Microsoft Excel LibreOffice Calc

Pfizer Inc. (PFE)


Adjusted Ratios

Difficulty: Advanced


Adjusted Ratios (Summary)

Pfizer Inc., adjusted ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Activity
Total Asset Turnover
Reported 0.34 0.31 0.31 0.29 0.29
Adjusted 0.33 0.30 0.31 0.29 0.29
Liquidity
Current Ratio
Reported 1.57 1.35 1.25 1.49 2.67
Adjusted 1.63 1.40 1.31 1.54 2.69
Solvency
Debt to Equity
Reported 0.66 0.61 0.71 0.60 0.51
Adjusted 0.65 0.59 0.47 0.44 0.40
Debt to Capital
Reported 0.40 0.38 0.41 0.38 0.34
Adjusted 0.39 0.37 0.32 0.30 0.28
Financial Leverage
Reported 2.51 2.41 2.88 2.59 2.37
Adjusted 2.36 2.26 1.88 1.82 1.76
Profitability
Net Profit Margin
Reported 20.79% 40.55% 13.66% 14.25% 18.42%
Adjusted 17.75% -6.87% 10.71% 9.54% 9.52%
Return on Equity (ROE)
Reported 17.59% 29.88% 12.12% 10.75% 12.81%
Adjusted 13.90% -4.71% 6.14% 5.03% 4.94%
Return on Assets (ROA)
Reported 7.00% 12.40% 4.20% 4.16% 5.40%
Adjusted 5.89% -2.09% 3.27% 2.76% 2.81%

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Pfizer Inc.’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc.’s adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Pfizer Inc.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Pfizer Inc.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Pfizer Inc.’s adjusted financial leverage increased from 2016 to 2017 and from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Pfizer Inc.’s adjusted net profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Pfizer Inc.’s adjusted ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Pfizer Inc.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Pfizer Inc., Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Revenues 53,647  52,546  52,824  48,851  49,605 
Total assets 159,422  171,797  171,615  167,460  169,274 
Ratio
Total asset turnover1 0.34 0.31 0.31 0.29 0.29
Adjusted
Selected Financial Data (USD $ in millions)
Revenues 53,647  52,546  52,824  48,851  49,605 
Adjusted total assets2 161,775  173,105  173,034  168,530  168,171 
Ratio
Adjusted total asset turnover3 0.33 0.30 0.31 0.29 0.29

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 53,647 ÷ 159,422 = 0.34

2 Adjusted total assets. See Details »

3 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 53,647 ÷ 161,775 = 0.33

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Pfizer Inc.’s adjusted total asset turnover deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Current assets 49,926  41,141  38,949  43,804  57,702 
Current liabilities 31,858  30,427  31,115  29,399  21,631 
Ratio
Current ratio1 1.57 1.35 1.25 1.49 2.67
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted current assets2 50,467  41,725  39,558  44,188  56,007 
Adjusted current liabilities3 31,035  29,784  30,252  28,623  20,853 
Ratio
Adjusted current ratio4 1.63 1.40 1.31 1.54 2.69

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 49,926 ÷ 31,858 = 1.57

2 Adjusted current assets. See Details »

3 Adjusted current liabilities. See Details »

4 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 50,467 ÷ 31,035 = 1.63

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc.’s adjusted current ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Total debt 41,740  43,491  42,086  38,978  36,682 
Total Pfizer Inc. shareholders’ equity 63,407  71,308  59,544  64,720  71,301 
Ratio
Debt to equity1 0.66 0.61 0.71 0.60 0.51
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted total debt2 44,304  44,877  43,550  40,396  37,789 
Adjusted total Pfizer Inc. shareholders’ equity3 68,499  76,583  92,131  92,684  95,602 
Ratio
Adjusted debt to equity4 0.65 0.59 0.47 0.44 0.40

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 41,740 ÷ 63,407 = 0.66

2 Adjusted total debt. See Details »

3 Adjusted total Pfizer Inc. shareholders’ equity. See Details »

4 Adjusted debt to equity = Adjusted total debt ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 44,304 ÷ 68,499 = 0.65

Ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Pfizer Inc.’s adjusted debt-to-equity ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Total debt 41,740  43,491  42,086  38,978  36,682 
Total capital 105,147  114,799  101,630  103,698  107,983 
Ratio
Debt to capital1 0.40 0.38 0.41 0.38 0.34
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted total debt2 44,304  44,877  43,550  40,396  37,789 
Adjusted total capital3 112,803  121,460  135,681  133,080  133,391 
Ratio
Adjusted debt to capital4 0.39 0.37 0.32 0.30 0.28

