Price to Earnings (P/E)
since 2005
Calculation
Pfizer Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Pfizer Inc. common shareholders1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | 19.83 | = | 27.10 | ÷ | 1.37 | 1.37 | = | 7,771 | ÷ | 5,686,267,431 | |
| Feb 27, 2025 | 18.42 | = | 26.10 | ÷ | 1.42 | 1.42 | = | 8,031 | ÷ | 5,667,340,414 | |
| Feb 22, 2024 | 73.42 | = | 27.55 | ÷ | 0.38 | 0.38 | = | 2,119 | ÷ | 5,646,778,425 | |
| Feb 23, 2023 | 7.58 | = | 42.30 | ÷ | 5.58 | 5.58 | = | 31,372 | ÷ | 5,619,074,621 | |
| Feb 24, 2022 | 11.76 | = | 45.96 | ÷ | 3.91 | 3.91 | = | 21,979 | ÷ | 5,623,346,471 | |
| Feb 25, 2021 | 19.62 | = | 33.82 | ÷ | 1.72 | 1.72 | = | 9,616 | ÷ | 5,577,629,491 | |
| Feb 27, 2020 | 11.63 | = | 34.10 | ÷ | 2.93 | 2.93 | = | 16,272 | ÷ | 5,547,639,005 | |
| Feb 28, 2019 | 21.58 | = | 43.35 | ÷ | 2.01 | 2.01 | = | 11,152 | ÷ | 5,551,804,790 | |
| Feb 22, 2018 | 9.99 | = | 35.74 | ÷ | 3.58 | 3.58 | = | 21,307 | ÷ | 5,952,864,751 | |
| Feb 23, 2017 | 28.10 | = | 34.06 | ÷ | 1.21 | 1.21 | = | 7,214 | ÷ | 5,951,872,174 | |
| Feb 29, 2016 | 26.37 | = | 29.67 | ÷ | 1.13 | 1.13 | = | 6,959 | ÷ | 6,184,139,991 | |
| Feb 27, 2015 | 23.03 | = | 34.32 | ÷ | 1.49 | 1.49 | = | 9,134 | ÷ | 6,128,855,392 | |
| Feb 28, 2014 | 9.32 | = | 32.11 | ÷ | 3.45 | 3.45 | = | 22,001 | ÷ | 6,382,925,343 | |
| Feb 28, 2013 | 13.51 | = | 27.37 | ÷ | 2.03 | 2.03 | = | 14,568 | ÷ | 7,189,061,853 | |
| Feb 28, 2012 | 15.99 | = | 21.22 | ÷ | 1.33 | 1.33 | = | 10,007 | ÷ | 7,538,520,276 | |
| Feb 28, 2011 | 18.63 | = | 19.24 | ÷ | 1.03 | 1.03 | = | 8,255 | ÷ | 7,995,220,402 | |
| Feb 26, 2010 | 16.41 | = | 17.55 | ÷ | 1.07 | 1.07 | = | 8,633 | ÷ | 8,070,372,772 | |
| Feb 27, 2009 | 10.25 | = | 12.31 | ÷ | 1.20 | 1.20 | = | 8,101 | ÷ | 6,745,269,668 | |
| Feb 29, 2008 | 18.51 | = | 22.28 | ÷ | 1.20 | 1.20 | = | 8,140 | ÷ | 6,760,988,882 | |
| Mar 1, 2007 | 9.18 | = | 25.04 | ÷ | 2.73 | 2.73 | = | 19,332 | ÷ | 7,086,916,026 | |
| Mar 1, 2006 | 23.92 | = | 26.26 | ÷ | 1.10 | 1.10 | = | 8,079 | ÷ | 7,357,943,810 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Pfizer Inc. Annual Report.
The price-to-earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initial values indicated a relatively high valuation, followed by periods of both expansion and contraction. A general trend of increasing volatility in the P/E ratio is apparent, particularly in the later years of the observation window.
- Early Period (2006-2009)
- The P/E ratio began at 23.92 and decreased significantly to 9.18, before rising to 18.51 and then stabilizing around 10.25. This initial period suggests a correction in valuation, potentially reflecting changing market expectations or economic conditions. The relatively low P/E ratio in 2007 and 2009 could indicate investor concern regarding future earnings potential.
