Return on Equity (ROE)
since 2005
Calculation
Pfizer Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Pfizer Inc.1 | ÷ | Total Pfizer Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 8.99% | = | 100 | × | 7,771) | ÷ | 86,476) |
| Dec 31, 2024 | 9.11% | = | 100 | × | 8,031) | ÷ | 88,203) |
| Dec 31, 2023 | 2.38% | = | 100 | × | 2,119) | ÷ | 89,014) |
| Dec 31, 2022 | 32.79% | = | 100 | × | 31,372) | ÷ | 95,661) |
| Dec 31, 2021 | 28.47% | = | 100 | × | 21,979) | ÷ | 77,201) |
| Dec 31, 2020 | 15.21% | = | 100 | × | 9,616) | ÷ | 63,238) |
| Dec 31, 2019 | 25.77% | = | 100 | × | 16,273) | ÷ | 63,143) |
| Dec 31, 2018 | 17.59% | = | 100 | × | 11,153) | ÷ | 63,407) |
| Dec 31, 2017 | 29.47% | = | 100 | × | 21,308) | ÷ | 72,308) |
| Dec 31, 2016 | 12.12% | = | 100 | × | 7,215) | ÷ | 59,544) |
| Dec 31, 2015 | 10.75% | = | 100 | × | 6,960) | ÷ | 64,720) |
| Dec 31, 2014 | 12.81% | = | 100 | × | 9,135) | ÷ | 71,301) |
| Dec 31, 2013 | 28.83% | = | 100 | × | 22,003) | ÷ | 76,307) |
| Dec 31, 2012 | 17.93% | = | 100 | × | 14,570) | ÷ | 81,260) |
| Dec 31, 2011 | 12.18% | = | 100 | × | 10,009) | ÷ | 82,190) |
| Dec 31, 2010 | 9.40% | = | 100 | × | 8,257) | ÷ | 87,813) |
| Dec 31, 2009 | 9.59% | = | 100 | × | 8,635) | ÷ | 90,014) |
| Dec 31, 2008 | 14.08% | = | 100 | × | 8,104) | ÷ | 57,556) |
| Dec 31, 2007 | 12.53% | = | 100 | × | 8,144) | ÷ | 65,010) |
| Dec 31, 2006 | 27.10% | = | 100 | × | 19,337) | ÷ | 71,358) |
| Dec 31, 2005 | 12.32% | = | 100 | × | 8,085) | ÷ | 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 Return on Equity (ROE) for the analyzed period demonstrates significant fluctuations. Initially, ROE exhibited a substantial increase between 2005 and 2006, followed by a period of relative stability with moderate variations through 2009. Subsequent years reveal a pattern of cyclical peaks and troughs, with notable increases in 2012, 2017, 2019, and 2022, interspersed with declines.
- Overall Trend
- From 2005 to 2025, the ROE experienced considerable volatility. While there were periods of strong performance, exceeding 25%, there were also instances of significantly lower returns, including a substantial decrease to 2.38% in 2022. The most recent years, 2023, 2024, and 2025, show a recovery from the 2022 low, but remain below the peaks observed in prior years.
- Early Period (2005-2009)
- The period between 2005 and 2009 began with an ROE of 12.32% in 2005, which rose dramatically to 27.10% in 2006. This was followed by a decline to 12.53% in 2007, a slight increase in 2008, and a further decrease to 9.59% in 2009. This initial period suggests a period of rapid growth followed by stabilization and then a moderate decline.
- Mid-Period (2010-2016)
- From 2010 through 2016, ROE remained relatively contained, fluctuating between approximately 9.40% and 12.81%. There is no strong directional trend during this timeframe, indicating a period of consistent, but not exceptional, profitability relative to shareholder equity. A peak of 17.93% was observed in 2012.
