Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Thermo Fisher Scientific Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 company's capital structure has experienced notable fluctuations over the analyzed period, characterized by a shifting balance between total liabilities and total equity. Total liabilities peaked in December 2021 at 56.92% before stabilizing within a range of 48.96% to 54.04% through the remainder of the period. In inverse correlation, total equity reached a trough of 42.88% in December 2021 and generally trended upward, peaking at 50.92% in December 2024 before settling at 45.85% by March 2026.
- Long-term Debt and Obligations
- Long-term obligations, excluding current maturities, constitute a primary component of the liabilities structure. This figure fluctuated between 27.73% and 35.37%, with a marked increase toward the end of the series, reaching its highest point of 35.37% in March 2026. This suggests an increasing reliance on long-term debt financing relative to the total balance sheet.
- Equity Composition and Shareholder Returns
- A significant growth trend is observed in retained earnings, which rose from 46.03% in April 2021 to a peak of 55.67% in September 2025. This accumulation of earnings was partially offset by an aggressive increase in treasury stock at cost, which expanded from -13.43% in April 2021 to -22.39% by March 2026, indicating a sustained commitment to share repurchases.
- Current Liability Dynamics
- Current liabilities remained relatively stable, typically oscillating between 10.23% and 17.51%. Short-term obligations and current maturities of long-term debt exhibited a distinct shift, rising from near-zero levels in early 2021 to a peak of 6.47% in April 2023, before moderating to 2.73% by March 2026. Other current components, such as accounts payable and other accrued expenses, remained consistently stable, generally hovering around 3% each.
- Deferred Tax and Other Liabilities
- A consistent downward trend is evident in deferred income taxes, which declined from 2.86% in April 2021 to a minimum of 0.62% in June 2025, before returning to 1.86% in March 2026. Other long-term liabilities remained remarkably constant, fluctuating narrowly between 3.87% and 5.41% throughout the entire observed timeframe.