Thermo Fisher Scientific Inc., current enterprise value calculation

Current share price (P)	$495.72
No. shares of common stock outstanding	371,484,244
US$ in millions
Common equity (market value)¹	184,152)
Add: Preferred stock, $100 par value; none issued (per books)	—)
Add: Noncontrolling interests (per books)	8)
Total equity	184,160)
Add: Short-term obligations and current maturities of long-term obligations (per books)	3,533)
Add: Long-term obligations, excluding current maturities (per books)	35,852)
Total equity and debt	223,545)
Less: Cash and cash equivalents	9,852)
Less: Short-term investments	253)
Enterprise value (EV)	213,440)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 495.72 × 371,484,244

Thermo Fisher Scientific Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$520.12	$537.83	$560.49	$550.95	$540.17
No. shares of common stock outstanding¹	371,484,244	377,261,182	381,312,268	385,430,077	391,191,770
US$ in millions
Common equity (market value)³	193,216)	202,902)	213,722)	212,353)	211,310)
Add: Preferred stock, $100 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	8)	(33)	(11)	54)	62)
Total equity	193,224)	202,869)	213,711)	212,407)	211,372)
Add: Short-term obligations and current maturities of long-term obligations (book value)	3,533)	2,214)	3,609)	5,579)	2,537)
Add: Long-term obligations, excluding current maturities (book value)	35,852)	29,061)	31,308)	28,909)	32,333)
Total equity and debt	232,609)	234,144)	248,628)	246,895)	246,242)
Less: Cash and cash equivalents	9,852)	4,009)	8,077)	8,524)	4,477)
Less: Short-term investments	253)	1,561)	3)	—)	—)
Enterprise value (EV)	222,504)	228,574)	240,548)	238,371)	241,765)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 520.12 × 371,484,244

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, a general pattern of fluctuation with a slight downward trend is observed across most metrics during the period.

Enterprise Value (EV): Enterprise value exhibited a decrease from US$241,765 million in 2021 to US$222,504 million in 2025. While there was a slight increase from 2022 to 2023 (US$238,371 million to US$240,548 million), the subsequent years show a consistent decline. The largest decrease occurred between 2023 and 2024, falling to US$228,574 million, and continued to decrease in 2025.
Common Equity (Market Value): Common equity market value remained relatively stable between 2021 and 2023, fluctuating around US$211 million to US$213 million. However, a noticeable decrease is apparent in 2024 (US$202,902 million) and continues into 2025 (US$193,216 million), mirroring the trend observed in enterprise value.
Total Equity: Total equity closely follows the trend of common equity, remaining largely consistent from 2021 to 2023, and then decreasing in 2024 and 2025. The values are very similar to the common equity figures, suggesting a minimal difference between total equity and common equity.
Total Equity and Debt: Total equity and debt showed a modest increase from US$246,242 million in 2021 to US$248,628 million in 2023. A decline is then observed in 2024 (US$234,144 million) and 2025 (US$232,609 million). The rate of decrease is slower than that of enterprise value and common equity, indicating a potential shift in the capital structure.

The consistent decline in enterprise value and common equity market value, coupled with the slower decrease in total equity and debt, suggests a potential re-evaluation of the company’s future prospects by the market. Further investigation into the underlying drivers of these changes, such as debt levels, profitability, and growth expectations, would be necessary to provide a more comprehensive assessment.

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Thermo Fisher Scientific Inc. (NYSE:TMO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)