Thermo Fisher Scientific
Thermo Fisher Scientific returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 27, 2026 | 8.72% | 8.73% | 5.63% | 13.5% | 6.5% | 1 pp |
| FY 2026 Q1 | Mar 28, 2026 | 8.57% | 8.55% | 3.55% | 13.52% | 6.45% | 0.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 8.97% | 8.65% | 8.39% | 13.02% | 6.46% | 1.3 pp |
| FY 2025 Q3 | Sep 27, 2025 | 8.43% | 8.63% | 8.45% | 13.14% | 6.46% | 0.7 pp |
| FY 2025 Q2 | Jun 28, 2025 | 8.85% | 8.6% | 6.83% | 13.44% | 6.59% | 1.2 pp |
| FY 2025 Q1 | Mar 29, 2025 | 8.9% | 8.74% | 12.93% | 13.73% | 6.65% | 1.2 pp |
| FY 2024 Q4 | Dec 31, 2024 | 8.85% | 8.7% | 3.14% | 13.15% | 6.47% | 1.1 pp |
| FY 2024 Q3 | Sep 28, 2024 | 8.44% | 8.51% | -0.24% | 13.01% | 6.2% | 0.7 pp |
| FY 2024 Q2 | Jun 29, 2024 | 8.74% | 8.8% | 17.95% | 13.64% | 6.42% | 1 pp |
| FY 2024 Q1 | Mar 30, 2024 | 8.56% | 8.59% | -16.33% | 13.75% | 6.25% | 0.9 pp |
| FY 2023 Q4 | Dec 31, 2023 | 9.12% | 8.32% | -30.56% | 13.22% | 6.08% | 1.4 pp |
| FY 2023 Q3 | Sep 30, 2023 | 9.03% | 8.46% | -37.06% | 13.37% | 6.31% | 1.3 pp |
| FY 2023 Q2 | Jul 1, 2023 | 8.78% | 8.41% | -54.42% | 13.3% | 6.2% | 1.1 pp |
| FY 2023 Q1 | Apr 1, 2023 | 9.14% | 8.95% | -78.6% | 14.48% | 6.44% | 1.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 10.82% | 10.37% | — | 16.4% | 7.24% | 3.1 pp |
| FY 2022 Q3 | Oct 1, 2022 | 13.92% | 12.49% | -4.37% | 17.1% | 8.58% | 6.2 pp |
| FY 2022 Q2 | Jul 2, 2022 | 14.3% | 13.73% | -3.27% | 18.8% | 9.41% | 6.6 pp |
| FY 2022 Q1 | Apr 2, 2022 | 14.49% | 14.04% | 0.28% | 20% | 9.59% | 6.8 pp |
| FY 2021 Q4 | Dec 31, 2021 | 14.97% | 14.28% | 7.47% | 20.52% | 9.41% | 7.3 pp |
| FY 2021 Q3 | Oct 2, 2021 | 19.56% | 17.08% | 124.79% | 24.29% | — | 11.9 pp |
| FY 2021 Q2 | Jul 3, 2021 | 19.7% | 18.41% | 155.93% | 25.76% | — | 12 pp |
| FY 2021 Q1 | Apr 3, 2021 | 18.37% | 17.73% | 174.42% | 24.91% | — | 10.7 pp |
| FY 2020 Q4 | Dec 31, 2020 | 15.12% | 14.05% | 304.3% | 19.87% | 10.01% | 7.4 pp |
| FY 2020 Q3 | Sep 26, 2020 | 11.95% | 10.95% | 580% | 15.95% | — | 4.3 pp |
| FY 2020 Q2 | Jun 27, 2020 | 9.26% | 8.44% | — | 12.65% | — | 1.6 pp |
| FY 2020 Q1 | Mar 28, 2020 | 9.12% | 8.9% | 62.65% | 13.04% | — | 1.4 pp |
| FY 2019 Q4 | Dec 31, 2019 | 9.32% | 8.98% | 137.77% | 12.91% | 6.45% | 1.6 pp |
| FY 2019 Q3 | Sep 28, 2019 | 8.93% | 8.95% | 175.31% | 12.77% | — | 1.2 pp |
| FY 2019 Q2 | Jun 29, 2019 | 8.7% | 8.96% | 186.54% | 12.84% | — | 1 pp |
| FY 2019 Q1 | Mar 30, 2019 | 7.95% | 7.9% | — | 11.8% | — | 0.2 pp |
| FY 2018 Q4 | Dec 31, 2018 | 7.61% | 7.59% | — | 11.09% | — | -0.1 pp |
