Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Thermo Fisher Scientific Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
The solvency profile exhibits a period of relative stability in leverage ratios, punctuated by a notable contraction in interest coverage capabilities during the initial phase of the observation period, followed by a stabilization phase.
- Debt-to-Equity and Capitalization Ratios
- Debt to equity fluctuated within a range of 0.63 to 0.83. A general decline was observed throughout 2024, reaching a low of 0.63 by December 31, 2024, before trending upward again to 0.81 by June 27, 2026. Similarly, the debt to capital ratio remained consistent, oscillating between 0.39 and 0.45, indicating a disciplined approach to the overall capital structure. Debt to assets mirrored these movements, dipping to 0.32 in December 2024 and returning to 0.38 by the end of the period.
- Financial Leverage
- Financial leverage showed a gradual downward trend from a peak of 2.26 in April 2022 to a minimum of 1.96 in December 2024. This decline suggests a temporary reduction in the reliance on debt to finance assets. However, a subsequent recovery occurred, with the ratio climbing back to 2.15 by June 2026, suggesting a return to previous leverage levels.
- Interest Coverage Analysis
- A significant contraction is evident in the interest coverage ratio, which fell sharply from 16.73 in April 2022 to 5.54 by December 2023. This substantial decrease indicates a reduced margin of safety for meeting interest obligations from operating profits. Following this decline, the ratio entered a stabilization phase, maintaining a tight range between 5.53 and 6.25 from March 2024 through June 2026, suggesting that the cost of debt or the earnings base reached a new equilibrium.
Overall, while the company maintains a consistent debt-to-asset and debt-to-equity framework, the diminished interest coverage relative to 2022 levels represents the most significant shift in the solvency profile, although the stability observed since early 2024 indicates a controlled financial position.
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Debt Ratios
Coverage Ratios
Debt to Equity
Thermo Fisher Scientific Inc., debt to equity calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term obligations and current maturities of long-term obligations | 3,368) | 3,090) | 3,533) | 3,823) | 2,214) | 2,819) | 2,214) | 4,116) | 5,121) | 4,451) | 3,609) | 4,795) | 4,814) | 6,122) | 5,579) | 1,010) | 1,010) | 1,866) | ||||||
| Long-term obligations, excluding current maturities | 39,181) | 40,071) | 35,852) | 31,857) | 33,015) | 31,370) | 29,061) | 31,197) | 30,284) | 31,157) | 31,308) | 30,489) | 29,194) | 29,135) | 28,909) | 28,150) | 29,250) | 31,389) | ||||||
| Total debt | 42,549) | 43,161) | 39,385) | 35,680) | 35,229) | 34,189) | 31,275) | 35,313) | 35,405) | 35,608) | 34,917) | 35,284) | 34,008) | 35,257) | 34,488) | 29,160) | 30,260) | 33,255) | ||||||
| Total Thermo Fisher Scientific Inc. shareholders’ equity | 52,679) | 51,934) | 53,407) | 51,018) | 50,512) | 49,390) | 49,584) | 48,992) | 47,432) | 45,516) | 46,735) | 45,328) | 43,752) | 42,257) | 43,978) | 43,549) | 42,293) | 40,956) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 0.81 | 0.83 | 0.74 | 0.70 | 0.70 | 0.69 | 0.63 | 0.72 | 0.75 | 0.78 | 0.75 | 0.78 | 0.78 | 0.83 | 0.78 | 0.67 | 0.72 | 0.81 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 49.22 | 20.19 | 11.78 | 10.42 | 9.24 | 5.73 | 5.02 | 4.74 | 4.68 | 3.67 | 4.35 | 4.98 | 4.51 | ||||||
