Thermo Fisher Scientific Inc. Financial Ratios — TMO Stock

Profitability	2009 Y	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
Return on Common Equity (%)	19.55	19.61	20.6	15.46	14.78	19	16.9	15.04	14.5	16.57	17.75	24.96	23.98	17.77	13.3
Return on Assets (%)	3.98	4.82	5.52	4.34	4.29	5.07	4.72	4.66	4.34	5.2	6.45	10.01	9.41	7.23	6.12
Return on Capital (%)	14.84	14.95	13.48	9.65	8.77	10.36	- -	- -	8.1	9.38	10.99	15.15	13.51	10.28	9.19
Return on Invested Capital (%)	5.88	6.44	6.16	6.96	6.57	5.54	- -	- -	6.63	7.44	8.1	13.47	13.57	10.05	8.73
Gross Margin (%)	39.81	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
EBITDA Margin (%)	18.76	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
Operating Margin (%)	10.98	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
Incremental Operating Margin (%)	39.94	48.91	8.49	22.81	21.21	5.72	725.73	14.9	15.51	22.56	29.39	55.6	33.35	-30.12	57.77
Pretax Margin (%)	9.17	10.47	9.8	10.15	10.08	12.36	11.41	11.08	11.61	13.39	15.94	22.44	22.55	17.44	14.7
Profit Margin (%)	8.41	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
Net Income to Common Margin (%)	8.41	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
Effective Tax Rate (%)	8.18	9.34	9.66	0.87	3.06	9.18	- -	- -	8.28	9.93	9.18	11.76	12.54	8.97	4.51
Dvd Payout Ratio (%)	- -	- -	- -	11.3	16.9	12.39	12.17	11.75	10.64	9.05	8.03	5.28	5.11	6.53	8.84
Sustainable Growth Rate (%)	19.55	19.61	20.6	13.72	12.28	16.65	14.85	13.27	12.96	15.07	16.32	23.64	22.76	16.61	12.12

Credit	2009 Y	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
Total Debt	2,183	2,137	7,028	7,124	10,487	14,564	12,472	16,627	21,008	18,990	17,752	21,735	34,870	34,488	34,917
ST Debt	118	106	1,273	93	988	2,212	1,052	1,255	2,135	1,271	676	2,628	2,537	5,579	3,609
LT Debt	2,066	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
Total Debt/EBITDA	1.15	1.07	3.18	2.8	3.9	4.06	3.01	3.77	4.13	3.11	2.75	2.13	2.72	2.9	3.26
Net Debt/EBITDA	0.33	0.61	2.72	2.48	1.73	3.68	2.9	3.6	3.87	2.77	2.38	1.12	2.37	2.18	2.5
Total Debt/EBIT	1.97	1.71	5.22	4.55	6.22	7.65	5.09	6.28	6.87	4.95	4.25	2.75	3.41	4.05	4.77
Net Debt/EBIT	0.56	0.98	4.46	4.04	2.76	6.94	4.9	5.98	6.44	4.41	3.67	1.45	2.97	3.05	3.67
EBITDA to Interest Expense	16.06	23.55	12.59	10.55	10.25	7.48	9.98	9.39	8.6	9.15	9.55	18.48	23.91	16.37	7.8
EBITDA-CapEx/Interest Expense	14.31	20.5	11.1	9.24	9.18	6.59	8.96	8.45	7.74	8.01	8.18	15.81	19.21	13.29	6.72
EBIT to Interest Expense	9.4	14.74	7.69	6.47	6.44	3.97	5.91	5.64	5.16	5.75	6.18	14.27	19.08	11.72	5.32
Interest Expense	118	85	175	242	262	480	415	469	592	667	676	553	536	726	1,375
Common Equity/Total Assets	22.08	27.11	26.54	29.55	28.63	25.24	30.74	31.24	28.84	34.02	38.58	41.35	37.71	43.59	48.42
Long-Term Debt/Equity (%)	13.39	13.22	38.27	45.47	56.36	60.11	53.49	71.36	74.27	64.23	57.54	55.36	78.91	65.48	66.84
Long-Term Debt/Capital (%)	29.69	25.63	40.67	46.15	48.44	48.67	45.63	49.64	50.53	46.48	42.4	37.99	45.59	37.54	37.8
Long-Term Debt/Total Assets (%)	9.55	9.51	21.45	25.62	29.81	28.82	27.97	33.48	33.3	31.51	29.25	27.67	33.99	29.76	31.71
Total Debt/Equity (%)	14.15	13.91	46.73	46.07	62.22	70.88	58.42	77.19	82.67	68.84	59.82	62.97	85.1	78.12	74.54
Total Debt/Capital (%)	31.38	26.97	49.67	46.76	53.48	57.39	49.84	53.69	56.25	49.82	44.07	43.21	49.17	44.78	42.16
Total Debt/Total Assets (%)	10.1	10.01	26.19	25.96	32.91	33.99	30.54	36.22	37.07	33.77	30.41	31.48	36.66	35.5	35.37
Net Debt to Equity	4.01	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
Net Debt/Capital (%)	11.48	17.41	45.77	43.79	33.82	55	48.91	52.48	54.62	46.89	40.53	28.54	45.74	37.91	35.9
EBITDA	1,897	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
EBITDA-CapEx	1,690	1,736	1,946	2,233	2,405	3,162	3,717	3,961	4,582	5,342	5,532	8,744	10,294	9,645	9,245
Operating Income (Loss)	1,110	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

