Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Analysis of Debt
- Aggregate Accruals
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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: 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), 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).
- Short-term obligations and current maturities of long-term obligations
- This component fluctuates over time without a clear directional trend, with values ranging mostly between near zero and approximately 6%. Notably, there is a sharp increase at year-end 2022 (5.74%) and mid-2023 (6.47%), followed by a gradual decline into 2025, indicating variability in the short-term debt burden relative to total financing structure.
- Accounts payable
- Accounts payable remains relatively stable across the periods, generally oscillating around the 2.5% to 3.2% range, showing no substantial upward or downward trend. This suggests consistent payment terms and management of supplier liabilities in proportion to total capital components.
- Accrued payroll and employee benefits
- Values for accrued payroll and employee benefits exhibit moderate variation, initially increasing from 1.29% to about 2.77% by year-end 2020, then experiencing a decline around early 2023 before a slight recovery towards late 2024. This pattern may reflect seasonal payroll obligations or changing workforce compensation policies but remains a relatively small portion of the total capital base.
- Contract liabilities
- Contract liabilities show a general increasing trend from about 1.6% in early 2020 to near 3% in 2025, with some minor fluctuations. This steady rise could imply increasing deferred revenue or advances from customers as a proportion of total liabilities and equity.
- Other accrued expenses
- These expenses demonstrate a relatively stable pattern, staying mostly within a 2.5% to 3.5% range with minor period-to-period fluctuations, indicating consistent residual obligations relative to the overall capital structure.
- Current liabilities
- Current liabilities show a pronounced spike to nearly 15% at the end of 2020 and again at the end of 2022, corroborating temporary increases in obligations due within one year during those quarters. Apart from these peaks, the ratio remains in the 9% to 14% band, reflecting a generally stable short-term liability profile in relation to total financing.
- Deferred income taxes
- Deferred income taxes decrease steadily over the course of the dataset, falling from around 3.6% in early 2020 to near 0.6% by mid-2025. This decline may highlight changes in tax strategies, favorable tax settlements, or reclassifications affecting deferred tax liabilities in the capital structure.
- Other long-term liabilities
- These liabilities show moderate stability around 4% to 5.5%, with minor oscillations over time. The lack of a significant trend suggests consistent long-term obligations unrelated to debt or shareholder equity.
- Long-term obligations, excluding current maturities
- This category declines from approximately 33% early in the period to roughly 30% towards the end of the dataset, indicating some reduction in the proportion of total financing represented by long-term debt. Some mild variability is noted but overall this component remains a major element of the capital structure.
- Long-term liabilities
- Long-term liabilities follow a pattern similar to long-term obligations, decreasing from about 42% to the mid-30% range, with a temporary peak near 43% at the end of 2021. The overall decline signals a gradual deleveraging or shift in long-term financing mix.
- Total liabilities
- Total liabilities show considerable fluctuation, initially around 50%, increasing sharply to nearly 57% at year-end 2021, then trending downward to about 50% by mid-2025. This volatility could stem from changes in debt issuance, repayments, and adjustments in current liabilities.
- Redeemable noncontrolling interest
- This element is relatively minor, consistently just above 0.1%, remaining stable across the periods analyzed, indicating a marginal impact on the overall financial structure.
- Common stock, $1 par value
- The share of common stock remains low and stable, hovering just below 0.7%, reflecting little change in the par value proportion relative to total liabilities and equity.
- Capital in excess of par value
- This capital component decreases noticeably from a high near 26% in early 2020 to about 17-18% from late 2021 onward, indicating a relative contraction in additional paid-in capital as a proportion of total financing.
- Retained earnings
- Retained earnings show a marked upward trend from roughly 39% in early 2020 to approximately 55% by mid-2025, highlighting accumulation of earnings or reinvestment into the company and a strengthening of internal equity capital over time.
- Treasury stock at cost
- The proportion of treasury stock increases in absolute negative terms from about -11.5% to nearly -21.5% by 2025, signifying substantial repurchases or holdings of treasury shares reducing overall equity on the balance sheet.
- Accumulated other comprehensive loss
- This loss position moderates slightly, generally ranging between -5.3% and -2.3% without a clear directional trend, indicating relatively stable but persistent items such as unrealized losses included within equity adjustments.
- Total shareholders’ equity
- Total equity fluctuates between approximately 43% and 54%, with some volatility especially notable around 2021 when there is a sharp drop to below 43%, followed by gradual recovery. This reflects changes in the collective equity base, affected by retained earnings growth, treasury stock movements, and other comprehensive income components.
- Noncontrolling interests
- Noncontrolling interests remain negligible and slightly negative in later periods, exerting a marginal influence on consolidated equity figures.
- Total equity (including redeemable noncontrolling interest)
- Total equity closely mirrors the shareholders’ equity pattern, as expected, with values oscillating around the mid-40% to just above 50% range. The modest fluctuations align with changes in underlying equity components described above.
- Total liabilities, redeemable noncontrolling interest and equity
- The total is consistently held at 100%, serving as the basis for relative ratio calculations of all components.