| FY 2018 Q3 | Sep 29, 2018 | 6.65% | 7.27% | — | 9.96% | — | -1.1 pp |
| FY 2018 Q2 | Jun 30, 2018 | 6.94% | 7.3% | — | 9.8% | — | -0.8 pp |
| FY 2018 Q1 | Mar 31, 2018 | 6.55% | 6.93% | — | 9.4% | — | -1.2 pp |
| FY 2017 Q4 | Dec 31, 2017 | 6.6% | 6.55% | — | 9.48% | — | -1.1 pp |
| FY 2017 Q3 | Sep 30, 2017 | — | 6.03% | — | 10.04% | — | — |
| FY 2017 Q2 | Jul 1, 2017 | — | 6.83% | — | 10.38% | — | — |
| FY 2017 Q1 | Apr 1, 2017 | — | 6.59% | — | 10.16% | — | — |
| FY 2016 Q4 | Dec 31, 2016 | — | 6.3% | — | 9.43% | — | — |
| FY 2016 Q3 | Oct 1, 2016 | — | 6.11% | — | 9.39% | — | — |
| FY 2016 Q2 | Jul 2, 2016 | — | 6.65% | — | 9.52% | — | — |
| FY 2016 Q1 | Apr 2, 2016 | — | 6.61% | — | 9.76% | — | — |
| FY 2015 Q4 | Dec 31, 2015 | — | 6.29% | — | 9.43% | — | — |
| FY 2015 Q3 | Sep 26, 2015 | — | 6.36% | — | 9.55% | — | — |
| FY 2015 Q2 | Jun 27, 2015 | — | 6.41% | — | 9.53% | — | — |
| FY 2015 Q1 | Mar 28, 2015 | — | 5.58% | — | 8.61% | — | — |
| FY 2014 Q4 | Dec 31, 2014 | 8.22% | 7.56% | 5.82% | 10.13% | — | 0.5 pp |
| FY 2014 Q3 | Sep 27, 2014 | 7% | 7.45% | — | 8.85% | — | -0.7 pp |
| FY 2014 Q2 | Jun 28, 2014 | 6.29% | 6.54% | — | 8.13% | — | -1.4 pp |
| FY 2014 Q1 | Mar 29, 2014 | 6.12% | 6.37% | — | 8.22% | 4.03% | -1.6 pp |
| FY 2013 Q4 | Dec 31, 2013 | 7.21% | 5.95% | — | 7.88% | 4.29% | -0.5 pp |
| FY 2013 Q3 | Sep 28, 2013 | — | 6.11% | — | 8.24% | 4.68% | — |
| FY 2013 Q2 | Jun 29, 2013 | — | 6.19% | — | 8.29% | 4.74% | — |
| FY 2013 Q1 | Mar 30, 2013 | — | 6.14% | — | 8.01% | 4.56% | — |
| FY 2012 Q4 | Dec 31, 2012 | 6.87% | 6.04% | 49.74% | 7.72% | 4.34% | -0.8 pp |
| FY 2012 Q3 | Sep 29, 2012 | 6.17% | 5.76% | 44.61% | 7.15% | 4% | -1.5 pp |
| FY 2012 Q2 | Jun 30, 2012 | 6.62% | 6.01% | 8.32% | 6.93% | 4.22% | -1.1 pp |
| FY 2012 Q1 | Mar 31, 2012 | 6.24% | 5.91% | — | 8.87% | 5.39% | -1.5 pp |
| FY 2011 Q4 | Dec 31, 2011 | 5.99% | 5.74% | 0.33% | 8.75% | 5.52% | -1.7 pp |
| FY 2011 Q3 | Oct 1, 2011 | 5.88% | 5.66% | — | 8.75% | 5.52% | -1.8 pp |
| FY 2011 Q2 | Jul 2, 2011 | 6.29% | 5.95% | — | 8.65% | 5.92% | -1.4 pp |
| FY 2011 Q1 | Apr 2, 2011 | — | 6.61% | — | 6.87% | 4.69% | — |
| FY 2010 Q4 | Dec 31, 2010 | 6.82% | 6.38% | 28.79% | 6.73% | 4.82% | -0.9 pp |
| FY 2010 Q3 | Oct 2, 2010 | — | 6.3% | — | 6.57% | 4.71% | — |
| FY 2010 Q2 | Jul 3, 2010 | — | 6.13% | — | 6.34% | 4.54% | — |
| FY 2010 Q1 | Apr 3, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 26, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 27, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · TMO, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.