Return on Equity (ROE)
since 2005
Calculation
Thermo Fisher Scientific Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Thermo Fisher Scientific Inc.1 | ÷ | Total Thermo Fisher Scientific Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 12.55% | = | 100 | × | 6,704) | ÷ | 53,407) |
| Dec 31, 2024 | 12.78% | = | 100 | × | 6,335) | ÷ | 49,584) |
| Dec 31, 2023 | 12.83% | = | 100 | × | 5,995) | ÷ | 46,735) |
| Dec 31, 2022 | 15.80% | = | 100 | × | 6,950) | ÷ | 43,978) |
| Dec 31, 2021 | 18.94% | = | 100 | × | 7,725) | ÷ | 40,793) |
| Dec 31, 2020 | 18.47% | = | 100 | × | 6,375) | ÷ | 34,507) |
| Dec 31, 2019 | 12.45% | = | 100 | × | 3,696) | ÷ | 29,675) |
| Dec 31, 2018 | 10.65% | = | 100 | × | 2,938) | ÷ | 27,586) |
| Dec 31, 2017 | 8.76% | = | 100 | × | 2,225) | ÷ | 25,413) |
| Dec 31, 2016 | 9.39% | = | 100 | × | 2,022) | ÷ | 21,539) |
| Dec 31, 2015 | 9.25% | = | 100 | × | 1,975) | ÷ | 21,350) |
| Dec 31, 2014 | 9.22% | = | 100 | × | 1,894) | ÷ | 20,548) |
| Dec 31, 2013 | 7.55% | = | 100 | × | 1,273) | ÷ | 16,856) |
| Dec 31, 2012 | 7.62% | = | 100 | × | 1,178) | ÷ | 15,465) |
| Dec 31, 2011 | 8.84% | = | 100 | × | 1,330) | ÷ | 15,038) |
| Dec 31, 2010 | 6.74% | = | 100 | × | 1,036) | ÷ | 15,361) |
| Dec 31, 2009 | 5.51% | = | 100 | × | 850) | ÷ | 15,431) |
| Dec 31, 2008 | 6.66% | = | 100 | × | 994) | ÷ | 14,927) |
| Dec 31, 2007 | 5.25% | = | 100 | × | 761) | ÷ | 14,488) |
| Dec 31, 2006 | 1.21% | = | 100 | × | 169) | ÷ | 13,912) |
| Dec 31, 2005 | 7.99% | = | 100 | × | 223) | ÷ | 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 return on equity (ROE) for the analyzed period demonstrates considerable fluctuation, generally trending upwards with notable peaks and valleys. Initial values are relatively modest, followed by a period of significant growth and then stabilization before a recent decline. Net income attributable to Thermo Fisher Scientific Inc. and total shareholders’ equity both contribute to the observed ROE patterns.
- Initial Period (2005-2007)
- ROE begins at 7.99% in 2005, then experiences a substantial decrease to 1.21% in 2006. A dramatic recovery is observed in 2007, with ROE rising to 5.25%. This initial period is characterized by volatility, likely influenced by changes in both net income and shareholders’ equity.
- Growth and Stabilization (2008-2014)
- From 2008 through 2014, ROE generally trends upward, albeit with some year-to-year variation. It increases from 6.66% in 2008 to 9.22% in 2014. This period coincides with consistent growth in net income and a steady increase in shareholders’ equity, suggesting improved profitability and efficient capital utilization. The ROE values remain relatively stable between 7.55% and 9.39% during this timeframe.
- Continued Growth (2015-2019)
- ROE continues its upward trajectory from 2015 to 2019, reaching a peak of 12.45% in 2019. This growth is supported by increasing net income, which more than doubles from 2015 to 2019, and a consistent rise in shareholders’ equity. The period demonstrates a strong ability to generate profits from shareholder investments.