| Amgen Inc. | 4.90 | 6.24 | 6.31 | 5.67 | 7.57 | 9.24 | 10.23 | 8.02 | 10.57 | 12.75 | 10.37 | 7.90 | 9.08 | 11.52 | 10.64 | 10.60 | 15.10 | 40.23 | ||||||
| Bristol-Myers Squibb Co. | 1.93 | 2.22 | 2.44 | 2.64 | 2.82 | 2.86 | 3.04 | 2.90 | 3.08 | 3.38 | 1.35 | 1.30 | 1.18 | 1.19 | 1.27 | 1.20 | 1.29 | 1.42 | ||||||
| Danaher Corp. | 0.51 | 0.35 | 0.35 | 0.33 | 0.33 | 0.32 | 0.32 | 0.34 | 0.34 | 0.34 | 0.34 | 0.42 | 0.38 | 0.39 | 0.39 | 0.41 | 0.43 | 0.47 | ||||||
| Eli Lilly & Co. | 1.62 | 1.39 | 1.60 | 1.79 | 2.18 | 2.44 | 2.37 | 2.19 | 2.13 | 2.05 | 2.34 | 1.80 | 1.70 | 1.69 | 1.52 | 1.58 | 1.97 | 1.77 | ||||||
| Gilead Sciences Inc. | 2.22 | 0.94 | 1.10 | 1.16 | 1.27 | 1.30 | 1.38 | 1.26 | 1.28 | 1.44 | 1.09 | 1.12 | 1.19 | 1.20 | 1.19 | 1.20 | 1.30 | 1.32 | ||||||
| Johnson & Johnson | 0.58 | 0.68 | 0.59 | 0.58 | 0.65 | 0.67 | 0.51 | 0.51 | 0.58 | 0.48 | 0.43 | 0.42 | 0.61 | 0.75 | 0.52 | 0.43 | 0.43 | 0.44 | ||||||
| Merck & Co. Inc. | 1.29 | 1.07 | 0.94 | 0.80 | 0.72 | 0.72 | 0.80 | 0.86 | 0.87 | 0.85 | 0.93 | 0.85 | 0.95 | 0.66 | 0.67 | 0.68 | 0.73 | 0.78 | ||||||
| Pfizer Inc. | 0.74 | 0.72 | 0.75 | 0.66 | 0.70 | 0.69 | 0.73 | 0.73 | 0.79 | 0.75 | 0.81 | 0.66 | 0.66 | 0.36 | 0.37 | 0.40 | 0.46 | 0.44 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.13 | 0.13 | 0.14 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 42,549 ÷ 52,679 = 0.81
2 Click competitor name to see calculations.
The solvency profile of the organization is characterized by a steady expansion of shareholders' equity countered by periodic fluctuations and a recent upward trend in total debt. While the company has maintained a balanced leverage position over the analyzed period, there is a notable shift toward increased borrowing in the most recent quarters.
- Total Debt Dynamics
- Total debt exhibited a volatile pattern between April 2022 and December 2024, fluctuating between a low of 29,160 million USD and a high of 35,608 million USD. A significant contraction occurred in December 2024, where debt dropped to 31,275 million USD. However, this was followed by a sharp and sustained increase throughout 2025 and early 2026, peaking at 43,161 million USD in March 2026 before a slight reduction to 42,549 million USD by June 2026.
- Shareholders' Equity Growth
- A consistent upward trajectory is observed in total shareholders' equity. From a baseline of 40,956 million USD in April 2022, equity grew to 52,679 million USD by June 2026. This steady growth indicates a consistent accumulation of retained earnings or capital infusions, which has served to strengthen the balance sheet and partially offset the impact of increased debt levels.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained within a range of 0.63 to 0.83. An initial decline was noted from 0.81 in April 2022 to a period low of 0.63 in December 2024, suggesting a phase of deleveraging or equity growth outpacing debt. Conversely, a reversal is observed starting in 2025, with the ratio climbing back to 0.81 by June 2026. This return to previous levels indicates that the recent surge in total debt has occurred at a faster rate than the growth of shareholders' equity, returning the company to a higher leverage position.
