Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

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Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
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
Accounts payable
Accrued payroll and employee benefits
Contract liabilities
Other accrued expenses
Current liabilities
Deferred income taxes
Other long-term liabilities
Long-term obligations, excluding current maturities
Long-term liabilities
Total liabilities
Redeemable noncontrolling interest
Preferred stock, $100 par value; none issued
Common stock, $1 par value
Capital in excess of par value
Retained earnings
Treasury stock at cost
Accumulated other comprehensive loss
Total Thermo Fisher Scientific Inc. shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities, redeemable noncontrolling interest and equity

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.