Liquidity	2009 Y	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
Cash Ratio	0.96	0.54	0.33	0.39	1.87	0.25	0.11	0.16	0.19	0.34	0.39	1	0.33	0.5	0.58
Current Ratio	2.76	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
Quick Ratio	1.82	1.4	0.89	1.25	2.49	0.72	0.78	0.87	0.74	1.09	1.19	1.63	1	1.06	1.27
CFO/Avg Current Liab	1.04	0.89	0.7	0.78	0.77	0.62	0.62	0.72	0.67	0.69	0.81	1	0.78	0.6	0.54
Common Equity/Total Assets	22.08	27.11	26.54	29.55	28.63	25.24	30.74	31.24	28.84	34.02	38.58	41.35	37.71	43.59	48.42
Long-Term Debt/Equity (%)	13.39	13.22	38.27	45.47	56.36	60.11	53.49	71.36	74.27	64.23	57.54	55.36	78.91	65.48	66.84
Long-Term Debt/Capital (%)	29.69	25.63	40.67	46.15	48.44	48.67	45.63	49.64	50.53	46.48	42.4	37.99	45.59	37.54	37.8
Long-Term Debt/Total Assets (%)	9.55	9.51	21.45	25.62	29.81	28.82	27.97	33.48	33.3	31.51	29.25	27.67	33.99	29.76	31.71
Total Debt/Equity (%)	14.15	13.91	46.73	46.07	62.22	70.88	58.42	77.19	82.67	68.84	59.82	62.97	85.1	78.12	74.54
Total Debt/Capital (%)	31.38	26.97	49.67	46.76	53.48	57.39	49.84	53.69	56.25	49.82	44.07	43.21	49.17	44.78	42.16
Total Debt/Total Assets (%)	10.1	10.01	26.19	25.96	32.91	33.99	30.54	36.22	37.07	33.77	30.41	31.48	36.66	35.5	35.37
CFO/Total Liabilities	26.79	25.01	14.34	17.02	13.4	11.74	15.1	13.37	12.81	15.86	17.32	24	17.2	17.27	16.2
CFO/CapEx	8	5.81	6.48	6.47	7.12	6.13	6.96	7.34	7.88	5.99	5.37	5.62	3.69	4.08	5.68
Altman's Z-Score	5.51	6	4.73	5.54	4.73	5.26	6.45	5.97	5.24	6.17	6.82	6.86	6.84	6.11	6.2

