NYSE: PFE · Pharmaceuticals
Pfizer
Pfizer, based in New York, is a research-based global biopharmaceutical company. Its largest 2025 products were Eliquis ($7,961 million, with Bristol-Myers Squibb), the Prevnar pneumococcal vaccine family ($6,494 million), the Vyndaqel family ($6,380 million), Comirnaty COVID-19 vaccine ($4,367 million) and Ibrance ($4,122 million). Revenue surged to $101,175 million in 2022 on Comirnaty and Paxlovid, then fell back to $62,579 million in 2025 as COVID products declined. It bought Seagen (oncology) in 2023 and Metsera (obesity medicines) in November 2025 for $6.9 billion in cash. 2025 net income attributable to Pfizer was $7,771 million. In the second quarter of 2026 Pfizer posted a $248 million loss after $4.3 billion of intangible impairments (a failed Phase 3 lung cancer study of sigvotatug vedotin and Oxbryta). McKesson, Cencora and Cardinal Health together bought over half of its products in 2025. Its quarterly dividend is $0.43 per share.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:17 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-2610-Q (quarter ended 2026-09-27) · filed 2026-11-03Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 8.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.51x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 42.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.59
Higher than 51% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 48% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-27
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$30.11close on 2026-11-04
Market cap$171.21B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 42.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.7%
At FY2025 year-end: 18.3x
Earnings: trailing 12 months to 2026-09-27
At FY2025 year-end: 1.6x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 27, 2026.
- Revenue$16.65B → $16.58B (vs. a year earlier)→ −0.4%$16.65B → $16.58B (vs. a year earlier)
- Net income$3.54B → $3.24B (vs. a year earlier)↓ −8.4%$3.54B → $3.24B (vs. a year earlier)
- Diluted EPS$0.62 → $0.56 (vs. a year earlier)↓ −9.7%$0.62 → $0.56 (vs. a year earlier)
- Cash$976M → $1.82B (vs. previous quarter-end)↑ +86.9%$976M → $1.82B (vs. previous quarter-end)
- Long-term debt$63.1B → $62.6B (vs. previous quarter-end)↓ −0.8%$63.1B → $62.6B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 3, 2026.
Management outlook ↑ Raised
Raised 2026 revenue guidance by $1.5B at the midpoint. Source sentence
■ Raises Full-Year 2026 Revenue Guidance (2) by $1.5 billion at the Midpoint to a Range of $62.0 to $64.0 billion
Key changes
Launched and acquired product revenues up 32% operationally. Source sentence
Revenues of Launched and Acquired Products (1) Grew 32% Operationally
Excluding Comirnaty and Paxlovid, revenues up 7%. Source sentence
Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 7% Operationally
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PFIZER INC
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PFE
- Industry
- Pharmaceuticals
- CIK
- 78003
- Website
- https://www.pfizer.com/ ↗
Workforce (as of FY2025 year-end)
Employees
75,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 30–35 days after quarter end (Feb 3, 2026; Feb 4, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 27, 2026 | Nov 3, 2026 (+37 days) | Nov 3, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 28, 2026 | Aug 4, 2026 (+37 days) | Aug 4, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 29, 2026 | May 5, 2026 (+37 days) | May 5, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 26, 2026 10-K (+57 days) |
| Q3 FY2025 | Sep 28, 2025 | Nov 4, 2025 (+37 days) | Nov 4, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 29, 2025 | Aug 5, 2025 (+37 days) | Aug 5, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 30, 2025 | Apr 29, 2025 (+30 days) | May 5, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 29, 2024 | Oct 29, 2024 (+30 days) | Nov 4, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 8, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Biopharma
Eliquis
Anticoagulant co-developed with Bristol-Myers Squibb.
Biopharma
Prevnar family
Pneumococcal conjugate vaccines.
Biopharma
Vyndaqel family
Treatments for transthyretin amyloid cardiomyopathy (ATTR-CM).
Biopharma
Comirnaty and Paxlovid
COVID-19 vaccine (with BioNTech) and oral antiviral.
Biopharma
Oncology
Ibrance, Xtandi, Padcev (from Seagen) and other cancer medicines.
Biopharma
Obesity pipeline
Metsera’s obesity candidates acquired November 2025.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
Pfizer gives no market-share figures in its filings.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-28)
07
Recent strategic focusSite analysis
Recent developments.
Second quarter 2026
Revenue $15,034M versus $14,653M; net loss attributable $248M versus income $2,910M after $4.3B impairments.
Source: Form 10-Q (quarter ended 2026-06-28)
First half 2026
Revenue $29,484M versus $28,367M; net income attributable $2,440M versus $5,877M.
