Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- 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: liabilities and stockholders’ equity
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 composition of liabilities and stockholders’ equity at Pfizer Inc. underwent notable shifts between 2021 and 2025. Overall, the proportion of total liabilities fluctuated, while stockholders’ equity demonstrated a more consistent, albeit evolving, presence. A detailed examination reveals specific trends within each category.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and equity, generally decreased over the period, moving from 23.51% in 2021 to 17.77% in 2025. This decline was not linear, with a slight increase observed between 2022 and 2023. Within current liabilities, deferred revenues experienced the most significant reduction, falling from 1.69% to 0.38%. Trade accounts payable also decreased, though less dramatically, from 3.07% to 2.52%. Conversely, income taxes payable increased from 0.70% to 1.49% over the five-year period.
- Noncurrent Liabilities
- Noncurrent liabilities exhibited a more volatile pattern. Initially decreasing from 33.80% in 2021 to 29.99% in 2022, they rose to 39.48% in 2023 before settling at 40.55% in 2025. Long-term debt, excluding the current portion, was the primary driver of this increase, growing from 19.94% to 29.61%. Other noncurrent liabilities also contributed to the overall rise, increasing from 5.37% to 7.07%. Pension and postretirement benefit obligations decreased consistently throughout the period, from 2.05% to 0.98%.
- Total Liabilities
- Total liabilities as a percentage of the total decreased from 57.32% in 2021 to a low of 51.36% in 2022, then increased to 60.58% in 2023, before decreasing to 58.31% in 2025. This suggests a period of increased reliance on debt financing, particularly in 2023, followed by a slight moderation.
- Stockholders’ Equity
- Total stockholders’ equity remained relatively stable, fluctuating between 41.33% and 48.64% of the total. Retained earnings constituted the largest component of equity, decreasing from 56.97% in 2021 to 52.25% in 2023, then increasing to 55.06% in 2025. Treasury stock represented a significant deduction from equity, increasing in absolute percentage terms from -61.36% to -55.25%. Additional paid-in capital decreased from 49.92% to 40.90% in 2023, then increased to 45.38% in 2025. Accumulated other comprehensive loss remained consistently negative, with a slight increase in magnitude over the period.
In summary, the liability structure of Pfizer Inc. experienced more pronounced changes than the equity structure. The increase in long-term debt and income taxes payable, coupled with the decrease in deferred revenues, are key observations. While stockholders’ equity remained a substantial portion of the capital structure, shifts within its components, particularly the increasing treasury stock and fluctuating retained earnings, warrant further investigation.