Working Capital	2009 Y	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
Accounts Receivable Turnover	7	7.21	7.14	7.01	6.99	7.65	6.76	6.53	6.04	6.08	6.02	6.39	5.72	5.58	5.25
Days Sales Outstanding	52.13	50.63	51.12	52.06	52.24	47.72	53.99	55.87	60.44	60.05	60.63	57.16	63.85	65.39	69.56
Inventory Turnover	5.28	5.32	5.41	5.2	5.15	5.6	4.78	4.71	4.43	4.52	4.46	4.38	4.31	4.86	4.8
Days Inventory Outstanding	69.07	68.58	67.53	70.16	70.91	65.13	76.32	77.5	82.48	80.78	81.85	83.28	84.66	75.16	75.97
Accounts Payable Turnover	11.27	11.43	11.94	11.69	11.42	12.91	11.37	11.58	10.39	8.9	8.25	8.24	8.17	8.49	8.06
Accounts Payable Turnover Days	32.4	31.94	30.56	31.22	31.96	28.27	32.1	31.52	35.13	41.03	44.25	44.29	44.68	42.98	45.26
Cash Conversion Cycle	88.8	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
Inventory to Cash Days	-16.94	-17.95	-16.41	-18.1	-18.67	-17.42	-22.34	-21.63	-22.04	-20.73	-21.23	-26.13	-20.81	-9.78	-6.41
Inventories	1,131	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
Raw Materials	263	309	335	362	347	442	421	466	708	812	971	1,305	1,922	2,405	2,057
Work In Process	116	108	129	150	158	208	237	328	505	430	517	540	676	660	705
Finished Goods	753	755	866	932	989	1,210	1,334	1,419	1,758	1,763	1,882	2,184	2,453	2,569	2,326
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	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
Market Capitalization	18,706	21,234	16,287	22,275	38,783	48,461	55,192	54,589	73,746	88,721	128,492	182,821	261,096	214,871	204,480
- Cash & Cash Equivalents	1,564	917	1,016	806	5,826	1,344	452	786	1,335	2,103	2,399	10,325	4,477	8,524	8,077
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	184	170	107
+ Total Debt	2,183	2,137	7,028	7,124	10,487	14,564	12,472	16,627	21,008	18,990	17,752	21,735	34,870	34,488	34,917
Enterprise Value	19,319	22,445	22,294	28,590	43,439	61,673	67,212	70,430	93,420	105,608	143,845	194,241	291,673	241,005	231,427
Total Capital	6,958	7,925	14,151	15,235	19,610	25,379	25,026	30,969	37,350	38,118	40,278	50,298	70,924	77,009	82,830
Total Debt/Capital (%)	31.38	26.97	49.67	46.76	53.48	57.39	49.84	53.69	56.25	49.82	44.07	43.21	49.17	44.78	42.16
Total Debt / EV	0.11	0.1	0.32	0.25	0.24	0.24	0.19	0.24	0.22	0.18	0.12	0.11	0.12	0.14	0.15
EV/Sales	1.91	2.16	1.93	2.29	3.32	3.65	3.96	3.85	4.47	4.34	5.63	6.03	7.44	5.37	5.4
EV/EBITDA	10.18	11.25	10.1	11.22	16.17	17.18	16.23	15.99	18.35	17.31	22.27	19.01	22.76	20.27	21.58
EV/EBIT	17.41	17.98	16.55	18.28	25.74	32.38	27.41	26.61	30.56	27.55	34.4	24.61	28.53	28.33	31.62
EV/Cash Flow to Firm	10.93	14.25	12.06	12.54	19.18	20.18	19.97	18.9	20.54	20.53	25.75	22.13	29.82	24.56	23.81
EV/Free Cash Flow to Firm	9.78	12.25	10.56	11.02	17.05	17.71	17.74	16.88	18.48	17.89	22.09	18.95	23.71	19.99	20.67
Diluted Market Cap	19,189	21,555	16,458	22,447	39,375	48,960	55,635	54,948	74,307	89,604	129,456	184,206	263,084	215,967	205,539
Diluted Enterprise Value	19,808	22,775	22,470	28,766	44,036	62,180	67,655	70,789	93,980	106,491	144,809	195,626	293,661	242,101	232,486
EV per Share	46.84	55.65	58.55	78.59	120.56	154.88	168.58	178.39	236.51	262.71	359.61	490.51	740.29	614.81	599.55
TTM Sales	10,110	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
TTM EBITDA	1,897	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
TTM Operating Income	1,110	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
TTM Cash Flow to Firm	1,768	1,575	1,849	2,279	2,265	3,055	3,366	3,727	4,548	5,144	5,587	8,777	9,781	9,815	9,719
TTM Free Cash Flow to Firm	1,975	1,832	2,110	2,594	2,547	3,483	3,789	4,171	5,056	5,902	6,513	10,251	12,304	12,058	11,198

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y

Thermo Fisher Scientific Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples