Pfizer Inc. (NYSE:PFE)

Total Asset Turnover

The reported total asset turnover ratio experienced growth from 0.28 in 2020 to a peak of 0.51 in 2022, indicating improved efficiency in utilizing assets to generate revenue. However, this efficiency declined notably to 0.26 in 2023 before a slight recovery to 0.3 in 2024. The adjusted ratio follows a similar trend, suggesting consistent observations after adjustments.

Current Ratio

Liquidity, as measured by the reported current ratio, showed moderate stability around 1.35 to 1.4 during 2020-2021, followed by a decline to 1.22 in 2022. A more significant drop to 0.91 occurred in 2023, indicating potential liquidity constraints, though there was a partial rebound to 1.17 in 2024. The adjusted current ratio reflects the same pattern but at slightly higher levels, indicating that adjustments improve the apparent liquidity position slightly.

Debt to Equity Ratio

A consistent downward trend in reported debt to equity was noted from 0.63 in 2020 to 0.37 in 2022, indicating a reduction in leverage. Nevertheless, a sharp increase occurred in 2023 to 0.81, before a modest decrease to 0.73 in 2024. Adjusted figures mirror these fluctuations, showing a temporary deleveraging until 2022 followed by increased leverage in 2023 and 2024.

Debt to Capital Ratio

The debt to capital ratio correspondingly declined from 0.39 in 2020 to 0.27 in 2022, demonstrating reduced reliance on debt within the capital structure. This trend reversed in 2023, jumping to 0.45 and slightly easing to 0.42 in 2024. Adjusted values present a similar trajectory, confirming the increase in debt capital proportion in the later years.

Financial Leverage

The reported financial leverage ratio decreased consistently from 2.44 in 2020 to 2.06 in 2022, indicating less reliance on debt-funded assets. Yet, it climbed again to 2.54 in 2023, followed by a slight decline to 2.42 in 2024. Adjusted leverage ratios show comparable movements, suggesting the capital structure became more leveraged again after 2022.

Net Profit Margin

Profitability displayed strong improvement from 22.53% reported in 2020 to a peak of 31.01% in 2022. However, a dramatic contraction ensued in 2023, with reported margins falling sharply to 3.56%, before recovering somewhat to 12.62% in 2024. Adjusted margins reveal a similar pattern with a peak at 25% in 2022 and a negative margin in 2023 (-0.25%), recovering to positive territory (9.69%) in 2024, indicating challenges impacting profitability in 2023.

Return on Equity (ROE)

ROE followed a trajectory of strong growth between 2020 (15.21%) and 2022 (32.79%), reflecting increasing shareholder value creation. This was followed by a steep decline to 2.38% in 2023 and a partial recovery to 9.11% in 2024. Adjusted ROE corroborates this trend with a peak near 27% in 2022 and a negative return in 2023 (-0.16%), then an upward movement in 2024 to 7.12%.

Return on Assets (ROA)

The return on assets increased substantially from 6.23% in 2020 to 15.91% in 2022, indicating enhanced asset efficiency and profitability. A pronounced decrease occurred in 2023, bringing ROA down to 0.94%, before a modest improvement to 3.76% in 2024. Adjusted ROA reflects a similar pattern, with a peak at 13.11% in 2022, a slight negative in 2023 (-0.07%), and a rebound to 2.97% in 2024.

Revenues

Revenues demonstrated significant volatility over the analyzed period. There was a substantial increase from 42,678 million USD in 2020 to a peak of 101,175 million USD in 2022. Subsequently, revenues declined sharply to 59,553 million USD in 2023, followed by a modest recovery to 63,627 million USD in 2024. This pattern indicates a period of rapid growth followed by contraction and then stabilization.

Total Assets

Total assets exhibited a consistent upward trend from 154,229 million USD in 2020 to a high of 226,501 million USD in 2023. However, in 2024, total assets decreased to 213,396 million USD, indicating a potential asset reallocation or divestiture after several years of accumulation.