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Debt to Capital
Thermo Fisher Scientific Inc., debt to capital calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term obligations and current maturities of long-term obligations | 3,368) | 3,090) | 3,533) | 3,823) | 2,214) | 2,819) | 2,214) | 4,116) | 5,121) | 4,451) | 3,609) | 4,795) | 4,814) | 6,122) | 5,579) | 1,010) | 1,010) | 1,866) | ||||||
| Long-term obligations, excluding current maturities | 39,181) | 40,071) | 35,852) | 31,857) | 33,015) | 31,370) | 29,061) | 31,197) | 30,284) | 31,157) | 31,308) | 30,489) | 29,194) | 29,135) | 28,909) | 28,150) | 29,250) | 31,389) | ||||||
| Total debt | 42,549) | 43,161) | 39,385) | 35,680) | 35,229) | 34,189) | 31,275) | 35,313) | 35,405) | 35,608) | 34,917) | 35,284) | 34,008) | 35,257) | 34,488) | 29,160) | 30,260) | 33,255) | ||||||
| Total Thermo Fisher Scientific Inc. shareholders’ equity | 52,679) | 51,934) | 53,407) | 51,018) | 50,512) | 49,390) | 49,584) | 48,992) | 47,432) | 45,516) | 46,735) | 45,328) | 43,752) | 42,257) | 43,978) | 43,549) | 42,293) | 40,956) | ||||||
| Total capital | 95,228) | 95,095) | 92,792) | 86,698) | 85,741) | 83,579) | 80,859) | 84,305) | 82,837) | 81,124) | 81,652) | 80,612) | 77,760) | 77,514) | 78,466) | 72,709) | 72,553) | 74,211) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.45 | 0.45 | 0.42 | 0.41 | 0.41 | 0.41 | 0.39 | 0.42 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.45 | 0.44 | 0.40 | 0.42 | 0.45 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 1.09 | 1.10 | 1.05 | 1.04 | 1.00 | 0.98 | 0.95 | 0.92 | 0.91 | 0.90 | 0.85 | 0.83 | 0.83 | 0.82 | 0.79 | 0.81 | 0.83 | 0.82 | ||||||
| Amgen Inc. | 0.83 | 0.86 | 0.86 | 0.85 | 0.88 | 0.90 | 0.91 | 0.89 | 0.91 | 0.93 | 0.91 | 0.89 | 0.90 | 0.92 | 0.91 | 0.91 | 0.94 | 0.98 | ||||||
| Bristol-Myers Squibb Co. | 0.66 | 0.69 | 0.71 | 0.73 | 0.74 | 0.74 | 0.75 | 0.74 | 0.75 | 0.77 | 0.57 | 0.56 | 0.54 | 0.54 | 0.56 | 0.54 | 0.56 | 0.59 | ||||||
| Danaher Corp. | 0.34 | 0.26 | 0.26 | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.30 | 0.28 | 0.28 | 0.28 | 0.29 | 0.30 | 0.32 | ||||||
| Eli Lilly & Co. | 0.62 | 0.58 | 0.62 | 0.64 | 0.69 | 0.71 | 0.70 | 0.69 | 0.68 | 0.67 | 0.70 | 0.64 | 0.63 | 0.63 | 0.60 | 0.61 | 0.66 | 0.64 | ||||||
| Gilead Sciences Inc. | 0.69 | 0.49 | 0.52 | 0.54 | 0.56 | 0.57 | 0.58 | 0.56 | 0.56 | 0.59 | 0.52 | 0.53 | 0.54 | 0.55 | 0.54 | 0.54 | 0.56 | 0.57 | ||||||
| Johnson & Johnson | 0.37 | 0.40 | 0.37 | 0.37 | 0.39 | 0.40 | 0.34 | 0.34 | 0.37 | 0.32 | 0.30 | 0.30 | 0.38 | 0.43 | 0.34 | 0.30 | 0.30 | 0.31 | ||||||
| Merck & Co. Inc. | 0.56 | 0.52 | 0.48 | 0.44 | 0.42 | 0.42 | 0.44 | 0.46 | 0.46 | 0.46 | 0.48 | 0.46 | 0.49 | 0.40 | 0.40 | 0.41 | 0.42 | 0.44 | ||||||
| Pfizer Inc. | 0.43 | 0.42 | 0.43 | 0.40 | 0.41 | 0.41 | 0.42 | 0.42 | 0.44 | 0.43 | 0.45 | 0.40 | 0.40 | 0.26 | 0.27 | 0.28 | 0.32 | 0.31 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.12 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 42,549 ÷ 95,228 = 0.45
2 Click competitor name to see calculations.
The solvency profile of the organization demonstrates a period of relative stability followed by a notable increase in leverage toward the end of the analyzed timeframe. While absolute debt and capital figures grew, the debt-to-capital ratio remained within a consistent range, indicating a managed approach to financing growth.
