Analysis of Geographic Areas
Thermo Fisher Scientific Inc. operates in 2 regions: United States and Other.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Area Asset Turnover
Thermo Fisher Scientific Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other |
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).
- United States Asset Turnover
-
The asset turnover ratio for the United States segment exhibited a decline from 4.46 in 2020 to 3.39 in 2021. This was followed by a recovery to 3.78 in 2022. Subsequently, the ratio slightly decreased and stabilized around 3.47 and 3.48 in 2023 and 2024, respectively. Overall, the trend indicates an initial reduction in efficiency in utilizing assets to generate revenue during 2021, with partial recovery but remaining below the 2020 levels through 2024.
- Other Geographic Areas Asset Turnover
-
The asset turnover ratio for other geographic areas started at 5.26 in 2020, then showed a gradual decline each year until 2023, reaching 4.48. In 2024, there was a minor improvement, with the ratio rising to 4.64. The data suggest a consistent decrease in asset utilization efficiency over the initial years, with a modest rebound in the latest period.
- Comparative Insights
-
Throughout the observed periods, the asset turnover ratios for the other geographic areas consistently remained higher than those in the United States, indicating relatively more efficient asset utilization outside the U.S. Both regions experienced declines in asset turnover ratios following 2020, with some recovery in later years. The fluctuations may reflect changes in operational efficiency, market conditions, or capital investment strategies affecting asset use across these geographic segments.
Area Asset Turnover: United States
Thermo Fisher Scientific Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenue Trends
- Revenues showed a consistent upward trajectory from 2020 to 2022, increasing from 16,435 million USD to 23,820 million USD. However, this trend reversed in 2023, with revenues declining to 22,013 million USD and further slightly decreasing to 21,755 million USD in 2024. This indicates a peak in 2022 followed by a reduction in the subsequent years.
- Long-lived Assets
- Long-lived assets experienced significant growth between 2020 and 2021, rising from 3,686 million USD to 5,578 million USD. Growth continued but at a slower pace in 2022, reaching 6,308 million USD. From 2023 to 2024, the asset base stabilized with marginal decline, moving from 6,352 million USD to 6,245 million USD. This suggests an investment expansion primarily in the early years followed by stabilization or slight divestment.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures revenue generated per unit of asset, declined from 4.46 in 2020 to 3.39 in 2021, indicating reduced efficiency or utilization of assets relative to revenue. The ratio improved somewhat in 2022 to 3.78 but decreased again in 2023 to 3.47 and then remained nearly stable in 2024 at 3.48. Overall, this shows volatility and a downward trend compared to the initial 2020 level, reflecting variability in operational efficiency or asset deployment in the geographic area.
- Summary Insights
- The data reveal a phase of revenue growth coupled with increasing long-lived assets through 2022, followed by a contraction in revenue and a stabilization of asset levels thereafter. The asset turnover ratio's decline from 2020 suggests a relative decrease in the efficiency with which the company generates revenues from its assets in this geographic segment. The reversing revenue trend after 2022 alongside stable assets may highlight challenges in sustaining growth or improving asset utilization in recent years.
Area Asset Turnover: Other
Thermo Fisher Scientific Inc.; Other; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The data reveals evolving dynamics in the "Other" geographic area over the examined five-year period, focusing on revenues, long-lived assets, and area asset turnover.
- Revenues
- Revenues exhibited a growth trend from 15,783 million US dollars in 2020 to a peak of 21,095 million in 2022. Although there was a slight decline to 20,844 million in 2023, revenues marginally increased again to 21,124 million by 2024. Overall, this reflects a stable revenue base with moderate growth and minor fluctuations in the latter years.
- Long-lived assets
- Long-lived assets showed continuous growth from 3,001 million in 2020 to 4,652 million by 2023. However, this upward trajectory slightly reversed in 2024, with assets decreasing to 4,550 million. The steady increase over most of the period suggests ongoing investment in fixed assets, although the recent step back could indicate asset disposals, revaluations, or a pause in capital expenditure.
- Area asset turnover
- The area asset turnover ratio reveals a declining efficiency trend, falling from 5.26 in 2020 to 4.48 in 2023. The ratio rebounded slightly to 4.64 in 2024 but remained below the initial 2020 value. This trend indicates that the revenue generated per unit of long-lived assets decreased over time, implying a reduction in asset utilization efficiency despite revenue growth and asset increases.