Reported Total Asset Turnover

The reported total asset turnover ratio improved notably from 0.28 in 2020 to 0.51 in 2022, reflecting increased efficiency in utilizing assets to generate revenue during this period of expanding revenues. However, the ratio deteriorated sharply to 0.26 in 2023, coinciding with the decline in revenues despite high asset levels. A slight improvement to 0.30 in 2024 suggests a tentative recovery in asset utilization efficiency.

Adjusted Total Assets

Adjusted total assets mirrored the trend observed in total assets closely, rising from 153,797 million USD in 2020 to 225,203 million USD in 2023 before declining to 207,261 million USD in 2024. This indicates that the adjustments applied did not materially alter the asset trend.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio followed a pattern similar to the reported ratio, increasing from 0.28 in 2020 to 0.52 in 2022, then dropping to 0.26 in 2023, and recovering marginally to 0.31 in 2024. This confirms the cyclical efficiency in asset usage relative to revenue generation across the years.

Current Assets

Current assets displayed a significant increase from 35,067 million US dollars in 2020 to a peak of 59,693 million in 2021. This was followed by a decline to 51,259 million in 2022 and a further drop to 43,333 million in 2023. An upward correction was observed in 2024, with current assets rising again to 50,358 million.

Current Liabilities

Current liabilities rose sharply from 25,920 million US dollars in 2020 to 42,671 million in 2021. After stabilizing slightly at 42,138 million in 2022, there was an increase to 47,794 million in 2023, which then decreased to 42,995 million in 2024.

Reported Current Ratio

The reported current ratio improved modestly from 1.35 in 2020 to 1.4 in 2021, indicating strengthened short-term liquidity. However, there was a noticeable decline to 1.22 in 2022, followed by a sharp drop below parity to 0.91 in 2023, signaling potential liquidity concerns. The ratio rebounded to 1.17 in 2024, reflecting improved liquidity management.

Adjusted Current Assets

The adjusted current assets mirror the trend observed in reported current assets, increasing from 35,575 million in 2020 to 60,185 million in 2021. Subsequent periods see a steady decline to 51,708 million in 2022 and 43,803 million in 2023, before rising again to 50,796 million in 2024.

Adjusted Current Liabilities

Adjusted current liabilities increased significantly from 25,292 million in 2020 to 41,855 million in 2021. Following a slight decrease to 41,147 million in 2022, liabilities increased again to 46,469 million in 2023, and then decreased to 41,312 million in 2024.

Adjusted Current Ratio

The adjusted current ratio followed a similar pattern to the reported ratio, increasing slightly from 1.41 in 2020 to 1.44 in 2021, then decreasing to 1.26 in 2022. It dropped to 0.94 in 2023, which indicates short-term liquidity pressures, before recovering to 1.23 in 2024, suggesting a partial restoration of liquidity strength.

The financial data reveals significant fluctuations in the debt and equity structure over the analyzed five-year period.

Total Debt

The total debt showed a declining trend from 2020 (US$39,836 million) to 2022 (US$35,829 million), followed by a sharp increase in 2023 (US$71,888 million). In 2024, there was a moderate reduction to US$64,351 million, but the debt remained significantly higher than in the initial years.

Total Shareholders’ Equity

Shareholders’ equity increased steadily from 2020 (US$63,238 million) to 2022 (US$95,661 million), demonstrating growth in the company’s net value. However, equity declined in 2023 to US$89,014 million and slightly decreased again in 2024 to US$88,203 million, indicating some erosion of equity despite remaining above the 2020 level.

Reported Debt to Equity Ratio

The reported debt to equity ratio decreased progressively from 0.63 in 2020 to 0.37 in 2022, reflecting a strengthening equity base relative to debt. Nevertheless, the ratio surged notably in 2023 to 0.81 and decreased somewhat to 0.73 in 2024, signaling increased leverage and a higher reliance on debt financing in recent years.

Adjusted Total Debt

Adjusted total debt mirrored the trend of reported total debt, declining from 2020 (US$41,271 million) to 2022 (US$39,046 million), then rising sharply in 2023 (US$75,041 million) and falling slightly in 2024 (US$66,993 million). This confirms the elevated leverage position observed in the latest periods.

