Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Common-Size Balance Sheet: Assets 

Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 8.93 4.12 8.18 8.77 4.71
Short-term investments 0.23 1.60 0.00 0.00 0.00
Accounts receivable, less allowances 8.07 8.42 8.33 8.35 8.39
Inventories 4.92 5.12 5.15 5.80 5.31
Contract assets, net 1.51 1.47 1.46 1.35 1.02
Other current assets 2.37 2.02 1.78 1.69 1.72
Current assets 26.02% 22.75% 24.91% 25.97% 21.14%
Property, plant and equipment, net 9.57 9.56 9.57 9.55 8.76
Acquisition-related intangible assets, net 14.35 15.96 16.89 17.95 21.14
Other assets 5.32 4.62 4.05 4.12 4.88
Goodwill 44.74 47.12 44.59 42.40 44.07
Long-term assets 73.98% 77.25% 75.09% 74.03% 78.86%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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