Analysis of Geographic Areas
Thermo Fisher Scientific Inc. operates in 2 regions: United States and Other.
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- Income Statement
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
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Area Asset Turnover
Thermo Fisher Scientific Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other |
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).
An examination of area asset turnover reveals differing performance between the United States and other geographic regions over the five-year period. The United States demonstrates a relatively stable, though modestly fluctuating, asset turnover ratio, while the ‘Other’ areas exhibit a more pronounced downward trend in recent years.
- United States
- The asset turnover ratio for the United States increased from 3.39 in 2021 to 3.78 in 2022, representing a notable improvement in asset utilization. This was followed by a slight decrease to 3.47 in 2023 and a further incremental rise to 3.48 in 2024. The most recent year, 2025, shows a minor decline to 3.40. Overall, the ratio remains within a narrow range, suggesting consistent, though not dramatically changing, efficiency in asset management within this region.
- Other Areas
- The asset turnover ratio for areas outside the United States began at 4.74 in 2021 and experienced a gradual decline through 2023, reaching 4.48. A slight recovery was observed in 2024, with the ratio increasing to 4.64. However, 2025 witnessed a more substantial decrease to 4.08. This represents the lowest value observed during the analyzed period and indicates a weakening in the efficiency of asset utilization in these regions.
- Comparative Analysis
- Throughout the period, the ‘Other’ areas consistently maintained a higher asset turnover ratio than the United States. However, the gap between the two has narrowed, particularly in the most recent year. The decreasing trend in the ‘Other’ areas, contrasted with the relative stability in the United States, suggests a potential shift in operational efficiency or asset allocation strategies. Further investigation into the specific factors driving these trends within the ‘Other’ areas is warranted.
The observed trends suggest a divergence in asset utilization performance between the two geographic areas. While the United States maintains a consistent level of efficiency, the ‘Other’ areas are experiencing a decline that warrants further scrutiny.
Area Asset Turnover: United States
Thermo Fisher Scientific Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the United States demonstrates a generally stable pattern over the five-year period. Revenues experienced growth from 2021 to 2022, followed by a slight decline in 2023 and 2024, before exhibiting a modest increase in 2025. Long-lived assets showed a consistent upward trend throughout the period, albeit at a slower pace than revenue growth in the initial year. The area asset turnover ratio, which reflects the efficiency with which long-lived assets are used to generate revenue, remained relatively consistent.
- Revenue Trend
- Revenues increased from US$18,907 million in 2021 to US$23,820 million in 2022, representing a significant expansion. A subsequent decrease to US$22,013 million in 2023 and a further slight decline to US$21,755 million in 2024 were observed. Revenues partially recovered in 2025, reaching US$22,240 million. This suggests potential market fluctuations or internal strategic shifts impacting sales.
- Long-Lived Asset Trend
- Long-lived assets increased steadily from US$5,578 million in 2021 to US$6,547 million in 2025. The growth rate slowed over time, indicating a potential stabilization of investment in these assets. This consistent increase suggests ongoing capital expenditure within the United States operations.
- Area Asset Turnover
- The area asset turnover ratio peaked at 3.78 in 2022, indicating the highest efficiency in revenue generation relative to long-lived assets during the observed period. The ratio was 3.39 in 2021, decreased slightly to 3.47 in 2023, remained stable at 3.48 in 2024, and then decreased to 3.40 in 2025. While fluctuations occurred, the ratio remained within a narrow range, suggesting a consistent level of asset utilization efficiency overall. The slight decrease in 2025, coinciding with a revenue increase, warrants further investigation to determine if it signals a change in asset deployment strategy or operational efficiency.
Overall, the United States operations demonstrate a stable, though slightly fluctuating, performance in terms of asset turnover. The consistent investment in long-lived assets, coupled with relatively stable revenue generation, suggests a measured approach to growth and capital allocation.
Area Asset Turnover: Other
Thermo Fisher Scientific Inc.; Other; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance related to long-lived assets reveals a generally stable, though slightly declining, asset turnover ratio over the five-year period. Revenues demonstrate a moderate increase overall, while long-lived assets have experienced fluctuations. A closer examination of the area asset turnover ratio and its components provides further insight.
- Revenues
- Revenues increased from US$20,304 million in 2021 to US$22,316 million in 2025. The largest year-over-year increase occurred between 2024 and 2025, with a rise of US$1,192 million. Revenue decreased slightly between 2021 and 2022, and again between 2022 and 2023.
- Long-Lived Assets
- Long-lived assets increased from US$4,286 million in 2021 to US$5,465 million in 2025. Growth was relatively consistent from 2021 to 2023, followed by a decrease in 2024. The most substantial increase in long-lived assets occurred between 2024 and 2025, with an increase of US$915 million.