Adjusted Total Equity

Adjusted total equity increased from US$67,902 million in 2020 to US$93,823 million in 2022, reflecting underlying growth. There was a slight decline to US$90,618 million in 2023 and further decrease to US$86,604 million in 2024, consistent with the observed dip in reported equity.

Adjusted Debt to Equity Ratio

The adjusted debt to equity ratio decreased from 0.61 in 2020 to 0.42 in 2022, indicating improved financial leverage. The ratio then increased sharply to 0.83 in 2023 and declined marginally to 0.77 in 2024, signifying increased financial risk related to debt levels in the most recent years.

Overall, the data indicates a period of debt reduction and equity growth from 2020 to 2022, enhancing financial stability. However, the subsequent years show a marked increase in debt and leverage ratios, coupled with a slight decrease in equity, which suggests a strategic shift toward higher leverage. This could potentially elevate financial risk and requires careful monitoring going forward.

Total Debt

Total debt exhibited a decreasing trend from 39,836 million USD in 2020 to 35,829 million USD in 2022, indicating a reduction in liabilities during this period. However, there was a substantial increase in total debt in 2023, reaching 71,888 million USD, effectively doubling compared to the previous year, followed by a moderate decrease to 64,351 million USD in 2024.

Total Capital

Total capital showed consistent growth from 103,074 million USD in 2020 to 131,490 million USD in 2022, reflecting an expansion in the capital base. This upward trajectory continued strongly into 2023, peaking at 160,902 million USD, but it slightly retracted to 152,554 million USD in 2024.

Reported Debt to Capital Ratio

The reported debt to capital ratio decreased steadily from 0.39 in 2020 to 0.27 in 2022, suggesting an improving leverage position with relatively lower debt compared to capital. Nonetheless, a notable increase occurred in 2023, rising sharply to 0.45, before slightly declining to 0.42 in 2024, signaling a higher reliance on debt financing during these years.

Adjusted Total Debt

The adjusted total debt followed a pattern similar to total debt, falling from 41,271 million USD in 2020 to 39,046 million USD in 2022, and then surging to 75,041 million USD in 2023, the highest value in this timeframe. It subsequently decreased to 66,993 million USD in 2024.

Adjusted Total Capital

Adjusted total capital increased steadily from 109,173 million USD in 2020 to 132,869 million USD in 2022, indicating growth in the capital structure. The capital value peaked in 2023 at 165,659 million USD, followed by a slight reduction to 153,597 million USD in 2024.

Adjusted Debt to Capital Ratio

This ratio decreased from 0.38 in 2020 to 0.29 in 2022, reflecting a strengthening equity position relative to debt. However, a sharp increase to 0.45 occurred in 2023, mirroring the reported ratio trend. By 2024, the ratio slightly moderated to 0.44 but remained elevated compared to earlier years.

Overall, the data reveals a period of debt reduction and capital growth from 2020 to 2022, resulting in improved leverage ratios. Contrastingly, 2023 marked a significant increase in debt alongside capital expansion, causing leverage ratios to rise sharply. In 2024, there was a marginal deleveraging, yet the leverage ratios remained substantially higher than in the early years of the period under review.

Total Assets

Total assets showed an increasing trend from 2020 to 2023, rising from $154,229 million to a peak of $226,501 million. However, a decline was observed in 2024, with total assets decreasing to $213,396 million. This suggests growth in asset accumulation until 2023, followed by a reduction in the latest year.

Total Shareholders’ Equity

Shareholders’ equity exhibited steady growth from 2020 through 2022, increasing from $63,238 million to $95,661 million. In 2023, equity decreased to $89,014 million and slightly further to $88,203 million in 2024, indicating a contraction after previous expansion.

Reported Financial Leverage

The financial leverage ratio decreased from 2.44 in 2020 to 2.06 in 2022, indicating a reduction in leverage and potentially lower financial risk during this period. However, the ratio increased sharply to 2.54 in 2023 before slightly decreasing to 2.42 in 2024, reflecting an increase in debt relative to equity in recent years.

