Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Analysis of Operating Leases

Microsoft Excel

Adjustments to Financial Statements for Operating Leases

Pfizer Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 213,396 226,501 197,205 181,476 154,229
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Total assets (adjusted) 213,396 226,501 197,205 181,476 154,229
Adjustment to Total Debt
Total debt (as reported) 64,351 71,888 35,829 38,436 39,836
Add: Operating lease liability (before adoption of FASB Topic 842)2
Add: Operating lease liabilities, short-term (included in Other current liabilities) 356 527 620 449 321
Add: Operating lease liabilities, long-term (included in Other noncurrent liabilities) 2,286 2,626 2,597 2,510 1,114
Total debt (adjusted) 66,993 75,041 39,046 41,395 41,271

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1, 2 Equal to total present value of future operating lease payments.


Pfizer Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Pfizer Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Total Asset Turnover1
Reported total asset turnover 0.30 0.26 0.51 0.45 0.28
Adjusted total asset turnover 0.30 0.26 0.51 0.45 0.28
Debt to Equity2
Reported debt to equity 0.73 0.81 0.37 0.50 0.63
Adjusted debt to equity 0.76 0.84 0.41 0.54 0.65
Return on Assets3 (ROA)
Reported ROA 3.76% 0.94% 15.91% 12.11% 6.23%
Adjusted ROA 3.76% 0.94% 15.91% 12.11% 6.23%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Pfizer Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Pfizer Inc. adjusted debt to equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Pfizer Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Pfizer Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues 63,627 59,553 101,175 82,145 42,678
Total assets 213,396 226,501 197,205 181,476 154,229
Activity Ratio
Total asset turnover1 0.30 0.26 0.51 0.45 0.28
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenues 63,627 59,553 101,175 82,145 42,678
Adjusted total assets 213,396 226,501 197,205 181,476 154,229
Activity Ratio
Adjusted total asset turnover2 0.30 0.26 0.51 0.45 0.28

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 63,627 ÷ 213,396 = 0.30

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 63,627 ÷ 213,396 = 0.30

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Pfizer Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt 64,351 71,888 35,829 38,436 39,836
Total Pfizer Inc. shareholders’ equity 88,203 89,014 95,661 77,201 63,238
Solvency Ratio
Debt to equity1 0.73 0.81 0.37 0.50 0.63
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 66,993 75,041 39,046 41,395 41,271
Total Pfizer Inc. shareholders’ equity 88,203 89,014 95,661 77,201 63,238
Solvency Ratio
Adjusted debt to equity2 0.76 0.84 0.41 0.54 0.65

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 64,351 ÷ 88,203 = 0.73

2 Adjusted debt to equity = Adjusted total debt ÷ Total Pfizer Inc. shareholders’ equity
= 66,993 ÷ 88,203 = 0.76

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Pfizer Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders 8,031 2,119 31,372 21,979 9,616
Total assets 213,396 226,501 197,205 181,476 154,229
Profitability Ratio
ROA1 3.76% 0.94% 15.91% 12.11% 6.23%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. common shareholders 8,031 2,119 31,372 21,979 9,616
Adjusted total assets 213,396 226,501 197,205 181,476 154,229
Profitability Ratio
Adjusted ROA2 3.76% 0.94% 15.91% 12.11% 6.23%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Total assets
= 100 × 8,031 ÷ 213,396 = 3.76%

2 Adjusted ROA = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Adjusted total assets
= 100 × 8,031 ÷ 213,396 = 3.76%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Pfizer Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.