Pfizer Inc. (NYSE:PFE)

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrated an increasing trend from April 2021 through July 2022, rising from 3.31 to 6.64. This indicates improving efficiency in generating revenue from fixed assets during this period. However, starting from October 2022, the ratio showed a consistent decline, dropping to 3.14 by December 2023 and further stabilizing around the 3.0 to 3.4 range through to September 2025. This downward movement suggests a reduction in the utilization efficiency of fixed assets after mid-2022.

Total Asset Turnover

Total asset turnover increased steadily from 0.29 in April 2021 to a peak of 0.52 in July 2022, reflecting enhanced efficiency in using total assets to generate sales. Thereafter, a gradual decline ensued, with the ratio decreasing to 0.26 by December 2023, indicating a reduced asset utilization. The ratio stabilized somewhat between 0.25 and 0.31 from early 2024 through September 2025, representing a period of relative steadiness but at a lower turnover compared to the mid-2022 peak.

Equity Turnover

Equity turnover followed a similar pattern of growth followed by decline. Starting at 0.68 in April 2021, it increased steadily to a peak of 1.16 by July 2022. This upward trend reflects a period during which the company generated higher sales relative to shareholder equity. However, from October 2022 onward, the equity turnover ratio declined consistently, reaching 0.67 by December 2023. In the subsequent periods up to September 2025, the ratio fluctuated modestly around 0.6 to 0.7, implying a more conservative usage of equity for revenue generation after the mid-2022 maximum point.

Overall Insights

Across all three turnover ratios—net fixed asset turnover, total asset turnover, and equity turnover—a clear pattern emerges: a phase of improving efficiency and turnover ratios up to mid-2022, followed by a period of decline and stabilization at lower levels through the end of 2025. This general trend suggests that the company experienced growth in asset and equity utilization effectiveness until mid-2022 but subsequently faced challenges or strategic shifts leading to reduced turnover ratios. The partial recovery or stabilization in later periods might indicate an adjustment phase or new operational conditions influencing asset and equity utilization.

The analysis of the quarterly financial data reveals several notable trends in revenue, net fixed assets, and asset turnover ratios over the evaluated periods.

Revenues

Revenues exhibited a general upward trend from early 2021 through mid-2022, rising from approximately $14.5 billion to a peak near $27.7 billion. However, starting in the latter half of 2022, revenues demonstrated increased volatility with a significant decline observed in the first three quarters of 2023, dropping to around $13 billion in July 2023. Following this trough, a moderate recovery phase emerges through late 2024 and into mid-2025, with revenues fluctuating between approximately $13.7 billion and $17.7 billion. This suggests a cyclical or transitional revenue pattern after a period of strong growth.

Property, Plant and Equipment, Net of Accumulated Depreciation

The net value of fixed assets has displayed a consistent upward trajectory from $14.0 billion in early 2021 to nearly $18.9 billion by mid-2025. This steady increase indicates ongoing capital investment and asset accumulation, suggestive of capacity expansion or modernization efforts. The growth rate appears relatively stable without sharp increases or decreases, reflecting a deliberate and sustained asset management strategy.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio, which measures revenue generated per dollar of net fixed assets, peaked at 6.64 in mid-2022, correlating with the revenue apex during the same period. Subsequent quarters show a consistent decline in the turnover ratio, descending to approximately 2.97 by early 2024 and stabilizing around 3.3 through mid-2025. This declining trend indicates diminishing efficiency in using fixed assets to generate revenue, possibly due to the slower revenue growth or the lag effect of rising asset bases outpacing revenue gains.

In summary, the data illustrate a phase of strong revenue expansion up to mid-2022, which is followed by a period of revenue contraction and partial recovery through 2025. Concurrently, steady investment in fixed assets continues, though with decreasing relative efficiency in asset utilization. These patterns may signal shifting market conditions or strategic realignments affecting operational productivity and financial performance.

