Debt to Equity
since 2005
Calculation
Pfizer Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Pfizer Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|
| 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: 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 financial data reveals notable fluctuations in the total debt and shareholders' equity of the company over the analyzed period, as well as consequential variations in the debt to equity ratio.
- Total Debt
- The total debt exhibited a significant increase from 17,936 million US dollars at the end of 2005 to a peak of 48,662 million in 2009. Following 2009, there was a general downward trend reaching 35,829 million by 2019. However, the debt levels surged again sharply to 71,888 million in 2023 before reducing somewhat to 64,351 million in 2024. This suggests periods of increased borrowing, potentially related to strategic investments or acquisitions, and subsequent efforts to deleverage.
- Total Shareholders’ Equity
- The equity position showed variability but overall growth across the years. Starting at 65,627 million in 2005, equity advanced to a peak of 90,014 million in 2009, declined steadily until 2016 reaching 59,544 million, and then generally recovered to a high point of 95,661 million in 2021. In the last two years, equity decreased slightly to 88,203 million by 2024. This pattern points to phases of equity expansion and contraction, possibly influenced by retained earnings, dividend policies, or share issuances and repurchases.
- Debt to Equity Ratio
- The debt to equity ratio reflects the leverage dynamics. Initial ratios were low, at 0.11 in 2006, indicating a conservative capital structure. An increasing trend occurred reaching as high as 0.83 by the end of 2019, demonstrating growing reliance on debt financing. Following 2019, the ratio declined significantly to 0.37 in 2022, before rising again to 0.81 in 2023 and slightly decreasing to 0.73 in 2024. This volatility in leverage ratios corresponds with the fluctuations in total debt and equity, suggesting responsive capital management strategies aligning with corporate financial needs and market conditions.
Overall, the data indicates that the company has experienced cyclical shifts in its capital structure marked by alternating phases of increased indebtedness and equity adjustments. The recent surge in debt levels coupled with a relatively stable equity base intensified leverage in 2023, which could imply renewed borrowing for investment or operational purposes. The subsequent slight reduction in debt in 2024 may represent initial steps toward balance restoration.
Comparison to Competitors
Pfizer Inc., debt to equity, long-term trends, comparison to competitors
| 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, 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: 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)
| Pfizer Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| 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: 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)
| Pfizer Inc. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 0.73 | 0.87 |
| Dec 31, 2023 | 0.81 | 0.82 |
| Dec 31, 2022 | 0.37 | 0.73 |
| Dec 31, 2021 | 0.50 | 0.79 |
| Dec 31, 2020 | 0.63 | 0.92 |
| Dec 31, 2019 | 0.83 | 0.92 |
| Dec 31, 2018 | 0.66 | 0.86 |
| Dec 31, 2017 | 0.60 | 0.81 |
| Dec 31, 2016 | 0.71 | 0.76 |
| Dec 31, 2015 | 0.60 | 0.69 |
| Dec 31, 2014 | 0.51 | 0.52 |
| Dec 31, 2013 | 0.48 | 0.49 |
| Dec 31, 2012 | 0.46 | 0.51 |
| Dec 31, 2011 | 0.47 | 0.45 |
| Dec 31, 2010 | 0.50 | 0.42 |
| Dec 31, 2009 | 0.54 | 0.41 |
| Dec 31, 2008 | 0.30 | 0.41 |
| Dec 31, 2007 | 0.20 | 0.36 |
| Dec 31, 2006 | 0.11 | 0.33 |
| Dec 31, 2005 | 0.27 | 0.30 |
Based on: 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).