In summary, while revenues demonstrated overall growth with some minor volatility, long-lived assets steadily increased until a slight decrease in the last year. The declining area asset turnover ratio points to decreasing efficiency in asset use for revenue generation, though the small improvement in 2024 might suggest early signs of recovery in asset productivity.
Revenues
Thermo Fisher Scientific Inc., revenues by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Consolidated |
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).
- Revenue Trends by Geographic Area
-
The data reveals distinct patterns in revenues from the United States and other regions over the five-year period examined.
Revenues generated in the United States show an upward trend from 2020 through 2022, increasing from approximately 16.4 billion US dollars in 2020 to about 23.8 billion US dollars in 2022. This represents a significant growth over the two years. However, in the subsequent years, 2023 and 2024, there is a noticeable decline in revenues, dropping to approximately 22.0 billion and 21.8 billion US dollars respectively, indicating a downward adjustment after the earlier growth phase.
Revenues from other geographic areas also increase from 15.8 billion US dollars in 2020 to a peak of around 21.1 billion in 2022. Unlike the U.S. revenues, revenues classified as 'Other' remain relatively stable between 2022 and 2024, fluctuating marginally around 20.8 to 21.1 billion US dollars, indicating a more consistent revenue stream in these regions during this period.
- Consolidated Revenue Analysis
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Total consolidated revenues follow a strong growth trajectory from 2020 to 2022, rising from 32.2 billion US dollars to 44.9 billion US dollars. After 2022, consolidated revenues decrease somewhat to approximately 42.9 billion US dollars in 2023 and marginally rise to nearly 42.9 billion in 2024. This pattern suggests that the overall revenue growth momentum slowed after 2022, with a modest stabilization afterward.
The consolidation of geographic revenues highlights that both the United States and other regions contributed substantially to revenue growth up to 2022, followed by a period of stabilization and slight decline predominantly driven by decreases in the U.S. segment.
- Summary of Observations
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There is a clear growth phase in revenues from both the United States and other areas through 2022, reflecting possibly expanded operations, market demand, or successful business initiatives during this time. The subsequent stabilization and slight declines particularly in the U.S. market after 2022 merit attention to underlying causes such as market saturation, competitive pressures, or economic factors.
Overall, while consolidated revenues remain significantly higher than at the start of the period, the data indicates a need for strategic focus on addressing the recent slowdowns and maintaining revenue growth in key geographic markets moving forward.
Long-lived assets
Thermo Fisher Scientific Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| Other | |||||
| Consolidated |
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).
- United States Long-Lived Assets
- The long-lived assets in the United States demonstrated a consistent upward trend from 2020 through 2023, increasing from 3,686 million US dollars to a peak of 6,352 million US dollars. However, in 2024, there was a slight decline to 6,245 million US dollars. This indicates overall growth over the five-year period with a minor contraction at the end.
- Other Geographic Areas Long-Lived Assets
- For assets classified as "Other," the data shows a steady growth from 3,001 million US dollars in 2020 to a high of 4,652 million US dollars in 2023. Similar to the U.S. segment, there was a mild decrease in 2024, where the value dropped to 4,550 million US dollars. The pattern suggests a growing investment in these regions until a minor pullback occurred in the latest year.
- Consolidated Long-Lived Assets
- The consolidated long-lived assets, representing the total across all regions, reflect a strong growth trajectory from 6,687 million US dollars in 2020 to a peak of 11,004 million US dollars in 2023. In 2024, the consolidated assets slightly declined to 10,795 million US dollars, mirroring the trends in both the U.S. and other geographic segments. The overall increase over the five-year span is significant despite the modest decrease in the final year.
- Summary of Trends
- Across all geographic categories, the data reveals robust asset growth from 2020 to 2023, indicative of expansion or increased capital investment in long-lived assets. The slight decline in 2024 across all regions may reflect strategic adjustments, asset disposals, or changes in asset valuation rather than a fundamental reversal of growth. The United States consistently accounts for the larger share of total long-lived assets, with other regions showing proportional growth but maintaining a smaller absolute base.