- Total Debt Trends
- Total debt exhibited fluctuations between April 2022 and December 2024, generally oscillating between 29 billion and 35 billion US dollars. A significant shift occurred starting in March 2025, where debt levels began a steady ascent, peaking at 43.16 billion US dollars by March 2026. This represents a substantial increase in borrowing during the final six quarters of the period.
- Total Capital Growth
- Total capital showed a consistent long-term upward trajectory, growing from 74.21 billion US dollars in April 2022 to 95.23 billion US dollars by June 2026. This growth in the capital base occurred concurrently with the increase in debt, suggesting that the expansion of the balance sheet was supported by both liabilities and equity.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio remained stable, fluctuating between a low of 0.39 in December 2024 and a high of 0.45. Despite the sharp increase in total debt observed in 2025 and 2026, the ratio did not experience an exponential spike, returning to 0.45 by March 2026. This indicates that the increase in debt was proportional to the growth in total capital, maintaining a consistent solvency structure throughout the multi-year period.
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Debt to Assets
Thermo Fisher Scientific Inc., debt to assets calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term obligations and current maturities of long-term obligations | 3,368) | 3,090) | 3,533) | 3,823) | 2,214) | 2,819) | 2,214) | 4,116) | 5,121) | 4,451) | 3,609) | 4,795) | 4,814) | 6,122) | 5,579) | 1,010) | 1,010) | 1,866) | ||||||
| Long-term obligations, excluding current maturities | 39,181) | 40,071) | 35,852) | 31,857) | 33,015) | 31,370) | 29,061) | 31,197) | 30,284) | 31,157) | 31,308) | 30,489) | 29,194) | 29,135) | 28,909) | 28,150) | 29,250) | 31,389) | ||||||
| Total debt | 42,549) | 43,161) | 39,385) | 35,680) | 35,229) | 34,189) | 31,275) | 35,313) | 35,405) | 35,608) | 34,917) | 35,284) | 34,008) | 35,257) | 34,488) | 29,160) | 30,260) | 33,255) | ||||||
| Total assets | 113,174) | 113,281) | 110,343) | 103,020) | 101,230) | 99,041) | 97,321) | 100,364) | 98,496) | 97,095) | 98,726) | 97,057) | 94,105) | 94,658) | 97,154) | 90,536) | 90,579) | 92,747) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.38 | 0.38 | 0.36 | 0.35 | 0.35 | 0.35 | 0.32 | 0.35 | 0.36 | 0.37 | 0.35 | 0.36 | 0.36 | 0.37 | 0.35 | 0.32 | 0.33 | 0.36 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.52 | 0.53 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.50 | 0.50 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.49 | 0.51 | 0.51 | ||||||
| Amgen Inc. | 0.60 | 0.62 | 0.60 | 0.61 | 0.64 | 0.64 | 0.65 | 0.66 | 0.69 | 0.69 | 0.67 | 0.67 | 0.68 | 0.69 | 0.60 | 0.61 | 0.62 | 0.62 | ||||||
| Bristol-Myers Squibb Co. | 0.49 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.55 | 0.56 | 0.42 | 0.41 | 0.40 | 0.40 | 0.41 | 0.40 | 0.42 | 0.44 | ||||||
| Danaher Corp. | 0.29 | 0.22 | 0.22 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.22 | 0.22 | 0.25 | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 | 0.26 | ||||||
| Eli Lilly & Co. | 0.39 | 0.37 | 0.38 | 0.37 | 0.40 | 0.43 | 0.43 | 0.41 | 0.40 | 0.41 | 0.39 | 0.35 | 0.34 | 0.36 | 0.33 | 0.33 | 0.36 | 0.35 | ||||||
| Gilead Sciences Inc. | 0.53 | 0.39 | 0.42 | 0.43 | 0.45 | 0.44 | 0.45 | 0.43 | 0.44 | 0.45 | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.40 | 0.42 | 0.42 | ||||||
| Johnson & Johnson | 0.24 | 0.27 | 0.24 | 0.24 | 0.26 | 0.27 | 0.20 | 0.20 | 0.23 | 0.20 | 0.18 | 0.18 | 0.24 | 0.27 | 0.21 | 0.18 | 0.18 | 0.19 | ||||||
| Merck & Co. Inc. | 0.42 | 0.38 | 0.36 | 0.32 | 0.30 | 0.30 | 0.32 | 0.32 | 0.34 | 0.32 | 0.33 | 0.33 | 0.35 | 0.29 | 0.28 | 0.28 | 0.30 | 0.30 | ||||||
| Pfizer Inc. | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 | 0.30 | 0.31 | 0.32 | 0.31 | 0.32 | 0.30 | 0.30 | 0.18 | 0.18 | 0.19 | 0.21 | 0.20 | ||||||
| Regeneron Pharmaceuticals Inc. | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | ||||||
| Vertex Pharmaceuticals Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 42,549 ÷ 113,174 = 0.38
