Thermo Fisher Scientific Inc. Financial Statements — TMO

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	10,393	11,559	12,510	13,090	16,890	16,965	18,274	20,918	24,358	25,542	32,218	39,211	44,915	42,857	42,879
- Cost of Revenue	6,132	6,765	7,214	7,561	9,398	9,209	9,902	11,470	13,501	14,214	16,214	19,573	25,944	25,757	25,177
+ Cost of Goods & Services	6,132	6,765	7,214	7,561	9,398	9,209	9,902	11,470	13,501	14,214	16,214	19,573	25,944	25,757	25,177
+ Sales & Services Revenue	10,393	11,559	12,510	13,090	16,890	16,965	18,274	20,918	24,358	25,542	32,218	39,211	44,915	42,857	42,879
Gross Profit	4,262	4,794	5,296	5,529	7,492	7,756	8,372	9,448	10,857	11,328	16,004	19,638	18,971	17,100	17,702
- Operating Expenses	3,013	3,447	3,731	3,842	5,587	5,304	5,725	6,391	7,024	7,147	8,111	9,413	10,464	9,782	9,985
+ Research & Development	284	340	376	396	691	692	754	887	967	1,003	1,181	1,406	1,471	1,337	1,390
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	2,729	3,106	3,355	3,446	4,896	4,612	4,971	5,504	6,057	6,144	6,930	8,007	8,993	8,445	8,595
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1,248	1,347	1,564	1,687	1,905	2,452	2,647	3,057	3,833	4,181	7,893	10,225	8,507	7,318	7,717
- Non-Operating (Income) Loss	161	214	295	368	-182	516	623	628	571	109	663	1,384	672	1,020	680
+ Interest Expense, Net	72	148	216	234	432	384	421	511	530	452	488	493	454	496	312
+ Interest Expense	85	175	242	262	480	415	469	592	667	676	553	536	726	1,375	1,390
- Interest Income	12	27	25	28	48	31	48	81	137	224	65	43	272	879	1,078
+ Other Non-Op (Income) Loss	88	66	78	134	-615	132	202	117	41	-343	175	891	218	524	368
Pretax Income	1,088	1,133	1,269	1,320	2,087	1,936	2,024	2,429	3,262	4,072	7,230	8,841	7,835	6,298	7,037
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	102	109	11	40	192	-44	-1	201	324	374	850	1,109	703	284	657
Income (Loss) from Cont Ops	986	1,023	1,258	1,279	1,896	1,980	2,025	2,228	2,938	3,698	6,377	7,728	6,960	5,955	6,338
- Net Extraordinary Losses (Gains)	-50	-306	80	6	1	5	3	3	- -	4	4	6	20	-80	6
+ Discontinued Operations	50	306	-80	-6	-1	-5	-3	-3	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-99	-613	161	12	2	10	6	6	- -	4	4	6	20	-80	6
Income (Loss) Incl. MI	1,036	1,330	1,178	1,273	1,894	1,975	2,022	2,225	2,938	3,694	6,373	7,722	6,940	6,035	6,332
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-2	-3	-10	40	-3
Net Income, GAAP	1,036	1,330	1,178	1,273	1,894	1,975	2,022	2,225	2,938	3,696	6,375	7,725	6,950	5,995	6,335
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,036	1,330	1,178	1,273	1,894	1,975	2,022	2,225	2,938	3,696	6,375	7,725	6,950	5,995	6,335
Basic Weighted Avg Shares	403	381	364	360	398	399	395	395	402	400	396	394	392	386	382
Basic EPS, GAAP	2.57	3.49	3.24	3.53	4.76	4.95	5.12	5.63	7.31	9.24	16.1	19.61	17.73	15.53	16.58
Basic EPS from Cont Ops	2.45	2.69	3.46	3.55	4.76	4.97	5.13	5.64	7.31	9.24	16.1	19.61	17.76	15.43	16.59
Diluted Weighted Avg Shares	409	385	367	366	402	402	397	398	406	403	399	397	394	388	383
Diluted EPS, GAAP	2.53	3.46	3.21	3.48	4.71	4.91	5.09	5.59	7.24	9.17	15.98	19.46	17.64	15.45	16.54