- Recent Period (2017-2025)
- The period from 2017 to 2025 is characterized by more pronounced swings in ROE. A significant peak of 29.47% was recorded in 2017, followed by a decrease to 17.59% in 2018. Further increases were seen in 2019 (25.77%) and 2022 (32.79%), before a dramatic drop to 2.38% in 2022. The final three years show a partial recovery, with ROE reaching 9.11%, 8.99%, and 8.99% in 2023, 2024, and 2025 respectively. This suggests increased volatility and potential challenges in maintaining consistent profitability in recent years.
The fluctuations in ROE appear to correlate with changes in net income attributable to Pfizer Inc. and total shareholders’ equity. Periods of high ROE generally coincide with increases in net income, while declines in ROE often correspond to decreases in net income or increases in shareholders’ equity, or a combination of both. The substantial decline in 2022 warrants further investigation to understand the underlying factors contributing to the reduced profitability.
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Comparison to Competitors
Pfizer Inc., ROE, 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, 2025 | 8.99% | — | 89.06% | 38.19% | 6.88% | 77.78% | 37.48% | 32.87% | 34.70% | 14.41% | 12.55% | 21.18% |
| Dec 31, 2024 | 9.11% | 128.66% | 69.59% | -54.78% | 7.87% | 74.62% | 2.48% | 19.68% | 36.96% | 15.03% | 12.78% | -3.26% |
| Dec 31, 2023 | 2.38% | 46.94% | 107.78% | 27.27% | 8.91% | 48.65% | 24.81% | 51.11% | 0.97% | 15.22% | 12.83% | 20.59% |
| Dec 31, 2022 | 32.79% | 68.60% | 178.97% | 20.37% | 14.39% | 58.64% | 21.62% | 23.36% | 31.57% | 19.14% | 15.80% | 23.88% |
| Dec 31, 2021 | 28.47% | 74.91% | 87.96% | 19.46% | 14.24% | 62.16% | 29.55% | 28.20% | 34.17% | 43.03% | 18.94% | 23.19% |
| Dec 31, 2020 | 15.21% | 35.30% | 77.20% | -23.84% | 9.17% | 109.79% | 0.68% | 23.25% | 27.91% | 31.86% | 18.47% | 31.22% |
| Dec 31, 2019 | 25.77% | — | 81.07% | 6.66% | 9.94% | 319.09% | 23.91% | 25.42% | 37.99% | 19.08% | 12.45% | 19.34% |
| Dec 31, 2018 | 17.59% | — | 67.15% | 35.07% | 9.40% | 32.88% | 25.51% | 25.60% | 23.30% | 27.91% | 10.65% | 47.28% |
| Dec 31, 2017 | 29.47% | 104.16% | 7.84% | 8.58% | 9.45% | -1.76% | 22.64% | 2.16% | 6.97% | 19.51% | 8.76% | 12.99% |
| Dec 31, 2016 | 12.12% | 128.41% | 25.85% | 27.55% | 11.10% | 19.54% | 71.48% | 23.49% | 9.78% | 20.13% | 9.39% | -9.69% |
| Dec 31, 2015 | 10.75% | 130.39% | 24.71% | 10.97% | 14.17% | 16.53% | 97.70% | 21.66% | 9.94% | 17.40% | 9.25% | -59.19% |
| Dec 31, 2014 | 12.81% | 101.84% | 20.01% | 13.49% | 11.11% | 15.55% | 78.45% | 23.40% | 24.50% | 13.69% | 9.22% | -68.70% |
| Dec 31, 2013 | 28.83% | 91.90% | 23.00% | 16.91% | 12.04% | 26.57% | 27.05% | 18.68% | 8.85% | 21.74% | 7.55% | -32.81% |
