Pfizer
PFE NYSE Pharmaceuticals Financials FY2016–FY2025
Pfizer's revenue fell 1.6% to $62.6 billion in fiscal 2025. Its net margin was 12.4%, down from 12.6% a year earlier. Free cash flow was $9.1 billion, down 7.7%. It paid out $9.8 billion in dividends and buybacks, 108% of free cash flow. The diluted share count rose 0.2%.
What Pfizer does
Pfizer discovers, develops, makes and sells prescription medicines and vaccines, and supplies them to about 200 countries and territories. Its products include Eliquis, part of its internal medicine portfolio, vaccines such as the Prevnar family, Comirnaty and Abrysvo, the COVID-19 treatment Paxlovid, and cancer drugs such as Ibrance, Xtandi and Padcev. It sells its medicines mainly to wholesalers, and also directly to retailers, hospitals, clinics, pharmacies and government agencies.
Most of Pfizer's revenue comes from making and selling these products, and Biopharma is its only reportable segment. It also runs PC1, which develops and manufactures drugs for other companies under contract. In 2025, 12 products each brought in more than $1 billion, together 65% of total revenue; Eliquis alone was 13%. Revenue from outside the U.S. was $25.5 billion, or 41% of the total. Pfizer says it competes with other global drug companies, smaller research companies, and makers of generic drugs and biosimilars, which are close, lower-cost versions of biologic medicines.
Pfizer employed about 75,000 people at the end of 2025. In November 2025 it bought Metsera, a company developing medicines for obesity and related heart and metabolic diseases that are still in clinical trials. In 2025 it also decided to wind down Pfizer Ignite, which provided research services to biotech companies, and at the start of 2026 it set up a new Global Hospital and Biosimilars organization.
- Legal name
- PFIZER INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0000078003-26-000026
0000078003
Revenue and margins
Pfizer had $62.6B of revenue in fiscal 2025, down 1.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 1.7% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $9.1B in fiscal 2025, 14.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Pfizer returned $9.8B to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count rose 0.2%.
Value Pfizer yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$54.3B and divides by 5,713.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 39.5x · peers 60.4x · sector 27.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Pfizer can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $24.0B | $19.2B | $7.3B | $11.9B | $10.3B |
| Debt incl. finance leases | $37.8B | $35.4B | $71.8B | $63.6B | $64.6B |
| Net debt / EBITDA | 0.5x | 0.4x | 6.8x | 2.9x | 3.2x |
| Debt / equity | 0.5x | 0.4x | 0.8x | 0.7x | 0.8x |
| Interest coverage | 19.8x | 29.1x | 1.5x | 3.6x | 3.8x |
| Current ratio | 1.4x | 1.2x | 0.9x | 1.2x | 1.2x |
| Quick ratio | 1.2x | 1.0x | 0.7x | 0.9x | 0.9x |
| Total assets | $181.5B | $197.2B | $226.5B | $213.4B | $208.2B |
| Total liabilities | $104.0B | $101.3B | $137.2B | $124.9B | $121.4B |
| Shareholders' equity | $77.2B | $95.7B | $89.0B | $88.2B | $86.5B |
| Net debt (− = net cash) | $13.9B | $16.3B | $64.5B | $51.7B | $54.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$3.0M
