Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Total Asset Turnover 
since 2005

Microsoft Excel

Calculation

Thermo Fisher Scientific Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2024 0.44 = 42,879 ÷ 97,321
Dec 31, 2023 0.43 = 42,857 ÷ 98,726
Dec 31, 2022 0.46 = 44,915 ÷ 97,154
Dec 31, 2021 0.41 = 39,211 ÷ 95,123
Dec 31, 2020 0.47 = 32,218 ÷ 69,052
Dec 31, 2019 0.44 = 25,542 ÷ 58,381
Dec 31, 2018 0.43 = 24,358 ÷ 56,232
Dec 31, 2017 0.37 = 20,918 ÷ 56,669
Dec 31, 2016 0.40 = 18,274 ÷ 45,908
Dec 31, 2015 0.41 = 16,965 ÷ 40,889
Dec 31, 2014 0.39 = 16,890 ÷ 42,852
Dec 31, 2013 0.41 = 13,090 ÷ 31,863
Dec 31, 2012 0.46 = 12,510 ÷ 27,445
Dec 31, 2011 0.44 = 11,726 ÷ 26,834
Dec 31, 2010 0.51 = 10,789 ÷ 21,349
Dec 31, 2009 0.47 = 10,110 ÷ 21,625
Dec 31, 2008 0.50 = 10,498 ÷ 21,090
Dec 31, 2007 0.46 = 9,746 ÷ 21,207
Dec 31, 2006 0.18 = 3,792 ÷ 21,262
Dec 31, 2005 0.62 = 2,633 ÷ 4,252

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$ in millions

The analysis of the financial data over the reported period reveals several notable trends regarding revenues, total assets, and total asset turnover.

Revenues
Revenues exhibited a substantial upward trend from 2005 through 2021, increasing from 2,633 million USD to a peak of 39,211 million USD in 2021. This reflects significant growth over the 16-year span. After 2021, revenues continued to increase in 2022 to 44,915 million USD but showed a slight decline in 2023, decreasing to 42,857 million USD, and stabilized by 2024 at 42,879 million USD. Overall, the trend indicates robust sales growth with some recent pressure or plateauing after the peak in 2022.
Total Assets
Total assets started at 4,252 million USD in 2005 and saw a remarkable jump in 2006 to 21,262 million USD, remaining relatively stable near that level until 2010. From 2010 onwards, total assets steadily grew, with occasional fluctuations, reaching a high of 97,154 million USD in 2022. The asset base then slightly decreased in 2023 and 2024 to approximately 98,726 million and 97,321 million USD respectively, suggesting a stabilization of asset investment levels after rapid expansion in prior years. The overall pattern points to significant asset accumulation, likely linked to company growth and investment activities.
Total Asset Turnover
The total asset turnover ratio, indicating efficiency in utilizing assets to generate revenue, displayed notable volatility. The ratio was moderately high at 0.62 in 2005 but dropped sharply to 0.18 in 2006, coinciding with the marked asset base increase. From 2007 onward, it fluctuated between 0.37 and 0.51, illustrating a relatively consistent ability to generate revenue from assets, albeit at a lower level compared to 2005. The ratio generally hovered around 0.4 to 0.46 in recent years, implying moderate asset efficiency amidst expanding asset scale. The stability in this ratio after 2017 suggests that revenue growth and asset growth have been somewhat balanced, without dramatic shifts in operational efficiency.

In summary, the financial data shows strong revenue growth complemented by substantial increases in asset holdings, leading to a more than fourfold increase in total assets from 2005 to the early 2020s. The asset utilization efficiency has been lower than the initial period but stable over recent years, indicating consistent operational performance relative to the size of the asset base. Recent revenue stabilization alongside plateauing asset growth may imply maturation in the company's operational expansion or a shift in strategic focus.

