Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Common-Size Balance Sheet: Assets 
Quarterly Data

Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 29, 2025 Dec 31, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021 Dec 31, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Cash and cash equivalents 4.17 4.12 4.63 7.18 5.66 8.18 6.34 3.33 3.68 8.77 3.22 2.08 2.97 4.71 16.34 10.37 8.47 14.95 11.77 9.45 5.08
Short-term investments 1.83 1.60 1.99 1.78 1.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, less allowances 8.54 8.42 8.23 8.06 8.17 8.33 8.62 8.52 8.37 8.35 8.47 8.55 8.51 8.39 7.55 8.09 8.42 8.31 8.10 7.27 7.68
Inventories 5.27 5.12 5.41 5.28 5.29 5.15 5.57 6.01 5.98 5.80 6.32 6.26 5.91 5.31 6.67 6.83 6.59 5.83 5.98 5.92 5.89
Contract assets, net 1.38 1.47 1.54 1.51 1.46 1.46 1.51 1.56 1.45 1.35 1.38 1.27 1.15 1.02 1.10 1.19 1.19 1.06 1.09 1.11 1.12
Other current assets 2.41 2.02 1.91 2.06 1.96 1.78 1.75 1.83 1.87 1.69 1.92 1.82 1.71 1.72 1.94 1.97 2.16 1.64 1.53 1.86 1.94
Current assets 23.60% 22.75% 23.70% 25.87% 24.35% 24.91% 23.79% 21.25% 21.35% 25.97% 21.32% 19.98% 20.24% 21.14% 33.59% 28.45% 26.82% 31.80% 28.46% 25.61% 21.70%
Property, plant and equipment, net 9.42 9.56 9.38 9.42 9.60 9.57 9.44 9.87 9.88 9.55 9.53 9.42 9.11 8.76 9.58 9.69 9.30 8.56 8.09 7.93 8.07
Acquisition-related intangible assets, net 15.47 15.96 16.20 15.76 16.53 16.89 17.61 18.53 18.99 17.95 19.68 20.51 20.89 21.14 16.21 18.30 19.46 18.37 20.09 21.38 23.08
Other assets 4.56 4.62 4.17 4.44 4.37 4.05 4.25 4.37 4.21 4.12 4.76 4.75 4.77 4.88 4.06 3.82 3.73 3.56 3.11 3.35 3.50
Goodwill 46.94 47.12 46.56 44.51 45.15 44.59 44.90 45.98 45.57 42.40 44.72 45.34 44.98 44.07 36.56 39.74 40.68 37.71 40.25 41.73 43.64
Long-term assets 76.40% 77.25% 76.30% 74.13% 75.65% 75.09% 76.21% 78.75% 78.65% 74.03% 78.68% 80.02% 79.76% 78.86% 66.41% 71.55% 73.18% 68.20% 71.54% 74.39% 78.30%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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 proportion of cash and cash equivalents relative to total assets exhibited notable fluctuations during the period. Beginning at 5.08% in March 2020, the ratio rose to a peak of 16.34% in October 2021, followed by a sharp decline to 2.08% by July 2022. Subsequently, cash levels oscillated and generally stabilized between roughly 3% and 8%, with a decline to levels around 4% by the end of the reported timeframe in March 2025.
Short-term investments
Data on short-term investments was predominantly unavailable until the later periods, where a modest proportion emerged, fluctuating modestly around 1.6% to 1.99% relative to total assets from June 2024 onward.
Accounts receivable, less allowances
This component showed relative stability throughout the periods, fluctuating narrowly around 7.2% to 8.6% of total assets. Minor increases were observed around mid-2023, but overall, no significant trend changes were apparent.
Inventories
Inventories as a percentage of total assets hovered between approximately 5.1% and 6.8%. A slight upward trend occurred from early 2020 into mid-2021, followed by a moderate decline and stabilization near 5.1% to 5.9% in the latest quarters.
Contract assets, net
Contract assets showed a gradual and consistent increase over the period, growing from around 1.1% to peaks above 1.5%, indicating a progressive rise in unbilled receivables or related assets on contracts.
Other current assets
Other current assets remained relatively stable, maintaining a range approximately between 1.5% and 2.4%. A slight upward trend was noted from early 2023 onward, reaching its highest proportion near the end of the period reported.
Current assets
The aggregate current assets percentage exhibited considerable variability. Starting at 21.7% in March 2020, a notable increase to 33.59% occurred in October 2021, succeeded by a reduction down to around 20% by late 2021 and early 2022. Afterward, current assets stabilized mostly between 21% and 26% through early 2025.
Property, plant and equipment, net
Property, plant, and equipment relative to total assets demonstrated minor fluctuations but remained generally consistent, ranging mostly between 7.9% and 9.9%. There was a slight declining tendency after mid-2023 toward the 9.4% level by early 2025.
Acquisition-related intangible assets, net
This asset category showed a declining trend overall. Starting above 23% in early 2020, the ratio decreased steadily, reaching approximately 15.5% by March 2025, suggesting a reduction possibly due to amortization or divestitures of intangible assets.
Other assets
Other assets saw a mild upward creep over time, moving from about 3.5% to approximately 4.6% of total assets by the end of the period, indicating a slight increase in other long-term or miscellaneous assets.
Goodwill
Goodwill represented the largest intangible asset segment, displaying considerable fluctuation. After an initial decline from 43.64% to the mid-30%s by late 2020 and early 2021, a significant jump back above 44% occurred in late 2021. From there, goodwill remained largely stable between about 44% and 47%, reflecting either acquisitions, impairments, or revaluations over the timeframe.
Long-term assets
The aggregate long-term assets as a percentage of total assets demonstrated a declining trend from 78.3% in early 2020 to around 66.41% by October 2021, followed by a rebound to approximately 77% by early 2025. This pattern suggests asset reclassifications or changes in the portfolio structure between long-term and current asset categories.
Total assets
By definition, total assets maintained a constant 100% weight as the basis for relative share calculations.