3 insiders
Sold, 12 months
$0.1M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Albert BourlaChairman & CEO, Director | Bought | 38,000 | $26.34 | $1.0M | Form 4 |
| Aug 5, 2026 | Jennifer B. DamicoSVP & Controller | Sold | 3,278 | $25.40 | $0.1M | Form 4 |
| Aug 5, 2026 | Mortimer J BuckleyDirector | Bought | 37,632 | $25.52 | $1.0M | Form 4 |
| Aug 5, 2026 | Ronald E BlaylockDirector | Bought | 39,231 | $25.46 | $1.0M | Form 4 |
| Jun 9, 2026 | Jennifer B. DamicoSVP & Controller | Sold | 2,000 | $25.70 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | 4 / 9 | 8 / 9 | 6 / 9 |
| Accruals ratio | −3.1% | −2.1% | −1.9% |
| Altman Z'' | 2.35 | 3.10 | 3.06 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Pfizer PFE | $171.1B | −1.7% | — | 14.5% | 7.3% | 39.5x | 6 | |
| Johnson & Johnson JNJ | $646.0B | 6.1% | — | 20.9% | 28.6% | 40.0x | 4 | Compare → |
| AbbVie ABBV | $505.9B | 8.6% | 24.7% | 29.1% | 15.7% | 80.7x | 7 | Compare → |
| Moderna MRNA | $79.6B | −39.9% | −158.1% | −106.2% | −65.4% | — | 2 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $52.8B | $52.5B | $40.8B | $40.9B | $41.7B | $81.3B | $101.2B | $59.6B | $63.6B | $62.6B |
| Gross profit | $40.5B | $41.3B | $31.8B | $32.9B | $33.2B | $50.5B | $66.8B | $34.6B | $45.8B | $46.5B |
| Research and development | $7.9B | $7.7B | $7.8B | $8.4B | $8.7B | $10.4B | $11.4B | $10.7B | $10.8B | $10.4B |
| Interest expense | $1.2B | $1.3B | $1.3B | $1.6B | $1.4B | $1.3B | $1.2B | $2.2B | $3.1B | $2.7B |
| Pretax income | $8.4B | $12.3B | $3.6B | $11.3B | $7.0B | $24.3B | $34.7B | $1.1B | $8.0B | $7.5B |
| Income tax | $1.1B | −$9.0B | −$266M | $583M | $370M | $1.9B | $3.3B | −$1.1B | −$28.0M | −$266M |
| Net income | $7.2B | $21.3B | $11.2B | $16.0B | $9.2B | $22.0B | $31.4B | $2.1B | $8.0B | $7.8B |
| Diluted EPS | $1.17 | $3.52 | $1.87 | $2.82 | $1.63 | $3.85 | $5.47 | $0.37 | $1.41 | $1.36 |
| Diluted shares | 6.16B | 6.06B | 5.98B | 5.68B | 5.63B | 5.71B | 5.73B | 5.71B | 5.70B | 5.71B |
| Cash flow | ||||||||||
| Cash from operations | $16.2B | $16.8B | $15.8B | $12.6B | $14.4B | $32.6B | $29.3B | $8.7B | $12.7B | $11.7B |
| Capital expenditure | $1.8B | $2.0B | $2.0B | $2.0B | $2.2B | $2.7B | $3.2B | $3.9B | $2.9B | $2.6B |
| Free cash flow | $14.4B | $14.8B | $13.8B | $10.5B | $12.2B | $29.9B | $26.0B | $4.8B | $9.8B | $9.1B |
| Depreciation and amortization | $5.8B | $6.3B | $6.4B | $5.8B | $4.7B | $5.2B | $5.1B | $6.3B | $7.0B | $6.6B |
| Stock-based compensation | $691M | $840M | $923M | $687M | $755M | $1.2B | $872M | $525M | $877M | $799M |
| Acquisitions | $18.4B | $1.0B | $0.0M | $10.9B | $0.0M | $0.0M | $23.0B | $43.4B | $0.0M | $6.9B |
| Share buybacks | $5.0B | $5.0B | $12.2B | $8.9B | $0.0M | $0.0M | $2.0B | $0.0M | $0.0M | $0.0M |
| Dividends paid | $7.3B | $7.7B | $8.0B | $8.0B | $8.4B | $8.7B | $9.0B | $9.2B | $9.5B | $9.8B |
| Dividends and buybacks | $12.3B | $12.7B | $20.2B | $16.9B | $8.4B | $8.7B | $11.0B | $9.2B | $9.5B | $9.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $17.9B | $20.0B | $18.8B | $9.6B | $11.5B | $24.0B | $19.2B | $7.3B | $11.9B | $10.3B |
| Total debt | $37.2B | $43.2B | $40.8B | $51.3B | $4.6B | $37.8B | $35.4B | $71.8B | $63.6B | $64.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $38.9B | $41.1B | $49.9B | $32.8B | $35.1B | $59.7B | $51.3B | $43.3B | $50.4B | $42.9B |
