Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Thermo Fisher Scientific Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Thermo Fisher Scientific Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Total assets exhibit a significant upward trajectory, increasing from 65,931 million USD in April 2021 to 113,281 million USD by March 2026. This growth is characterized by a substantial step-increase occurring between October and December 2021, where total assets rose from 73,600 million USD to 95,123 million USD, suggesting a major acquisition or capital event during that period.
- Liquidity and Current Asset Management
- Cash and cash equivalents demonstrate high volatility, peaking at 12,027 million USD in October 2021 before fluctuating between a low of 1,888 million USD in July 2022 and a high of 9,852 million USD in December 2025. A shift in liquidity strategy is observable starting in December 2023 with the introduction of short-term investments, which peaked at 2,000 million USD in September 2024.
- Accounts receivable show a consistent and steady growth trend, rising from 5,554 million USD in April 2021 to 9,204 million USD by March 2026, indicating an expansion in credit sales and overall business volume.
- Inventory levels remained relatively stable throughout the period, fluctuating within a narrow range between 4,342 million USD and 5,745 million USD, suggesting efficient inventory management relative to the overall growth of the asset base.
- Long-term Asset Composition and Capital Investment
- Goodwill serves as the primary driver of long-term asset growth, increasing from 26,823 million USD in April 2021 to 55,187 million USD in March 2026. The sharp increase in late 2021 aligns with the overall jump in total assets, confirming a strategy centered on inorganic growth through acquisitions.
- Property, plant, and equipment (net) grew steadily from 6,133 million USD to 10,658 million USD, reflecting continuous organic investment in physical infrastructure and production capacity.
- Acquisition-related intangible assets, net, experienced a sharp increase in December 2021 to 20,113 million USD, followed by a gradual amortization trend down to 15,323 million USD in March 2025, before rising again to 19,146 million USD by March 2026.
The overall asset structure reveals a transition toward a more asset-heavy balance sheet, with long-term assets increasing from 48,246 million USD to 90,965 million USD. The disproportionate growth in goodwill and intangible assets relative to property, plant, and equipment indicates that the expansion of the balance sheet has been driven primarily by strategic acquisitions rather than internal capital expenditures alone.