- Recent Performance (2020-2025)
- A significant increase in ROE is observed in 2020, reaching 18.47%, followed by 18.94% in 2021. However, a subsequent decline is evident, with ROE decreasing to 15.80% in 2022, 12.83% in 2023, 12.78% in 2024, and 12.55% in 2025. While still representing a solid return, this recent downward trend warrants further investigation. The decline appears to be driven by a combination of fluctuating net income and continued growth in shareholders’ equity. Net income peaked in 2020 and 2021, then decreased in 2022 and 2023 before a slight recovery in 2024 and 2025.
Overall, the ROE demonstrates a generally positive trend over the analyzed period, with a recent softening in performance. The company has historically demonstrated a strong ability to generate returns for its shareholders, but the recent decline suggests potential challenges in maintaining profitability at the levels seen in 2020 and 2021.
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Comparison to Competitors
Thermo Fisher Scientific Inc., ROE, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 12.55% | — | 89.06% | 38.19% | 6.88% | 77.78% | 37.48% | 32.87% | 34.70% | 8.99% | 14.41% | 21.18% |
| Dec 31, 2024 | 12.78% | 128.66% | 69.59% | -54.78% | 7.87% | 74.62% | 2.48% | 19.68% | 36.96% | 9.11% | 15.03% | -3.26% |
| Dec 31, 2023 | 12.83% | 46.94% | 107.78% | 27.27% | 8.91% | 48.65% | 24.81% | 51.11% | 0.97% | 2.38% | 15.22% | 20.59% |
| Dec 31, 2022 | 15.80% | 68.60% | 178.97% | 20.37% | 14.39% | 58.64% | 21.62% | 23.36% | 31.57% | 32.79% | 19.14% | 23.88% |
| Dec 31, 2021 | 18.94% | 74.91% | 87.96% | 19.46% | 14.24% | 62.16% | 29.55% | 28.20% | 34.17% | 28.47% | 43.03% | 23.19% |
| Dec 31, 2020 | 18.47% | 35.30% | 77.20% | -23.84% | 9.17% | 109.79% | 0.68% | 23.25% | 27.91% | 15.21% | 31.86% | 31.22% |
| Dec 31, 2019 | 12.45% | — | 81.07% | 6.66% | 9.94% | 319.09% | 23.91% | 25.42% | 37.99% | 25.77% | 19.08% | 19.34% |
| Dec 31, 2018 | 10.65% | — | 67.15% | 35.07% | 9.40% | 32.88% | 25.51% | 25.60% | 23.30% | 17.59% | 27.91% | 47.28% |
| Dec 31, 2017 | 8.76% | 104.16% | 7.84% | 8.58% | 9.45% | -1.76% | 22.64% | 2.16% | 6.97% | 29.47% | 19.51% | 12.99% |
| Dec 31, 2016 | 9.39% | 128.41% | 25.85% | 27.55% | 11.10% | 19.54% | 71.48% | 23.49% | 9.78% | 12.12% | 20.13% | -9.69% |
| Dec 31, 2015 | 9.25% | 130.39% | 24.71% | 10.97% | 14.17% | 16.53% | 97.70% | 21.66% | 9.94% | 10.75% | 17.40% | -59.19% |
| Dec 31, 2014 | 9.22% | 101.84% | 20.01% | 13.49% | 11.11% | 15.55% | 78.45% | 23.40% | 24.50% | 12.81% | 13.69% | -68.70% |
| Dec 31, 2013 | 7.55% | 91.90% | 23.00% | 16.91% | 12.04% | 26.57% | 27.05% | 18.68% | 8.85% | 28.83% | 21.74% | -32.81% |
| Dec 31, 2012 | 7.62% | 156.85% | 22.80% | 14.39% | 12.58% | 27.69% | 27.84% | 16.74% | 11.63% | 17.93% | 60.24% | -10.71% |