Source: Form 10-Q (quarter ended 2026-06-28)
CFO change
CFO Dave Denton stepped down effective August 15, 2026.
Source: Form 8-K (2026-06-18) — Item 5.02 CFO departure
Capex ÷ D&A (FY2025)
0.40x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,629M ÷ $6,592M = 0.40x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
16.7%
formularesearch & development expense ÷ revenue × 100
e.g.$10,437M ÷ $62,579M × 100 = 16.7%
M&A spend (6-year total)
$73.35B
Latest year: $6.93B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.23B in FY2020 to $2.63B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$62.58B
As reported in the 10-K
Revenue CAGR (5 years)
+8.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($62,579M ÷ $41,651M) ^ (1÷5) − 1 = 8.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
8.9%▲favorable
6-year average: 17.1%
As reported in the 10-K
P/B (FY2025 end)
1.64x
formulafiscal year-end closing price ÷ book value per share
e.g.$24.90 ÷ $15.21 = 1.64x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.5% a year over 5 years (strong growth)
From $41.65B in FY2020 to $62.58B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 41.5% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.1% over 6 years (latest: 8.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Metsera
- Seagen
- Bristol-Myers Squibb
07 · what it does
Key activities
- Drug and vaccine discovery and development
- Manufacturing
- Commercialization via U.S. and international divisions
06 · what it draws on
Key resources
- About 75,000 employees (Dec 31, 2025)
- R&D pipeline and acquired assets (Seagen, Metsera)
- Global manufacturing network
02 · why customers buy
Value propositions
- Patented medicines and vaccines for many diseases.
04 · how it keeps them
Customer relationships
- Contracts with payers and governments that set access.
03 · how it reaches them
Channels
- Wholesalers, governments, hospitals and pharmacies.
01 · who it serves
Customer segments
- Wholesalers (McKesson, Cencora, Cardinal Health)
- Governments and health systems
- Pharmacies and hospitals
09 · where money goes
Cost structure
FY2025, share of revenue ($62.58B)
- Cost of revenue25.7%
- Research & development16.7%
- Selling, general & administrative22.0%
Depreciation & amortization (inside the costs above): $6.59B. Capital spending: $2.63B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Product sales
- Alliance revenues (e.g., Eliquis, Xtandi)
- Royalties
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Discovers, develops (internally and via acquisitions and licensing), manufactures and sells patented medicines and vaccines worldwide; profits depend on new launches replacing products that lose exclusivity.
01 what it draws on
Inputs & resources
- About 75,000 employees (Dec 31, 2025)
- R&D pipeline and acquired assets (Seagen, Metsera)
- Global manufacturing network
02 what it does
Activities
- Drug and vaccine discovery and development
- Manufacturing
- Commercialization via U.S. and international divisions
03 who it serves
Customers
- Wholesalers (McKesson, Cencora, Cardinal Health)
- Governments and health systems
- Pharmacies and hospitals
04 how money comes in
How it earns
- Product sales
- Alliance revenues (e.g., Eliquis, Xtandi)
- Royalties
How the business makes money
- One reportable segment (Biopharma).
- U.S. is the only country above 10% of revenue.
- McKesson 25%, Cencora 16% and Cardinal Health 13% of 2025 revenue.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Pfizer reached a voluntary agreement with the U.S. government on drug costs, gaining a tariff grace period, while Eliquis is under a government-set Medicare price.
Regulated prices & reimbursement
Medicare price for Eliquis
CMS selected Eliquis in 2023; its government-set Maximum Fair Price took effect January 1, 2026.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Agreement with the U.S. government
September 2025 voluntary agreement to lower drug costs and list products on TrumpRx.gov, with a three-year tariff grace period and U.S. manufacturing investment.
Supports and constrainsTouches: Activities · How it earnsSource: Form 10-K (FY2025)
Political engagement
Industry advocacy
Advocacy focuses on a fair business environment and strong intellectual property protection.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Eliquis
7,961 (13%)Prevnar family
6,494 (10%)Vyndaqel family
6,380 (10%)Comirnaty
4,367 (7%)Ibrance
4,122 (7%)Paxlovid
2,362 (4%)Xtandi
2,194 (4%)Padcev
1,940 (3%)Nurtec ODT/Vydura
1,424 (2%)Abrysvo
1,033 (2%)Other products
24,302 (39%)
Source: Form 10-K (FY2025) Top products from MD&A; one Biopharma reportable segment; total revenues $62,579M. “Other products” is the remainder.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Metsera
Acquired November 13, 2025; $6.9B cash paid net of cash acquired.