2 Click competitor name to see calculations.
The company's solvency profile is characterized by a period of relative stability followed by a moderate increase in financial leverage during the latter part of the observed timeframe. While total assets grew consistently over the multi-year period, a surge in total debt toward the end of the series led to a slight elevation in the debt-to-assets ratio.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained largely range-bound between 0.32 and 0.37 from April 2022 through December 2024. The lowest point of 0.32 was recorded in October 2022 and again in December 2024. A shift occurred starting in December 2025, with the ratio ascending to and sustaining a peak of 0.38 through June 2026, indicating a higher proportion of assets financed through debt in the final quarters.
- Total Debt Trends
- Total debt levels fluctuated between approximately 29,160 million USD and 35,680 million USD for the majority of the period. A notable contraction occurred in December 2024, where debt dropped to 31,275 million USD. This was followed by a significant upward trend beginning in late 2025, with total debt climbing sharply to 43,161 million USD by March 2026, representing the highest level of indebtedness in the series.
- Asset Growth and Solvency Impact
- Total assets exhibited a steady expansion, increasing from 92,747 million USD in April 2022 to 113,174 million USD by June 2026. This growth in the asset base initially served to offset increases in debt, maintaining a stable solvency ratio. However, the rapid acceleration of debt accumulation in 2026 outpaced asset growth, resulting in the observed increase in the debt to assets ratio.
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Financial Leverage
Thermo Fisher Scientific Inc., financial leverage calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | 113,174) | 113,281) | 110,343) | 103,020) | 101,230) | 99,041) | 97,321) | 100,364) | 98,496) | 97,095) | 98,726) | 97,057) | 94,105) | 94,658) | 97,154) | 90,536) | 90,579) | 92,747) | ||||||
| Total Thermo Fisher Scientific Inc. shareholders’ equity | 52,679) | 51,934) | 53,407) | 51,018) | 50,512) | 49,390) | 49,584) | 48,992) | 47,432) | 45,516) | 46,735) | 45,328) | 43,752) | 42,257) | 43,978) | 43,549) | 42,293) | 40,956) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 2.15 | 2.18 | 2.07 | 2.02 | 2.00 | 2.01 | 1.96 | 2.05 | 2.08 | 2.13 | 2.11 | 2.14 | 2.15 | 2.24 | 2.21 | 2.08 | 2.14 | 2.26 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | 95.89 | 40.65 | 23.78 | 20.94 | 18.59 | 13.00 | 11.26 | 10.52 | 10.14 | 8.04 | 8.84 | 9.77 | 8.80 | ||||||
| Amgen Inc. | 8.18 | 10.07 | 10.46 | 9.37 | 11.83 | 14.40 | 15.63 | 12.07 | 15.34 | 18.51 | 15.59 | 11.83 | 13.31 | 16.59 | 17.79 | 17.44 | 24.51 | 64.62 | ||||||
| Bristol-Myers Squibb Co. | 3.93 | 4.31 | 4.87 | 5.22 | 5.43 | 5.32 | 5.67 | 5.46 | 5.56 | 6.01 | 3.23 | 3.15 | 2.92 | 2.96 | 3.12 | 3.01 | 3.08 | 3.26 | ||||||
