Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Pfizer Inc., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to Pfizer Inc. 2,119 31,372 21,979 9,616 16,273
Net income attributable to noncontrolling interests 39 35 46 36 29
Net noncash charges 8,714 3,499 (1,907) 1,209 317
Changes in assets and liabilities, net of acquisitions and divestitures (2,172) (5,639) 12,804 (275) (4,031)
Net cash provided by operating activities 8,700 29,267 32,922 10,586 12,588
Cash paid during the period for interest, net of tax1 1,750 1,304 1,356 1,536 1,435
Capitalized interest, net of tax2 126 112 100 90 80
Purchases of property, plant and equipment (3,907) (3,236) (2,711) (2,252) (2,176)
Free cash flow to the firm (FCFF) 6,669 27,447 31,666 9,960 11,926

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Pfizer Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Pfizer Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Interest Paid, Net of Tax

Pfizer Inc., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 21.00% 9.60% 7.60% 6.40% 9.60%
Interest Paid, Net of Tax
Cash paid during the period for interest, before tax 2,215 1,442 1,467 1,641 1,587
Less: Cash paid during the period for interest, tax2 465 138 111 105 152
Cash paid during the period for interest, net of tax 1,750 1,304 1,356 1,536 1,435
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax 160 124 108 96 88
Less: Capitalized interest, tax3 34 12 8 6 8
Capitalized interest, net of tax 126 112 100 90 80

Based on: 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), 10-K (reporting date: 2019-12-31).

1 See details »

2 2023 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 2,215 × 21.00% = 465

3 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 160 × 21.00% = 34


Enterprise Value to FCFF Ratio, Current

Pfizer Inc., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 223,123
Free cash flow to the firm (FCFF) 6,669
Valuation Ratio
EV/FCFF 33.46
Benchmarks
EV/FCFF, Competitors1
AbbVie Inc. 13.50
Amgen Inc. 23.14
Bristol-Myers Squibb Co. 8.06
Danaher Corp. 38.03
Eli Lilly & Co. 707.90
Gilead Sciences Inc. 12.20
Johnson & Johnson 18.12
Merck & Co. Inc. 38.02
Regeneron Pharmaceuticals Inc. 25.45
Thermo Fisher Scientific Inc. 29.96
Zoetis Inc. 43.74
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences 27.62
EV/FCFF, Industry
Health Care 23.82

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Pfizer Inc., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 215,041 251,039 266,077 216,485 231,815
Free cash flow to the firm (FCFF)2 6,669 27,447 31,666 9,960 11,926
Valuation Ratio
EV/FCFF3 32.24 9.15 8.40 21.74 19.44
Benchmarks
EV/FCFF, Competitors4
AbbVie Inc. 14.89 12.15 13.18 13.95 11.60
Amgen Inc. 22.22 16.01 15.82 14.51 16.05
Bristol-Myers Squibb Co. 9.14 13.87 10.52 11.63 23.39
Danaher Corp. 36.34 25.74 28.25 30.66 37.11
Eli Lilly & Co. 655.33 59.14 38.37 39.01 36.26
Gilead Sciences Inc. 13.41 13.58 8.42 13.60 9.78
Johnson & Johnson 19.30 23.80 21.25 20.75 19.31
Merck & Co. Inc. 37.84 19.09 23.27 34.12 20.46
Regeneron Pharmaceuticals Inc. 23.99 17.96 9.81 25.74 19.54
Thermo Fisher Scientific Inc. 28.85 31.61 33.14 26.14 28.88
Zoetis Inc. 47.16 54.71 49.22 43.54 47.27
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences 27.50 18.37 16.44 20.25 19.59
EV/FCFF, Industry
Health Care 23.93 17.99 17.44 18.06 18.43

Based on: 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), 10-K (reporting date: 2019-12-31).

1 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 215,041 ÷ 6,669 = 32.24

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Pfizer Inc. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.