Adjusted Total Assets

Adjusted total assets generally followed a similar pattern to total assets, growing from $153,797 million in 2020 to a peak of $225,203 million in 2023 before declining to $207,261 million in 2024. The adjustment resulted in slightly lower asset values compared to the reported figures, particularly in later years.

Adjusted Total Equity

Adjusted total equity showed growth from $67,902 million in 2020 to $93,823 million in 2022. It then decreased marginally in 2023 to $90,618 million and again in 2024 to $86,604 million. This trend mirrors the pattern observed in reported equity, with a peak followed by moderate declines.

Adjusted Financial Leverage

Adjusted financial leverage decreased from 2.26 in 2020 to 2.06 in 2022, indicating less reliance on debt. However, this trend reversed with an increase to 2.49 in 2023 and a slight decrease to 2.39 in 2024. This suggests that the company's leverage increased after 2022 but remained below the earlier peak in 2020.

The financial data reveals significant fluctuations in key profitability and revenue metrics over the five-year period analyzed.

Net Income Attributable to Common Shareholders

The net income experienced a notable increase from 9,616 million US$ in 2020 to a peak of 31,372 million US$ in 2022. Subsequently, there was a sharp decline to 2,119 million US$ in 2023, followed by a partial recovery to 8,031 million US$ in 2024. This pattern indicates a period of extraordinary profitability followed by a contraction and gradual rebound.

Revenues

Revenues showed a strong upward trend from 42,678 million US$ in 2020 to a high of 101,175 million US$ in 2022. This was followed by a significant decline to 59,553 million US$ in 2023, with a slight increase to 63,627 million US$ in 2024. The revenue trend mirrors the net income pattern, suggesting that external factors or changes in business operations influenced both revenue and profitability.

Reported Net Profit Margin

The reported net profit margin increased steadily from 22.53% in 2020 to 31.01% in 2022, signaling improving profitability relative to revenues. However, this margin contracted dramatically to 3.56% in 2023, then saw a recovery to 12.62% in 2024. The data indicate a period of reduced efficiency or increased costs contributing to the margin decline and a subsequent partial improvement.

Adjusted Net Income Before Allocation to Noncontrolling Interests

Adjusted net income also rose from 5,555 million US$ in 2020 to 25,290 million US$ in 2022, before turning negative at -149 million US$ in 2023, suggesting considerable financial challenges or exceptional charges during that year. It recovered to 6,163 million US$ in 2024 but did not return to prior peak levels.

Adjusted Net Profit Margin

The adjusted net profit margin similarly increased from 13.02% in 2020 to 25.00% in 2022, then dropped below zero to -0.25% in 2023. It improved to 9.69% in 2024, indicating that adjusted profitability was severely impacted in 2023 but showed signs of recovery afterwards. The margin remains below the previously achieved highs.

Overall, the data depict a cycle of rapid growth in both revenues and profitability culminating in 2022, followed by a pronounced downturn in 2023 affecting both reported and adjusted earnings. The partial recovery in 2024 suggests improved but still compromised financial performance relative to the peak period. The volatility could be reflective of business environment changes, extraordinary items, or shifts in market conditions impacting operational results.

Net Income Trends

The net income attributable to common shareholders experienced significant fluctuations over the period. There was a notable increase from 9,616 million USD in 2020 to a peak of 31,372 million USD in 2022. However, this was followed by a sharp decline to 2,119 million USD in 2023, with a partial recovery to 8,031 million USD in 2024.

Total Shareholders’ Equity

Total shareholders’ equity showed a steady upward trend from 63,238 million USD in 2020 to a peak of 95,661 million USD in 2022. Subsequently, it declined slightly to 88,014 million USD in 2023 and remained relatively stable at 88,203 million USD in 2024.

