Analysis of Inventory
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Inventory Disclosure
Thermo Fisher Scientific Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of inventories exhibits varied trends over the five-year period. Total inventories initially increased before stabilizing and then experiencing a modest rise. A closer examination of the individual components reveals differing patterns.
- Raw Materials
- Raw materials demonstrated an initial increase from 2021 to 2022, rising to US$2,405 million. Subsequently, a decline was observed, decreasing to US$1,803 million by 2024. A slight recovery occurred in 2025, with raw materials reaching US$1,877 million. This suggests potential improvements in supply chain management or a shift in production strategies following the initial increase.
- Work in Process
- Work in process inventories remained relatively stable between 2021 and 2022, fluctuating around US$660-676 million. A consistent upward trend is then apparent from 2022 through 2025, increasing to US$889 million. This increase could indicate longer production cycles, increased complexity of products, or a buildup of unfinished goods.
- Finished Goods
- Finished goods inventories showed a modest increase from US$2,453 million in 2021 to US$2,569 million in 2022. A subsequent decrease to US$2,326 million in 2023 was followed by a slight increase to US$2,420 million in 2024. The most significant increase occurred in 2025, reaching US$2,659 million. This suggests fluctuations in demand or changes in distribution strategies.
- Total Inventories
- Total inventories increased from US$5,051 million in 2021 to a peak of US$5,634 million in 2022. A decrease followed in 2023 to US$5,088 million, and a further slight decrease to US$4,978 million in 2024. Total inventories then increased to US$5,425 million in 2025. The overall trend suggests a period of growth followed by stabilization, with a recent modest increase. The interplay between the components indicates that changes in finished goods and raw materials significantly influence the total inventory value.
The observed trends suggest a dynamic inventory management environment. The increase in work in process, coupled with fluctuations in finished goods, warrants further investigation to understand the underlying operational factors. The decline and subsequent stabilization of raw materials may indicate successful cost control measures or adjustments to procurement strategies.