Pfizer Inc. (NYSE:PFE)

The analysis of the financial ratios over the observed periods reveals notable trends and fluctuations in valuation metrics.

Price to Earnings (P/E) Ratio

The P/E ratio data starts from a value of 19.62 and shows a general declining trend through to December 31, 2022, decreasing from a high of 20.15 to a low of 7.44. This trend suggests a period of rising earnings relative to the stock price or a declining stock price relative to earnings. Subsequently, the P/E ratio increases sharply to 16.6 in October 2023 and peaks at 73.42 by December 31, 2023, indicating significant volatility. After this peak, the ratio stabilizes somewhat but remains elevated at 37 on March 31, 2024, before decreasing gradually to 13.09 by June 29, 2025. These movements may reflect fluctuations in market expectations or earnings performance.

Price to Operating Profit (P/OP) Ratio

The P/OP ratio exhibits a similar trajectory to the P/E ratio, starting at a high level near 23.12 and declining steadily to 6.74 by December 31, 2022. This consistent decrease indicates increasing operating profits relative to the stock price or a reduced stock price relative to operating profits. A marked increase occurs thereafter, with the ratio rising to 17.49 in October 2023 and reaching an extreme of 121.63 by December 31, 2023, mirroring the sharp volatility seen in the P/E ratio. Following this peak, the ratio declines to stabilize around values between 9.49 and 11.92 through mid-2025. The notable peak may suggest extraordinary fluctuations in operating profit or stock price sentiment.

Price to Sales (P/S) Ratio

The P/S ratio trends downward from around 4.5 to approximately 2.32 by December 31, 2022. This steady decline indicates that sales have either increased relative to the stock price or the stock price has decreased relative to sales. Following this period, the ratio remains relatively stable with minor fluctuations ranging mostly between 2.17 and 3.0 through the mid-2025 period. This pattern shows a more moderate variation compared to the earnings and operating profit multiples.

Price to Book Value (P/BV) Ratio

The P/BV ratio presents a gradual decrease over the entire timeframe, beginning at 3.16 and declining to as low as 1.5 by June 29, 2025. This steady descent suggests a decreasing market valuation relative to the company's book value. The ratio shows no significant spikes or disruptions, indicating a relatively stable relationship between market price and book value over time.

In summary, the earnings and operating profit multiples exhibit significant volatility, characterized by gradual declines followed by sharp spikes around late 2023, possibly reflecting changing market expectations or earnings anomalies. The sales multiple declines steadily with moderate variability, reflecting more stable relationships with stock price and revenue. The book value multiple shows a consistent downward trend, indicating a steady market reassessment relative to net asset value. These patterns collectively suggest periods of both financial strength and market uncertainty or revaluation during the timeframe analyzed.

Share Price Trend

The share price experienced notable volatility over the periods analyzed. Beginning at $36.96 in March 2020, it displayed an upward trajectory reaching a peak near $49.95 in July 2022. Following this peak, a consistent decline is observable through subsequent quarters, falling to approximately $24.75 by June 2025. This indicates a significant reduction in market valuation after mid-2022.

Earnings per Share (EPS) Pattern

EPS data, available from December 2020 onwards, initially demonstrated steady growth, rising from $1.72 to a peak of $5.58 in October 2022. Subsequently, EPS decreased sharply, turning negative over several quarters between December 2023 and September 2024, before recovering mildly to $1.89 by June 2025. This pattern suggests a period of financial stress or extraordinary expenses impacting profitability before returning to modest positive earnings.

Price-to-Earnings (P/E) Ratio Analysis

The P/E ratio followed a generally declining trend from 19.62 in April 2021 to a low near 7.44 in October 2023, reflecting either rising earnings relative to share price or undervaluation concerns. In late 2023, there is an abrupt spike to 73.42, presumably due to rapidly falling or negative earnings despite share prices not dropping proportionally. This anomaly is followed by missing and inconsistent values, with a return to mid-range ratios around 13.09 by mid-2025, indicating market valuation adjusting to earnings recovery.

Overall Insights

The combined indicators reveal a phase of earnings growth and share price appreciation until late 2022, followed by a significant downturn characterized by sharply declining EPS and share prices. The elevated P/E ratio during the earnings downturn implies investor uncertainty or overvaluation relative to earnings. The partial recovery in EPS and stabilization in P/E ratios towards mid-2025 may point to improving financial health and market confidence.

The analysis of the quarterly financial data reveals several key trends in the share price, operating profit per share, and the price-to-operating profit ratio over the observed periods.

