Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

Microsoft Excel
Dec 31, 2025 Sep 27, 2025 Jun 28, 2025 Mar 29, 2025 Dec 31, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 31, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 31, 2021 Oct 2, 2021 Jul 3, 2021 Apr 3, 2021
Short-term obligations and current maturities of long-term obligations 3.20 3.71 2.19 2.85 2.27 4.10 5.20 4.58 3.66 4.94 5.12 6.47 5.74 1.12 1.12 2.01 2.67 0.03 0.01 0.01
Accounts payable 3.28 3.03 2.94 3.08 3.16 2.60 2.59 2.63 2.91 2.58 2.57 2.96 3.48 2.73 2.85 2.88 3.01 3.13 3.10 3.25
Accrued payroll and employee benefits 1.81 1.83 1.50 1.43 2.04 1.82 1.52 1.35 1.62 1.50 1.39 1.38 2.16 2.06 1.90 1.76 2.55 2.47 2.20 1.99
Contract liabilities 2.46 2.77 2.77 2.89 2.93 2.65 2.63 2.71 2.72 2.62 2.75 2.81 2.68 2.84 3.01 3.10 2.79 1.96 2.17 2.12
Other accrued expenses 3.02 3.11 3.16 3.05 3.29 3.38 3.06 3.07 3.29 2.93 3.16 3.16 3.45 3.54 3.26 3.27 3.10 2.96 2.75 3.24
Current liabilities 13.77% 14.45% 12.56% 13.30% 13.70% 14.55% 15.00% 14.35% 14.19% 14.59% 15.00% 16.78% 17.51% 12.28% 12.14% 13.01% 14.12% 10.53% 10.23% 10.61%
Deferred income taxes 1.35 0.82 0.62 1.05 1.30 1.12 1.54 1.87 1.95 2.70 3.02 3.14 2.93 3.47 3.67 3.77 4.03 1.99 2.41 2.86
Other long-term liabilities 3.87 4.15 4.22 4.01 4.10 4.33 4.46 4.70 4.70 4.46 4.30 4.47 4.36 4.86 5.01 5.03 4.77 5.41 5.19 5.08
Long-term obligations, excluding current maturities 32.49 30.92 32.61 31.67 29.86 31.08 30.75 32.09 31.71 31.41 31.02 30.78 29.76 31.09 32.29 33.84 33.99 29.47 27.73 28.27
Long-term liabilities 37.72% 35.89% 37.45% 36.73% 35.26% 36.53% 36.74% 38.66% 38.36% 38.57% 38.34% 38.39% 37.05% 39.42% 40.97% 42.64% 42.80% 36.87% 35.33% 36.22%
Total liabilities 51.48% 50.35% 50.01% 50.04% 48.96% 51.08% 51.74% 53.01% 52.55% 53.16% 53.33% 55.17% 54.56% 51.70% 53.11% 55.65% 56.92% 47.40% 45.56% 46.83%
Redeemable noncontrolling interest 0.11 0.13 0.12 0.13 0.12 0.13 0.12 0.12 0.12 0.12 0.12 0.13 0.12 0.13 0.13 0.12 0.13 0.00 0.00 0.00
Preferred stock, $100 par value; none issued 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $1 par value 0.40 0.43 0.44 0.45 0.46 0.44 0.45 0.46 0.45 0.46 0.47 0.47 0.45 0.49 0.49 0.47 0.46 0.60 0.65 0.66
Capital in excess of par value 16.82 17.79 18.01 18.29 18.46 17.77 17.92 18.01 17.51 17.69 18.10 17.84 17.23 18.33 18.18 17.57 17.00 21.68 23.38 23.79
Retained earnings 53.61 55.67 55.22 54.97 54.56 51.23 50.70 49.99 47.98 47.26 47.06 45.49 43.14 44.68 43.14 40.46 37.25 46.03 47.38 46.03
Treasury stock at cost -20.22 -21.66 -21.01 -21.47 -19.76 -18.16 -18.46 -18.73 -15.33 -15.58 -16.03 -15.93 -12.37 -12.16 -12.10 -11.82 -9.38 -12.11 -13.08 -13.43
Accumulated other comprehensive loss -2.22 -2.72 -2.76 -2.37 -2.77 -2.47 -2.45 -2.85 -3.27 -3.12 -3.11 -3.23 -3.19 -3.23 -3.01 -2.53 -2.45 -3.61 -3.88 -3.89
Total Thermo Fisher Scientific Inc. shareholders’ equity 48.40% 49.52% 49.90% 49.87% 50.95% 48.81% 48.16% 46.88% 47.34% 46.70% 46.49% 44.64% 45.27% 48.10% 46.69% 44.16% 42.88% 52.60% 54.44% 53.17%
Noncontrolling interests 0.01 0.01 -0.04 -0.03 -0.03 -0.02 -0.01 -0.01 -0.01 0.02 0.05 0.06 0.06 0.07 0.07 0.07 0.07 0.00 0.00 0.00
Total equity 48.41% 49.53% 49.86% 49.83% 50.92% 48.79% 48.14% 46.87% 47.33% 46.72% 46.55% 44.70% 45.32% 48.17% 46.76% 44.23% 42.95% 52.60% 54.44% 53.17%
Total liabilities, redeemable noncontrolling interest and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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 composition of liabilities and stockholders’ equity for the analyzed entity exhibits several notable trends over the observed period. Overall, total liabilities generally represent a significant portion of the company’s funding, fluctuating between approximately 45% and 57% of the total, while equity comprises the remaining portion. A general increase in the proportion of equity is observed towards the end of the period.

Current Liabilities
Current liabilities, as a percentage of total liabilities and equity, demonstrate variability. They peaked at 17.51% in December 2022, before declining to 13.77% by December 2025. Within current liabilities, accounts payable remained relatively stable, generally ranging between 2.5% and 3.5%. Accrued payroll and employee benefits showed a slight decreasing trend from approximately 2.5% in late 2021 to around 1.8% in late 2025, with some fluctuations. Contract liabilities exhibited a similar pattern, remaining between 2.5% and 3.1% for most of the period, with a decrease towards the end. Short-term obligations show a significant increase in December 2021, followed by a decline to lower levels by the end of the period.
Long-Term Liabilities
Long-term liabilities consistently represent a larger portion of the total than current liabilities. They initially decreased from 36.87% in October 2021 to a low of 35.26% in December 2024, then increased slightly to 37.72% by December 2025. Long-term obligations, excluding current maturities, are the primary driver of this category, consistently representing between 27% and 33% of the total. Deferred income taxes show a decreasing trend over the period, falling from approximately 4% to under 2%.
Stockholders’ Equity
Total stockholders’ equity demonstrates a general upward trend as a percentage of the total. Retained earnings are the largest component of equity, fluctuating between approximately 43% and 51% of the total. Capital in excess of par value remains relatively stable, generally between 17% and 24%. Treasury stock represents a significant deduction from equity, with a negative percentage ranging from approximately -9% to -22%, becoming more substantial over time. Accumulated other comprehensive loss also represents a negative component, remaining relatively stable between -2% and -4%. Common stock remains a small, consistent percentage of the total, around 0.4% to 0.7%.

The observed trends suggest a shift in the company’s financial structure over the analyzed period. While liabilities remain a substantial part of the capital structure, the proportion of equity has generally increased, potentially indicating improved profitability and/or share repurchase activity. The decrease in deferred income taxes may reflect changes in tax planning or accounting practices. The increasing negative balance of treasury stock suggests ongoing share repurchase programs.

AI Ask an analyst for more