Common-Size Balance Sheet: Assets
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
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Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets
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 asset composition of the entity exhibits several notable shifts over the five-year period. Current assets as a percentage of total assets demonstrate volatility, initially increasing from 21.14% in 2021 to a peak of 25.97% in 2022, before declining to 22.75% in 2024 and recovering to 26.02% in 2025. Long-term assets show an inverse relationship, decreasing from 78.86% in 2021 to 74.03% in 2022, increasing to 77.25% in 2024, and then decreasing to 73.98% in 2025.
- Liquidity and Current Assets
- Cash and cash equivalents experienced a significant increase between 2021 and 2022, rising from 4.71% to 8.77% of total assets, then decreased to 4.12% in 2024 before increasing again to 8.93% in 2025. Short-term investments were absent in 2021 and 2022, appearing at 1.60% in 2024 and declining to 0.23% in 2025. Accounts receivable remained relatively stable, fluctuating between 8.07% and 8.42% of total assets. Inventories decreased slightly over the period, from 5.31% to 4.92%. Contract assets consistently increased, moving from 1.02% to 1.51%. Other current assets also showed a consistent upward trend, increasing from 1.72% to 2.37%.
- Long-Term Asset Composition
- Property, plant, and equipment remained consistently around 9.5% of total assets throughout the period. Acquisition-related intangible assets experienced a notable decline, decreasing from 21.14% in 2021 to 14.35% in 2025. Other assets showed some fluctuation, increasing from 4.12% in 2022 to 5.32% in 2025. Goodwill represents the largest portion of long-term assets, fluctuating between 42.40% and 47.12% of total assets, with a slight decrease to 44.74% in 2025.
The observed trends suggest a dynamic shift in asset allocation. The increase in current assets in 2025, particularly in cash and other current assets, could indicate a strengthening liquidity position or preparation for future investments. The decline in acquisition-related intangible assets may reflect amortization or impairment, while the consistent level of goodwill suggests a stable valuation of acquired businesses. The fluctuations in long-term assets, coupled with changes in current assets, indicate an evolving capital structure.