Common-Size Balance Sheet: Assets
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Pfizer Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Pfizer Inc., common-size consolidated balance sheet: assets
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 asset composition of the entity demonstrates significant shifts over the five-year period. A notable trend is the decrease in current assets as a percentage of total assets, contrasted by a corresponding increase in noncurrent assets. Within current assets, the allocation among components also exhibits considerable variation.
- Liquidity and Current Assets
- Current assets decreased as a percentage of total assets from 32.89% in 2021 to 20.61% in 2025. This decline is primarily driven by reductions in cash and cash equivalents, and short-term investments. Cash and cash equivalents experienced a substantial decrease from 1.07% to 0.55%, while short-term investments fell from 16.05% to 5.98%. Trade accounts receivable remained relatively stable, fluctuating between 4.93% and 6.33% of total assets. Inventories showed a slight increase over the period, moving from 4.99% to 5.12%. Current tax assets also decreased, though less dramatically, from 2.35% to 1.91%. Other current assets experienced an initial increase before declining to 1.35% in 2025.
- Long-Term Investments
- Long-term investments decreased significantly from 11.86% of total assets in 2021 to 0.78% in 2025, indicating a strategic shift away from these holdings. This reduction is particularly pronounced between 2022 and 2024.
- Fixed Assets
- Property, plant, and equipment, net, exhibited a consistent, albeit modest, increase from 8.20% to 9.28% of total assets. This suggests ongoing investment in fixed assets, though not at a rate that dramatically alters the overall asset structure.
- Intangible Assets and Goodwill
- Identifiable intangible assets, net, and goodwill represent a substantial and growing portion of total assets. Identifiable intangible assets increased from 13.86% in 2021 to 25.81% in 2025. Goodwill experienced a more significant increase, rising from 27.12% to 34.24% over the same period. These increases suggest a reliance on acquisitions or internally developed intangibles to drive asset growth.
- Noncurrent Tax Assets and Other Noncurrent Assets
- Noncurrent deferred tax assets and other noncurrent tax assets increased from 1.84% to 4.66% of total assets, indicating a growing utilization of tax benefits or changes in tax-related accounting. Other noncurrent assets also showed an increase, from 4.23% to 4.63%, though the change was less pronounced.
- Overall Asset Composition
- The proportion of noncurrent assets increased from 67.11% in 2021 to 79.39% in 2025. This shift, coupled with the decline in current assets, suggests a long-term strategic focus on less liquid, but potentially higher-yielding, assets. The increasing dominance of goodwill and intangible assets warrants further investigation into the underlying drivers of this growth and potential impairment risks.