| Danaher Corp. | 1.76 | 1.58 | 1.59 | 1.56 | 1.56 | 1.56 | 1.57 | 1.57 | 1.57 | 1.56 | 1.58 | 1.67 | 1.64 | 1.65 | 1.68 | 1.72 | 1.76 | 1.80 | ||||||
| Eli Lilly & Co. | 4.20 | 3.74 | 4.24 | 4.83 | 5.52 | 5.67 | 5.55 | 5.31 | 5.30 | 4.99 | 5.94 | 5.16 | 4.95 | 4.75 | 4.65 | 4.71 | 5.51 | 5.03 | ||||||
| Gilead Sciences Inc. | 4.17 | 2.39 | 2.60 | 2.72 | 2.83 | 2.95 | 3.05 | 2.95 | 2.93 | 3.21 | 2.72 | 2.80 | 2.95 | 2.95 | 2.97 | 2.97 | 3.11 | 3.17 | ||||||
| Johnson & Johnson | 2.37 | 2.47 | 2.44 | 2.43 | 2.46 | 2.48 | 2.52 | 2.54 | 2.53 | 2.46 | 2.44 | 2.33 | 2.55 | 2.77 | 2.44 | 2.35 | 2.33 | 2.39 | ||||||
| Merck & Co. Inc. | 3.10 | 2.80 | 2.60 | 2.50 | 2.40 | 2.38 | 2.53 | 2.64 | 2.58 | 2.62 | 2.84 | 2.59 | 2.70 | 2.30 | 2.37 | 2.41 | 2.48 | 2.61 | ||||||
| Pfizer Inc. | 2.36 | 2.30 | 2.41 | 2.25 | 2.32 | 2.30 | 2.42 | 2.38 | 2.47 | 2.40 | 2.54 | 2.22 | 2.22 | 1.94 | 2.06 | 2.10 | 2.24 | 2.23 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.32 | 1.30 | 1.30 | 1.30 | 1.28 | 1.28 | 1.29 | 1.28 | 1.28 | 1.27 | 1.27 | 1.29 | 1.28 | 1.28 | 1.29 | 1.29 | 1.32 | 1.32 | ||||||
| Vertex Pharmaceuticals Inc. | 1.35 | 1.37 | 1.37 | 1.44 | 1.40 | 1.39 | 1.37 | 1.42 | 1.36 | 1.29 | 1.29 | 1.32 | 1.32 | 1.31 | 1.30 | 1.28 | 1.31 | 1.31 | ||||||
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Total Thermo Fisher Scientific Inc. shareholders’ equity
= 113,174 ÷ 52,679 = 2.15
2 Click competitor name to see calculations.
The analysis of solvency indicators reveals a period of strategic asset expansion accompanied by controlled management of financial leverage between April 2022 and June 2026.
- Asset Growth Trends
- Total assets exhibited a general upward trajectory, increasing from 92,747 million USD in April 2022 to a peak of 113,281 million USD in March 2026. Growth remained relatively stable through 2023 and 2024, with a more pronounced acceleration occurring between September 2025 and March 2026, indicating a significant expansion of the balance sheet in the final stages of the period.
- Equity Expansion
- Shareholders' equity demonstrated consistent growth, rising from 40,956 million USD in April 2022 to a high of 53,407 million USD by December 2025. This steady increase suggests a robust accumulation of capital, which provided a stronger equity cushion to support overall operations and asset acquisition.
- Financial Leverage Dynamics
- The financial leverage ratio underwent a phase of gradual decline during the first two years of the observed period, moving from 2.26 in April 2022 to a low of 1.96 in December 2024. This downward trend indicates a period of deleveraging, where equity growth outpaced the growth of total assets. However, a shift occurred starting in March 2025, with the ratio increasing to 2.18 by March 2026 before moderating to 2.15 in June 2026. This recent uptick reflects a higher reliance on external financing or liabilities to fund the rapid increase in assets observed in late 2025 and early 2026.