Diluted EPS from Cont Ops	2.41	2.66	3.43	3.5	4.71	4.93	5.1	5.6	7.24	9.18	15.98	19.47	17.66	15.35	16.55
EBITDA	1,994	2,207	2,548	2,687	3,590	4,140	4,405	5,090	6,100	6,458	10,218	12,817	11,888	10,724	10,825
EBITDA Margin (%)	19.19	19.09	20.37	20.53	21.25	24.4	24.11	24.33	25.04	25.28	31.72	32.69	26.47	25.02	25.25
EBITA	1,248	1,347	1,564	1,687	1,905	2,452	2,647	3,057	3,833	4,181	7,893	10,225	8,507	7,318	7,717
EBIT	1,248	1,347	1,564	1,687	1,905	2,452	2,647	3,057	3,833	4,181	7,893	10,225	8,507	7,318	7,717
Gross Margin (%)	41	41.47	42.33	42.24	44.36	45.72	45.81	45.17	44.57	44.35	49.67	50.08	42.24	39.9	41.28
Operating Margin (%)	12.01	11.66	12.5	12.89	11.28	14.45	14.49	14.61	15.74	16.37	24.5	26.08	18.94	17.08	18
Profit Margin (%)	9.96	11.51	9.42	9.73	11.22	11.64	11.06	10.64	12.06	14.47	19.79	19.7	15.47	13.99	14.77
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	0.39	0.6	0.59	0.6	0.6	0.6	0.66	0.74	0.85	1	1.16	1.35	1.53
Depreciation Expense	746	860	984	1,000	1,685	1,688	1,758	2,033	2,267	2,277	2,325	2,592	3,381	3,406	3,108

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	4,135	4,822	4,835	9,881	6,540	5,741	7,021	9,421	10,625	11,893	21,957	20,113	25,229	24,589	22,137
+ Accounts & Notes Receiv	1,474	1,764	1,805	1,942	2,474	2,763	3,427	3,879	4,595	4,952	6,472	8,945	9,427	9,664	9,626
+ Accounts Receivable, Net	1,474	1,764	1,805	1,942	2,474	2,545	3,049	3,879	4,136	4,349	5,741	7,977	8,115	8,221	8,191
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	218	378	- -	459	603	731	968	1,312	1,443	1,435
+ Cash, Cash Equivalents & STI	926	1,021	810	5,830	1,352	452	786	1,335	2,103	2,399	10,325	4,477	8,524	8,080	5,570
+ Cash & Cash Equivalents	917	1,016	806	5,826	1,344	452	786	1,335	2,103	2,399	10,325	4,477	8,524	8,077	4,009
+ ST Investments	9	4	4	4	8	- -	- -	- -	- -	- -	- -	- -	- -	3	1,561
+ Inventories	1,173	1,330	1,443	1,494	1,860	1,992	2,213	2,971	3,005	3,370	4,029	5,051	5,634	5,088	4,978
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	755	866	932	989	1,210	1,334	1,419	1,758	1,763	1,882	2,184	2,453	2,569	2,326	2,420
+ Work In Process	108	129	150	158	208	237	328	505	430	517	540	676	660	705	755
+ Raw Materials	309	335	362	347	442	421	466	708	812	971	1,305	1,922	2,405	2,057	1,803
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	562	708	777	613	855	534	595	1,236	922	1,172	1,131	1,640	1,644	1,757	1,963
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	17,214	22,012	22,610	21,983	36,312	35,093	38,887	47,248	45,607	46,488	47,095	75,010	71,925	74,137	75,184
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	1,360	1,611	1,726	1,767	2,426	2,449	2,578	4,047	4,165	4,749	5,912	8,333	9,280	9,448	9,306
- Accumulated Depreciation	839	964	1,126	1,314	1,442	1,665	1,838	2,292	2,655	3,015	3,665	4,260	4,989	6,076	6,753
+ Property, Plant & Equip	2,199	2,575	2,852	3,081	3,869	4,114	4,416	6,339	6,820	7,764	9,577	12,593	14,269	15,524	16,059
+ Other LT Assets	15,854	20,400	20,883	20,215	33,886	32,644	36,309	43,201	41,442	41,739	41,183	66,677	62,645	64,689	65,878
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	14,909	19,789	20,279	19,575	32,953	31,586	35,297	41,974	40,325	39,728	38,726	62,037	58,638	60,690	61,386