Source: Form 8-K (2025-11-13) — Item 8.01 Completion of Metsera acquisition
Pending or recent acquisition
Seagen
Acquired in 2023, adding Padcev and other antibody-drug conjugates.
Source: Form 10-K (FY2025)
Business partnership
Bristol-Myers Squibb
Eliquis alliance.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Wholesalers, governments, hospitals and pharmacies.
Named by the company
McKesson 25%, Cencora 16% and Cardinal Health 13% of 2025 revenue (Biopharma).
Suppliers
Raw materials and contract manufacturers; alliance partners such as BioNTech and BMS.
Named by the company
No supplier is singled out as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Pfizer competes with companies selling products for similar diseases and with generics and biosimilars, without naming competitors.
Competitors named in the 10-K
Peer group the company chose
2025 pharmaceutical peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
12 pharmaceutical peers used for compensation (2026 proxy); a separate General Industry group of 20 is also used.
- AbbViesite ↗
- Amgensite ↗
- AstraZenecasite ↗
- Bristol-Myers Squibbsite ↗
- Eli Lillysite ↗
- Gilead Sciencessite ↗
- GSKsite ↗
- Johnson & Johnsonsite ↗
- Merck & Co.site ↗
- Novartissite ↗
- Roche (Ventana Medical Systems)site ↗
- Sanofisite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 41,651 | 81,288 | 101,175 | 59,553 | 63,627 | 62,579 |
| Pretax income | 7,036 | 24,311 | 34,729 | 1,058 | 8,023 | 7,520 |
| Net income (attributable) | 9,159 | 21,979 | 31,372 | 2,119 | 8,031 | 7,771 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 95.2% | 24.5% | -41.1% | 6.8% | -1.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.0% | 27.0% | 31.0% | 3.6% | 12.6% | 12.4% |
| Balance sheet ($M) | ||||||
| Total assets | 154,229 | 181,476 | 197,205 | 226,501 | 213,396 | 208,160 |
| Total equity | 63,473 | 77,462 | 95,916 | 89,288 | 88,497 | 86,775 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 39,691 | 37,831 | 35,444 | 71,757 | 63,605 | 64,638 |
| Equity ratio | 41.0% | 42.5% | 48.5% | 39.3% | 41.3% | 41.5% |
| ROE | 14.5% | 31.3% | 36.3% | 2.3% | 9.1% | 8.9% |
| Cash flow ($M) | ||||||
| Operating CF | 14,403 | 32,580 | 29,267 | 8,700 | 12,744 | 11,704 |
| Investing CF | -4,271 | -22,546 | -15,783 | -32,278 | 2,652 | -1,351 |
| Financing CF | -9,649 | -9,816 | -14,834 | 26,066 | -17,140 | -10,304 |
| Free cash flowcalccash flow from operations − capital expenditures | 12,177 | 29,869 | 26,031 | 4,793 | 9,835 | 9,075 |
| Cash and equivalents | 1,786 | 1,944 | 416 | 2,853 | 1,043 | 1,142 |
| Per share & other | ||||||
| EPS ($) | 1.63 | 3.85 | 5.47 | 0.37 | 1.41 | 1.36 |
| BVPS ($) | 11.36 | 13.74 | 17.03 | 15.77 | 15.56 | 15.21 |
| Dividend per share ($) | 1.53 | 1.57 | 1.61 | 1.65 | 1.69 | 1.72 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 93.9% | 40.8% | 29.4% | 445.9% | 119.9% | 126.5% |
| P/E (x) | 22.6 | 15.3 | 9.4 | 77.8 | 18.8 | 18.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.24 | 4.30 | 3.01 | 1.83 | 1.70 | 1.64 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-27 | $16.58B-0.4% | $3.24B-8.4% | $0.56 |
| 2026-06-28 | $15.03B+2.6% | −$248M-108.5% | $-0.04 |
| 2026-03-29 | $14.45B+5.4% | $2.69B-9.4% | $0.47 |
| 2025-12-31 † | $17.56B-1.2% | −$1.65B-501.7% | — |
| 2025-09-28 | $16.65B | $3.54B | $0.62 |
| 2025-06-29 | $14.65B | $2.91B | $0.51 |
| 2025-03-30 | $13.72B | $2.97B | $0.52 |
| 2024-12-31 † | $17.76B | $410M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.6% − 4.0%
Past FCF growth (FY2020–FY2025)
-5.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+8.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $9.08B (operating CF − capex); enterprise value $225.52B = market cap $171.21B (latest close, 2026-11-04) + debt $64.64B − cash and short-term investments $10.33B; r = WACC of 6.6% using this page’s default assumptions (β 0.59, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$226.88B
FCF $9.08B ÷ (6.6% − 2.6%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.6% | 5.6% | 6.6% | 7.6% | 8.6% |
|---|---|---|---|---|---|
| 0% | 0.87x | 0.72x | 0.61x | 0.53x | 0.47x |
| 2% | 1.55x | 1.12x | 0.87x | 0.72x | 0.61x |
| 4% | 6.71x | 2.52x | 1.55x | 1.12x | 0.87x |
| 6% | — | — | 6.71x | 2.52x | 1.55x |
| 8% | — | — | — | — | 6.71x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.86x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.9%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 69 → 68 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-26
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$11,704M ÷ $7,771M = 1.51x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($11,463M + $11,874M) ÷ 2 ÷ $62,579M × 365 = 68 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($10,851M + $10,654M) ÷ 2 ÷ $16,067M × 365 = 244 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 67.2%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 32.8%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 388 of 416
- Beta (adjusted)
- 0.59
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 93% of covered companies have more
above 1 = swings more than the market
- 3,830.1M shares reported by 2,825 13F filers ÷ 5,699.7M shares outstanding on 2026-07-29. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-12 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-29)
19
Strengths & weaknessesSite analysis
Strengths
1. Diversified portfolio
Ten products above $1B in 2025 revenue.
