Thermo Fisher Scientific Inc. (NYSE:TMO)

The data reveals several notable trends in the composition of the company’s assets over the observed quarterly periods. A detailed examination of asset categories as a percentage of total assets highlights shifting allocations and relative stability in various components.

Cash and Cash Equivalents

This category exhibits volatility, peaking at 16.34% in October 2021 before declining sharply to values below 5% in many subsequent quarters. After reaching a low around 2.08% in mid-2022, it experienced a moderate recovery but generally remained under 10%, indicating fluctuating liquidity positions.

Short-term Investments

Data for short-term investments are sparse before 2024, but from March 2024 onward, this asset class consistently represents around 1.6% to 1.83% of total assets. This suggests a cautious but stable allocation to short-term marketable securities during the most recent periods.

Accounts Receivable, Less Allowances

This asset category remains relatively stable, generally fluctuating between 7.27% and 8.62%, with no marked upward or downward trend. Such consistency suggests steady turnover and receivables management over the entire period.

Inventories

Inventories show minor fluctuations, mostly remaining within a narrow band of approximately 5.1% to 6.8%. Early 2021 peaks near 6.83% are followed by a gradual decline to values around 5.27% by mid-2025, indicating slight reductions in inventory holdings as a portion of total assets.

Contract Assets, Net

Contract assets demonstrate a gradual upward trend from near 1.06% in late 2020 to a higher range around 1.5% in 2023-2025. This consistent increase may reflect growing deferred revenue or billings related to ongoing contracts.

Other Current Assets

This category fluctuates moderately around 1.5% to 2.6%, with a tendency to increase slightly in later periods, reaching a peak of about 2.57% by June 2025. Such growth suggests incremental diversification or expansion of miscellaneous current assets held.

Current Assets (Aggregate)

Aggregate current assets percentages vary significantly, with a high point of about 33.59% in October 2021 and notable troughs near 19.98% in mid-2022 and 21.14% in late 2021. The data indicate varying working capital levels, likely influenced by cash and receivables movements, with a general stabilization in the low to mid-20% range in recent periods.

Property, Plant, and Equipment, Net

PP&E as a percentage of total assets remains stable, fluctuating modestly between 7.93% and about 9.9%. The trend shows slight increases in 2021 and stabilization afterward, reflecting consistent investment and maintenance in fixed assets.

Acquisition-Related Intangible Assets, Net

This asset class shows a notable declining trend from 23.08% in early 2020 to approximately 15% by mid-2025. The continuous decrease indicates amortization or impairment of intangible assets acquired through acquisitions, or possible divestitures reducing their share.

Other Assets

Other assets as a portion of total assets remain relatively stable, fluctuating between 3.1% and 4.9%. A modest increase is observed around late 2021, with stabilization thereafter, which may suggest incremental asset diversification outside of primary categories.

Goodwill

Goodwill comprises the largest portion of total assets, consistently ranging from about 36.5% to as high as 47.1%. There is an overall upward trajectory from roughly 38% in 2020 to the high 40% range by 2025, implying ongoing acquisitions or adjustments that increase goodwill relative to total assets.

Long-Term Assets (Aggregate)

The share of long-term assets fluctuates between approximately 66.4% and 80%, demonstrating the company’s heavy investment in long-dated resources. There is a wavelike pattern with occasional peaks, such as near 79.8% in early 2022, followed by dips around 74% to 75% in recent quarters, indicative of tactical asset base adjustments.

In summary, the financial composition reveals a company with a dominant goodwill presence, modestly decreasing intangible-related balances, fluctuating but generally modest cash and current asset levels, and a stable physical asset base. The shifts in current assets and contract assets point to operational and revenue cycle dynamics, while decreasing intangibles and increasing goodwill suggest active acquisition strategies accompanied by amortization effects. Overall, these trends paint a picture of a relatively asset-heavy entity with a focus on acquisition-driven growth and stable management of liquidity and working capital.