Reported Return on Equity (ROE)

The reported ROE mirrored the net income trends, starting at 15.21% in 2020 and rising substantially to 32.79% in 2022. This was followed by a steep drop to 2.38% in 2023, and a moderate increase to 9.11% in 2024, reflecting volatility in profitability relative to equity.

Adjusted Net Income

Adjusted net income before allocation to noncontrolling interests showed a similar pattern to reported net income but with more pronounced negative impact in 2023. The value rose from 5,555 million USD in 2020 to 25,290 million USD in 2022, then dropped sharply to a negative 149 million USD in 2023, before rebounding to 6,163 million USD in 2024.

Adjusted Total Equity

Adjusted total equity increased steadily from 67,902 million USD in 2020 to 93,823 million USD in 2022, then slightly decreased to 90,618 million USD in 2023 and further to 86,604 million USD in 2024, showing modest contraction after a period of growth.

Adjusted Return on Equity (ROE)

Adjusted ROE followed a pattern similar to the reported ROE but with less extreme values. It climbed from 8.18% in 2020 to 26.96% in 2022, then fell slightly below zero to -0.16% in 2023, and recovered somewhat to 7.12% in 2024.

Overall Analysis

The data reveal that the company experienced strong growth in profitability and equity up to 2022, with corresponding high returns on equity. The year 2023 was marked by a significant downturn in both net income and adjusted income, pushing adjusted ROE into negative territory and sharply reducing reported ROE. Although there was partial recovery in 2024, profitability and returns have not yet returned to the previous highs. Equity levels remained relatively stable despite profitability fluctuations, indicating some resilience in the company’s capital base.

The financial data reveals a fluctuating trend in profitability and asset base over the five-year period analyzed.

Net Income Attributable to Common Shareholders

Net income exhibits significant volatility, beginning at $9,616 million in 2020 and reaching a peak of $31,372 million in 2022. Subsequently, there is a sharp decline to $2,119 million in 2023, followed by a partial recovery to $8,031 million in 2024. This pattern indicates considerable variability in earnings, likely influenced by extraordinary items or changing business conditions.

Total Assets

The total asset base shows a consistent upward trend from $154,229 million in 2020 to a peak of $226,501 million in 2023. There is a slight contraction to $213,396 million in 2024. The steady increase over the initial four years suggests ongoing investment and expansion, although the recent decline may indicate asset disposals or revaluation.

Reported Return on Assets (ROA)

Reported ROA more than doubles from 6.23% in 2020 to 15.91% in 2022, reflecting improved overall profitability relative to asset size during this period. However, in 2023, ROA plunges dramatically to 0.94% and partially recovers to 3.76% in 2024. This mirrors the fluctuations observed in net income and suggests a temporary reduction in asset efficiency or earnings quality.

Adjusted Net Income Before Allocation to Noncontrolling Interests

Adjusted net income also follows an upward trajectory, increasing from $5,555 million in 2020 to $25,290 million in 2022. The figure turns negative in 2023, with a loss of $149 million, before rebounding to $6,163 million in 2024. This adjustment likely removes non-recurring effects, indicating that the underlying business experienced a significant operational challenge or charge in 2023.

Adjusted Total Assets

Adjusted total assets show a pattern similar to total assets, rising steadily from $153,797 million in 2020 to $225,203 million in 2023, then decreasing to $207,261 million in 2024. The adjusted figures likely provide a refined measure of asset base, excluding certain irregularities, yet the general trend remains consistent.

Adjusted ROA

The adjusted ROA improves significantly from 3.61% in 2020 to 13.11% in 2022, demonstrating enhanced profitability on an adjusted basis. It drops into negative territory in 2023 (-0.07%) before recovering slightly to 2.97% in 2024. This trajectory reinforces the observation of a notable operational setback in 2023, followed by modest recovery.

Overall, the data indicates a period of strong financial performance up to 2022, followed by a pronounced downturn in 2023 across both reported and adjusted metrics. The subsequent partial rebound in 2024 suggests ongoing recovery efforts. Asset growth remains generally positive with minor contraction in the latest year, while profitability demonstrates significant sensitivity to underlying business conditions.