The financial data reveals discernible trends in revenues, total assets, and total asset turnover ratios over the observed periods.

Revenues

There is a notable increase in revenues from April 2021 to December 2022, with values rising from approximately $14.5 billion to around $24.3 billion at the peak in October 2021 and maintaining above $22 billion through 2022. However, starting in early 2023, revenues display a marked decline, falling to about $13 billion by July 2023, followed by a modest recovery towards late 2024, reaching approximately $17.7 billion. The revenue figures then show some fluctuations into 2025, stabilizing around $14 billion to $16.6 billion. The initial growth phase suggests robust sales performance or favorable market conditions, while the subsequent decline indicates potential challenges or market changes affecting revenue generation.

Total Assets

Total assets grow steadily from $158.8 billion in April 2021 to a peak of about $226.5 billion in December 2023. This upward trend reflects ongoing investments or asset accumulation. Post this peak, total assets experience a gradual decline, settling around $208.7 billion by September 2025. Despite this decrease, asset levels remain significantly higher than the initial periods, indicating sustained asset base strength though with some normalization or divestitures occurring in the latest periods.

Total Asset Turnover Ratio

The total asset turnover ratio exhibits an increasing trend from 0.29 in April 2021 to a high of 0.52 in July 2022, suggesting enhanced efficiency in utilizing assets to generate revenues during this period. Starting late 2022 and continuing into 2023 and beyond, the ratio declines sharply to around 0.25 by December 2023, indicating diminished asset utilization efficiency. Slight improvements are noted afterward, with the ratio stabilizing near 0.3 through mid-2025. This pattern aligns with the revenue and asset trends, reflecting that while assets increased, revenue generation relative to asset size weakened during the period of declining revenues.

Overall, the data suggests that the company experienced strong revenue growth and asset accumulation through 2021 and 2022, coupled with improved operational efficiency. However, starting in 2023, challenges emerged leading to a contraction in revenues and a reduction in asset turnover efficiency, although the total asset base remained comparatively elevated. Recovery signs appear in late 2024 and 2025, but asset utilization efficiency remains below earlier peak levels.

The financial data reveals several notable trends over the observed periods. Revenues show significant fluctuations, with a general pattern of peaking towards the end of 2021 and early 2022, followed by a marked decline in mid-2023 and some recovery in late 2024 and early 2025. Shareholders’ equity exhibits a steady increase from early 2021 through to early 2023, reaching a high point before experiencing a downward adjustment and stabilization thereafter.

The equity turnover ratio, which indicates the efficiency of the company in generating revenues from its equity base, initially demonstrates an upward trend until late 2021, reaching a peak. After this peak, it declines steadily throughout 2023 and into 2024, suggesting reduced revenue generation efficiency relative to shareholders' equity. A modest recovery is noticeable towards the end of the data period, however, the ratio remains below earlier peak levels.

Revenues

There is a clear seasonality in revenue figures, with high values in the third quarter of 2021 and early 2022, which then decrease substantially in 2023. Subsequent quarters show signs of recovery, though revenues do not return to previous peak levels consistently.

Total Shareholders’ Equity

Shareholders’ equity steadily increased from $68,620 million in April 2021 to a peak of $100,970 million in April 2023. Following this peak, equity shows some volatility and a general downward trend stabilizing around $90,000 million through mid-2025.

Equity Turnover Ratio

This ratio grows from 0.68 in April 2021 to a peak of 1.16 in July 2022, indicating higher revenue generation relative to equity. Post-peak, the ratio falls to 0.61 by March 2024, signifying decreasing efficiency in using equity to produce revenues. Slight improvement is noted afterward but remains below initial peak levels.

Overall, the data suggest that while the company initially increased its revenue generation and equity base, recent periods have seen declining revenue efficiency and volatility in equity levels. The fluctuation in revenue alongside equity turnover ratios points to potential operational or market challenges impacting performance consistency in the observed quarters.