Thermo Fisher Scientific (TMO) FY2019 results: revenue $25.5 billion, up 4.9% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $25.5 billion for fiscal 2019, the year ended 31 December 2019, up 4.9% on the year before. Net income was $3.7 billion, up 25.8%, and diluted earnings per share $9.17. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$25.5 billion
+4.9% on the year
FY2012FY2019
Operating margin
18.0%
15.5% a year earlier
FY2012FY2019
Net income
$3.7 billion
+25.8% on the year
FY2012FY2019
Diluted EPS
$9.17
+26.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
25,542
24,358
20,918
+4.9%
Cost of revenue
14,214
13,501
11,473
+5.3%
Gross profit
11,328
10,857
9,445
+4.3%
Gross margin
44.4%
44.6%
45.2%
Research and development
1,003
967
888
+3.7%
Selling, general and administrative
6,144
6,057
5,504
+1.4%
Operating income
4,594
3,783
2,960
+21.4%
Operating margin
18.0%
15.5%
14.2%
Interest expense
676
667
592
+1.3%
Pre-tax income
4,070
3,262
2,429
+24.8%
Income tax
374
324
201
+15.4%
Effective tax rate
9.2%
9.9%
8.3%
Net income
3,696
2,938
2,225
+25.8%
Net margin
14.5%
12.1%
10.6%
Diluted EPS
$9.17
$7.24
$5.59
+26.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
4,973
4,543
4,005
+9.5%
Capital expenditure
926
758
508
+22.2%
Free cash flow
4,047
3,785
3,497
+6.9%
Free cash flow margin
15.8%
15.5%
16.7%
Cash from investing
-1,487
-1,253
-7,729
Cash from financing
-3,118
-2,237
3,854
Depreciation and amortisation
2,277
2,267
2,033
+0.4%
Share-based compensation
181
181
159
0.0%
Buybacks
1,500
500
750
+200.0%
Dividends paid
297
266
237
+11.7%
Dividend per share
$0.76
$0.68
$0.60
+11.8%
Diluted shares, weighted
403m
406m
398m
-0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
29,675
27,586
25,413
+7.6%
Non-controlling interest
9.0
8.0
n/a
+12.5%
Redeemable equity
0.0
n/a
n/a
Short-term borrowings
n/a
693
n/a
Debt
17,752
18,990
21,008
-6.5%
Operating lease liabilities
571
n/a
n/a
Other liabilities
10,374
8,955
10,248
+15.8%
Total liabilities and equity
58,381
56,232
56,669
+3.8%
Fixed assets
4,749
4,165
4,047
+14.0%
Goodwill
25,714
25,347
25,290
+1.4%
Intangible assets
14,014
14,978
16,684
-6.4%
Cash and equivalents
2,399
2,103
1,335
+14.1%
Receivables
4,349
4,136
3,879
+5.1%
Inventory
3,370
3,005
2,971
+12.1%
Other assets
3,786
2,498
2,463
+51.6%
Total assets
58,381
56,232
56,669
+3.8%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.