Enterprise Value to EBITDA (EV/EBITDA)
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Pfizer Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Pfizer Inc., EBITDA calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals notable fluctuations in Pfizer Inc.'s profitability and operational earnings over the five-year period from 2020 to 2024. The figures suggest significant volatility rather than a consistent trend in financial performance.
- Net Income Attributable to Common Shareholders
- Net income displayed a strong growth 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, before partially recovering to 8,031 million USD in 2024. This pattern indicates a period of extraordinary earnings in 2021 and 2022, followed by a substantial contraction in the subsequent years.
- Earnings Before Tax (EBT)
- EBT closely mirrors the trend in net income, increasing markedly from 7,497 million USD in 2020 to a high of 34,729 million USD in 2022. Similarly, 2023 experienced a significant drop to 1,058 million USD with a recovery to 8,023 million USD in 2024. This correlation suggests that tax expenses did not significantly alter the overall profit trajectory.
- Earnings Before Interest and Tax (EBIT)
- EBIT figures also follow a similar pattern, rising from 8,946 million USD in 2020 to 35,967 million USD in 2022, then falling sharply to 3,267 million USD in 2023, with an uptick to 11,114 million USD in 2024. The fluctuations confirm variations in core operating income, potentially influenced by changes in revenue or operating expenses.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA increased from 13,723 million USD in 2020 to a peak of 41,031 million USD in 2022, then declined steeply to 9,557 million USD in 2023. The figure rose again to 18,127 million USD in 2024. The elevated EBITDA in 2021 and 2022 could indicate strong operational cash flow generation during those years, which substantially diminished in 2023 before a modest recovery.
Overall, the data reflects an exceptional growth phase in 2021 and 2022 across all profitability measures, followed by a pronounced downturn in 2023. The partial recovery in 2024 suggests some stabilization, yet earnings have not returned to the peak levels observed in 2022. These trends should prompt further investigation into the underlying causes, such as extraordinary events, changes in market conditions, or one-time items affecting results during the period.
Enterprise Value to EBITDA Ratio, Current
Pfizer Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| 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. | |
| EV/EBITDA, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| EV/EBITDA, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Pfizer Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| 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. | ||||||
| EV/EBITDA, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| EV/EBITDA, Industry | ||||||
| Health Care | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The financial data from the analyzed periods reveals several notable trends in key financial metrics.
- Enterprise Value (EV)
- The enterprise value shows a peak in 2021 at approximately 266 billion US dollars, followed by a declining trend over the subsequent years, reaching about 192 billion US dollars by the end of 2024. This indicates a reduction of roughly 28% from its highest value in 2021.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- The EBITDA demonstrates significant volatility during the period under review. Starting at around 13.7 billion US dollars in 2020, it more than doubled to approximately 30.8 billion in 2021 and further increased to about 41.0 billion in 2022, indicating strong operational profitability during these years. However, EBITDA then experienced a steep decline to approximately 9.6 billion in 2023, before recovering to 18.1 billion in 2024. The values for 2023 and 2024 remain substantially lower compared to 2021 and 2022 levels.
- EV/EBITDA Ratio
- The EV/EBITDA ratio declined significantly from 15.78 in 2020 to a low of 6.12 in 2022, implying a relatively more favorable valuation of the company in relation to its earnings. This ratio surged sharply to 22.5 in 2023, reflecting either a marked decrease in earnings or an increase in enterprise value relative to earnings, reducing perceived valuation attractiveness. Subsequently, the ratio decreased to 10.6 in 2024, indicating a partial normalization but still remaining above the mid-period lows.
Overall, the data demonstrates a period of strong earnings growth through 2022, followed by a notable drop in EBITDA in 2023 and partial recovery in 2024. Meanwhile, enterprise value peaked in 2021 and has been on a downward trajectory since. The fluctuations in the EV/EBITDA ratio highlight volatility in market valuation relative to earnings, suggesting changing market perceptions or operational challenges during recent years.