Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Thermo Fisher Scientific Inc. (NYSE:TMO)

Analysis of Long-term (Investment) Activity Ratios

Beginner level

Long-term Activity Ratios (Summary)

Thermo Fisher Scientific Inc., long-term (investment) activity ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net fixed asset turnover 5.45 5.38 5.85 5.17 7.09
Net fixed asset turnover (including operating lease, right-of-use asset) 4.82 4.69 5.85 5.17 7.09
Total asset turnover 0.47 0.44 0.43 0.37 0.40
Equity turnover 0.93 0.86 0.88 0.82 0.85

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Thermo Fisher Scientific Inc.’s net fixed asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Thermo Fisher Scientific Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Thermo Fisher Scientific Inc.’s total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Thermo Fisher Scientific Inc.’s equity turnover ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Net Fixed Asset Turnover

Thermo Fisher Scientific Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Revenues 32,218  25,542  24,358  20,918  18,274 
Property, plant and equipment, net 5,912  4,749  4,165  4,047  2,578 
Long-term Activity Ratio
Net fixed asset turnover1 5.45 5.38 5.85 5.17 7.09
Benchmarks
Net Fixed Asset Turnover, Competitors2
Becton, Dickinson & Co. 2.89 3.06 2.97 2.61 3.20
Boston Scientific Corp. 5.16 5.51 5.33 5.14
Danaher Corp. 6.83 7.78 7.92 7.47 7.17
Edwards Lifesciences Corp. 3.14 4.10 4.29 5.05 5.11
Intuitive Surgical Inc. 2.76 3.52 4.59 5.10 5.90
Medtronic PLC 5.99 6.54 6.51 6.81 5.96
Stryker Corp. 5.21 5.80 5.94 6.30 7.22
UnitedHealth Group Inc. 29.64 27.60 26.59 28.54 31.18
Net Fixed Asset Turnover, Sector
Health Care Equipment & Services 11.07 11.21 11.25 12.00
Net Fixed Asset Turnover, Industry
Health Care 6.02 6.11 5.89 6.07

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28).

1 2020 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= 32,218 ÷ 5,912 = 5.45

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Thermo Fisher Scientific Inc.’s net fixed asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Thermo Fisher Scientific Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Revenues 32,218  25,542  24,358  20,918  18,274 
 
Property, plant and equipment, net 5,912  4,749  4,165  4,047  2,578 
ROU assets (classified in Other assets) 775  699  —  —  — 
Property, plant and equipment, net (including operating lease, right-of-use asset) 6,687  5,448  4,165  4,047  2,578 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.82 4.69 5.85 5.17 7.09
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Becton, Dickinson & Co. 2.70 3.06 2.97 2.61 3.20
Boston Scientific Corp. 4.45 5.51 5.33 5.14
Danaher Corp. 5.30 5.84 7.92 7.47 7.17
Edwards Lifesciences Corp. 2.95 3.81 4.29 5.05 5.11
Intuitive Surgical Inc. 2.66 3.32 4.59 5.10 5.90
Medtronic PLC 5.02 6.54 6.51 6.81 5.96
Stryker Corp. 4.52 5.04 5.94 6.30 7.22
UnitedHealth Group Inc. 19.55 18.97 26.59 28.54 31.18
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Health Care Equipment & Services 9.30 11.21 11.25 12.00
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 5.38 6.11 5.89 6.07

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28).

1 2020 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 32,218 ÷ 6,687 = 4.82

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Thermo Fisher Scientific Inc.’s net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Total Asset Turnover

Thermo Fisher Scientific Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Revenues 32,218  25,542  24,358  20,918  18,274 
Total assets 69,052  58,381  56,232  56,669  45,908 
Long-term Activity Ratio
Total asset turnover1 0.47 0.44 0.43 0.37 0.40
Benchmarks
Total Asset Turnover, Competitors2
Becton, Dickinson & Co. 0.32 0.33 0.30 0.32 0.49
Boston Scientific Corp. 0.35 0.47 0.48 0.46
Danaher Corp. 0.29 0.29 0.42 0.39 0.37
Edwards Lifesciences Corp. 0.61 0.67 0.70 0.60 0.66
Intuitive Surgical Inc. 0.39 0.46 0.47 0.54 0.42
Medtronic PLC 0.32 0.34 0.33 0.30 0.29
Stryker Corp. 0.42 0.49 0.50 0.56 0.55
UnitedHealth Group Inc. 1.30 1.38 1.48 1.44 1.50
Total Asset Turnover, Sector
Health Care Equipment & Services 0.71 0.75 0.71 0.74
Total Asset Turnover, Industry
Health Care 0.51 0.57 0.51 0.53

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28).

1 2020 Calculation
Total asset turnover = Revenues ÷ Total assets
= 32,218 ÷ 69,052 = 0.47

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Thermo Fisher Scientific Inc.’s total asset turnover ratio improved from 2018 to 2019 and from 2019 to 2020.

Equity Turnover

Thermo Fisher Scientific Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Revenues 32,218  25,542  24,358  20,918  18,274 
Shareholders’ equity 34,507  29,675  27,586  25,413  21,539 
Long-term Activity Ratio
Equity turnover1 0.93 0.86 0.88 0.82 0.85
Benchmarks
Equity Turnover, Competitors2
Becton, Dickinson & Co. 0.72 0.82 0.76 0.93 1.64
Boston Scientific Corp. 0.77 1.13 1.29 1.25
Danaher Corp. 0.56 0.59 0.71 0.70 0.73
Edwards Lifesciences Corp. 0.96 1.05 1.19 1.16 1.13
Intuitive Surgical Inc. 0.45 0.54 0.56 0.66 0.47
Medtronic PLC 0.57 0.61 0.59 0.59 0.55
Stryker Corp. 1.10 1.16 1.16 1.25 1.19
UnitedHealth Group Inc. 3.90 4.17 4.35 4.19 4.81
Equity Turnover, Sector
Health Care Equipment & Services 1.61 1.65 1.65 1.71
Equity Turnover, Industry
Health Care 1.42 1.52 1.36 1.34

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28).

1 2020 Calculation
Equity turnover = Revenues ÷ Shareholders’ equity
= 32,218 ÷ 34,507 = 0.93

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Thermo Fisher Scientific Inc.’s equity turnover ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.