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Thermo Fisher Scientific key statistics and ratios

In fiscal 2025, Thermo Fisher Scientific had return on equity of 13.0%, an operating margin of 17.4%, debt equal to 73.9% of equity and a current ratio of 1.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin10.1%11.4%10.8%11.8%12.3%14.8%13.8%13.5%14.2%15.5%18.0%24.2%25.6%18.7%16.0%17.1%17.4%17.9%
Net margin8.6%10.0%11.5%9.4%9.7%11.2%11.6%11.1%10.6%12.1%14.5%19.8%19.7%15.5%14.0%14.8%15.0%14.9%
Free-cash-flow margin14.7%12.1%12.4%13.8%13.2%13.0%14.8%15.4%16.7%15.5%15.8%21.2%17.3%15.4%16.2%16.9%14.1%16.0%
Return on equity5.5%6.7%8.7%7.7%7.9%10.1%9.4%9.4%9.5%11.1%12.9%19.9%20.5%16.4%13.2%13.2%13.0%13.1%
Return on assets3.9%4.8%5.5%4.3%4.3%5.1%4.7%4.7%4.3%5.2%6.4%10.0%9.4%7.2%6.1%6.5%6.5%6.3%
Asset turnover0.460.480.480.460.440.450.410.420.410.430.450.510.480.470.440.440.430.42
Current ratio2.762.421.552.313.161.221.381.441.341.731.922.131.501.481.751.661.891.81
Debt to equity14.1%13.9%46.7%46.1%62.2%70.9%58.4%77.5%83.3%71.4%60.5%63.5%85.7%78.6%75.0%63.2%73.9%75.6%
Interest cover (operating income ÷ interest)8.5x14.0x7.1x6.1x6.1x5.2x5.6x5.2x5.0x5.7x6.8x14.1x18.7x11.6x5.0x5.3x5.5x5.5x
Effective tax rate6.5%9.3%9.7%0.9%3.1%9.2%−2.3%−0.0%8.3%9.9%9.2%11.8%12.5%9.0%4.5%9.3%7.5%9.4%
R&D as % of revenue—2.7%2.9%3.0%3.0%4.1%4.1%4.1%4.2%4.0%3.9%3.7%3.6%3.3%3.1%3.2%3.1%3.0%
SG&A as % of revenue26.2%26.3%26.9%26.8%26.3%29.0%27.2%27.2%26.3%24.9%24.1%21.5%20.4%20.0%19.7%20.0%19.6%19.4%
Capital spending as % of revenue2.0%2.4%2.3%2.5%2.2%2.5%2.5%2.4%2.4%3.1%3.6%4.6%6.4%5.0%3.5%3.3%3.4%3.6%
Free cash flow ÷ net income171.6%120.9%107.5%146.4%135.7%115.7%127.5%139.2%157.2%128.8%109.5%106.9%87.9%99.4%115.5%114.7%93.9%107.4%
Dividends ÷ net income——0.0%12.1%17.0%12.4%12.2%11.8%10.7%9.1%8.0%5.3%5.1%6.5%8.7%9.2%9.5%9.5%
Dividends and buybacks ÷ free cash flow28.4%80.8%93.5%74.9%17.7%10.7%29.4%52.9%28.2%20.2%44.4%27.0%35.3%50.0%50.9%63.1%57.8%62.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · September 26, 2026
What it owns · $114.2bn
Short-term assets $25.6bnLonger-term assets $88.6bn
What it owes, and who funded it · $68.9bn
Short-term liabilities $14.2bnShareholders' equity $54.8bn
  • Short-term assets cover short-term liabilities $25.6bn of assets due within a year against $14.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.5bn of cash against $43.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 79% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 81% to 79% over five years.
  • A year's operating cash flow covers at least 20% of debt $9.3bn of operating cash flow against $43.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $8.5bn against $1.5bn of interest.

From Thermo Fisher Scientific's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard Thermo Fisher Scientific's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.5% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 44.4%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 17.5%; its worst year was 13.9%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.8% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.1% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: DHR vs TMOIQV vs TMOICLR vs TMO

More: Life Sciences Tools & Services stocks compared, Health Care sector, rankings of US companies

Figures from Thermo Fisher Scientific's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Thermo Fisher Scientific.