Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Debt to Equity
since 2005

Microsoft Excel

Calculation

Thermo Fisher Scientific Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total obligations1 ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity1
Dec 31, 2025 0.74 = 39,385 ÷ 53,407
Dec 31, 2024 0.63 = 31,275 ÷ 49,584
Dec 31, 2023 0.75 = 34,917 ÷ 46,735
Dec 31, 2022 0.78 = 34,488 ÷ 43,978
Dec 31, 2021 0.85 = 34,870 ÷ 40,793
Dec 31, 2020 0.63 = 21,735 ÷ 34,507
Dec 31, 2019 0.60 = 17,752 ÷ 29,675
Dec 31, 2018 0.69 = 18,990 ÷ 27,586
Dec 31, 2017 0.83 = 21,008 ÷ 25,413
Dec 31, 2016 0.77 = 16,628 ÷ 21,539
Dec 31, 2015 0.59 = 12,527 ÷ 21,350
Dec 31, 2014 0.71 = 14,564 ÷ 20,548
Dec 31, 2013 0.62 = 10,487 ÷ 16,856
Dec 31, 2012 0.46 = 7,124 ÷ 15,465
Dec 31, 2011 0.47 = 7,028 ÷ 15,038
Dec 31, 2010 0.14 = 2,137 ÷ 15,361
Dec 31, 2009 0.14 = 2,183 ÷ 15,431
Dec 31, 2008 0.14 = 2,058 ÷ 14,927
Dec 31, 2007 0.15 = 2,195 ÷ 14,488
Dec 31, 2006 0.19 = 2,664 ÷ 13,912
Dec 31, 2005 0.21 = 599 ÷ 2,793

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt-to-equity ratio for the analyzed period demonstrates a fluctuating pattern, generally trending upwards with notable increases in specific years. Initially, the ratio remained relatively stable, followed by periods of significant change, and then a leveling off towards the end of the period.

Initial Stability (2005-2010)
From 2005 to 2010, the debt-to-equity ratio exhibited relative stability, ranging between 0.14 and 0.21. This indicates a consistent capital structure during this timeframe, with a moderate level of debt financing relative to equity.
Significant Increase (2011-2017)
A substantial increase in the ratio is observed between 2011 and 2017. The ratio rose from 0.47 in 2011 to a peak of 0.83 in 2017. This suggests a greater reliance on debt financing during this period, potentially driven by acquisitions, expansion initiatives, or other capital-intensive projects. Total obligations increased significantly during this period, while equity growth was comparatively slower.
Fluctuation and Moderation (2018-2025)
Following the peak in 2017, the debt-to-equity ratio experienced fluctuations, decreasing to 0.69 in 2018, then increasing again to 0.85 in 2021 before decreasing to 0.74 in 2025. While volatility remained, the ratio generally stabilized within a range of 0.60 to 0.85. The growth in both total obligations and total shareholders’ equity contributed to these fluctuations. The most recent years show a slight downward trend, indicating a potential effort to reduce leverage or a faster rate of equity growth compared to debt.

Overall, the trend suggests a shift towards increased debt financing in the early 2010s, followed by a period of stabilization and fluctuation. The company’s capital structure has become more reliant on debt over the analyzed period, although recent years indicate a potential moderation of this trend.

