Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

Thermo Fisher Scientific Inc., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net income attributable to Thermo Fisher Scientific Inc.1 ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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.

Comparison to Competitors

Thermo Fisher Scientific Inc., ROE, 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
Dec 31, 2024
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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)

Microsoft Excel
Thermo Fisher Scientific Inc. Pharmaceuticals, Biotechnology & Life Sciences
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Dec 31, 2021
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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)

Microsoft Excel
Thermo Fisher Scientific Inc. Health Care
Dec 31, 2025
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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).