+ Goodwill	8,996	11,973	12,474	12,503	18,843	18,828	21,328	25,290	25,347	25,714	26,041	41,924	41,196	44,020	45,853
+ Other Intangible Assets	5,914	7,816	7,804	7,071	14,110	12,758	13,969	16,684	14,978	14,014	12,685	20,113	17,442	16,670	15,533
+ Misc LT Assets	945	611	604	641	933	1,058	1,012	1,227	1,117	2,011	2,457	4,640	4,007	3,999	4,492
Total Assets	21,349	26,834	27,445	31,863	42,852	40,834	45,908	56,669	56,232	58,381	69,052	95,123	97,154	98,726	97,321
+ Payables & Accruals	1,141	1,648	1,804	1,939	2,826	2,777	3,125	4,194	4,067	4,605	6,405	8,244	8,830	7,714	8,266
+ Other Payables & Accruals	535	1,036	1,162	1,248	1,840	1,742	2,034	2,766	2,452	2,685	4,230	5,377	5,449	4,842	5,187
+ Accounts Payable	547	612	641	692	821	822	926	1,428	1,615	1,920	2,175	2,867	3,381	2,872	3,079
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	59	- -	- -	- -	165	212	165	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	106	1,273	93	988	2,212	1,052	1,255	2,135	1,271	676	2,628	2,537	5,579	3,609	2,214
+ ST Borrowings	106	1,273	93	988	2,212	1,052	1,255	2,135	1,271	676	2,628	2,537	5,579	3,609	2,214
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	463	192	196	199	312	318	486	719	809	916	1,271	2,655	2,601	2,689	2,852
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	304	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	158	192	196	199	312	318	486	719	809	916	1,271	2,655	2,601	2,689	2,852
Total Current Liabilities	1,710	3,113	2,093	3,126	5,350	4,146	4,866	7,048	6,147	6,197	10,304	13,436	17,010	14,012	13,332
+ LT Debt	2,031	5,755	7,031	9,500	12,352	11,420	15,372	18,873	17,719	17,076	19,107	32,333	28,909	31,308	29,061
+ LT Borrowings	2,031	5,755	7,031	9,500	12,352	11,420	15,372	18,873	17,719	17,076	19,107	32,333	28,909	31,308	29,061
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	2,247	2,927	2,855	2,382	4,603	3,918	4,130	5,335	4,780	5,433	5,124	8,377	7,087	6,564	5,256
+ Accrued Liabilities	1,626	2,229	2,047	1,610	3,431	2,623	2,557	2,766	2,265	2,192	1,794	3,837	2,849	1,922	1,268
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	621	698	808	772	1,172	1,295	1,573	2,569	2,515	3,241	3,330	4,540	4,238	4,642	3,988
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	4,279	8,682	9,887	11,881	16,954	15,338	19,502	24,208	22,499	22,509	24,231	40,710	35,996	37,872	34,317
Total Liabilities	5,988	11,796	11,980	15,007	22,304	19,484	24,368	31,256	28,646	28,706	34,535	54,146	53,006	51,884	47,649
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	10,422	10,558	10,915	8,592	11,882	12,213	12,555	14,605	15,053	15,498	16,016	16,613	17,184	17,728	18,406
+ Additional Paid in Capital	10,020	10,152	10,501	8,223	11,474	11,801	12,140	14,177	14,621	15,064	15,579	16,174	16,743	17,286	17,962
+ Common Stock	402	406	414	370	408	412	415	428	432	434	437	439	441	442	444
- Treasury Stock	490	1,837	2,997	412	456	1,008	2,306	3,103	3,665	5,236	6,818	8,922	12,017	15,133	19,226
+ Retained Earnings	5,386	6,716	7,697	8,753	10,407	12,142	13,927	15,914	18,696	22,092	28,116	35,431	41,910	47,364	53,102
