Thermo Fisher Scientific

Liquidity and cash generation are strong, though leverage ticked up with M&A and repurchases. As of September 27, 2025 cash and short‑term investments were 3.55 billion against total debt of 35.68 billion, implying net debt near 32.1 billion.

Free cash flow over the last four reported quarters is about 6.1 billion, and the company retains a 5.0 billion revolving credit facility. Moody’s upgraded the senior unsecured rating to A2 with a stable outlook in November 2025, underscoring balance‑sheet resilience.

Score reflects strong interest coverage and cash generation offset by higher net debt.