Stock Analysis on Net
Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Debt to Equity 
since 2005

Microsoft Excel

Calculation

Pfizer Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Total Pfizer Inc. shareholders’ equity1
Dec 31, 2025 0.75 = 64,795 ÷ 86,476
Dec 31, 2024 0.73 = 64,351 ÷ 88,203
Dec 31, 2023 0.81 = 71,888 ÷ 89,014
Dec 31, 2022 0.37 = 35,829 ÷ 95,661
Dec 31, 2021 0.50 = 38,436 ÷ 77,201
Dec 31, 2020 0.63 = 39,836 ÷ 63,238
Dec 31, 2019 0.83 = 52,150 ÷ 63,143
Dec 31, 2018 0.66 = 41,740 ÷ 63,407
Dec 31, 2017 0.60 = 43,491 ÷ 72,308
Dec 31, 2016 0.71 = 42,086 ÷ 59,544
Dec 31, 2015 0.60 = 38,978 ÷ 64,720
Dec 31, 2014 0.51 = 36,682 ÷ 71,301
Dec 31, 2013 0.48 = 36,489 ÷ 76,307
Dec 31, 2012 0.46 = 37,460 ÷ 81,260
Dec 31, 2011 0.47 = 38,949 ÷ 82,190
Dec 31, 2010 0.50 = 44,033 ÷ 87,813
Dec 31, 2009 0.54 = 48,662 ÷ 90,014
Dec 31, 2008 0.30 = 17,283 ÷ 57,556
Dec 31, 2007 0.20 = 13,139 ÷ 65,010
Dec 31, 2006 0.11 = 7,980 ÷ 71,358
Dec 31, 2005 0.27 = 17,936 ÷ 65,627

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt-to-equity ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio stood at 0.27 in 2005, indicating a relatively conservative capital structure. A significant decrease was observed in 2006, falling to 0.11, suggesting a reduction in reliance on debt financing relative to equity.

Initial Period (2005-2009)
From 2007 through 2009, the ratio experienced an upward trend, increasing from 0.20 to 0.54. This rise suggests an increasing proportion of debt being used to finance assets, potentially indicating strategic investments or acquisitions. The most substantial increase occurred between 2008 and 2009.

Following 2009, the ratio remained elevated but exhibited some volatility. It decreased to 0.50 in 2010 and continued to decline gradually to 0.46 in 2012. However, it then stabilized around the 0.48 to 0.51 range for the next few years.

Mid-Period (2013-2017)
A noticeable increase began in 2013, with the ratio reaching 0.60 in 2015 and peaking at 0.71 in 2016. This period reflects a growing reliance on debt financing. The ratio then decreased slightly to 0.60 in 2017.

The period from 2018 to 2020 saw further fluctuations. The ratio increased to 0.83 in 2018, then decreased to 0.63 in 2020. This suggests a period of active debt management and potential restructuring.

Recent Period (2021-2025)
In 2021, the ratio decreased significantly to 0.37, indicating a substantial reduction in debt relative to equity. However, a sharp increase occurred in 2022, reaching 0.81, followed by a slight decrease to 0.73 in 2023 and 0.75 in 2024. The most recent value, 0.75 in 2025, indicates a continued, relatively high level of debt financing compared to equity.

Overall, the debt-to-equity ratio has demonstrated significant variability over the analyzed timeframe. While periods of conservative financing were observed, the latter portion of the period is characterized by a higher and fluctuating reliance on debt. The substantial increase in 2022 and sustained levels in 2023-2025 warrant further investigation to understand the underlying drivers and potential implications for financial risk.