+ Other Equity	44	-400	-150	-77	-1,285	-1,997	-2,636	-2,003	-2,498	-2,679	-2,807	-2,329	-3,099	-3,224	-2,697
Equity Before Minority Interest	15,361	15,038	15,465	16,856	20,548	21,350	21,540	25,413	27,586	29,675	34,507	40,793	43,978	46,735	49,585
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	184	170	107	87
Total Equity	15,361	15,038	15,465	16,856	20,548	21,350	21,540	25,413	27,586	29,675	34,517	40,977	44,148	46,842	49,672
Total Liabilities & Equity	21,349	26,834	27,445	31,863	42,852	40,834	45,908	56,669	56,232	58,381	69,052	95,123	97,154	98,726	97,321
Shares Outstanding	391	371	357	362	400	400	393	401	402	399	397	394	391	387	381
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	1,220	6,012	6,319	4,661	13,220	12,020	15,841	19,673	16,887	15,353	11,410	30,393	25,964	26,840	27,266
Net Debt to Equity	7.94	39.98	40.86	27.65	64.34	56.3	73.54	77.41	61.22	51.74	33.06	74.17	58.81	57.3	54.89
Tangible Common Equity Ratio	7.01	-67.44	-67.19	-22.12	-125.31	-110.68	-129.65	-112.7	-80.08	-53.89	-13.88	-63.65	-37.62	-36.41	-32.6
Current Ratio	2.42	1.55	2.31	3.16	1.22	1.38	1.44	1.34	1.73	1.92	2.13	1.5	1.48	1.75	1.66
Cash Conversion Cycle	87.28	88.08	90.99	91.19	84.58	98.21	101.84	107.79	99.8	98.23	96.14	103.83	97.56	100.27	99.49
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	997	1,023	1,258	1,279	1,896	1,980	2,025	2,228	2,938	3,698	6,377	7,728	6,960	5,955	6,338
+ Depreciation & Amortization	746	860	984	1,000	1,685	1,688	1,758	2,033	2,267	2,277	2,325	2,592	3,381	3,406	3,108
+ Non-Cash Items	-114	34	-163	-422	-1,174	-370	-388	-949	-185	-387	-114	506	-179	-460	-445
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	-268	-123	-302	-473	-622	-525	-620	-1,098	-379	-302	-552	-647	-995	-1,300	-1,209
+ Other Non-Cash Adj	71	77	60	-40	-669	30	99	-10	13	-266	242	923	509	562	463
+ Stock-Based Compensation	82	80	78	91	117	125	133	159	181	181	196	230	307	278	301
+ Chg in Non-Cash Work Cap	-176	-240	-11	159	218	-347	-135	694	-477	-615	-299	-1,514	-1,008	-495	-334
+ (Inc) Dec in Accts Receiv	-80	-101	12	-148	-145	-149	-352	-362	-366	-225	-1,302	-204	-430	-43	-171
+ Inc (Dec) in Accts Payable	2	34	10	47	1	-3	56	274	201	266	59	479	648	-500	212
+ (Inc) Dec in Inventories	-28	-29	-60	-72	-110	-141	98	-81	-324	-458	-508	-1,065	-825	598	-27
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	-71	-144	27	332	472	-54	63	863	12	-198	1,452	-724	-401	-550	-348
+ Net Cash From Disc Ops	45	14	-28	-5	-4	-9	-2	-1	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,498	1,691	2,040	2,011	2,620	2,942	3,258	4,005	4,543	4,973	8,289	9,312	9,154	8,406	8,667
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-258	-261	-315	-282	-428	-423	-444	-508	-758	-926	-1,474	-2,523	-2,243	-1,479	-1,400
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-258	-261	-315	-282	-428	-423	-444	-508	-758	-926	-1,474	-2,523	-2,243	-1,479	-1,400
+ Disp in Fixed & Intang	10	8	13	21	49	18	26	7	50	36	8	20	24	87	57
+ Disp of Fixed Prod Assets	10	8	13	21	49	18	26	7	50	36	8	20	24	87	57
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	9	47	2	8	89	12	81	22	- -	- -	- -	8	79	-123	-1,374