| Dec 31, 2012 | 17.93% | 156.85% | 22.80% | 14.39% | 12.58% | 27.69% | 27.84% | 16.74% | 11.63% | 60.24% | 7.62% | -10.71% |
| Dec 31, 2011 | 12.18% | — | 19.35% | 23.25% | 12.85% | 32.11% | 41.60% | 16.94% | 11.50% | -45.65% | 8.84% | 3.76% |
| Dec 31, 2010 | 9.40% | — | 19.32% | 19.74% | 13.08% | 40.82% | 49.48% | 23.57% | 1.58% | -19.79% | 6.74% | -149.74% |
| Dec 31, 2009 | 9.59% | — | 20.32% | 71.49% | 9.90% | 45.45% | 41.40% | 24.25% | 21.85% | -17.10% | 5.51% | -58.57% |
| Dec 31, 2008 | 14.08% | — | 20.58% | 42.86% | 13.43% | -30.76% | 48.43% | 30.46% | 41.63% | -19.75% | 6.66% | -192.51% |
| Dec 31, 2007 | 12.53% | — | 17.72% | 20.50% | 15.08% | 21.61% | 46.69% | 24.41% | 18.01% | -22.94% | 5.25% | -144.23% |
| Dec 31, 2006 | 27.10% | — | 15.56% | 15.86% | 16.89% | 24.25% | -65.54% | 28.11% | 25.25% | -47.24% | 1.21% | -40.89% |
| Dec 31, 2005 | 12.32% | — | 17.96% | 26.77% | 17.67% | 18.34% | 26.88% | 27.49% | 25.85% | -83.72% | 7.99% | -85.05% |
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., ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Pfizer Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2025 | 8.99% | 26.63% |
| Dec 31, 2024 | 9.11% | 15.57% |
| Dec 31, 2023 | 2.38% | 20.65% |
| Dec 31, 2022 | 32.79% | 27.99% |
| Dec 31, 2021 | 28.47% | 29.75% |
| Dec 31, 2020 | 15.21% | 17.22% |
| Dec 31, 2019 | 25.77% | 27.68% |
| Dec 31, 2018 | 17.59% | 26.29% |
| Dec 31, 2017 | 29.47% | 14.59% |
| Dec 31, 2016 | 12.12% | 22.19% |
| Dec 31, 2015 | 10.75% | 21.44% |
| Dec 31, 2014 | 12.81% | 20.91% |
| Dec 31, 2013 | 28.83% | 20.33% |
| Dec 31, 2012 | 17.93% | 18.27% |
| Dec 31, 2011 | 12.18% | 15.52% |
| Dec 31, 2010 | 9.40% | 13.99% |
| Dec 31, 2009 | 9.59% | 20.34% |
| Dec 31, 2008 | 14.08% | 21.31% |
| Dec 31, 2007 | 12.53% | 17.07% |
| Dec 31, 2006 | 27.10% | 21.86% |
| Dec 31, 2005 | 12.32% | 19.08% |
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., ROE, long-term trends, comparison to industry (health care)
| Pfizer Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 8.99% | 21.47% |
| Dec 31, 2024 | 9.11% | 15.74% |
| Dec 31, 2023 | 2.38% | 19.40% |
| Dec 31, 2022 | 32.79% | 24.82% |
| Dec 31, 2021 | 28.47% | 25.44% |
| Dec 31, 2020 | 15.21% | 16.70% |
| Dec 31, 2019 | 25.77% | 23.30% |
| Dec 31, 2018 | 17.59% | 21.27% |
| Dec 31, 2017 | 29.47% | 13.77% |
| Dec 31, 2016 | 12.12% | 18.53% |
| Dec 31, 2015 | 10.75% | 18.52% |
| Dec 31, 2014 | 12.81% | 19.17% |
| Dec 31, 2013 | 28.83% | 18.81% |
| Dec 31, 2012 | 17.93% | 18.20% |
| Dec 31, 2011 | 12.18% | 15.90% |
| Dec 31, 2010 | 9.40% | 14.85% |
| Dec 31, 2009 | 9.59% | 20.14% |
| Dec 31, 2008 | 14.08% | 20.29% |
| Dec 31, 2007 | 12.53% | 17.87% |
| Dec 31, 2006 | 27.10% | 20.49% |
| Dec 31, 2005 | 12.32% | 18.28% |
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).