Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Thermo Fisher Scientific Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to Thermo Fisher Scientific Inc. 5,995 6,950 7,725 6,375 3,696
Net (income) losses attributable to noncontrolling interests and redeemable noncontrolling interest (40) 10 3 2 2
Net noncash charges 2,988 3,243 3,132 2,307 1,940
Changes in assets and liabilities, excluding the effects of acquisitions (537) (1,049) (1,548) (395) (665)
Net cash provided by operating activities 8,406 9,154 9,312 8,289 4,973
Purchase of property, plant and equipment (1,479) (2,243) (2,523) (1,474) (926)
Proceeds from sale of property, plant and equipment 87 24 20 8 36
Net proceeds from issuance of debt 5,942 3,193 18,137 3,464 5,638
Repayment of debt (5,782) (375) (11,738) (713) (6,360)
Proceeds from issuance of commercial paper 1,620 1,526 2,512 383 2,781
Repayments of commercial paper (1,935) (3,690) — (387) (3,464)
Free cash flow to equity (FCFE) 6,859 7,589 15,720 9,570 2,678

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Thermo Fisher Scientific Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Thermo Fisher Scientific Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Thermo Fisher Scientific Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 382,500,265
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 6,859
FCFE per share 17.93
Current share price (P) 509.12
Valuation Ratio
P/FCFE 28.39
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 16.47
Amgen Inc. 4.56
Bristol-Myers Squibb Co. 9.01
Danaher Corp. 47.73
Eli Lilly & Co. 73.37
Gilead Sciences Inc. 15.29
Johnson & Johnson 23.74
Merck & Co. Inc. 18.32
Moderna Inc. —
Pfizer Inc. 3.49
Regeneron Pharmaceuticals Inc. 21.11
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 16.08
P/FCFE, Industry
Health Care 16.45

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Thermo Fisher Scientific Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 381,312,268 385,430,077 391,191,770 393,793,362 398,828,389
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 6,859 7,589 15,720 9,570 2,678
FCFE per share3 17.99 19.69 40.18 24.30 6.71
Share price1, 4 560.49 550.95 540.17 451.47 309.16
Valuation Ratio
P/FCFE5 31.16 27.98 13.44 18.58 46.04
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 17.37 22.66 18.76 13.16 3.64
Amgen Inc. 4.71 8.32 13.52 11.06 33.32
Bristol-Myers Squibb Co. 7.52 22.85 16.17 7.80 5.80
Danaher Corp. 53.08 32.04 20.75 44.62 6.88
Eli Lilly & Co. 75.06 60.51 35.17 36.62 15.87
Gilead Sciences Inc. 12.81 15.22 12.70 5.98 15.91
Johnson & Johnson 24.31 16.73 23.28 15.60 23.06
Merck & Co. Inc. 24.48 22.40 18.72 17.85 18.08
Moderna Inc. — 12.24 4.62 31.68 —
Pfizer Inc. 3.82 10.56 8.88 — 9.87
Regeneron Pharmaceuticals Inc. 26.52 19.29 10.35 13.30 21.00
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 17.23 19.02 15.27 17.30 11.46
P/FCFE, Industry
Health Care 16.99 18.08 16.76 17.08 13.39

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,859,000,000 ÷ 381,312,268 = 17.99

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 560.49 ÷ 17.99 = 31.16

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Thermo Fisher Scientific Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.