Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Cash and Cash Equivalents
- The percentage of cash and cash equivalents relative to total assets exhibited a fluctuating trend. Starting from 5.08% in early 2020, it rose significantly to a peak of 16.34% by late 2021. This was followed by a sharp decline to lower levels around 2-3% through 2022, then a moderate recovery to around 8% by the end of 2023. In 2024 and onwards, the ratio again declined gradually, reaching approximately 1.92% by the third quarter of 2025. This pattern indicates volatility in liquid asset holdings relative to overall assets, with intermittent accumulation and reduction phases.
- Short-term Investments
- Data on short-term investments as a percentage of total assets was absent for the early years but surfaced in 2024, showing a small but steady presence ranging from 1.6% to 1.83%. This suggests a gradual establishment or reporting of short-term investment holdings in the recent periods.
- Accounts Receivable, Net
- Accounts receivable as a proportion of total assets remained relatively stable throughout the period, generally fluctuating between 7.27% and 8.65%. This stability suggests consistent credit sales and effective receivables management relative to asset size.
- Inventories
- The inventory proportion of total assets fluctuated moderately, ranging mostly between 5.12% and 6.83%. The trend peaked in mid-2021 and showed a gradual decline afterward, reflecting possible improvements in inventory management or changes in supply chain dynamics impacting inventory levels.
- Contract Assets, Net
- Contract assets exhibited a slow but steady increase in their share of total assets, moving from around 1.06% in late 2020 to approximately 1.57% by the third quarter of 2025. This upward trend may reflect growing recognition of unbilled revenue or increasing contract work in progress.
- Other Current Assets
- This category remained relatively constant in proportion, mostly oscillating between 1.53% and 2.57%, without notable spikes or declines, indicating stable composition and valuation of miscellaneous current assets.
- Current Assets
- The total current assets as a percentage of total assets showed significant volatility. Commencing near 21.7% in early 2020, it rose sharply to nearly 33.59% at the end of 2021, followed by a sharp drop to around 20% in early 2022. Subsequently, it stabilized in the 21-25% range through 2023 and 2024, with a slight decline by mid-2025. This volatility primarily reflects fluctuations in cash, receivables, and inventories within current assets.
- Property, Plant, and Equipment, Net
- The ratio of property, plant, and equipment (PP&E) to total assets remained stable throughout the periods, generally within the 7.9% to 9.9% range. No significant upward or downward trend is observed, suggesting steady investment and asset maintenance policies related to fixed assets.
- Acquisition-related Intangible Assets, Net
- This asset category showed a general decline over the timeframe, beginning at approximately 23.08% and decreasing to about 15.77% by late 2025. The reduction was somewhat uneven, with some periods of stabilization and minor rebounds. The overall decline may be attributed to amortization, impairments, or asset disposals related to acquisitions.
- Other Assets
- Other assets as a percent of total assets remained mostly stable with a slight upward trend, ranging from 3.11% to 4.87%. This indicates a modest increase in miscellaneous long-term assets over time.
- Goodwill
- Goodwill comprised a substantial and dominant part of total assets, consistently ranging between approximately 36.56% and 47.84%. The proportion fluctuated notably but trended slightly upwards toward the later periods, peaking near 47.84% in late 2025. This indicates significant acquisition activity and the presence of intangible value allocated to corporate acquisitions.
- Long-term Assets
- The percentage of long-term assets relative to total assets demonstrated variability, ranging from 66.41% to 80.02%. After trending downward from early 2020 through early 2021, it increased markedly at the end of 2021 and generally held high levels near or above 75% thereafter. This indicates a sustained emphasis on long-term asset holdings over current assets in the asset composition.
- Total Assets
- By definition, the total assets represent 100% at all times, serving as the base reference for all other ratios.