Price to FCFE (P/FCFE)
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Pfizer Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Pfizer Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial information reveals significant fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. Operating cash flow decreased substantially from 2021 to 2023, before showing some recovery in subsequent years. FCFE demonstrates even more pronounced volatility.
- Net Cash from Operations
- Net cash provided by operating activities began at US$32,922 million in 2021, declining to US$29,267 million in 2022. A dramatic decrease was then observed in 2023, falling to US$8,700 million. This was followed by a partial recovery to US$12,744 million in 2024 and a further slight decrease to US$11,704 million in 2025. This suggests potential challenges in maintaining consistent operational cash generation.
- Free Cash Flow to Equity (FCFE)
- FCFE started at US$29,108 million in 2021, decreasing to US$22,515 million in 2022. A substantial increase occurred in 2023, reaching US$40,738 million. However, this was followed by a significant decline to US$2,676 million in 2024, and a modest recovery to US$9,001 million in 2025. The large swing in FCFE, particularly the drop in 2024, warrants further investigation to understand the underlying drivers.
The divergence between operating cash flow and FCFE suggests that factors beyond core operations, such as financing activities or significant capital expenditures not directly reflected in operating cash flow, are substantially impacting the cash available to equity holders. The substantial increase in FCFE in 2023, despite the low operating cash flow, is particularly noteworthy and requires further scrutiny. The subsequent sharp decline in FCFE in 2024, even with a moderate increase in operating cash flow, indicates a potential shift in capital allocation or other financial strategies.
- Relationship between Operating Cash Flow and FCFE
- While both metrics generally move in the same direction, the magnitude of change in FCFE is considerably larger than that of operating cash flow. This indicates that items impacting FCFE, such as debt issuance/repayment, share repurchases, or dividend payments, are having a disproportionate effect on cash available to equity holders compared to the core operating performance of the business.
Price to FCFE Ratio, Current
Pfizer Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Pfizer Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Pfizer Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a relatively stable, though decreasing, valuation based on free cash flow generation. However, subsequent years demonstrate significant volatility, culminating in a substantial peak before moderating.
- Share Price
- The share price experienced a decline from $45.96 in 2021 to $42.30 in 2022, followed by a more pronounced decrease to $27.55 in 2023. A slight dip to $26.10 occurred in 2024 before a modest recovery to $27.10 in 2025. This suggests a period of investor uncertainty and potential re-evaluation of the company’s prospects.
- FCFE per Share
- Free Cash Flow to Equity per share decreased from $5.18 in 2021 to $4.01 in 2022. A substantial increase to $7.21 was observed in 2023, indicating improved cash generation. However, this was followed by a dramatic reduction to $0.47 in 2024, and a partial recovery to $1.58 in 2025. The volatility in FCFE per share significantly impacts the P/FCFE ratio.
- P/FCFE Ratio
- The P/FCFE ratio began at 8.88 in 2021 and rose to 10.56 in 2022, potentially reflecting a decrease in FCFE outpacing the share price decline. A significant drop to 3.82 occurred in 2023, coinciding with the peak in FCFE per share. The ratio then surged to 55.28 in 2024, driven by the substantial decline in FCFE per share. Finally, the ratio decreased to 17.12 in 2025, as FCFE per share experienced a partial recovery. The large fluctuations suggest that the market valuation is highly sensitive to changes in the company’s free cash flow generation.
The substantial increase in the P/FCFE ratio in 2024 warrants further investigation. This could indicate that the market perceived the decline in FCFE as temporary, or that other factors were influencing the share price. The subsequent decrease in 2025 suggests a partial correction, but continued monitoring of FCFE and its impact on the P/FCFE ratio is recommended.