AI Ask an analyst for more

Comparison to Competitors

Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Thermo Fisher Scientific Inc. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2025 0.74 — 6.31 2.44 0.35 1.60 1.10 0.59 0.94 0.75 0.09 0.01
Dec 31, 2024 0.63 20.19 10.23 3.04 0.32 2.37 1.38 0.51 0.80 0.73 0.09 0.01
Dec 31, 2023 0.75 5.73 10.37 1.35 0.34 2.34 1.09 0.43 0.93 0.81 0.10 0.02
Dec 31, 2022 0.78 3.67 10.64 1.27 0.39 1.52 1.19 0.52 0.67 0.37 0.12 0.03
Dec 31, 2021 0.85 4.98 4.97 1.24 0.49 1.88 1.27 0.46 0.87 0.50 0.14 0.06
Dec 31, 2020 0.63 6.58 3.51 1.34 0.53 2.94 1.73 0.56 1.26 0.63 0.24 0.07
Dec 31, 2019 0.60 — 3.09 0.91 0.72 5.88 1.09 0.47 1.02 0.83 0.06 0.09
Dec 31, 2018 0.69 — 2.71 0.52 0.35 1.30 1.28 0.51 0.94 0.66 0.08 0.13
Dec 31, 2017 0.83 7.33 1.40 0.68 0.40 1.18 1.64 0.57 0.71 0.60 0.11 0.29
Dec 31, 2016 0.77 7.95 1.16 0.41 0.53 0.74 1.39 0.39 0.62 0.71 0.11 0.71
Dec 31, 2015 0.59 8.03 1.12 0.47 0.54 0.55 1.20 0.28 0.59 0.60 0.10 0.86
Dec 31, 2014 0.71 8.62 1.19 0.53 0.15 0.52 0.80 0.27 0.44 0.51 0.18 0.75
Dec 31, 2013 0.62 3.28 1.45 0.55 0.16 0.30 0.58 0.25 0.50 0.48 0.26 0.36
Dec 31, 2012 0.46 4.66 1.39 0.54 0.28 0.37 0.88 0.25 0.39 0.46 0.37 0.68
Dec 31, 2011 0.47 — 1.13 0.34 0.31 0.52 1.13 0.34 0.32 0.47 0.90 0.58
Dec 31, 2010 0.14 — 0.56 0.35 0.21 0.56 0.59 0.30 0.33 0.50 0.31 1.07
Dec 31, 2009 0.14 — 0.47 0.43 0.25 0.70 0.18 0.29 0.30 0.54 0.27 0.14
Dec 31, 2008 0.14 — 0.50 0.55 0.27 1.55 0.31 0.28 0.33 0.30 0.00 1.20
Dec 31, 2007 0.15 — 0.63 0.59 0.41 0.37 0.38 0.22 0.32 0.20 0.43 0.07
Dec 31, 2006 0.19 — 0.48 0.74 0.37 0.34 0.77 0.17 0.39 0.11 0.92 0.24
Dec 31, 2005 0.21 — 0.19 0.77 0.21 0.60 0.10 0.07 0.45 0.27 1.75 0.75

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Thermo Fisher Scientific Inc. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2025 0.74 1.02
Dec 31, 2024 0.63 1.04
Dec 31, 2023 0.75 0.97
Dec 31, 2022 0.78 0.80
Dec 31, 2021 0.85 0.93
Dec 31, 2020 0.63 1.12
Dec 31, 2019 0.60 1.09
Dec 31, 2018 0.69 0.93
Dec 31, 2017 0.83 0.87
Dec 31, 2016 0.77 0.79
Dec 31, 2015 0.59 0.68
Dec 31, 2014 0.71 0.55
Dec 31, 2013 0.62 0.52
Dec 31, 2012 0.46 0.51
Dec 31, 2011 0.47 0.46
Dec 31, 2010 0.14 0.40
Dec 31, 2009 0.14 0.39
Dec 31, 2008 0.14 0.37
Dec 31, 2007 0.15 0.30
Dec 31, 2006 0.19 0.25
Dec 31, 2005 0.21 0.29

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Thermo Fisher Scientific Inc., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Thermo Fisher Scientific Inc. Health Care
Dec 31, 2025 0.74 0.86
Dec 31, 2024 0.63 0.87
Dec 31, 2023 0.75 0.82
Dec 31, 2022 0.78 0.72
Dec 31, 2021 0.85 0.80
Dec 31, 2020 0.63 0.92
Dec 31, 2019 0.60 0.90
Dec 31, 2018 0.69 0.80
Dec 31, 2017 0.83 0.82
Dec 31, 2016 0.77 0.77
Dec 31, 2015 0.59 0.69
Dec 31, 2014 0.71 0.54
Dec 31, 2013 0.62 0.50
Dec 31, 2012 0.46 0.54
Dec 31, 2011 0.47 0.47
Dec 31, 2010 0.14 0.43
Dec 31, 2009 0.14 0.42
Dec 31, 2008 0.14 0.42
Dec 31, 2007 0.15 0.36
Dec 31, 2006 0.19 0.32
Dec 31, 2005 0.21 0.30

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).