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Debt to capital = Total debt ÷ Total capital
= 41,740 ÷ 105,147 = 0.40

2 Adjusted total debt. See Details »

3 Adjusted total capital. See Details »

4 Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 44,304 ÷ 112,803 = 0.39

Ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Pfizer Inc.’s adjusted debt-to-capital ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Total assets 159,422  171,797  171,615  167,460  169,274 
Total Pfizer Inc. shareholders’ equity 63,407  71,308  59,544  64,720  71,301 
Ratio
Financial leverage1 2.51 2.41 2.88 2.59 2.37
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted total assets2 161,775  173,105  173,034  168,530  168,171 
Adjusted total Pfizer Inc. shareholders’ equity3 68,499  76,583  92,131  92,684  95,602 
Ratio
Adjusted financial leverage4 2.36 2.26 1.88 1.82 1.76

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 159,422 ÷ 63,407 = 2.51

2 Adjusted total assets. See Details »

3 Adjusted total Pfizer Inc. shareholders’ equity. See Details »

4 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 161,775 ÷ 68,499 = 2.36

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Pfizer Inc.’s adjusted financial leverage increased from 2016 to 2017 and from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Pfizer Inc. 11,153  21,308  7,215  6,960  9,135 
Revenues 53,647  52,546  52,824  48,851  49,605 
Ratio
Net profit margin1 20.79% 40.55% 13.66% 14.25% 18.42%
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Pfizer Inc.2 9,524  (3,610) 5,658  4,659  4,722 
Revenues 53,647  52,546  52,824  48,851  49,605 
Ratio
Adjusted net profit margin3 17.75% -6.87% 10.71% 9.54% 9.52%

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 11,153 ÷ 53,647 = 20.79%

2 Adjusted net income attributable to Pfizer Inc.. See Details »

3 Adjusted net profit margin = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 9,524 ÷ 53,647 = 17.75%

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted comprehensive income divided by total revenue. Pfizer Inc.’s adjusted net profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Pfizer Inc. 11,153  21,308  7,215  6,960  9,135 
Total Pfizer Inc. shareholders’ equity 63,407  71,308  59,544  64,720  71,301 
Ratio
ROE1 17.59% 29.88% 12.12% 10.75% 12.81%
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Pfizer Inc.2 9,524  (3,610) 5,658  4,659  4,722 
Adjusted total Pfizer Inc. shareholders’ equity3 68,499  76,583  92,131  92,684  95,602 
Ratio
Adjusted ROE4 13.90% -4.71% 6.14% 5.03% 4.94%

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 ROE = 100 × Net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 11,153 ÷ 63,407 = 17.59%

2 Adjusted net income attributable to Pfizer Inc.. See Details »

3 Adjusted total Pfizer Inc. shareholders’ equity. See Details »

4 Adjusted ROE = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Adjusted total Pfizer Inc. shareholders’ equity
= 100 × 9,524 ÷ 68,499 = 13.90%

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted comprehensive income divided by adjusted total equity. Pfizer Inc.’s adjusted ROE deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Reported
Selected Financial Data (USD $ in millions)
Net income attributable to Pfizer Inc. 11,153  21,308  7,215  6,960  9,135 
Total assets 159,422  171,797  171,615  167,460  169,274 
Ratio
ROA1 7.00% 12.40% 4.20% 4.16% 5.40%
Adjusted
Selected Financial Data (USD $ in millions)
Adjusted net income attributable to Pfizer Inc.2 9,524  (3,610) 5,658  4,659  4,722 
Adjusted total assets3 161,775  173,105  173,034  168,530  168,171 
Ratio
Adjusted ROA4 5.89% -2.09% 3.27% 2.76% 2.81%

Based on: 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-29), 10-K (filing date: 2015-02-27).

2018 Calculations

1 ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 11,153 ÷ 159,422 = 7.00%

2 Adjusted net income attributable to Pfizer Inc.. See Details »

3 Adjusted total assets. See Details »

4 Adjusted ROA = 100 × Adjusted net income attributable to Pfizer Inc. ÷ Adjusted total assets
= 100 × 9,524 ÷ 161,775 = 5.89%

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted comprehensive income divided by adjusted total assets. Pfizer Inc.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.