Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Pfizer Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.30 0.26 0.51 0.45 0.28
Adjusted 0.31 0.26 0.52 0.46 0.28
Liquidity Ratio
Current Ratio
Reported 1.17 0.91 1.22 1.40 1.35
Adjusted 1.23 0.94 1.26 1.44 1.41
Solvency Ratios
Debt to Equity
Reported 0.73 0.81 0.37 0.50 0.63
Adjusted 0.77 0.83 0.42 0.53 0.61
Debt to Capital
Reported 0.42 0.45 0.27 0.33 0.39
Adjusted 0.44 0.45 0.29 0.35 0.38
Financial Leverage
Reported 2.42 2.54 2.06 2.35 2.44
Adjusted 2.39 2.49 2.06 2.32 2.26
Profitability Ratios
Net Profit Margin
Reported 12.62% 3.56% 31.01% 26.76% 22.53%
Adjusted 9.69% -0.25% 25.00% 21.70% 13.02%
Return on Equity (ROE)
Reported 9.11% 2.38% 32.79% 28.47% 15.21%
Adjusted 7.12% -0.16% 26.96% 22.93% 8.18%
Return on Assets (ROA)
Reported 3.76% 0.94% 15.91% 12.11% 6.23%
Adjusted 2.97% -0.07% 13.11% 9.89% 3.61%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Pfizer Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Pfizer Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Pfizer Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Pfizer Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted 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
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
Selected Financial Data (US$ in millions)
Revenues 63,627 59,553 101,175 82,145 42,678
Adjusted total assets2 207,261 225,203 192,885 180,350 153,797
Activity Ratio
Adjusted total asset turnover3 0.31 0.26 0.52 0.46 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).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 63,627 ÷ 213,396 = 0.30

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 63,627 ÷ 207,261 = 0.31

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 Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 50,358 43,333 51,259 59,693 35,067
Current liabilities 42,995 47,794 42,138 42,671 25,920
Liquidity Ratio
Current ratio1 1.17 0.91 1.22 1.40 1.35
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 50,796 43,803 51,708 60,185 35,575
Adjusted current liabilities3 41,312 46,469 41,147 41,855 25,292
Liquidity Ratio
Adjusted current ratio4 1.23 0.94 1.26 1.44 1.41

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 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 50,358 ÷ 42,995 = 1.17

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 50,796 ÷ 41,312 = 1.23

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc. adjusted current ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Selected Financial Data (US$ in millions)
Adjusted total debt2 66,993 75,041 39,046 41,395 41,271
Adjusted total equity3 86,604 90,618 93,823 77,756 67,902
Solvency Ratio
Adjusted debt to equity4 0.77 0.83 0.42 0.53 0.61

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 2024 Calculation
Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 64,351 ÷ 88,203 = 0.73

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 66,993 ÷ 86,604 = 0.77

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

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 64,351 71,888 35,829 38,436 39,836
Total capital 152,554 160,902 131,490 115,637 103,074
Solvency Ratio
Debt to capital1 0.42 0.45 0.27 0.33 0.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 66,993 75,041 39,046 41,395 41,271
Adjusted total capital3 153,597 165,659 132,869 119,151 109,173
Solvency Ratio
Adjusted debt to capital4 0.44 0.45 0.29 0.35 0.38

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 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 64,351 ÷ 152,554 = 0.42

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 66,993 ÷ 153,597 = 0.44

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

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 213,396 226,501 197,205 181,476 154,229
Total Pfizer Inc. shareholders’ equity 88,203 89,014 95,661 77,201 63,238
Solvency Ratio
Financial leverage1 2.42 2.54 2.06 2.35 2.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 207,261 225,203 192,885 180,350 153,797
Adjusted total equity3 86,604 90,618 93,823 77,756 67,902
Solvency Ratio
Adjusted financial leverage4 2.39 2.49 2.06 2.32 2.26

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 2024 Calculation
Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 213,396 ÷ 88,203 = 2.42

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 207,261 ÷ 86,604 = 2.39

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Pfizer Inc. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Revenues 63,627 59,553 101,175 82,145 42,678
Profitability Ratio
Net profit margin1 12.62% 3.56% 31.01% 26.76% 22.53%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 6,163 (149) 25,290 17,829 5,555
Revenues 63,627 59,553 101,175 82,145 42,678
Profitability Ratio
Adjusted net profit margin3 9.69% -0.25% 25.00% 21.70% 13.02%

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 2024 Calculation
Net profit margin = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Revenues
= 100 × 8,031 ÷ 63,627 = 12.62%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Revenues
= 100 × 6,163 ÷ 63,627 = 9.69%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Pfizer Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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 Pfizer Inc. shareholders’ equity 88,203 89,014 95,661 77,201 63,238
Profitability Ratio
ROE1 9.11% 2.38% 32.79% 28.47% 15.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 6,163 (149) 25,290 17,829 5,555
Adjusted total equity3 86,604 90,618 93,823 77,756 67,902
Profitability Ratio
Adjusted ROE4 7.12% -0.16% 26.96% 22.93% 8.18%

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 2024 Calculation
ROE = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 8,031 ÷ 88,203 = 9.11%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total equity
= 100 × 6,163 ÷ 86,604 = 7.12%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc. adjusted ROE 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
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
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 6,163 (149) 25,290 17,829 5,555
Adjusted total assets3 207,261 225,203 192,885 180,350 153,797
Profitability Ratio
Adjusted ROA4 2.97% -0.07% 13.11% 9.89% 3.61%

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 2024 Calculation
ROA = 100 × Net income attributable to Pfizer Inc. common shareholders ÷ Total assets
= 100 × 8,031 ÷ 213,396 = 3.76%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total assets
= 100 × 6,163 ÷ 207,261 = 2.97%

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