Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Thermo Fisher Scientific Inc., common-size consolidated income statement (quarterly data)
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).
- Revenue Composition
- Over the observed periods, the proportion of product revenues showed a declining trend, starting at 74.32% in early 2020 and gradually decreasing to approximately 57.7% by early 2025. Conversely, service revenues exhibited a rising pattern, increasing from 25.68% to 42.3% during the same timeframe. This indicates a strategic shift toward service revenues within the total revenue mix.
- Cost of Revenues
- The cost structure reveals an overall increase in total cost of revenues as a percentage of revenues, moving from -56.02% to fluctuating levels around -59% toward the end of the timeline. The cost of product revenues decreased moderately from -37.56% to about -30.15%, suggesting improved efficiency or cost management in product-related activities. Conversely, the cost of service revenues increased notably from -18.46% to nearly -29%, indicating rising expenses associated with the expanding service segment.
- Gross Profit
- Gross profit margins experienced a reduction over time, declining from 43.98% in early 2020 to approximately 40.86% by early 2025. This decline aligns with the higher cost proportions in service revenues and the decreasing share of product revenues, which tend to have higher margins.
- Operating Expenses
- Selling, general, and administrative expenses remained relatively stable as a percentage of revenues, fluctuating around the -20% range throughout the period. Research and development expenses modestly decreased from -3.93% to about -3.3%, reflecting steady investment levels relative to revenues. Restructuring and other costs showed variability, with some spikes observed, particularly around 2023 and the end of 2024, suggesting occasional increased expenditure related to organizational changes or other adjustments.
- Operating Income
- Operating income margins demonstrated notable volatility. The margin peaked around 30.78% in early 2021 but declined thereafter, stabilizing near 16-17% levels from 2022 onwards. This pattern reflects the interplay between rising costs and relatively stable operating expenses.
- Interest and Other Income/Expense
- Interest income showed a consistent upward trend, increasing from around 0.58% to nearly 2% of revenues by 2025, indicating growing returns on invested funds or cash holdings. Interest expense also rose, moving from approximately -2% to fluctuating near -3% by the end period. Other income and expense items were more volatile without a clear trend but generally remained close to zero.
- Income Before and After Taxes
- Income from continuing operations before income taxes exhibited significant variation, with a high near 27.79% in early 2021, dropping to a range near 15-17% during later periods. Provision for income taxes varied, without a consistent pattern, often below -1.5% of revenues. Net income margins roughly tracked operating income trends, reducing from highs above 22% to levels around 14-16% in recent quarters.
- Net Income Attributable to Parent Company
- This metric generally mirrored the net income trend, showing a decrease from about 22.69% to around 14.54% by early 2025, reflecting the overall pressure on profitability within the observed timeframe.
- Summary
- The data indicates a strategic shift toward service-driven revenue, accompanied by increased costs in servicing activities, which contributed to a compression of gross and operating margins. Despite increasing interest income, rising interest expenses and fluctuating other costs moderated net profitability. Operating income and net income margins peaked early in the period and settled to lower, more stable levels subsequently. The company appears to be balancing growth in services with careful management of operating expenses and R&D investment.