Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Thermo Fisher Scientific Inc., consolidated cash flow statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data demonstrates several notable trends and fluctuations over the five-year period under review.
- Net Income
- Net income increased from 6,377 million USD in 2020 to a peak of 7,728 million USD in 2021, before declining to 5,955 million USD in 2023 and rebounding slightly to 6,338 million USD in 2024. This pattern suggests volatility in earnings, with a notable drop after the 2021 high.
- Depreciation and Amortization
- Depreciation of property, plant, and equipment steadily rose each year from 658 million USD in 2020 to 1,156 million USD in 2024. Amortization of acquisition-related intangible assets exhibited an overall increase until 2022, peaking at 2,395 million USD, followed by a decline to 1,952 million USD in 2024, indicating changing acquisition activity or amortization schedules.
- Deferred Income Taxes and Non-Cash Expenses
- There was a consistent increase in the negative impact from changes in deferred income taxes, deepening from -552 million USD in 2020 to -1,209 million USD in 2024. Stock-based compensation showed an upward trend, reflecting increased allocation to employees or executives. Other net non-cash expenses fluctuated sharply, peaking at 957 million USD in 2021 before generally decreasing.
- Working Capital Components
- Accounts receivable changes moderated over time but remained negative, indicating cash inflows from receivables. Inventory changes showed volatility with a negative contribution in early years, a positive swing to 598 million USD in 2023, then back near zero in 2024. Accounts payable experienced wide swings, peaking in accrual in 2022 at 648 million USD before a significant negative impact in 2023. Changes in assets and liabilities excluding acquisitions generally contributed negatively to cash flow, but the magnitude decreased over the later years.
- Operating Activities
- Adjustments reconciling net income to net cash from operations rose steadily from 1,912 million USD in 2020 to 2,329 million USD in 2024, supporting stable net cash flow from operating activities, which remained strong despite fluctuations, peaking at 9,312 million USD in 2021 and still maintaining 8,667 million USD in 2024.
- Investing Activities
- Capital expenditures were significant but declined from 2,523 million USD in 2021 to 1,400 million USD in 2024. Proceeds from sale of assets varied, with a notable spike in 2023 (87 million USD). Acquisition spending was erratic, with an enormous outflow in 2021 (-19,395 million USD) and resumed activity in 2023 and 2024 with considerable cash outflows, indicating large one-time or irregular acquisition transactions. Purchases of investments accelerated markedly in 2024 (-3,396 million USD), while proceeds from sales and maturities of investments showed considerable recovery in 2024 at 1,770 million USD. The net cash used in investing activities spiked dramatically in 2021, reflecting the major acquisition, then stabilized at elevated levels in later years but remained significantly negative.
- Financing Activities
- The company raised substantial debt in 2021 (18,137 million USD), partially repaid in subsequent years. Issuance and repayment of commercial paper were active but less consistent. Share repurchases increased steadily from 1,500 million USD in 2020 to 4,000 million USD in 2024, indicating a focus on returning value to shareholders. Dividend payments also grew steadily. Net cash from financing activities was strongly positive in 2021 but shifted to substantial outflows in 2023 and 2024, consistent with debt repayments and increased buybacks and dividends.
- Cash and Cash Equivalents
- Cash levels at year-end fluctuated markedly: increasing strongly to 10,336 million USD in 2020, then dropping to 4,491 million USD in 2021, rising again in 2022 and slightly declining in 2023 before halving to 4,040 million USD in 2024. The net changes reflect the interplay of strong operating cash flow, heavy investing outflows, and shifts in financing cash flows.