- Mid-Period (2010-2014)
- From 2010 through 2014, the P/E ratio demonstrated a moderate degree of variability, ranging from 16.41 to 23.03. A peak was observed in 2014 at 23.03, followed by a decline. This period suggests a more stable, albeit fluctuating, valuation environment. Earnings per share (EPS) generally increased during this time, contributing to the P/E fluctuations.
- Recent Period (2015-2024)
- The P/E ratio experienced more pronounced swings in recent years. It rose to 28.10 in 2017, then dropped sharply to 9.99 in 2018. A subsequent increase to 21.58 in 2019 was followed by a decrease to 11.63 in 2020. A notable spike to 73.42 occurred in 2023, coinciding with a significant decrease in EPS, before falling back to 18.42 in 2024. This volatility suggests increased sensitivity to earnings fluctuations and potentially changing investor sentiment. The extreme value in 2023 warrants further investigation, as it may indicate a temporary distortion or specific event impacting earnings.
- Overall Trend
- While no consistent long-term trend is readily apparent, the P/E ratio has become increasingly sensitive to changes in earnings per share. The later years demonstrate a greater degree of fluctuation compared to the earlier period, indicating a potentially more dynamic and uncertain investment environment. The P/E ratio’s movement does not appear to be consistently correlated with share price alone, suggesting other factors influence valuation.
The observed fluctuations in the P/E ratio suggest that market perception of the company’s future earnings potential has varied considerably over the period. The significant volatility in recent years highlights the importance of closely monitoring both share price and earnings per share to understand the underlying drivers of valuation.
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Comparison to Competitors
Pfizer Inc., P/E, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | 19.83 | 94.06 | 25.81 | 17.30 | 40.93 | 47.45 | 21.54 | 21.66 | 16.79 | 18.19 | 28.82 | 31.58 |
| Feb 27, 2025 | 18.42 | 79.59 | 38.24 | — | 38.12 | 77.63 | 296.57 | 26.92 | 13.49 | 17.76 | 32.03 | — |
| Feb 22, 2024 | 73.42 | 63.84 | 23.14 | 12.27 | 39.09 | 135.24 | 16.17 | 10.73 | 893.99 | 25.99 | 35.65 | 30.42 |
| Feb 23, 2023 | 7.58 | 22.62 | 19.56 | 23.97 | 25.65 | 50.08 | 22.68 | 22.97 | 19.21 | 19.68 | 30.55 | 23.02 |
| Feb 24, 2022 | 11.76 | 22.07 | 21.05 | 20.92 | 29.94 | 40.66 | 12.36 | 20.93 | 14.78 | 8.37 | 27.35 | 26.55 |
| Feb 25, 2021 | 19.62 | 40.17 | 18.82 | — | 44.49 | 31.95 | 641.48 | 28.92 | 26.72 | 15.09 | 27.89 | 20.18 |
| Feb 27, 2020 | 11.63 | 17.82 | 17.07 | 41.99 | 38.34 | 16.19 | 16.45 | 25.99 | 20.60 | 19.86 | 33.36 | 52.90 |
| Feb 28, 2019 | 21.58 | 20.60 | 14.01 | 16.81 | 29.77 | 39.13 | 15.26 | 23.74 | 33.46 | 18.17 | 35.19 | 22.59 |
| Feb 22, 2018 | 9.99 | 35.47 | 64.06 | 103.55 | 27.25 | — | 22.75 | 268.10 | 61.63 | 28.99 | 37.66 | 155.08 |