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Comparison to Competitors

Pfizer Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Pfizer Inc. AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2025 0.75 — 6.31 2.44 0.35 1.60 1.10 0.59 0.94 0.09 0.74 0.01
Dec 31, 2024 0.73 20.19 10.23 3.04 0.32 2.37 1.38 0.51 0.80 0.09 0.63 0.01
Dec 31, 2023 0.81 5.73 10.37 1.35 0.34 2.34 1.09 0.43 0.93 0.10 0.75 0.02
Dec 31, 2022 0.37 3.67 10.64 1.27 0.39 1.52 1.19 0.52 0.67 0.12 0.78 0.03
Dec 31, 2021 0.50 4.98 4.97 1.24 0.49 1.88 1.27 0.46 0.87 0.14 0.85 0.06
Dec 31, 2020 0.63 6.58 3.51 1.34 0.53 2.94 1.73 0.56 1.26 0.24 0.63 0.07
Dec 31, 2019 0.83 — 3.09 0.91 0.72 5.88 1.09 0.47 1.02 0.06 0.60 0.09
Dec 31, 2018 0.66 — 2.71 0.52 0.35 1.30 1.28 0.51 0.94 0.08 0.69 0.13
Dec 31, 2017 0.60 7.33 1.40 0.68 0.40 1.18 1.64 0.57 0.71 0.11 0.83 0.29
Dec 31, 2016 0.71 7.95 1.16 0.41 0.53 0.74 1.39 0.39 0.62 0.11 0.77 0.71
Dec 31, 2015 0.60 8.03 1.12 0.47 0.54 0.55 1.20 0.28 0.59 0.10 0.59 0.86
Dec 31, 2014 0.51 8.62 1.19 0.53 0.15 0.52 0.80 0.27 0.44 0.18 0.71 0.75
Dec 31, 2013 0.48 3.28 1.45 0.55 0.16 0.30 0.58 0.25 0.50 0.26 0.62 0.36
Dec 31, 2012 0.46 4.66 1.39 0.54 0.28 0.37 0.88 0.25 0.39 0.37 0.46 0.68
Dec 31, 2011 0.47 — 1.13 0.34 0.31 0.52 1.13 0.34 0.32 0.90 0.47 0.58
Dec 31, 2010 0.50 — 0.56 0.35 0.21 0.56 0.59 0.30 0.33 0.31 0.14 1.07
Dec 31, 2009 0.54 — 0.47 0.43 0.25 0.70 0.18 0.29 0.30 0.27 0.14 0.14
Dec 31, 2008 0.30 — 0.50 0.55 0.27 1.55 0.31 0.28 0.33 0.00 0.14 1.20
Dec 31, 2007 0.20 — 0.63 0.59 0.41 0.37 0.38 0.22 0.32 0.43 0.15 0.07
Dec 31, 2006 0.11 — 0.48 0.74 0.37 0.34 0.77 0.17 0.39 0.92 0.19 0.24
Dec 31, 2005 0.27 — 0.19 0.77 0.21 0.60 0.10 0.07 0.45 1.75 0.21 0.75

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Pfizer Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Pfizer Inc. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2025 0.75 1.02
Dec 31, 2024 0.73 1.04
Dec 31, 2023 0.81 0.97
Dec 31, 2022 0.37 0.80
Dec 31, 2021 0.50 0.93
Dec 31, 2020 0.63 1.12
Dec 31, 2019 0.83 1.09
Dec 31, 2018 0.66 0.93
Dec 31, 2017 0.60 0.87
Dec 31, 2016 0.71 0.79
Dec 31, 2015 0.60 0.68
Dec 31, 2014 0.51 0.55
Dec 31, 2013 0.48 0.52
Dec 31, 2012 0.46 0.51
Dec 31, 2011 0.47 0.46
Dec 31, 2010 0.50 0.40
Dec 31, 2009 0.54 0.39
Dec 31, 2008 0.30 0.37
Dec 31, 2007 0.20 0.30
Dec 31, 2006 0.11 0.25
Dec 31, 2005 0.27 0.29

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Pfizer Inc., debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Pfizer Inc. Health Care
Dec 31, 2025 0.75 0.86
Dec 31, 2024 0.73 0.87
Dec 31, 2023 0.81 0.82
Dec 31, 2022 0.37 0.72
Dec 31, 2021 0.50 0.80
Dec 31, 2020 0.63 0.92
Dec 31, 2019 0.83 0.90
Dec 31, 2018 0.66 0.80
Dec 31, 2017 0.60 0.82
Dec 31, 2016 0.71 0.77
Dec 31, 2015 0.60 0.69
Dec 31, 2014 0.51 0.54
Dec 31, 2013 0.48 0.50
Dec 31, 2012 0.46 0.54
Dec 31, 2011 0.47 0.47
Dec 31, 2010 0.50 0.43
Dec 31, 2009 0.54 0.42
Dec 31, 2008 0.30 0.42
Dec 31, 2007 0.20 0.36
Dec 31, 2006 0.11 0.32
Dec 31, 2005 0.27 0.30

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).