Comparison to Competitors

Thermo Fisher Scientific Inc., total asset turnover, 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, 2024 0.44 0.42 0.35 0.52 0.31 0.57 0.48 0.49 0.55 0.30 0.38 0.49
Dec 31, 2023 0.43 0.40 0.28 0.47 0.28 0.53 0.43 0.51 0.56 0.26 0.40 0.43
Dec 31, 2022 0.46 0.42 0.38 0.48 0.37 0.58 0.43 0.51 0.54 0.51 0.42 0.49
Dec 31, 2021 0.41 0.38 0.40 0.42 0.35 0.58 0.40 0.52 0.46 0.45 0.63 0.56
Dec 31, 2020 0.47 0.30 0.39 0.36 0.29 0.53 0.36 0.47 0.52 0.28 0.50 0.53
Dec 31, 2019 0.44 0.37 0.37 0.20 0.29 0.57 0.36 0.52 0.55 0.31 0.53 0.50
Dec 31, 2018 0.43 0.55 0.34 0.64 0.42 0.56 0.34 0.53 0.51 0.34 0.57 0.49
Dec 31, 2017 0.37 0.40 0.27 0.62 0.39 0.51 0.37 0.49 0.46 0.31 0.67 0.70
Dec 31, 2016 0.40 0.39 0.28 0.58 0.37 0.55 0.53 0.51 0.42 0.31 0.70 0.59
Dec 31, 2015 0.41 0.43 0.29 0.52 0.43 0.56 0.62 0.53 0.39 0.29 0.73 0.41
Dec 31, 2014 0.39 0.72 0.28 0.47 0.54 0.53 0.71 0.57 0.43 0.29 0.73 0.25
Dec 31, 2013 0.41 0.64 0.28 0.42 0.55 0.66 0.48 0.54 0.42 0.30 0.71 0.52
Dec 31, 2012 0.46 0.68 0.31 0.49 0.55 0.66 0.44 0.55 0.45 0.32 0.66 0.55
Dec 31, 2011 0.44 — 0.31 0.64 0.54 0.72 0.47 0.57 0.46 0.36 0.34 0.64
Dec 31, 2010 0.51 — 0.34 0.63 0.59 0.74 0.64 0.60 0.43 0.35 0.42 0.08
Dec 31, 2009 0.47 — 0.36 0.61 0.57 0.80 0.67 0.65 0.24 0.23 0.51 0.05
Dec 31, 2008 0.50 — 0.40 0.70 0.73 0.70 0.72 0.75 0.51 0.43 0.36 0.18
Dec 31, 2007 0.46 — 0.41 0.74 0.63 0.70 0.64 0.75 0.50 0.42 0.13 0.33
Dec 31, 2006 0.18 — 0.41 0.70 0.75 0.71 0.63 0.76 0.51 0.42 0.11 0.23
Dec 31, 2005 0.62 — 0.41 0.68 0.87 0.60 0.48 0.87 0.49 0.44 0.16 0.29

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., total asset turnover, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Thermo Fisher Scientific Inc. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2024 0.44 0.43
Dec 31, 2023 0.43 0.40
Dec 31, 2022 0.46 0.47
Dec 31, 2021 0.41 0.45
Dec 31, 2020 0.47 0.39
Dec 31, 2019 0.44 0.39
Dec 31, 2018 0.43 0.45
Dec 31, 2017 0.37 0.40
Dec 31, 2016 0.40 0.41
Dec 31, 2015 0.41 0.42
Dec 31, 2014 0.39 0.44
Dec 31, 2013 0.41 0.43
Dec 31, 2012 0.46 0.45
Dec 31, 2011 0.44 0.47
Dec 31, 2010 0.51 0.47
Dec 31, 2009 0.47 0.39
Dec 31, 2008 0.50 0.57
Dec 31, 2007 0.46 0.56
Dec 31, 2006 0.18 0.54
Dec 31, 2005 0.62 0.57

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., total asset turnover, long-term trends, comparison to industry (health care)

Microsoft Excel
Thermo Fisher Scientific Inc. Health Care
Dec 31, 2024 0.44 0.75
Dec 31, 2023 0.43 0.73
Dec 31, 2022 0.46 0.75
Dec 31, 2021 0.41 0.70
Dec 31, 2020 0.47 0.64
Dec 31, 2019 0.44 0.65
Dec 31, 2018 0.43 0.68
Dec 31, 2017 0.37 0.66
Dec 31, 2016 0.40 0.67
Dec 31, 2015 0.41 0.64
Dec 31, 2014 0.39 0.69
Dec 31, 2013 0.41 0.67
Dec 31, 2012 0.46 0.67
Dec 31, 2011 0.44 0.69
Dec 31, 2010 0.51 0.68
Dec 31, 2009 0.47 0.63
Dec 31, 2008 0.50 0.80
Dec 31, 2007 0.46 0.77
Dec 31, 2006 0.18 0.74
Dec 31, 2005 0.62 0.72

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).