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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.26 0.51 0.45 0.27 0.31
Adjusted 0.26 0.52 0.45 0.27 0.31
Liquidity Ratio
Current Ratio
Reported 0.91 1.22 1.40 1.35 0.88
Adjusted 0.94 1.26 1.44 1.41 0.91
Solvency Ratios
Debt to Equity
Reported 0.81 0.37 0.50 0.63 0.83
Adjusted 0.83 0.42 0.53 0.61 0.77
Debt to Capital
Reported 0.45 0.27 0.33 0.39 0.45
Adjusted 0.45 0.29 0.35 0.38 0.43
Financial Leverage
Reported 2.54 2.06 2.35 2.44 2.65
Adjusted 2.49 2.06 2.32 2.26 2.40
Profitability Ratios
Net Profit Margin
Reported 3.62% 31.27% 27.04% 22.95% 31.45%
Adjusted -0.25% 25.21% 21.93% 13.26% 30.93%
Return on Equity (ROE)
Reported 2.38% 32.79% 28.47% 15.21% 25.77%
Adjusted -0.16% 26.96% 22.93% 8.18% 22.99%
Return on Assets (ROA)
Reported 0.94% 15.91% 12.11% 6.23% 9.72%
Adjusted -0.07% 13.11% 9.89% 3.61% 9.58%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Pfizer Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Pfizer Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 58,496 100,330 81,288 41,908 51,750
Total assets 226,501 197,205 181,476 154,229 167,489
Activity Ratio
Total asset turnover1 0.26 0.51 0.45 0.27 0.31
Adjusted
Selected Financial Data (US$ in millions)
Revenues 58,496 100,330 81,288 41,908 51,750
Adjusted total assets2 225,203 192,885 180,350 153,797 167,138
Activity Ratio
Adjusted total asset turnover3 0.26 0.52 0.45 0.27 0.31

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 58,496 ÷ 226,501 = 0.26

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 58,496 ÷ 225,203 = 0.26

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 43,333 51,259 59,693 35,067 32,803
Current liabilities 47,794 42,138 42,671 25,920 37,304
Liquidity Ratio
Current ratio1 0.91 1.22 1.40 1.35 0.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 43,803 51,708 60,185 35,575 33,330
Adjusted current liabilities3 46,469 41,147 41,855 25,292 36,590
Liquidity Ratio
Adjusted current ratio4 0.94 1.26 1.44 1.41 0.91

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 43,333 ÷ 47,794 = 0.91

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 43,803 ÷ 46,469 = 0.94

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 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 71,888 35,829 38,436 39,836 52,150
Total Pfizer Inc. shareholders’ equity 89,014 95,661 77,201 63,238 63,143
Solvency Ratio
Debt to equity1 0.81 0.37 0.50 0.63 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 75,041 39,046 41,395 41,271 53,474
Adjusted total equity3 90,618 93,823 77,756 67,902 69,607
Solvency Ratio
Adjusted debt to equity4 0.83 0.42 0.53 0.61 0.77

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 71,888 ÷ 89,014 = 0.81

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 75,041 ÷ 90,618 = 0.83

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 71,888 35,829 38,436 39,836 52,150
Total capital 160,902 131,490 115,637 103,074 115,293
Solvency Ratio
Debt to capital1 0.45 0.27 0.33 0.39 0.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 75,041 39,046 41,395 41,271 53,474
Adjusted total capital3 165,659 132,869 119,151 109,173 123,081
Solvency Ratio
Adjusted debt to capital4 0.45 0.29 0.35 0.38 0.43

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 71,888 ÷ 160,902 = 0.45

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 75,041 ÷ 165,659 = 0.45

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 226,501 197,205 181,476 154,229 167,489
Total Pfizer Inc. shareholders’ equity 89,014 95,661 77,201 63,238 63,143
Solvency Ratio
Financial leverage1 2.54 2.06 2.35 2.44 2.65
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 225,203 192,885 180,350 153,797 167,138
Adjusted total equity3 90,618 93,823 77,756 67,902 69,607
Solvency Ratio
Adjusted financial leverage4 2.49 2.06 2.32 2.26 2.40

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 226,501 ÷ 89,014 = 2.54

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 225,203 ÷ 90,618 = 2.49

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 decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 2,119 31,372 21,979 9,616 16,273
Revenues 58,496 100,330 81,288 41,908 51,750
Profitability Ratio
Net profit margin1 3.62% 31.27% 27.04% 22.95% 31.45%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 (149) 25,290 17,829 5,555 16,005
Revenues 58,496 100,330 81,288 41,908 51,750
Profitability Ratio
Adjusted net profit margin3 -0.25% 25.21% 21.93% 13.26% 30.93%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 2,119 ÷ 58,496 = 3.62%

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

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Revenues
= 100 × -149 ÷ 58,496 = -0.25%

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 2,119 31,372 21,979 9,616 16,273
Total Pfizer Inc. shareholders’ equity 89,014 95,661 77,201 63,238 63,143
Profitability Ratio
ROE1 2.38% 32.79% 28.47% 15.21% 25.77%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 (149) 25,290 17,829 5,555 16,005
Adjusted total equity3 90,618 93,823 77,756 67,902 69,607
Profitability Ratio
Adjusted ROE4 -0.16% 26.96% 22.93% 8.18% 22.99%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 2,119 ÷ 89,014 = 2.38%

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

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total equity
= 100 × -149 ÷ 90,618 = -0.16%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 2,119 31,372 21,979 9,616 16,273
Total assets 226,501 197,205 181,476 154,229 167,489
Profitability Ratio
ROA1 0.94% 15.91% 12.11% 6.23% 9.72%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 (149) 25,290 17,829 5,555 16,005
Adjusted total assets3 225,203 192,885 180,350 153,797 167,138
Profitability Ratio
Adjusted ROA4 -0.07% 13.11% 9.89% 3.61% 9.58%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 2,119 ÷ 226,501 = 0.94%

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

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total assets
= 100 × -149 ÷ 225,203 = -0.07%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Pfizer Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.