Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Pfizer Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04).
The capital structure exhibits a strategic shift toward increased leverage beginning in the third quarter of 2023. Total liabilities, which previously fluctuated between 48% and 58%, reached a peak of 60.58% in December 2023 before stabilizing around 57% by mid-2026. This trend is primarily driven by a substantial increase in long-term debt, which offset a corresponding compression in total equity.
- Long-Term Debt Dynamics
- A significant escalation in long-term debt is observed starting in July 2023, where the ratio jumped from 16.21% in April 2023 to 27.87%. This upward trajectory continued steadily, reaching 30.08% by June 2026. This represents the most substantial change in the balance sheet composition, indicating a pivot toward debt-financed capital.
- Equity Composition and Shareholder Returns
- Total equity peaked at 51.75% in April 2023 before declining to a low of 39.42% in December 2023. A notable feature is the persistent and high negative value of treasury stock, which ranged from -50.55% to -70.11% throughout the period. This suggests a continuous and aggressive share repurchase program. Retained earnings also showed volatility, declining from a peak of 67.02% in April 2023 to 52.25% in December 2023, before recovering to approximately 55.73% by June 2026.
- Current Liability Trends
- Current liabilities remained relatively stable compared to long-term obligations, generally oscillating between 14% and 24% of total liabilities and equity. Other current liabilities constituted the largest portion of this category, peaking at 15.43% in December 2021 and gradually moderating to 9.80% by June 2026. Trade accounts payable remained consistent, hovering between 2.17% and 3.45%.
- Other Noncurrent Obligations
- Noncurrent liabilities, excluding long-term debt, showed a gradual increase in weight. Other noncurrent liabilities rose from 4.21% in April 2021 to 7.35% by June 2026. Conversely, pension and postretirement benefit obligations exhibited a consistent downward trend, decreasing from 3.25% in early 2021 to 0.96% by mid-2026, suggesting a reduction in the relative burden of these obligations.
Overall, the financial position is characterized by a transition from a more equity-heavy balance sheet to one with higher long-term leverage. The combination of aggressive treasury stock acquisitions and increased long-term borrowing suggests a deliberate restructuring of the capital base to optimize the weighted average cost of capital or to fund strategic initiatives.