Evidence: Form 10-K (FY2025)
2. Growth products
Eliquis +7%, Vyndaqel and Padcev grew in 2025.
Evidence: Form 10-K (FY2025)
3. Long dividend record
349th consecutive quarterly dividend declared in December 2025.
Evidence: Proxy statement (2026)
Weaknesses
1. COVID decline
Revenue fell from $101,175M (2022) to $62,579M (2025); Comirnaty and Paxlovid declined again in 2025.
Evidence: Form 10-K (FY2025)
2. Pipeline setbacks
Q2 2026: $3.8B IPR&D impairment (sigvotatug vedotin) and $525M Oxbryta impairment.
Evidence: Form 10-Q (quarter ended 2026-06-28)
3. Wholesaler concentration
McKesson 25%, Cencora 16% and Cardinal Health 13% of 2025 revenue.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
18.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
6.91%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
126%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.4%
(Operating CF − capex) ÷ market cap
1. High dividend
Dividends per share rose each year from $1.53 (2020) to $1.72 (2025).
- What has to hold
- Cash flow covers the dividend.
- The other side
- EPS fell to $1.36 in 2025.
Evidence: Form 10-K (FY2025)
2. Pipeline rebuild
Seagen oncology and Metsera obesity assets.
- What has to hold
- New launches offset losses of exclusivity.
- The other side
- Clinical failures.
Evidence: Form 10-K (FY2025)
2020 revenue excludes Upjohn (spun off to Viatris in November 2020). 2021–2022 were inflated by COVID-19 products.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.3x
$10.33B vs. $3.15B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
0.9x
$9.08B vs. $9.77B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -41.1% in FY2023 ($101.18B → $59.55B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income attributable positive every year 2020–2025; low $2,119M in 2023.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Pfizer faces product liability litigation (Zantac, Chantix), environmental matters and government inquiries; it accrues probable and estimable losses.
3 open matters (1 flagged as major) · 1 settled or closed
Zantac litigation
PendingProduct liabilityMajorPlaintiffs v. Pfizer and others
An MDL with personal injury, consumer class and medical monitoring complaints against Pfizer and many other defendants, plus Canadian class actions over Zantac.
Source: Form 10-K (FY2025) — Note 16, Contingencies and Certain Commitments
Chantix recall class actions
PendingClass actionPurchasers v. Pfizer
Since August 2021, putative class actions followed the voluntary recall of Chantix due to a nitrosamine.
Source: Form 10-K (FY2025) — Note 16, Contingencies and Certain Commitments
Government inquiries
PendingGovernment investigationU.S. Attorneys’ Offices
Inquiries including SDNY (Quillivant XR, Meridian auto-injectors) and W.D. Va. (Xeljanz pharmacy programs).
Source: Form 10-K (FY2025) — Note 16, Contingencies and Certain Commitments
Vyndaqel/Vyndamax patent settlements
SettledPatent / IPPfizer v. generic filers
In May 2026 Pfizer settled patent litigation with all generic filers except Apotex.
