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THERMO FISHER SCIENTIFIC INC. (TMO)
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| Operating Efficiency |
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Annual |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | Source | Source | Source | Source | Source | Source | Source | Source |
| Turnover Ratios |
| Inventory turnover | 4.9 | 4.3 | 4.4 | 4.5 | 4.5 | 4.5 | 4.9 | 4.8 |
| Asset turnover | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
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| Returns on Capital |
| ROIC (excluding intangibles) | 41.9% | 58.1% | 58.8% | 38.2% | 39.3% | 36.8% | 44.2% | 44.7% |
| ROIC (including intangibles) | 10.0% | 11.2% | 13.5% | 7.5% | 7.0% | 5.4% | 6.4% | 6.7% |
| ROE | 17.5% | 21.8% | 20.2% | 12.8% | 12.5% | 10.7% | 12.3% | 11.7% |
| ROA | 8.0% | 9.4% | 10.1% | 6.5% | 6.1% | 4.8% | 5.8% | 6.1% |
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| Cash Conversion Cycle |
| Days sales outstanding | 65.9 | 74.3 | 65.0 | 62.1 | 62.0 | 67.7 | 60.9 | 54.8 |
| Days payables outstanding | 47.6 | 53.5 | 49.0 | 49.3 | 43.7 | 45.1 | 32.7 | 32.6 |
| Days inventory outstanding | 79.3 | 94.2 | 90.7 | 86.5 | 81.2 | 93.8 | 78.1 | 78.9 |
| Cash conversion cycle | 97.6 | 115.0 | 106.8 | 99.4 | 99.6 | 116.4 | 106.3 | 101.1 |
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