Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Thermo Fisher Scientific Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term obligations and current maturities of long-term obligations 3.20 2.27 3.66 5.74 2.67
Accounts payable 3.28 3.16 2.91 3.48 3.01
Accrued payroll and employee benefits 1.81 2.04 1.62 2.16 2.55
Contract liabilities 2.46 2.93 2.72 2.68 2.79
Other accrued expenses 3.02 3.29 3.29 3.45 3.10
Current liabilities 13.77% 13.70% 14.19% 17.51% 14.12%
Deferred income taxes 1.35 1.30 1.95 2.93 4.03
Other long-term liabilities 3.87 4.10 4.70 4.36 4.77
Long-term obligations, excluding current maturities 32.49 29.86 31.71 29.76 33.99
Long-term liabilities 37.72% 35.26% 38.36% 37.05% 42.80%
Total liabilities 51.48% 48.96% 52.55% 54.56% 56.92%
Redeemable noncontrolling interest 0.11 0.12 0.12 0.12 0.13
Preferred stock, $100 par value; none issued 0.00 0.00 0.00 0.00 0.00
Common stock, $1 par value 0.40 0.46 0.45 0.45 0.46
Capital in excess of par value 16.82 18.46 17.51 17.23 17.00
Retained earnings 53.61 54.56 47.98 43.14 37.25
Treasury stock at cost -20.22 -19.76 -15.33 -12.37 -9.38
Accumulated other comprehensive loss -2.22 -2.77 -3.27 -3.19 -2.45
Total Thermo Fisher Scientific Inc. shareholders’ equity 48.40% 50.95% 47.34% 45.27% 42.88%
Noncontrolling interests 0.01 -0.03 -0.01 0.06 0.07
Total equity 48.41% 50.92% 47.33% 45.32% 42.95%
Total liabilities, redeemable noncontrolling interest and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of liabilities and stockholders’ equity at the company experienced notable shifts between 2021 and 2025. Overall, the proportion of total liabilities decreased initially, then increased slightly in the final year, while stockholders’ equity demonstrated a general upward trend before a slight decrease in 2025.

Current Liabilities
Current liabilities as a percentage of the total decreased from 14.12% in 2021 to 13.70% in 2023, then remained relatively stable at 13.77% in 2025. Within current liabilities, short-term obligations fluctuated, peaking at 5.74% in 2022 before declining to 3.20% in 2025. Accounts payable remained relatively consistent, hovering around 3% of the total. Accrued payroll and employee benefits exhibited a consistent decline throughout the period, falling from 2.55% to 1.81%. Contract liabilities showed a slight decrease from 2.79% to 2.46% over the five years.
Long-Term Liabilities
Long-term liabilities decreased from 42.80% in 2021 to 35.26% in 2024, then increased to 37.72% in 2025. The proportion of long-term obligations, excluding current maturities, followed a similar pattern, fluctuating between 29.76% and 32.49%. Deferred income taxes showed a consistent decline, decreasing from 4.03% to 1.35% over the period. Other long-term liabilities also decreased, albeit less dramatically, from 4.77% to 3.87%.
Stockholders’ Equity
Total stockholders’ equity increased from 42.88% in 2021 to 50.95% in 2024, before decreasing slightly to 48.40% in 2025. Retained earnings contributed significantly to this increase, rising from 37.25% to 54.56% in 2024, then decreasing to 53.61% in 2025. Capital in excess of par value also increased, peaking at 18.46% in 2024 before falling to 16.82% in 2025. Treasury stock consistently increased as a negative percentage of total equity, moving from -9.38% to -20.22%, indicating ongoing share repurchases. Accumulated other comprehensive loss also decreased, becoming less negative over time, from -2.45% to -2.22%. Common stock remained a small and relatively stable percentage of the total.
Overall Trends
The company reduced its overall reliance on liabilities between 2021 and 2024, increasing the proportion of equity financing. However, 2025 saw a slight reversal of this trend, with liabilities increasing and equity decreasing. The significant growth in retained earnings suggests strong profitability and a commitment to reinvesting earnings. The consistent increase in treasury stock indicates active capital management through share repurchases.

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