Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Pfizer Inc. (NYSE:PFE)

Adjusted Financial Ratios

Advanced level

Adjusted Financial Ratios (Summary)

Pfizer Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Activity Ratio
Total Asset Turnover
Reported 0.27 0.31 0.34 0.31 0.31
Adjusted 0.27 0.31 0.33 0.30 0.31
Liquidity Ratio
Current Ratio
Reported 1.35 0.88 1.57 1.35 1.25
Adjusted 1.41 0.91 1.63 1.40 1.31
Solvency Ratios
Debt to Equity
Reported 0.63 0.83 0.66 0.61 0.71
Adjusted 0.61 0.77 0.65 0.59 0.47
Debt to Capital
Reported 0.39 0.45 0.40 0.38 0.41
Adjusted 0.38 0.43 0.39 0.37 0.32
Financial Leverage
Reported 2.44 2.65 2.51 2.41 2.88
Adjusted 2.26 2.40 2.36 2.26 1.88
Profitability Ratios
Net Profit Margin
Reported 22.95% 31.45% 20.79% 40.55% 13.66%
Adjusted 13.26% 30.93% 17.75% -6.87% 10.71%
Return on Equity (ROE)
Reported 15.21% 25.77% 17.59% 29.88% 12.12%
Adjusted 8.18% 22.99% 13.90% -4.71% 6.14%
Return on Assets (ROA)
Reported 6.23% 9.72% 7.00% 12.40% 4.20%
Adjusted 3.61% 9.58% 5.89% -2.09% 3.27%

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

Financial 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 ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Pfizer Inc.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.
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 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
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 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
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 ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Pfizer Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Pfizer Inc.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Pfizer Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Revenues 41,908  51,750  53,647  52,546  52,824 
Total assets 154,229  167,489  159,422  171,797  171,615 
Activity Ratio
Total asset turnover1 0.27 0.31 0.34 0.31 0.31
Adjusted
Selected Financial Data (US$ in millions)
Revenues 41,908  51,750  53,647  52,546  52,824 
Adjusted total assets2 153,797  167,138  161,824  173,111  173,038 
Activity Ratio
Adjusted total asset turnover3 0.27 0.31 0.33 0.30 0.31

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Total asset turnover = Revenues ÷ Total assets
= 41,908 ÷ 154,229 = 0.27

2 Adjusted total assets. See details »

3 2020 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 41,908 ÷ 153,797 = 0.27

Activity 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 ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Current assets 35,067  32,803  49,926  41,141  38,949 
Current liabilities 25,920  37,304  31,858  30,427  31,115 
Liquidity Ratio
Current ratio1 1.35 0.88 1.57 1.35 1.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 35,575  33,330  50,467  41,725  39,558 
Adjusted current liabilities3 25,292  36,590  31,035  29,784  30,252 
Liquidity Ratio
Adjusted current ratio4 1.41 0.91 1.63 1.40 1.31

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= 35,067 ÷ 25,920 = 1.35

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2020 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 35,575 ÷ 25,292 = 1.41

Liquidity 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 deteriorated from 2018 to 2019 but then improved from 2019 to 2020 not reaching 2018 level.

Adjusted Debt to Equity

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Total debt 39,836  52,150  41,740  43,491  42,086 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Solvency Ratio
Debt to equity1 0.63 0.83 0.66 0.61 0.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 41,271  53,474  44,353  44,883  43,554 
Adjusted total equity3 67,902  69,607  68,499  76,583  92,131 
Solvency Ratio
Adjusted debt to equity4 0.61 0.77 0.65 0.59 0.47

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to equity = Total debt ÷ Total Pfizer Inc. shareholders’ equity
= 39,836 ÷ 63,238 = 0.63

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 41,271 ÷ 67,902 = 0.61

Solvency 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 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Debt to Capital

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Total debt 39,836  52,150  41,740  43,491  42,086 
Total capital 103,074  115,293  105,147  114,799  101,630 
Solvency Ratio
Debt to capital1 0.39 0.45 0.40 0.38 0.41
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 41,271  53,474  44,353  44,883  43,554 
Adjusted total capital3 109,173  123,081  112,852  121,466  135,685 
Solvency Ratio
Adjusted debt to capital4 0.38 0.43 0.39 0.37 0.32

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 39,836 ÷ 103,074 = 0.39

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 41,271 ÷ 109,173 = 0.38

Solvency 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 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Total assets 154,229  167,489  159,422  171,797  171,615 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Solvency Ratio
Financial leverage1 2.44 2.65 2.51 2.41 2.88
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 153,797  167,138  161,824  173,111  173,038 
Adjusted total equity3 67,902  69,607  68,499  76,583  92,131 
Solvency Ratio
Adjusted financial leverage4 2.26 2.40 2.36 2.26 1.88

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Financial leverage = Total assets ÷ Total Pfizer Inc. shareholders’ equity
= 154,229 ÷ 63,238 = 2.44

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 153,797 ÷ 67,902 = 2.26

Solvency 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 ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 9,616  16,273  11,153  21,308  7,215 
Revenues 41,908  51,750  53,647  52,546  52,824 
Profitability Ratio
Net profit margin1 22.95% 31.45% 20.79% 40.55% 13.66%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 5,555  16,005  9,524  (3,610) 5,658 
Revenues 41,908  51,750  53,647  52,546  52,824 
Profitability Ratio
Adjusted net profit margin3 13.26% 30.93% 17.75% -6.87% 10.71%

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
Net profit margin = 100 × Net income attributable to Pfizer Inc. ÷ Revenues
= 100 × 9,616 ÷ 41,908 = 22.95%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Revenues
= 100 × 5,555 ÷ 41,908 = 13.26%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Pfizer Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 9,616  16,273  11,153  21,308  7,215 
Total Pfizer Inc. shareholders’ equity 63,238  63,143  63,407  71,308  59,544 
Profitability Ratio
ROE1 15.21% 25.77% 17.59% 29.88% 12.12%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 5,555  16,005  9,524  (3,610) 5,658 
Adjusted total equity3 67,902  69,607  68,499  76,583  92,131 
Profitability Ratio
Adjusted ROE4 8.18% 22.99% 13.90% -4.71% 6.14%

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
ROE = 100 × Net income attributable to Pfizer Inc. ÷ Total Pfizer Inc. shareholders’ equity
= 100 × 9,616 ÷ 63,238 = 15.21%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total equity
= 100 × 5,555 ÷ 67,902 = 8.18%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Pfizer Inc.’s adjusted ROE improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc. 9,616  16,273  11,153  21,308  7,215 
Total assets 154,229  167,489  159,422  171,797  171,615 
Profitability Ratio
ROA1 6.23% 9.72% 7.00% 12.40% 4.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income before allocation to noncontrolling interests2 5,555  16,005  9,524  (3,610) 5,658 
Adjusted total assets3 153,797  167,138  161,824  173,111  173,038 
Profitability Ratio
Adjusted ROA4 3.61% 9.58% 5.89% -2.09% 3.27%

Based on: 10-K (filing date: 2021-02-25), 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23).

1 2020 Calculation
ROA = 100 × Net income attributable to Pfizer Inc. ÷ Total assets
= 100 × 9,616 ÷ 154,229 = 6.23%

2 Adjusted net income before allocation to noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income before allocation to noncontrolling interests ÷ Adjusted total assets
= 100 × 5,555 ÷ 153,797 = 3.61%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Pfizer Inc.’s adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.