| Dec 31, 2011 | 8.84% | — | 19.35% | 23.25% | 12.85% | 32.11% | 41.60% | 16.94% | 11.50% | 12.18% | -45.65% | 3.76% |
| Dec 31, 2010 | 6.74% | — | 19.32% | 19.74% | 13.08% | 40.82% | 49.48% | 23.57% | 1.58% | 9.40% | -19.79% | -149.74% |
| Dec 31, 2009 | 5.51% | — | 20.32% | 71.49% | 9.90% | 45.45% | 41.40% | 24.25% | 21.85% | 9.59% | -17.10% | -58.57% |
| Dec 31, 2008 | 6.66% | — | 20.58% | 42.86% | 13.43% | -30.76% | 48.43% | 30.46% | 41.63% | 14.08% | -19.75% | -192.51% |
| Dec 31, 2007 | 5.25% | — | 17.72% | 20.50% | 15.08% | 21.61% | 46.69% | 24.41% | 18.01% | 12.53% | -22.94% | -144.23% |
| Dec 31, 2006 | 1.21% | — | 15.56% | 15.86% | 16.89% | 24.25% | -65.54% | 28.11% | 25.25% | 27.10% | -47.24% | -40.89% |
| Dec 31, 2005 | 7.99% | — | 17.96% | 26.77% | 17.67% | 18.34% | 26.88% | 27.49% | 25.85% | 12.32% | -83.72% | -85.05% |
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., ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Thermo Fisher Scientific Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | 12.55% | 26.63% |
| Dec 31, 2024 | 12.78% | 15.57% |
| Dec 31, 2023 | 12.83% | 20.65% |
| Dec 31, 2022 | 15.80% | 27.99% |
| Dec 31, 2021 | 18.94% | 29.75% |
| Dec 31, 2020 | 18.47% | 17.22% |
| Dec 31, 2019 | 12.45% | 27.68% |
| Dec 31, 2018 | 10.65% | 26.29% |
| Dec 31, 2017 | 8.76% | 14.59% |
| Dec 31, 2016 | 9.39% | 22.19% |
| Dec 31, 2015 | 9.25% | 21.44% |
| Dec 31, 2014 | 9.22% | 20.91% |
| Dec 31, 2013 | 7.55% | 20.33% |
| Dec 31, 2012 | 7.62% | 18.27% |
| Dec 31, 2011 | 8.84% | 15.52% |
| Dec 31, 2010 | 6.74% | 13.99% |
| Dec 31, 2009 | 5.51% | 20.34% |
| Dec 31, 2008 | 6.66% | 21.31% |
| Dec 31, 2007 | 5.25% | 17.07% |
| Dec 31, 2006 | 1.21% | 21.86% |
| Dec 31, 2005 | 7.99% | 19.08% |
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., ROE, long-term trends, comparison to industry (health care)
| Thermo Fisher Scientific Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 12.55% | 21.47% |
| Dec 31, 2024 | 12.78% | 15.74% |
| Dec 31, 2023 | 12.83% | 19.40% |
| Dec 31, 2022 | 15.80% | 24.82% |
| Dec 31, 2021 | 18.94% | 25.44% |
| Dec 31, 2020 | 18.47% | 16.70% |
| Dec 31, 2019 | 12.45% | 23.30% |
| Dec 31, 2018 | 10.65% | 21.27% |
| Dec 31, 2017 | 8.76% | 13.77% |
| Dec 31, 2016 | 9.39% | 18.53% |
| Dec 31, 2015 | 9.25% | 18.52% |
| Dec 31, 2014 | 9.22% | 19.17% |
| Dec 31, 2013 | 7.55% | 18.81% |
| Dec 31, 2012 | 7.62% | 18.20% |
| Dec 31, 2011 | 8.84% | 15.90% |
| Dec 31, 2010 | 6.74% | 14.85% |
| Dec 31, 2009 | 5.51% | 20.14% |
| Dec 31, 2008 | 6.66% | 20.29% |
| Dec 31, 2007 | 5.25% | 17.87% |
| Dec 31, 2006 | 1.21% | 20.49% |
| Dec 31, 2005 | 7.99% | 18.28% |
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).