Price to Book Value (P/BV)
since 2005
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Thermo Fisher Scientific Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Calculation
Thermo Fisher Scientific Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Thermo Fisher Scientific Inc. shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 2, 2006 | = | ÷ | = | ÷ |
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), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
- Share Price Trends
- The share price exhibited considerable growth over the period analyzed, starting from $34.78 in early 2006 and reaching a peak above $560 by early 2024. Despite some volatility, including a notable decline in 2009 coinciding with the global financial crisis where the price dropped to $36.26, the overall trajectory was strongly upward. From 2013 onward, the share price saw a robust increase, particularly between 2018 and 2021, when it soared from approximately $208.58 to $451.47, before stabilizing slightly in recent years.
- Book Value Per Share (BVPS) Evolution
- The book value per share demonstrated a consistent and steady rise throughout the entire period. Starting at $17.16 in 2006, BVPS more than tripled by 2025, reaching $131.43. The progression was smooth without abrupt changes, indicating sustained growth in shareholder equity on a per-share basis. This increase reflects ongoing improvements in the company's net asset base and retention of earnings over time.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio showed significant fluctuations but with a general uptrend followed by a moderate decline in later years. Initially, the ratio was above 2.0 in 2006 but quickly decreased to near or below 1.0 by 2009, reflecting a period when the market price was close to or even less than the book value, likely due to economic uncertainty. After 2009, the ratio increased steadily, peaking above 5.1 in the early 2020s, indicating strong market confidence and possibly an expectation of higher future growth beyond book value. Following this peak, the P/BV ratio slightly declined to around 4.09 by 2025, suggesting some market price correction relative to book value but still representing a premium valuation.
- Overall Observations
- The data reflects a company with solid fundamental growth in net assets and significant appreciation in market valuation over the analyzed years. The share price outpaced the growth in book value per share, especially after 2013, resulting in increased P/B ratios and signifying a positive market sentiment and investor confidence. However, periods of market downturn affected multiples, demonstrating sensitivity to broader economic conditions. The gradual normalization of the P/B ratio in recent years may indicate a market reassessment towards a more sustainable valuation level.
Comparison to Competitors
Thermo Fisher Scientific Inc., P/BV, long-term trends, comparison to competitors
| 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2025 | ||||||||||||
| Feb 22, 2024 | ||||||||||||
| Feb 23, 2023 | ||||||||||||
| Feb 24, 2022 | ||||||||||||
| Feb 25, 2021 | ||||||||||||
| Feb 26, 2020 | ||||||||||||
| Feb 27, 2019 | ||||||||||||
| Feb 28, 2018 | ||||||||||||
| Feb 28, 2017 | ||||||||||||
| Feb 25, 2016 | ||||||||||||
| Feb 26, 2015 | ||||||||||||
| Feb 27, 2014 | ||||||||||||
| Feb 27, 2013 | ||||||||||||
| Feb 29, 2012 | ||||||||||||
| Feb 24, 2011 | ||||||||||||
| Feb 26, 2010 | ||||||||||||
| Feb 27, 2009 | ||||||||||||
| Feb 29, 2008 | ||||||||||||
| Mar 1, 2007 | ||||||||||||
| Mar 2, 2006 |
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), 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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Thermo Fisher Scientific Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 20, 2025 | ||
| Feb 22, 2024 | ||
| Feb 23, 2023 | ||
| Feb 24, 2022 | ||
| Feb 25, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 28, 2018 | ||
| Feb 28, 2017 | ||
| Feb 25, 2016 | ||
| Feb 26, 2015 | ||
| Feb 27, 2014 | ||
| Feb 27, 2013 | ||
| Feb 29, 2012 | ||
| Feb 24, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 29, 2008 | ||
| Mar 1, 2007 | ||
| Mar 2, 2006 |
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), 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., P/BV, long-term trends, comparison to industry (health care)
| Thermo Fisher Scientific Inc. | Health Care | |
|---|---|---|
| Feb 20, 2025 | ||
| Feb 22, 2024 | ||
| Feb 23, 2023 | ||
| Feb 24, 2022 | ||
| Feb 25, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 28, 2018 | ||
| Feb 28, 2017 | ||
| Feb 25, 2016 | ||
| Feb 26, 2015 | ||
| Feb 27, 2014 | ||
| Feb 27, 2013 | ||
| Feb 29, 2012 | ||
| Feb 24, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 29, 2008 | ||
| Mar 1, 2007 | ||
| Mar 2, 2006 |
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), 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).