+ Dec in LT Investment	9	47	2	8	89	12	81	22	- -	- -	- -	8	131	85	2,022
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-52	-208	-3,396
+ Net Cash From Acq & Div	-606	-5,676	-1,083	-11	-11,538	-695	-5,178	-7,226	-536	-715	-38	-19,395	-39	-3,660	-3,132
+ Cash for Acq of Subs	-606	-5,690	-1,083	-11	-13,060	-695	-5,178	-7,226	-536	-1,843	-38	-19,395	-39	-3,660	-3,132
+ Cash from Divestitures	- -	14	- -	- -	1,522	- -	- -	- -	- -	1,128	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-14	740	13	2	45	-5	-5	-24	-9	118	-6	-42	20	33	8
+ Net Cash From Disc Ops	-4	746	59	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-859	-5,142	-1,371	-263	-11,783	-1,093	-5,520	-7,729	-1,253	-1,487	-1,510	-21,932	-2,159	-5,142	-5,841
+ Dividends Paid	- -	- -	-142	-216	-235	-241	-238	-237	-266	-297	-337	-395	-455	-523	-583
+ Net Cash From Debt	-373	3,801	928	3,355	2,126	-1,942	4,174	3,026	-1,556	-1,400	2,750	8,911	654	-155	-2,403
+ Cash From Debt	741	4,254	1,282	3,368	6,592	9,732	16,786	14,839	5,750	8,419	3,847	20,649	4,719	7,562	1,204
+ Repayments of Debt	-1,114	-453	-354	-13	-4,466	-11,674	-12,612	-11,813	-7,306	-9,819	-1,097	-11,738	-4,065	-7,717	-3,607
+ Cash (Repurchase) of Equity	-935	-1,179	-1,150	-90	2,942	-500	-1,250	940	-500	-1,500	-1,500	-2,000	-3,000	-3,000	-4,000
+ Decrease in Capital Stock	-1,012	-1,338	-1,150	-90	- -	-500	-1,250	-750	-500	-1,500	-1,500	-2,000	-3,000	-3,000	-4,000
+ Increase in Capital Stock	77	158	- -	- -	2,942	- -	- -	1,690	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	13	929	-553	261	-37	66	73	125	85	79	46	65	-9	56	194
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,295	3,551	-918	3,310	4,796	-2,617	2,759	3,854	-2,237	-3,118	959	6,581	-2,810	-3,622	-6,792
Effect of Foreign Exchange Rates	9	- -	38	-37	-116	-130	-152	420	-297	-63	176	194	-139	-82	-91
Net Changes in Cash	-656	99	-249	5,057	-4,367	-768	497	130	1,053	368	7,738	-6,039	4,185	-358	-3,966
Capital Expenditures	-258	-261	-315	-282	-428	-423	-444	-508	-758	-926	-1,474	-2,523	-2,243	-1,479	-1,400
EBITDA	1,994	2,207	2,548	2,687	3,590	4,140	4,405	5,090	6,100	6,458	10,218	12,817	11,888	10,724	10,825
EBITDA Margin (%)	19.19	19.09	20.37	20.53	21.25	24.4	24.11	24.33	25.04	25.28	31.72	32.69	26.47	25.02	25.25
Net Cash Paid for Acquisitions	606	5,676	1,083	11	11,538	695	5,178	7,226	536	715	38	19,395	39	3,660	3,132
Free Cash Flow	1,240	1,430	1,724	1,728	2,192	2,519	2,814	3,497	3,785	4,047	6,815	6,789	6,911	6,927	7,267
Free Cash Flow to Firm	1,317	1,588	1,964	1,982	2,628	- -	- -	4,040	4,386	4,661	7,303	7,258	7,572	8,240	8,527
Free Cash Flow to Equity	878	5,239	2,665	5,104	4,368	595	7,014	6,530	2,279	2,683	9,573	15,720	7,589	6,859	4,921
Free Cash Flow per Basic Share	3.07	3.76	4.74	4.8	5.5	6.32	7.13	8.85	9.42	10.12	17.21	17.23	17.63	17.95	19.02
Price/Free Cash Flow	12.27	8.43	9.53	17.16	16.06	16.52	14.83	16.45	16.89	21.93	18.85	22.21	18.94	20.78	19.79
Cash Flow to Net Income	1.45	1.27	1.73	1.58	1.38	1.49	1.61	1.8	1.55	1.35	1.3	1.21	1.32	1.4	1.37

Thermo Fisher Scientific Inc.

Income Statement

Balance Sheet

Cash Flow Statement