Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Pfizer Inc., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
An examination of long-term investment activity ratios reveals declining efficiency in asset utilization between 2021 and 2025. Several ratios demonstrate a consistent downward trend, suggesting a potential shift in operational strategies or broader economic influences impacting asset deployment.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio decreased significantly from 5.52 in 2021 to 3.24 in 2025. An initial increase from 5.52 to 6.22 in 2022 was followed by a substantial decline, indicating a reduced ability to generate revenue from fixed assets over the period. This suggests either a slowdown in sales relative to fixed asset investment, or a significant increase in the value of net fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar pattern is observed when including operating lease and right-of-use assets in the calculation, with the ratio falling from 4.64 in 2021 to 2.91 in 2025. The magnitude of the decline is comparable to that of the standard net fixed asset turnover, suggesting the trend is not solely attributable to changes in lease accounting. The initial increase to 5.25 in 2022 is also mirrored.
- Total Asset Turnover
- The total asset turnover ratio experienced a pronounced decrease, moving from 0.45 in 2021 to 0.30 in both 2024 and 2025. This indicates a diminishing capacity to generate sales revenue from the company’s total asset base. The decline is substantial and consistent over the latter part of the observed period.
- Equity Turnover
- The equity turnover ratio also exhibited a downward trend, decreasing from 1.06 in 2021 and 2022 to 0.67 in 2023, and remaining at 0.72 in 2024 and 2025. This suggests a decreasing ability to generate revenue from shareholder equity, potentially indicating lower profitability or a build-up of equity without a corresponding increase in sales.
Collectively, these ratios point to a weakening trend in asset utilization efficiency. The consistent declines across multiple metrics suggest a systematic change in how assets are employed to generate revenue, warranting further investigation into the underlying operational and strategic factors.
Net Fixed Asset Turnover
Pfizer Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2025 Calculation
Net fixed asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a fluctuating pattern over the five-year period. Initially, the ratio increased, followed by a substantial decline and subsequent stabilization at a lower level.
- Overall Trend
- The ratio began at 5.52 in 2021, increasing to a peak of 6.22 in 2022. A significant decrease was then observed, falling to 3.14 in 2023. The ratio experienced a modest recovery to 3.46 in 2024, followed by a slight decrease to 3.24 in 2025. This suggests an initial period of improved efficiency in utilizing fixed assets, followed by a considerable reduction in that efficiency, and a leveling off at a reduced level.
- Revenue Impact
- Revenues increased substantially from 2021 to 2022, coinciding with the initial increase in the net fixed asset turnover ratio. However, revenues decreased significantly in 2023, which aligns with the substantial drop in the turnover ratio. Revenues remained relatively stable between 2024 and 2025, mirroring the stabilization of the ratio during this period.
- Fixed Asset Investment
- Property, plant, and equipment, net, consistently increased throughout the period. Despite this continued investment in fixed assets, the net fixed asset turnover ratio did not follow suit after 2022. This indicates that the increased investment in fixed assets did not translate into a proportional increase in revenue generation, potentially suggesting inefficiencies or underutilization of those assets.
The decline in the net fixed asset turnover ratio from 2022 to 2023 warrants further investigation. Potential factors contributing to this decline could include decreased production capacity, changes in sales strategies, or an overinvestment in fixed assets relative to revenue generation.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Pfizer Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment, net | ||||||
| Operating leases, ROU assets (included in Other noncurrent assets) | ||||||
| Property, plant and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| 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. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
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).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, alongside its component figures of revenue and net fixed assets, exhibits considerable fluctuation over the five-year period. Revenues initially increased significantly before declining, while net fixed assets demonstrated a more consistent, albeit moderate, upward trend. This interplay significantly impacts the observed turnover ratio.
- Revenue Trend
- Revenues increased from US$82,145 million in 2021 to US$101,175 million in 2022, representing a substantial gain. However, a significant decrease followed, with revenues dropping to US$59,553 million in 2023. A partial recovery occurred in 2024, reaching US$63,627 million, followed by a slight decline to US$62,579 million in 2025. This volatility suggests potential shifts in sales volume, pricing strategies, or market conditions.