Source: Form 10-Q (quarter ended 2026-06-28) — Note on Contingencies
Based on Form 10-K (FY2025) — Note 16, Contingencies and Certain Commitments, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Loss of exclusivity
- Company disclosure (summarized from the 10-K)
- Generic and biosimilar competition for key products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
U.S. drug pricing
- Company disclosure (summarized from the 10-K)
- Medicare negotiation and pricing policies reduce net prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Law & regulation
Product liability
- Company disclosure (summarized from the 10-K)
- Zantac, Chantix and other litigation; government investigations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
R&D and acquisition risk
- Company disclosure (summarized from the 10-K)
- Acquired assets (Seagen, Metsera) may fail, as Q2 2026 impairments show.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Customer/supplier concentration
Wholesalers
- Company disclosure (summarized from the 10-K)
- Three wholesalers buy most U.S. products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
Some payers are directing beneficiaries to third-party patient assistance programs, rather than covering certain treatments. Read more
In other instances, insurers disallow manufacturers’ co-pay assistance from counting toward reaching the deductible or out-of-pocket maximum. Both approaches can delay access to treatment or result in treatment abandonment. Further, consumers are facing responsibility for a larger portion of their prescription costs, or administrative hurdles to access, and may favor lower-cost, or generic alternatives, or seek direct-to-consumer medications outside of insurance plans.
Several manufacturers, including Pfizer, have signed voluntary agreements with the Trump Administration designed to ensure U.S. Read more
patients pay lower prices for their prescription medicines. This may impact the competitive environment, including pricing dynamics for any of our current or potential future products, as well as contracting with payers.
In the U.S., pharmaceutical product pricing is subject to government and public scrutiny and calls for reform, and, as a result, many of our products are subject to increasing pricing pressures. Read more
We expect to see continued focus by the U.S. government on regulating pricing and access to medicine. For example, in May and July 2025, the Trump Administration issued the MFN Initiatives and, in September 2025, we announced an agreement with the Trump Administration in which we voluntarily agreed to implement measures designed to make certain drug prices for U.S. patients more comparable to those in other developed countries (the MFN Agreement). We are also participating in the TrumpRx.gov platform, which allows U.S. patients to purchase certain medicines at significant discounts to current retail prices. These discounts may adversely affect revenue generated from participating drugs. Further,…
• We may experience increasing inconsistencies and unexpected changes in the evaluations and determinations made by the FDA during the process of applying for marketing approvals of our products due to reductions in workforce, personnel movements, and policy changes.
AI, including machine learning and generative AI, is increasingly being used in the biopharmaceutical and global healthcare industries. Read more
We have begun deploying AI in various parts of our internal and external operations, including in R&D, and continue to explore further use cases for AI, and our investments in AI may not yield anticipated benefits. As with many developing technologies, AI presents risks and challenges. For example, existing regulatory frameworks governing the use, development, and deployment of AI, including regulatory guidance on the use of AI in medical products, remain uncertain and subject to significant change. New regulatory requirements could impose significant compliance costs, limit our ability to deploy AI, require changes to our practices (including documentation, risk management, testing, or transparency measures), or increase litigation and enforcement…
may also lead to the unauthorized release of confidential or proprietary information which may impact our ability to realize the benefits of our data, including intellectual property. Read more
Further, reliance on third-party AI tools or services that incorporate AI may expose our organization to compliance gaps that are outside of our control. In addition, we could face risks related to our reliance on a small number of AI models or service providers.
No longer in the text (2)
The terms of our EUA for Comirnaty require that we conduct post-observational studies to evaluate the association between the Pfizer-BioNTech COVID-19 Vaccine (Original monovalent), Pfizer-BioNTech COVID-19 Vaccine, Bivalent, and the Pfizer-BioNTech COVID-19 Vaccine (2023-2024 Formula), and a pre-specified list of adverse events of special interest, including myocarditis and pericarditis, along with deaths and hospitalizations, and severe COVID-19. The required study populations include individuals specified in our September 2023 authorization letter (reissued) as well as populations of interest, such as healthcare workers, pregnant women, immunocompromised individuals and subpopulations with specific comorbidities. Additionally, in relation to the FDA approval for Comirnaty, we are required to complete certain post marketing study requirements and commitments through 2024 and beyond.
In connection with the resolution of a U.S. government investigation concerning independent copay assistance organizations that provide financial assistance to Medicare patients, in 2018, we entered into a Corporate Integrity Agreement with the Office of the Inspector General of the HHS (OIG), which expired in May 2023. Pfizer submitted its final annual report in October 2023 and the OIG officially closed the matter in January 2025.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 26, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- Metsera obesity program data.
- Products facing loss of exclusivity later this decade.
- U.S. pricing policy.
- Cost reduction programs.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:17 (SEC EDGAR) · Source 10-K filed: February 26, 2026
Built on10-K FY2025 · filed 2026-02-26Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Pfizer’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.