Enterprise Value (EV)
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Pfizer Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
Pfizer Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Equity attributable to noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings, including current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Pfizer Inc., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Pfizer Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
An examination of the provided financial information reveals a generally decreasing trend in enterprise value over the five-year period, followed by a slight increase in the most recent year. The components contributing to enterprise value – common equity, total equity, and total equity and debt – also exhibit varying degrees of fluctuation during this timeframe.
- Enterprise Value Trend
- Enterprise value decreased consistently from $266.077 billion in 2021 to $192.086 billion in 2024, representing a cumulative decline of approximately 27.8%. However, a modest increase to $205.596 billion is observed in 2025, suggesting a potential stabilization or early reversal of the downward trend.
- Equity Value Changes
- Common equity (market value) experienced a significant reduction, falling from $258.449 billion in 2021 to $155.569 billion in 2023. While a slight recovery to $154.098 billion occurred in 2025, it remains substantially below the 2021 level. Total equity mirrors this pattern, decreasing from $258.710 billion to $155.843 billion over the same period, with a similar modest increase in 2025 to $154.397 billion.
- Total Equity and Debt
- Total equity and debt decreased from $297.146 billion in 2021 to $212.563 billion in 2024, a decline of approximately 28.8%. A slight increase to $219.192 billion is noted in 2025. The consistent decrease in this metric suggests a reduction in the company’s overall capital structure, potentially through debt repayment or equity buybacks, although the decrease in equity values is more pronounced.
The relationship between common equity and total equity remains relatively stable throughout the period, with differences between the two values consistently below $1 billion. The decrease in enterprise value appears to be driven primarily by the decline in equity values, with the reduction in total equity and debt contributing to a lesser extent. The 2025 figures indicate a possible inflection point, but further observation is needed to confirm a sustained change in these trends.