Common-Size Balance Sheet: Assets
Quarterly Data
Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03).
The composition of assets for the analyzed entity exhibits several notable trends over the observed period. A significant portion of the asset base consistently comprises long-term assets, particularly goodwill and acquisition-related intangible assets, representing over 70% of total assets throughout the timeframe. Fluctuations are observed within both current and long-term asset categories, indicating shifts in working capital management and strategic investments.
- Cash and Cash Equivalents
- Cash and cash equivalents demonstrate considerable volatility. A peak is observed in October 2021 (16.34% of total assets), followed by a substantial decline to 2.97% in April 2022. Levels generally fluctuate between approximately 3% and 9% of total assets, with a recent increase to 8.93% in December 2025. This suggests active cash management, potentially related to acquisitions, debt repayments, or operational needs.
- Current Assets
- Current assets as a percentage of total assets show a general decline from approximately 26-28% in the earlier periods (April 2021 – July 2022) to a range of 21-26% in the later periods (April 2023 – December 2025). This decrease is not uniform, with a notable peak of 33.59% in October 2021. The composition within current assets also shifts, as detailed below.
- Accounts Receivable and Inventories
- Accounts receivable and inventories maintain relatively stable percentages of total assets, generally fluctuating between 7.5% and 8.6% and 4.9% and 6.9% respectively. Minor seasonal variations are present, but no significant upward or downward trends are apparent. This indicates consistent management of these working capital components.
- Contract Assets
- Contract assets exhibit a consistent upward trend, increasing from 1.19% in April 2021 to 1.57% in September 2025. This suggests a growing proportion of revenue is derived from contracts recognized over time, potentially reflecting changes in business models or revenue recognition policies.
- Goodwill and Intangible Assets
- Goodwill consistently represents the largest single asset component, although its proportion of total assets decreases from approximately 41% in the earlier periods to around 45% in the most recent periods. Acquisition-related intangible assets also contribute significantly, decreasing from approximately 19-21% to around 15-16% over the period. The combined effect suggests a potential shift in strategy away from large acquisitions or amortization of existing intangible assets.
- Other Assets
- Other assets show a gradual increase over the observed period, rising from approximately 3.7% to 5.3% of total assets. This increase warrants further investigation to determine the underlying components and potential drivers of this growth.
Overall, the asset composition demonstrates a dynamic balance between current and long-term holdings. The fluctuations in cash and cash equivalents, coupled with the trends in goodwill and intangible assets, suggest active financial management and strategic decision-making. The increasing proportion of contract assets and other assets also merits further scrutiny to understand their implications for the entity’s financial performance and position.
AI Ask an analyst for more