Stock Analysis on Net
Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Thermo Fisher Scientific Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.43 0.46 0.41 0.47 0.44
Adjusted 0.44 0.47 0.42 0.47 0.44
Liquidity Ratio
Current Ratio
Reported 1.75 1.48 1.50 2.13 1.92
Adjusted 1.78 1.50 1.51 2.15 1.95
Solvency Ratios
Debt to Equity
Reported 0.75 0.78 0.85 0.63 0.60
Adjusted 0.76 0.78 0.83 0.63 0.59
Debt to Capital
Reported 0.43 0.44 0.46 0.39 0.37
Adjusted 0.43 0.44 0.45 0.39 0.37
Financial Leverage
Reported 2.11 2.21 2.33 2.00 1.97
Adjusted 2.04 2.08 2.14 1.91 1.84
Profitability Ratios
Net Profit Margin
Reported 13.99% 15.47% 19.70% 19.79% 14.47%
Adjusted 10.59% 11.67% 19.18% 18.65% 11.60%
Return on Equity (ROE)
Reported 12.83% 15.80% 18.94% 18.47% 12.45%
Adjusted 9.42% 11.31% 17.11% 16.78% 9.42%
Return on Assets (ROA)
Reported 6.07% 7.15% 8.12% 9.23% 6.33%
Adjusted 4.63% 5.43% 7.98% 8.77% 5.11%

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Thermo Fisher Scientific Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Thermo Fisher Scientific Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Thermo Fisher Scientific Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Thermo Fisher Scientific Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 42,857 44,915 39,211 32,218 25,542
Total assets 98,726 97,154 95,123 69,052 58,381
Activity Ratio
Total asset turnover1 0.43 0.46 0.41 0.47 0.44
Adjusted
Selected Financial Data (US$ in millions)
Revenues 42,857 44,915 39,211 32,218 25,542
Adjusted total assets2 98,088 96,478 94,265 68,547 57,949
Activity Ratio
Adjusted total asset turnover3 0.44 0.47 0.42 0.47 0.44

Based on: 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).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 42,857 ÷ 98,726 = 0.43

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 42,857 ÷ 98,088 = 0.44

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 24,589 25,229 20,113 21,957 11,893
Current liabilities 14,012 17,010 13,436 10,304 6,197
Liquidity Ratio
Current ratio1 1.75 1.48 1.50 2.13 1.92
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 24,782 25,418 20,263 22,141 12,034
Adjusted current liabilities3 13,952 16,969 13,419 10,283 6,163
Liquidity Ratio
Adjusted current ratio4 1.78 1.50 1.51 2.15 1.95

Based on: 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 24,589 ÷ 14,012 = 1.75

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 24,782 ÷ 13,952 = 1.78

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Thermo Fisher Scientific Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 34,917 34,488 34,870 21,735 17,752
Total Thermo Fisher Scientific Inc. shareholders’ equity 46,735 43,978 40,793 34,507 29,675
Solvency Ratio
Debt to equity1 0.75 0.78 0.85 0.63 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 36,424 36,073 36,339 22,545 18,490
Adjusted total equity3 48,186 46,362 43,973 35,827 31,469
Solvency Ratio
Adjusted debt to equity4 0.76 0.78 0.83 0.63 0.59

Based on: 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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 34,917 ÷ 46,735 = 0.75

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 36,424 ÷ 48,186 = 0.76

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 34,917 34,488 34,870 21,735 17,752
Total capital 81,652 78,466 75,663 56,242 47,427
Solvency Ratio
Debt to capital1 0.43 0.44 0.46 0.39 0.37
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 36,424 36,073 36,339 22,545 18,490
Adjusted total capital3 84,610 82,435 80,312 58,372 49,959
Solvency Ratio
Adjusted debt to capital4 0.43 0.44 0.45 0.39 0.37

Based on: 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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 34,917 ÷ 81,652 = 0.43

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 36,424 ÷ 84,610 = 0.43

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Thermo Fisher Scientific Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 98,726 97,154 95,123 69,052 58,381
Total Thermo Fisher Scientific Inc. shareholders’ equity 46,735 43,978 40,793 34,507 29,675
Solvency Ratio
Financial leverage1 2.11 2.21 2.33 2.00 1.97
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 98,088 96,478 94,265 68,547 57,949
Adjusted total equity3 48,186 46,362 43,973 35,827 31,469
Solvency Ratio
Adjusted financial leverage4 2.04 2.08 2.14 1.91 1.84

Based on: 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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 98,726 ÷ 46,735 = 2.11

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 98,088 ÷ 48,186 = 2.04

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Thermo Fisher Scientific Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 5,995 6,950 7,725 6,375 3,696
Revenues 42,857 44,915 39,211 32,218 25,542
Profitability Ratio
Net profit margin1 13.99% 15.47% 19.70% 19.79% 14.47%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,537 5,242 7,522 6,010 2,964
Revenues 42,857 44,915 39,211 32,218 25,542
Profitability Ratio
Adjusted net profit margin3 10.59% 11.67% 19.18% 18.65% 11.60%

Based on: 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).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Revenues
= 100 × 5,995 ÷ 42,857 = 13.99%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 4,537 ÷ 42,857 = 10.59%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Thermo Fisher Scientific Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 5,995 6,950 7,725 6,375 3,696
Total Thermo Fisher Scientific Inc. shareholders’ equity 46,735 43,978 40,793 34,507 29,675
Profitability Ratio
ROE1 12.83% 15.80% 18.94% 18.47% 12.45%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,537 5,242 7,522 6,010 2,964
Adjusted total equity3 48,186 46,362 43,973 35,827 31,469
Profitability Ratio
Adjusted ROE4 9.42% 11.31% 17.11% 16.78% 9.42%

Based on: 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).

1 2023 Calculation
ROE = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 100 × 5,995 ÷ 46,735 = 12.83%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 4,537 ÷ 48,186 = 9.42%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Thermo Fisher Scientific Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Thermo Fisher Scientific Inc. 5,995 6,950 7,725 6,375 3,696
Total assets 98,726 97,154 95,123 69,052 58,381
Profitability Ratio
ROA1 6.07% 7.15% 8.12% 9.23% 6.33%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,537 5,242 7,522 6,010 2,964
Adjusted total assets3 98,088 96,478 94,265 68,547 57,949
Profitability Ratio
Adjusted ROA4 4.63% 5.43% 7.98% 8.77% 5.11%

Based on: 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).

1 2023 Calculation
ROA = 100 × Net income attributable to Thermo Fisher Scientific Inc. ÷ Total assets
= 100 × 5,995 ÷ 98,726 = 6.07%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,537 ÷ 98,088 = 4.63%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Thermo Fisher Scientific Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.