- Area Asset Turnover
- The area asset turnover ratio, which measures how efficiently long-lived assets are used to generate revenue, began at 4.74 in 2021. It decreased to 4.62 in 2022 and continued a downward trend to 4.48 in 2023. A slight recovery to 4.64 was observed in 2024, but the ratio subsequently declined to 4.08 in 2025. This represents the lowest value observed during the analyzed period. The decrease in the ratio suggests a diminishing efficiency in asset utilization, potentially due to the faster growth of long-lived assets compared to revenues in the latter years of the period.
The combination of increasing long-lived assets and a declining area asset turnover ratio in 2025 warrants further investigation. Management should assess whether the increased investment in assets is translating into proportional revenue growth, and if not, identify potential areas for improved asset efficiency.
Revenues
Thermo Fisher Scientific Inc., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Consolidated |
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).
Revenues exhibited varied performance across geographic areas between 2021 and 2025. Consolidated revenues demonstrated overall growth, while the United States and Other regions presented distinct trends.
- United States Revenue Trend
- Revenue from the United States increased notably from US$18,907 million in 2021 to US$23,820 million in 2022, representing a substantial gain. However, subsequent years witnessed a decline, falling to US$22,013 million in 2023 and further to US$21,755 million in 2024. A modest recovery was observed in 2025, with revenue reaching US$22,240 million. This indicates a period of strong initial growth followed by a contraction and stabilization.
- Other Revenue Trend
- Revenue categorized as “Other” remained relatively stable throughout the analyzed period. It began at US$20,304 million in 2021 and experienced a slight increase to US$21,095 million in 2022. Fluctuations were minimal in 2023 (US$20,844 million) and 2024 (US$21,124 million), culminating in a rise to US$22,316 million in 2025. This suggests a consistent, albeit moderate, performance in regions outside of the United States.
- Consolidated Revenue Trend
- Consolidated revenue increased from US$39,211 million in 2021 to US$44,915 million in 2022, mirroring the growth observed in the United States. A decrease was recorded in 2023, with revenue at US$42,857 million, followed by a slight increase to US$42,879 million in 2024. The final year, 2025, showed a return to growth, reaching US$44,556 million. The consolidated trend is largely influenced by the performance of the United States segment, with the “Other” segment providing a stabilizing effect.
- Relative Contribution to Consolidated Revenue
- In 2021, the United States contributed approximately 48.2% to consolidated revenue, while “Other” contributed 51.8%. By 2025, the United States’ contribution decreased to roughly 50.0%, and “Other” increased to approximately 50.0%. This indicates a shift in the relative importance of the two geographic areas, with the “Other” segment gaining prominence over the period.
Overall, while consolidated revenue demonstrated growth over the five-year period, the United States experienced a more volatile trajectory, with significant growth followed by a decline and partial recovery. The “Other” segment provided a more consistent revenue stream, and its relative contribution to the consolidated total increased during the analyzed timeframe.
Long-lived assets
Thermo Fisher Scientific Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Consolidated |
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).
The value of long-lived assets within the United States exhibited an overall upward trend between 2021 and 2025, though with some fluctuation. Similarly, long-lived assets categorized as ‘Other’ also demonstrated an increasing trend over the same period. Consolidated long-lived assets, representing the combined value of both regions, mirrored this overall growth.
- United States
- The value of long-lived assets in the United States increased from US$5,578 million in 2021 to US$6,308 million in 2022, representing a substantial gain. A modest increase was then observed between 2022 and 2023, reaching US$6,352 million. A slight decrease occurred in 2024, falling to US$6,245 million, before recovering to US$6,547 million in 2025, marking the highest value within the observed timeframe.
- Other
- Long-lived assets categorized as ‘Other’ increased from US$4,286 million in 2021 to US$4,565 million in 2022. This growth continued, albeit at a slower pace, reaching US$4,652 million in 2023. A minor decline was noted in 2024, with the value decreasing to US$4,550 million. However, a significant increase occurred in 2025, rising to US$5,465 million, representing the largest single-year increase within this category.
- Consolidated
- Consolidated long-lived assets grew from US$9,864 million in 2021 to US$10,873 million in 2022. The upward trend continued to US$11,004 million in 2023, before experiencing a slight decrease to US$10,795 million in 2024. The value then increased substantially in 2025, reaching US$12,012 million, the highest value recorded during the period. The consolidated figure consistently reflects the combined growth of the United States and ‘Other’ regions.
The most significant growth in long-lived assets occurred in 2025 for both the ‘Other’ category and the consolidated total, suggesting a potential shift in investment strategy or increased activity in those areas. The slight dip in 2024 for both the United States and consolidated figures warrants further investigation to determine the underlying causes.