Stock Analysis on Net

Pfizer Inc. (NYSE:PFE)

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Pfizer Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $25.56
No. shares of common stock outstanding 5,685,365,587
US$ in millions
Common equity (market value)1 145,318
Add: Equity attributable to noncontrolling interests (per books) 294
Total equity 145,612
Add: Short-term borrowings, including current portion of long-term debt (per books) 6,946
Add: Long-term debt, excluding current portion (per books) 57,405
Total equity and debt 209,963
Less: Cash and cash equivalents 1,043
Less: Short-term investments 19,434
Enterprise value (EV) 189,486

Based on: 10-K (reporting date: 2024-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 25.56 × 5,685,365,587


Historical Enterprise Value (EV)

Pfizer Inc., EV calculation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $26.10 $27.55 $42.30 $45.96 $33.82
No. shares of common stock outstanding1 5,667,340,414 5,646,778,425 5,619,074,621 5,623,346,471 5,577,629,491
US$ in millions
Common equity (market value)3 147,918 155,569 237,687 258,449 188,635
Add: Equity attributable to noncontrolling interests (book value) 294 274 255 261 235
Total equity 148,212 155,843 237,942 258,710 188,870
Add: Short-term borrowings, including current portion of long-term debt (book value) 6,946 10,350 2,945 2,241 2,703
Add: Long-term debt, excluding current portion (book value) 57,405 61,538 32,884 36,195 37,133
Total equity and debt 212,563 227,731 273,771 297,146 228,706
Less: Cash and cash equivalents 1,043 2,853 416 1,944 1,784
Less: Short-term investments 19,434 9,837 22,316 29,125 10,437
Enterprise value (EV) 192,086 215,041 251,039 266,077 216,485

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).

1 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Pfizer Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 26.10 × 5,667,340,414


Common equity (market value)
The common equity market value exhibited a notable increase from 188,635 million US dollars in 2020 to a peak of 258,449 million US dollars in 2021. Following this peak, there is a declining trend over the next three years, with values decreasing to 237,687 million in 2022, then sharply down to 155,569 million in 2023, and further to 147,918 million in 2024.
Total equity
Total equity mirrored the pattern of common equity, increasing from 188,870 million US dollars in 2020 to 258,710 million in 2021. After this peak, total equity similarly declined to 237,942 million in 2022, then more significantly to 155,843 million in 2023, and decreased slightly further to 148,212 million in 2024. The close relationship between common equity and total equity suggests consistency in equity valuation components.
Total equity and debt
The combined figure for total equity and debt increased from 228,706 million US dollars in 2020 to a high of 297,146 million in 2021. This was followed by a decline to 273,771 million in 2022, then a more pronounced drop to 227,731 million in 2023, and a continued decrease to 212,563 million in 2024. This pattern indicates a reduction in the company's capital structure size over the recent years after an initial strong increase.
Enterprise value (EV)
Enterprise value increased from 216,485 million US dollars in 2020 to 266,077 million in 2021, signaling a peak in market valuation. Post-2021, EV declined steadily to 251,039 million in 2022, then down to 215,041 million in 2023, and further reduced to 192,086 million in 2024. This trend reflects a contraction in the overall valuation of the company when considering debt and equity combined.

Overall, the data demonstrate that the company experienced a significant surge in equity valuation and capital size in 2021 across all reported measures. Subsequent years show a consistent downward trend in these figures, indicating a contraction in market valuation, equity, and overall capital deployment. The declines are particularly steep between 2022 and 2024, suggesting possible market or operational challenges affecting the company’s financial standing during this period.