| Current liabilities | $31.1B | $30.4B | $31.9B | $37.3B | $25.9B | $42.7B | $42.1B | $47.8B | $43.0B | $37.0B |
| Inventory | $6.8B | $7.6B | $7.5B | $7.1B | $8.0B | $9.1B | $9.0B | $10.2B | $10.9B | $10.7B |
| Property and equipment, net | $13.3B | $13.9B | $13.4B | $13.0B | $13.7B | $14.9B | $16.3B | $18.9B | $18.4B | $19.3B |
| Total assets | $171.6B | $171.8B | $159.4B | $167.6B | $154.2B | $181.5B | $197.2B | $226.5B | $213.4B | $208.2B |
| Total liabilities | $111.8B | $100.1B | $95.7B | $104.1B | $90.8B | $104.0B | $101.3B | $137.2B | $124.9B | $121.4B |
| Shareholders' equity | $59.5B | $71.3B | $63.4B | $63.1B | $63.2B | $77.2B | $95.7B | $89.0B | $88.2B | $86.5B |
| Margins | ||||||||||
| Gross margin | 76.7% | 78.6% | 78.0% | 80.3% | 79.6% | 62.1% | 66.1% | 58.1% | 71.9% | 74.3% |
| EBITDA margin | 29.0% | 37.8% | 27.7% | 45.6% | 31.6% | 37.9% | 40.6% | 16.1% | 28.5% | 26.8% |
| Net margin | 13.7% | 40.6% | 27.3% | 39.2% | 22.0% | 27.0% | 31.0% | 3.6% | 12.6% | 12.4% |
| FCF margin | 27.2% | 28.3% | 33.9% | 25.8% | 29.2% | 36.7% | 25.7% | 8.1% | 15.5% | 14.5% |
| Returns | ||||||||||
| Return on capital | 11.0% | 15.6% | 5.4% | 12.8% | 9.9% | 32.0% | 32.0% | 2.5% | 7.6% | 7.3% |
| Return on capital employed | 6.9% | 9.6% | 3.7% | 10.0% | 6.6% | 19.2% | 24.5% | 2.0% | 6.4% | 6.0% |
| Return on equity | 11.6% | 32.6% | 16.6% | 25.3% | 14.5% | 31.3% | 36.3% | 2.3% | 9.1% | 8.9% |
| Return on assets | 4.3% | 12.4% | 6.7% | 9.8% | 5.7% | 13.1% | 16.6% | 1.0% | 3.7% | 3.7% |
| Growth | ||||||||||
| Revenue growth | 8.1% | −0.5% | −22.3% | 0.2% | 1.8% | 95.2% | 24.5% | −41.1% | 6.8% | −1.7% |
| Net income growth | 3.7% | 195.3% | −47.7% | 43.7% | −42.9% | 140.0% | 42.7% | −93.3% | 279.0% | −3.2% |
| EPS growth | 5.4% | 200.9% | −46.9% | 50.8% | −42.2% | 136.2% | 42.1% | −93.2% | 281.1% | −3.6% |
| FCF growth | 8.1% | 3.3% | −6.8% | −23.9% | 15.5% | 145.3% | −12.9% | −81.6% | 105.2% | −7.7% |
| Share count change | −1.6% | −1.6% | −1.3% | −5.1% | −0.8% | 1.4% | 0.4% | −0.4% | −0.2% | 0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.3x | 1.2x | 1.9x | 2.2x | −0.5x | 0.5x | 0.4x | 6.8x | 2.9x | 3.2x |
| Debt / equity | 0.6x | 0.6x | 0.6x | 0.8x | 0.1x | 0.5x | 0.4x | 0.8x | 0.7x | 0.8x |
| Interest coverage | 8.0x | 10.7x | 3.7x | 8.2x | 5.9x | 19.8x | 29.1x | 1.5x | 3.6x | 3.8x |
| Current ratio | 1.3x | 1.4x | 1.6x | 0.9x | 1.4x | 1.4x | 1.2x | 0.9x | 1.2x | 1.2x |
| Quick ratio | 1.0x | 1.1x | 1.3x | 0.7x | 1.0x | 1.2x | 1.0x | 0.7x | 0.9x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.5% | 3.7% | 4.9% | 5.0% | 5.3% | 3.3% | 3.2% | 6.6% | 4.6% | 4.2% |
| Stock comp / revenue | 1.3% | 1.6% | 2.3% | 1.7% | 1.8% | 1.5% | 0.9% | 0.9% | 1.4% | 1.3% |
| Payouts / FCF | 85.7% | 85.3% | 145.8% | 160.4% | 69.3% | 29.2% | 42.2% | 192.9% | 96.7% | 107.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 4.0 | 8.0 | 6.0 |
| Altman Z'' | 2.6 | 3.3 | 3.5 | 2.9 | 3.4 | 4.2 | 4.6 | 2.4 | 3.1 | 3.1 |
| Accruals ratio | −5.3% | 2.6% | −2.8% | 2.1% | −3.3% | −6.3% | 1.1% | −3.1% | −2.1% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0000078003). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.