Enterprise Value to EBITDA (EV/EBITDA)
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Thermo Fisher Scientific Inc., EBITDA calculation
US$ in millions
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).
- Net income attributable to Thermo Fisher Scientific Inc.
- The net income increased significantly from 6,375 million USD in 2020 to a peak of 7,725 million USD in 2021. However, it experienced a decline in the following years, dropping to 5,995 million USD in 2023 before slightly recovering to 6,335 million USD in 2024. This suggests a period of volatility after a strong gain in 2021, with a partial rebound in the most recent year.
- Earnings before tax (EBT)
- EBT showed a similar pattern to net income, rising from 7,227 million USD in 2020 to 8,837 million USD in 2021, followed by a decrease to 6,239 million USD in 2023. A recovery is noted in 2024 with an increase to 6,995 million USD. The trend aligns closely with net income developments, indicating correlated fluctuations in earnings before tax and net profitability.
- Earnings before interest and tax (EBIT)
- EBIT rose from 7,780 million USD in 2020 to 9,373 million USD in 2021, marking the highest level in the timeframe. It then declined over the next two years to 7,614 million USD in 2023. In 2024, EBIT rebounded to 8,385 million USD. This pattern reflects a peak in operational profitability in 2021, followed by a downturn and subsequent moderate recovery.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA increased from 10,105 million USD in 2020 to 11,965 million USD in 2021 but decreased slightly to 11,770 million USD in 2022 and further to 11,020 million USD in 2023. In 2024, EBITDA rose again to 11,493 million USD. The fluctuations are less pronounced compared to net income and EBIT, indicating relatively more stable cash flow generation despite earnings variability.
Enterprise Value to EBITDA Ratio, Current
Thermo Fisher Scientific Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Vertex Pharmaceuticals Inc. | |
| EV/EBITDA, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| EV/EBITDA, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Thermo Fisher Scientific Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| EV/EBITDA, Industry | ||||||
| Health Care | ||||||
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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value showed a significant increase from 189,206 million US dollars in 2020 to a peak of 241,765 million US dollars in 2021. Following that, it experienced a slight decrease over the subsequent years, reaching 228,574 million US dollars by 2024. This indicates a general upward trend initially, followed by a stabilization and modest decline in valuation.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA grew from 10,105 million US dollars in 2020 to 11,965 million US dollars in 2021, marking a notable rise. However, in 2022 and 2023, EBITDA declined progressively to 11,770 million and then 11,020 million US dollars respectively. A slight rebound is visible in 2024, with EBITDA increasing to 11,493 million US dollars. Overall, EBITDA exhibits moderate volatility with growth peaking in 2021.
- EV/EBITDA Ratio
- The EV/EBITDA ratio increased from 18.72 in 2020 to a high of 21.83 in 2023. This upward trend implies that the enterprise value grew faster than EBITDA during this period, potentially indicating elevated market expectations or valuation multiples. A decline to 19.89 in 2024 suggests a partial normalization of valuation relative to earnings, though it remains above the 2020 level.
- Summary
- Between 2020 and 2024, the company’s enterprise value initially rose sharply, peaking in 2021, then slightly declined toward 2024. EBITDA followed a similar pattern, increasing substantially in 2021 before dipping and partially recovering by 2024. The increasing EV/EBITDA ratio through 2023 suggests an expansion in valuation multiples that moderated in 2024. These patterns may reflect fluctuations in market sentiment, operational performance, or external economic factors influencing the company's valuation and earnings over the period.