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Interest Coverage
Thermo Fisher Scientific Inc., interest coverage calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income attributable to Thermo Fisher Scientific Inc. | 1,736) | 1,651) | 1,964) | 1,616) | 1,617) | 1,507) | 1,829) | 1,630) | 1,548) | 1,328) | 1,630) | 1,715) | 1,361) | 1,289) | 1,576) | 1,495) | 1,664) | 2,215) | ||||||
| Add: Net income attributable to noncontrolling interest | 5) | 5) | 7) | 5) | 1) | 4) | (4) | (1) | 5) | 3) | (24) | (20) | 1) | 3) | (2) | 3) | 4) | 5) | ||||||
| Add: Income tax expense | 167) | 70) | 153) | 207) | 92) | 95) | 149) | 99) | 128) | 281) | 133) | 53) | 52) | 46) | 173) | 31) | 198) | 301) | ||||||
| Add: Interest expense | 401) | 354) | 365) | 347) | 404) | 303) | 317) | 356) | 354) | 363) | 390) | 359) | 326) | 300) | 269) | 173) | 148) | 136) | ||||||
| Earnings before interest and tax (EBIT) | 2,309) | 2,080) | 2,489) | 2,175) | 2,114) | 1,909) | 2,291) | 2,084) | 2,035) | 1,975) | 2,129) | 2,107) | 1,740) | 1,638) | 2,016) | 1,702) | 2,014) | 2,657) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Interest coverage1 | 6.17 | 6.03 | 6.12 | 6.19 | 6.09 | 6.25 | 6.03 | 5.62 | 5.62 | 5.53 | 5.54 | 5.98 | 6.64 | 8.28 | 11.56 | 13.59 | 15.70 | 16.73 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||
| Amgen Inc. | 4.86 | 4.38 | 4.26 | 3.89 | 3.53 | 3.18 | 2.46 | 2.45 | 2.10 | 2.38 | 3.73 | 4.54 | 5.43 | 6.51 | 6.22 | 6.83 | 6.97 | 6.40 | ||||||
| Danaher Corp. | 17.31 | 17.95 | 16.97 | 16.41 | 15.01 | 16.80 | 17.71 | 16.11 | 17.61 | 17.81 | 18.64 | 23.66 | 29.65 | 35.60 | 40.30 | 41.32 | 35.26 | 33.54 | ||||||
| Gilead Sciences Inc. | -0.96 | 11.68 | 10.57 | 10.71 | 8.20 | 7.94 | 1.71 | 1.18 | 2.58 | 2.11 | 8.27 | 8.88 | 9.03 | 8.84 | 7.22 | 5.80 | 6.73 | 6.97 | ||||||
| Johnson & Johnson | 25.90 | 25.00 | 34.55 | 36.24 | 33.48 | 34.09 | 23.10 | 23.92 | 26.40 | 29.06 | 20.51 | 19.09 | 23.89 | 31.49 | 79.71 | 141.63 | 160.27 | 164.15 | ||||||
| Regeneron Pharmaceuticals Inc. | 94.25 | 108.44 | 120.42 | 123.21 | 134.19 | 105.27 | 87.59 | 79.88 | 69.47 | 57.85 | 58.52 | 61.70 | 69.61 | 73.97 | 82.80 | 108.62 | 116.35 | 163.24 | ||||||
| Vertex Pharmaceuticals Inc. | 800.17 | 502.52 | 350.11 | 348.55 | 258.29 | -11.94 | 9.12 | 7.76 | 6.14 | 111.61 | 100.32 | 96.54 | 90.90 | 82.27 | 78.23 | 70.08 | 66.72 | 48.17 | ||||||
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= (2,309 + 2,080 + 2,489 + 2,175)
÷ (401 + 354 + 365 + 347)
= 6.17
2 Click competitor name to see calculations.
The solvency profile exhibits a period of significant contraction in interest coverage from early 2022 through early 2024, followed by a sustained period of stabilization. The initial decline in the company's ability to cover interest payments was driven by a combination of decreasing operating earnings and sharply increasing debt servicing costs.
- Earnings before interest and tax (EBIT)
- Operating earnings demonstrated volatility during the analyzed period, starting at 2,657 million in April 2022 and declining to a minimum of 1,638 million by April 2023. A recovery phase followed, with EBIT generally trending upward and stabilizing between 1,909 million and 2,489 million from 2024 through June 2026.
- Interest Expense
- A consistent upward trend in interest expenses is observed from April 2022, where costs were 136 million, peaking at 390 million in December 2023. From 2024 onward, interest expenses remained at a heightened plateau, fluctuating between 303 million and 404 million, reflecting a sustained increase in the cost of debt or an expanded debt load.
- Interest Coverage Ratio
- The interest coverage ratio experienced a steep decline from 16.73 in April 2022 to a low of 5.53 in March 2024. This compression indicates a reduced margin of safety for debt obligations. However, from March 2024 through June 2026, the ratio entered a stabilization phase, remaining remarkably consistent within a narrow range of 5.53 to 6.25. This plateau suggests that subsequent growth in operating earnings has effectively offset the increased interest burden, establishing a new baseline for the company's solvency capacity.
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