| Feb 23, 2017 | 28.10 | 16.54 | 16.03 | 20.56 | 23.02 | 32.39 | 6.83 | 20.08 | 46.14 | 42.64 | 30.45 | — |
| Feb 29, 2016 | 26.37 | 17.01 | 15.95 | 64.22 | 17.85 | 33.35 | 6.75 | 18.80 | 31.64 | 60.50 | 26.19 | — |
| Feb 27, 2015 | 23.03 | 55.08 | 22.96 | 49.80 | 23.69 | 33.06 | 12.85 | 17.15 | 13.94 | 118.44 | 27.26 | — |
| Feb 28, 2014 | 9.32 | 19.64 | 18.69 | 35.01 | 19.74 | 13.88 | 42.00 | 18.72 | 37.83 | 77.00 | 38.43 | — |
| Feb 28, 2013 | 13.51 | 11.51 | 15.68 | 30.56 | 17.73 | 14.99 | 25.20 | 19.64 | 20.94 | 21.42 | 22.54 | — |
| Feb 28, 2012 | 15.99 | — | 14.61 | 15.07 | 16.92 | 10.42 | 12.20 | 18.48 | 18.63 | — | 15.58 | 267.42 |
| Feb 28, 2011 | 18.63 | — | 10.53 | 13.99 | 18.29 | 7.86 | 10.68 | 12.23 | 116.63 | — | 20.87 | — |
| Feb 26, 2010 | 16.41 | — | 12.10 | 4.03 | 20.93 | 9.18 | 16.29 | 14.22 | 9.00 | — | 23.49 | — |
| Feb 27, 2009 | 10.25 | — | 12.06 | 7.68 | 12.56 | — | 20.29 | 11.67 | 6.53 | — | 15.25 | — |
| Feb 29, 2008 | 18.51 | — | 15.64 | 20.60 | 17.35 | 19.26 | 25.19 | 17.07 | 29.88 | — | 30.76 | — |
| Mar 1, 2007 | 9.18 | — | 25.43 | 34.64 | 19.65 | 22.40 | — | 17.02 | 21.57 | — | 113.28 | — |
| Mar 1, 2006 | 23.92 | — | 23.70 | 14.96 | 21.38 | 31.90 | 34.15 | 16.95 | 16.62 | — | 25.36 | — |
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., P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Pfizer Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 26, 2026 | 19.83 | 28.98 |
| Feb 27, 2025 | 18.42 | 45.15 |
| Feb 22, 2024 | 73.42 | 32.80 |
| Feb 23, 2023 | 7.58 | 20.23 |
| Feb 24, 2022 | 11.76 | 19.27 |
| Feb 25, 2021 | 19.62 | 34.89 |
| Feb 27, 2020 | 11.63 | 21.03 |
| Feb 28, 2019 | 21.58 | 22.89 |
| Feb 22, 2018 | 9.99 | 35.21 |
| Feb 23, 2017 | 28.10 | 20.62 |
| Feb 29, 2016 | 26.37 | 19.37 |
| Feb 27, 2015 | 23.03 | 21.40 |
| Feb 28, 2014 | 9.32 | 19.54 |
| Feb 28, 2013 | 13.51 | 17.56 |
| Feb 28, 2012 | 15.99 | 16.42 |
| Feb 28, 2011 | 18.63 | 16.11 |
| Feb 26, 2010 | 16.41 | 11.66 |
| Feb 27, 2009 | 10.25 | 12.21 |
| Feb 29, 2008 | 18.51 | 20.04 |
| Mar 1, 2007 | 9.18 | 17.46 |
| Mar 1, 2006 | 23.92 | 20.94 |
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., P/E, long-term trends, comparison to industry (health care)
| Pfizer Inc. | Health Care | |
|---|---|---|
| Feb 26, 2026 | 19.83 | 28.31 |
| Feb 27, 2025 | 18.42 | 38.03 |
| Feb 22, 2024 | 73.42 | 30.62 |
| Feb 23, 2023 | 7.58 | 351,256.81 |
| Feb 24, 2022 | 11.76 | 21.55 |
| Feb 25, 2021 | 19.62 | 32.22 |
| Feb 27, 2020 | 11.63 | 22.09 |
| Feb 28, 2019 | 21.58 | 24.32 |
| Feb 22, 2018 | 9.99 | 33.04 |
| Feb 23, 2017 | 28.10 | 21.90 |
| Feb 29, 2016 | 26.37 | 19.53 |
| Feb 27, 2015 | 23.03 | 21.38 |
| Feb 28, 2014 | 9.32 | 18.67 |
| Feb 28, 2013 | 13.51 | 15.77 |
| Feb 28, 2012 | 15.99 | 15.79 |
| Feb 28, 2011 | 18.63 | 15.12 |
| Feb 26, 2010 | 16.41 | 11.71 |
| Feb 27, 2009 | 10.25 | 13.07 |
| Feb 29, 2008 | 18.51 | 19.29 |
| Mar 1, 2007 | 9.18 | 18.61 |
| Mar 1, 2006 | 23.92 | 21.71 |
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).