly from 189,206 million USD in 2020 to 241,765 million USD in 2021, demonstrating a strong increase in the company’s total valuation. It experienced a slight decrease to 238,371 million USD in 2022, followed by a modest recovery to 240,548 million USD in 2023. In 2024, enterprise value declined to 228,574 million USD, indicating a reduction in the overall market valuation after several years of growth and stabilization.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)