- Net Fixed Asset Trend
- Net fixed assets, inclusive of operating leases and right-of-use assets, generally increased throughout the period. From US$17,721 million in 2021, they rose to US$19,276 million in 2022 and continued to US$21,864 million in 2023. A slight decrease was observed in 2024, falling to US$20,682 million, before increasing again to US$21,530 million in 2025. The consistent upward trend indicates ongoing investment in fixed assets, despite revenue fluctuations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio mirrored the revenue trend. It increased from 4.64 in 2021 to 5.25 in 2022, coinciding with the revenue increase. The substantial revenue decline in 2023 resulted in a significant drop in the ratio to 2.72. A modest recovery to 3.08 in 2024 and a further decrease to 2.91 in 2025 followed, reflecting the subsequent revenue performance. The ratio indicates how efficiently fixed assets are being utilized to generate revenue. The decline from 2022 to 2023 is particularly noteworthy, suggesting a substantial decrease in asset utilization efficiency during that period.
The observed fluctuations in the net fixed asset turnover ratio are primarily driven by changes in revenue. While fixed asset investment continued, the ability to generate revenue from those assets varied considerably. Further investigation into the factors influencing revenue performance is warranted to understand the underlying causes of these shifts and their impact on asset utilization.
Total Asset Turnover
Pfizer Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2025 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio demonstrates considerable fluctuation over the five-year period. Initially, the ratio increased before declining significantly and stabilizing at a lower level.
- Overall Trend
- The ratio began at 0.45 in 2021, increasing to a peak of 0.51 in 2022. A substantial decrease followed, dropping to 0.26 in 2023. The ratio then showed a modest recovery to 0.30 in both 2024 and 2025, indicating a potential stabilization, albeit at a reduced level compared to the earlier years.
- Year-over-Year Changes
- From 2021 to 2022, the ratio experienced a positive change, suggesting improved efficiency in utilizing assets to generate revenue. However, the subsequent year witnessed a dramatic decline from 2022 to 2023, indicating a significant reduction in asset utilization efficiency. The period from 2023 to 2025 shows minimal change, with the ratio remaining consistent at 0.30.
- Relationship to Revenues and Total Assets
- The increase in the ratio from 2021 to 2022 coincided with a substantial increase in revenues, while the growth in total assets was more moderate. Conversely, the decline in the ratio from 2022 to 2023 was driven by a significant decrease in revenues, despite a continued increase in total assets. The stabilization from 2024 to 2025 reflects relatively stable revenues and a slight decrease in total assets.
The observed fluctuations suggest a sensitivity of asset turnover to revenue performance. The recent stabilization at a lower ratio warrants further investigation to determine the underlying causes and potential implications for long-term profitability and operational efficiency.
Equity Turnover
Pfizer Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Total Pfizer Inc. shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| 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. | ||||||
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
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).
1 2025 Calculation
Equity turnover = Revenues ÷ Total Pfizer Inc. shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a fluctuating pattern. Initially stable, the ratio experienced a notable decline, followed by a period of relative consistency. Revenues exhibited significant volatility, increasing substantially in 2022 before decreasing markedly in 2023 and stabilizing in subsequent years. Shareholders’ equity also showed an initial increase, followed by a decline and stabilization.
- Equity Turnover
- The equity turnover ratio remained consistent at 1.06 in both 2021 and 2022, indicating that for every dollar of equity, approximately $1.06 in revenue was generated. A substantial decrease to 0.67 was observed in 2023, suggesting a reduced efficiency in utilizing shareholders’ equity to generate revenue. The ratio partially recovered to 0.72 in both 2024 and 2025, but remained below the levels seen in the earlier years of the period. This suggests a sustained, though lessened, reduction in the efficiency of equity utilization.
- Revenue Trend
- Revenues increased significantly from US$82,145 million in 2021 to US$101,175 million in 2022, representing a substantial growth period. However, revenues then decreased considerably to US$59,553 million in 2023. Following this decline, revenue demonstrated relative stability, reaching US$63,627 million in 2024 and US$62,579 million in 2025. This pattern suggests a period of strong growth followed by a significant contraction and subsequent stabilization at a lower level.
- Shareholders’ Equity Trend
- Total shareholders’ equity increased from US$77,201 million in 2021 to US$95,661 million in 2022, mirroring the revenue growth. A subsequent decrease to US$89,014 million occurred in 2023, coinciding with the revenue decline. Shareholders’ equity continued to decrease modestly to US$88,203 million in 2024 and US$86,476 million in 2025, indicating a consistent, albeit gradual, reduction in the company’s equity base.
The observed decrease in equity turnover in 2023, coupled with the significant revenue decline, suggests a potential weakening in the relationship between equity investment and revenue generation during that year. The stabilization of the equity turnover ratio in 2024 and 2025, despite continued revenue stability, indicates that the reduced efficiency in equity utilization persisted. The concurrent decline in shareholders’ equity may be a contributing factor to this trend.