Stock Analysis on Net

Thermo Fisher Scientific Inc. (NYSE:TMO)

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Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Thermo Fisher Scientific Inc., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in millions
Common equity (market value)1
Add: Preferred stock, $100 par value; none issued (per books)
Add: Noncontrolling interests (per books)
Total equity
Add: Short-term obligations and current maturities of long-term obligations (per books)
Add: Long-term obligations, excluding current maturities (per books)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Thermo Fisher Scientific Inc., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2
No. shares of common stock outstanding1
US$ in millions
Common equity (market value)3
Add: Preferred stock, $100 par value; none issued (book value)
Add: Noncontrolling interests (book value)
Total equity
Add: Short-term obligations and current maturities of long-term obligations (book value)
Add: Long-term obligations, excluding current maturities (book value)
Total equity and debt
Less: Cash and cash equivalents
Less: Short-term investments
Enterprise value (EV)

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 Data adjusted for splits and stock dividends.

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

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Common equity (market value)
The common equity market value experienced a steady increase from 177,786 million USD in 2020 to a peak of 213,722 million USD in 2023, representing a consistent growth trend over four years. However, in 2024, there was a decline to 202,902 million USD, indicating a decrease in market valuation during the most recent period analyzed.
Total equity
Total equity followed a pattern very similar to common equity, rising from 177,796 million USD in 2020 to a maximum of 213,711 million USD in 2023. In 2024, total equity decreased to 202,869 million USD, mirroring the decline seen in common equity. This parallel movement suggests that total equity changes are largely driven by changes in common equity market value.
Total equity and debt
Total equity and debt showed a significant increase from 199,531 million USD in 2020 to a peak of 248,628 million USD in 2023. This indicates an expansion in the company’s combined financing through both equity and debt over this period. However, in 2024, this figure decreased notably to 234,144 million USD, suggesting a reduction in either debt, equity, or both components.
Enterprise value (EV)
The enterprise value rose markedly from 189,206 million USD in 2020 to 241,765 million USD in 2021, demonstrating a strong increase in the company’s total valuation. It experienced a slight decrease to 238,371 million USD in 2022, followed by a modest recovery to 240,548 million USD in 2023. In 2024, enterprise value declined to 228,574 million USD, indicating a reduction in the overall market valuation after several years of growth and stabilization.