Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Pfizer Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to Pfizer Inc. 2,119 31,372 21,979 9,616 16,273
Net income attributable to noncontrolling interests 39 35 46 36 29
Net noncash charges 8,714 3,499 (1,907) 1,209 317
Changes in assets and liabilities, net of acquisitions and divestitures (2,172) (5,639) 12,804 (275) (4,031)
Net cash provided by operating activities 8,700 29,267 32,922 10,586 12,588
Purchases of property, plant and equipment (3,907) (3,236) (2,711) (2,252) (2,176)
Proceeds from short-term borrowings 4,525 3,891 — 12,352 16,455
Payments on short-term borrowings (3) (3,887) — (22,197) (8,378)
Net proceeds from (payments on) short-term borrowings with original maturities of three months or less 3,161 (222) (96) (4,129) 2,551
Proceeds from issuances of long-term debt 30,831 — 997 5,222 4,942
Payments on long-term debt (2,569) (3,298) (2,004) (4,003) (6,806)
Free cash flow to equity (FCFE) 40,738 22,515 29,108 (4,421) 19,176

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Pfizer Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Pfizer Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Pfizer Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 5,646,778,425
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 40,738
FCFE per share 7.21
Current share price (P) 26.27
Valuation Ratio
P/FCFE 3.64
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 16.58
Amgen Inc. 4.43
Bristol-Myers Squibb Co. 7.54
Danaher Corp. 53.10
Eli Lilly & Co. 73.68
Gilead Sciences Inc. 11.69
Johnson & Johnson 23.06
Merck & Co. Inc. 24.13
Regeneron Pharmaceuticals Inc. 25.68
Thermo Fisher Scientific Inc. 32.10
Zoetis Inc. 253.98
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 16.53
P/FCFE, Industry
Health Care 16.36

Based on: 10-K (reporting date: 2023-12-31).

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 5,646,778,425 5,619,074,621 5,623,346,471 5,577,629,491 5,547,639,005
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 40,738 22,515 29,108 (4,421) 19,176
FCFE per share3 7.21 4.01 5.18 -0.79 3.46
Share price1, 4 27.55 42.30 45.96 33.82 34.10
Valuation Ratio
P/FCFE5 3.82 10.56 8.88 — 9.87
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 17.37 22.66 18.76 13.16 3.64
Amgen Inc. 4.71 8.32 13.52 11.06 33.32
Bristol-Myers Squibb Co. 7.52 22.85 16.17 7.80 5.80
Danaher Corp. 53.08 32.04 20.75 44.62 6.88
Eli Lilly & Co. 75.06 60.51 35.17 36.62 15.87
Gilead Sciences Inc. 12.81 15.22 12.70 5.98 15.91
Johnson & Johnson 24.31 16.73 23.28 15.60 23.06
Merck & Co. Inc. 24.48 22.40 18.72 17.85 18.08
Regeneron Pharmaceuticals Inc. 26.52 19.29 10.35 13.30 21.00
Thermo Fisher Scientific Inc. 31.16 27.98 13.44 18.58 46.04
Zoetis Inc. 308.88 29.88 82.45 32.86 51.91
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 17.06 19.49 16.88 17.38 11.72
P/FCFE, Industry
Health Care 16.86 18.40 17.97 17.17 13.58

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 40,738,000,000 ÷ 5,646,778,425 = 7.21

4 Closing price as at the filing date of Pfizer Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 27.55 ÷ 7.21 = 3.82

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Pfizer Inc. P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.