Thermo Fisher Scientific (TMO) FY2020 results: revenue $32.2 billion, up 26.1% on the year
Thermo Fisher Scientific Inc. (TMO) reported revenue of $32.2 billion for fiscal 2020, the year ended 31 December 2020, up 26.1% on the year before. Net income was $6.4 billion, up 72.5%, and diluted earnings per share $15.96. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$32.2 billion
+26.1% on the year
FY2013FY2020
Operating margin
24.2%
18.0% a year earlier
FY2013FY2020
Net income
$6.4 billion
+72.5% on the year
FY2013FY2020
Diluted EPS
$15.96
+74.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
32,218
25,542
24,358
+26.1%
Cost of revenue
16,214
14,214
13,501
+14.1%
Gross profit
16,004
11,328
10,857
+41.3%
Gross margin
49.7%
44.4%
44.6%
Research and development
1,181
1,003
967
+17.7%
Selling, general and administrative
6,930
6,144
6,057
+12.8%
Operating income
7,794
4,594
3,783
+69.7%
Operating margin
24.2%
18.0%
15.5%
Interest expense
553
676
667
-18.2%
Pre-tax income
7,225
4,070
3,262
+77.5%
Income tax
850
374
324
+127.3%
Effective tax rate
11.8%
9.2%
9.9%
Net income
6,375
3,696
2,938
+72.5%
Net margin
19.8%
14.5%
12.1%
Diluted EPS
$15.96
$9.17
$7.24
+74.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,289
4,973
4,543
+66.7%
Capital expenditure
1,474
926
758
+59.2%
Free cash flow
6,815
4,047
3,785
+68.4%
Free cash flow margin
21.2%
15.8%
15.5%
Cash from investing
-1,510
-1,487
-1,253
Cash from financing
959
-3,118
-2,237
Depreciation and amortisation
2,325
2,277
2,267
+2.1%
Share-based compensation
196
181
181
+8.3%
Buybacks
1,500
1,500
500
0.0%
Dividends paid
337
297
266
+13.5%
Dividend per share
$0.88
$0.76
$0.68
+15.8%
Diluted shares, weighted
399m
403m
406m
-1.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
34,507
29,675
27,586
+16.3%
Non-controlling interest
10.0
9.0
8.0
+11.1%
Redeemable equity
0.0
0.0
n/a
Short-term borrowings
n/a
n/a
693
Debt
21,735
17,752
18,990
+22.4%
Operating lease liabilities
626
571
n/a
+9.6%
Other liabilities
12,174
10,374
8,955
+17.4%
Total liabilities and equity
69,052
58,381
56,232
+18.3%
Fixed assets
5,912
4,749
4,165
+24.5%
Goodwill
26,041
25,714
25,347
+1.3%
Intangible assets
12,685
14,014
14,978
-9.5%
Cash and equivalents
10,325
2,399
2,103
+330.4%
Receivables
5,741
4,349
4,136
+32.0%
Inventory
4,029
3,370
3,005
+19.6%
Other assets
4,319
3,786
2,498
+14.1%
Total assets
69,052
58,381
56,232
+18.3%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.