Thermo Fisher Scientific Inc (TMO)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	19,107,000	17,076,000
Total stockholders’ equity	US$ in thousands	46,735,000	43,978,000	40,793,000	34,507,000	29,675,000
Debt-to-capital ratio		0.00	0.00	0.00	0.36	0.37

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $46,735,000K)
= 0.00

The debt-to-capital ratio of Thermo Fisher Scientific Inc. has shown a fluctuating trend over the past five years.

In 2019 and 2020, the ratio stood at 0.37 and 0.39 respectively, indicating that a lower proportion of the company's capital structure was funded by debt during those years. However, there was an increase in the ratio in 2021 to 0.46, suggesting a higher reliance on debt financing that year.

Subsequently, in 2022 and 2023, the ratio decreased to 0.44 and 0.43 respectively. Although still higher than in 2019 and 2020, this downward trend in recent years could signify a potential shift towards a more conservative approach in managing the company's debt relative to its total capital.

Overall, the varying debt-to-capital ratio of Thermo Fisher Scientific Inc. reflects different strategies employed by the company in managing its capital structure and debt levels over the past five years.