Common-Size Balance Sheet: Assets
Quarterly Data
Thermo Fisher Scientific Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 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 asset structure is characterized by a heavy weighting toward long-term assets, which consistently represent between 66% and 80% of total assets. The balance sheet is dominated by intangible assets and goodwill, indicating a corporate growth strategy centered on acquisitions rather than organic capital expenditure in physical infrastructure.
- Liquidity and Current Asset Trends
- Cash and cash equivalents exhibit significant volatility, ranging from a peak of 16.34% in October 2021 to lows near 2% in mid-2022 and late 2025. Short-term investments were absent until the end of 2023, after which they maintained a marginal presence of approximately 1.5% to 2% before returning to zero by March 2026. Accounts receivable remain remarkably stable, fluctuating narrowly between 7.55% and 8.65% throughout the period. Inventories show a gradual downward trend, declining from an average of 6.6% in 2021 to approximately 4.9% by mid-2026, suggesting improvements in inventory management or changes in supply chain efficiency.
- Long-Term Asset Composition
- Goodwill represents the largest single component of the asset base and has trended upward, increasing from 40.68% in April 2021 to a high of 48.72% by March 2026. This growth in goodwill is partially offset by a steady decline in acquisition-related intangible assets, which dropped from 19.46% in early 2021 to 16.44% by June 2026, likely reflecting the systemic amortization of these assets over time. Property, plant, and equipment have remained highly consistent, typically fluctuating within a narrow band between 8.7% and 9.8% of total assets.
- Overall Asset Mix and Structural Shifts
- The proportion of current assets peaked in late 2021 at 33.59% before stabilizing in a range between 19.7% and 26.0%. Conversely, long-term assets have generally increased their share of the total balance sheet, particularly in the most recent quarters of the analysis. The stability of the property, plant, and equipment ratio, contrasted with the expanding share of goodwill, suggests that the company's asset growth is driven primarily by the acquisition of other entities rather than the expansion of internal physical production capacity.
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