Pfizer (PFE)
Health Care · $159B market cap · SEC CIK 0000078003
fundamentals score out of 100
Next reports on Nov 2, 2026, with analysts expecting $0.75 in earnings per share.
The case for PFE
- Pays a 5.4% dividend while you wait.
- Gross margin of 75% absorbs cost shocks.
- Moves less than the market (beta 0.28).
The case against
- Earnings per share down 59.9%.
- Pricey at 36.7× earnings, against a long-run market average nearer 20×.
- Long-term debt of $61.6B would take 5 years of operating cash flow to repay.
- Revenue was flat on the year (-0.2%).
- Return on equity of only 5%.
- Dividend takes 80% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 56 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 24 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 43 |
| Momentumhow the price has behaved lately | 72 |
| Stabilityhow violently it moves, what it owes and what it pays you | 78 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 36.7× |
|---|---|
| Price / book | 1.63× |
| Price / sales | 2.5× |
| Revenue growth (YoY) | -0.2% |
| EPS growth (YoY) | -59.9% |
| Gross margin | 75% |
| Operating margin | 7% |
| Net margin | 7% |
| Return on equity | 5% |
| Debt / equity | 0.74× |
| Current ratio | 1.27 |
| Dividend yield | 5.38% |
| Beta | 0.28 |
| 52-week range | $23.58 – $29.21 |
| Position in that range | 77% of the way up |
| 3-month return | +10.0% |
| 1-year return | +15.4% |
Five years of financials, as filed
Pulled from Pfizer's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $62.6B | $63.6B | $50.9B | $91.8B | $73.6B |
| Net income | $7.8B | $8.0B | $2.1B | $31.4B | $22.0B |
| Operating cash flow | $11.7B | $12.7B | $8.7B | $29.3B | $32.6B |
| Capital expenditure | $2.6B | $2.9B | $3.9B | $3.2B | $2.7B |
| Total assets | $208B | $213B | $227B | $197B | $181B |
| Total liabilities | $121B | $125B | $137B | $101B | $104B |
| Shareholder equity | $86.5B | $88.2B | $89.0B | $95.7B | $77.2B |
| Cash | $1.1B | $1.0B | $2.9B | $416M | $1.9B |
| Long-term debt | $61.6B | $57.4B | $61.5B | $32.9B | $36.2B |
| Free cash flow | $9.1B | $9.8B | $4.8B | $26.0B | $29.9B |
| Net margin | 12.4% | 12.6% | 4.2% | 34.2% | 29.8% |
| Diluted shares | 5.7B | 5.7B | 5.7B | 5.7B | 5.7B |
Share count is essentially flat over 4 years.
What Pfizer says it does
— Patents and Other Intellectual Property Rights section for information regarding the expiration of various patent rights, Note 16 for a discussion of recent developments concerning patent and product litigation relating to certain of the products discussed above and Note 17C for the primary indications or class of the selected products discussed above. Costs and Expenses Costs and expenses follow: Year Ended December 31, % Change (MILLIONS) 2025 2024 2023 25/24 24/23 Cost of sales $ 16,067 $ 17,851 $ 24,954 (10) (28) Percentage of Total revenues 25.7 % 28.1 % 41.9 % Selling, informational and administrative expenses 13,794 14,730 14,771 (6) — Research and development expenses 10,437 10,822 10,679 (4) 1 Acquired in-process research and development expenses 1,613 108 194 * (44) Amortization of intangible assets 4,874 5,286 4,733 (8) 12 Restructuring charges and certain acquisition-related costs 1,550 2,419 2,943 (36) (18) Other…
Risk factors PFE lists in its 10-K
- Regulatory Environment––Pipeline Productivity
- Intellectual Property Rights and Collaboration/Licensing Rights
- Regulatory Environment/Pricing and Access––Government and Other Payor Group Pressures
- Pricing Pressures and Managed Care Organizations
- ––Government Regulation and Price Constraints
- Impact of the July 2023 Tornado in Rocky Mount, North Carolina (NC)
- Changes in Laws and Accounting Standards
- Third-Party Intellectual Property Claims
- Total Revenues — Selected Product Discussion
- Expected Annual Rate of Return on Plan Assets
- Discount Rate Used to Measure Plan Obligations
- Analysis of Financial Condition, Liquidity, Capital Resources and Market Risk
- Total Revenues––Selected Product Discussion
- Total Revenues—Selected Product Discussion