Pfizer Inc., current enterprise value calculation

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

Pfizer Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 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.

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Pfizer Inc. (NYSE:PFE)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)