Share Price

The share price exhibited moderate fluctuation from March 2020 through December 2023. Initially, it increased from approximately $37 to just under $50 by late 2021, peaking around October 2021 at $49.73. Following this peak, a gradual decline ensued with the price dropping to about $27.55 by December 2023. Beyond this point, the share price maintained relatively stable but lower values, fluctuating between roughly $23.87 and $29.74 from March 2024 through June 2025. Overall, the share price showed a pattern of growth through 2021, followed by a sustained downward trend and stabilization at lower levels.

Operating Profit Per Share (OPPS)

Operating profit per share data commences from April 2021. Starting at $1.46, there was a general upward trajectory through the end of 2022, peaking at $6.22 in December 2022. Subsequently, a notable decrease is observed throughout 2023, with OPPS falling to a low of -$0.42 in December 2023, indicating a temporary operating loss per share during that period. Following this trough, profitability showed recovery into 2024, reaching $2.19 by June and maintaining positive values through June 2025. These movements reflect considerable volatility in operating profitability, with significant growth followed by contraction and partial rebound.

Price-to-Operating Profit Ratio (P/OP)

The price-to-operating profit ratio reveals insightful valuation dynamics relative to profitability. Early in the dataset, the ratio decreased consistently from 23.12 in April 2021 to a low of 6.74 by October 2023, corresponding with rising operating profits and relatively stable share prices, thus indicating improving valuation in terms of operating earnings. However, the ratio spiked dramatically to 121.63 in December 2023, coinciding with the reported negative operating profit per share and falling share prices, reflecting an extreme valuation distortion likely due to losses. In 2024 and beyond, the ratio normalized somewhat, fluctuating between 9.49 and 27.24, signaling a stabilization in the relationship between share price and operating earnings as profitability recovered.

In summary, the data indicates that while share prices experienced initial growth before declining and stabilizing at lower values, operating profitability displayed marked volatility, with peak performance at the end of 2022 followed by a sharp downturn into negative territory in late 2023 and a subsequent recovery. Correspondingly, valuation metrics demonstrated compression with improving profitability, followed by a transient valuation anomaly associated with negative earnings and later reversion towards normalized multiples as operating performance improved.

The share price exhibited notable fluctuations over the analyzed periods. Initially starting at $36.96 in March 2020, the price reached a peak around October 2021 at approximately $49.73. Following this peak, there was a consistent downward trend, culminating in a low near $23.87 by June 2025, with minor variations thereafter.

Sales per share showed a general upward trajectory beginning from the quarter ending April 2021, where data first became available at $7.51. Sales per share increased steadily, peaking at $18.05 in October 2022. Subsequent quarters experienced a decline, descending to around $9.87 by September 2024. The last few quarters reflected some recovery, with sales per share stabilizing near $11.23 by mid-2025.

The price-to-sales (P/S) ratio mirrored the interplay between share price and sales per share. Initially high at 4.5 in April 2021, the ratio experienced a downward trend, falling to approximately 2.37 by the end of 2022. After this point, the P/S ratio showed relative volatility but exhibited a general recovery trend, rising to about 3 by September 2024 before easing back to approximately 2.2 by mid-2025.

Share Price

Started moderately, reached a peak in late 2021, then declined steadily towards mid-2025 with minor fluctuations.

Sales per Share

Displayed strong growth into late 2022, with a peak at $18.05, followed by a significant decrease and eventual stabilization near $11 by mid-2025.

Price-to-Sales (P/S) Ratio

Initially elevated, the ratio decreased steadily alongside increased sales per share, then reflected some recovery and minor fluctuations toward mid-2025.

In summary, the data reveals a period of growth in sales per share accompanied by a relatively high valuation multiple initially, but as sales growth moderated and share price declined, the valuation metric contracted. The stabilization of sales per share coupled with share price fluctuations suggests market adjustments in expectations or external factors influencing investor sentiment during the latter periods.

Share Price Trend

The share price displayed considerable fluctuation over the periods analyzed. Starting at $36.96 in March 2020, the price initially rose to a peak around the third quarter of 2021, reaching nearly $49.73. Following this peak, a generally declining trend was observed through to June 2025, with the share price dropping to approximately $24.75. This decline was marked by some minor fluctuations but showed a steady downward momentum overall.

Book Value per Share (BVPS) Trend

The book value per share exhibited a generally upward trajectory from $11.71 in March 2020 to a high near $17.89 in April 2023. After reaching this peak, there was a gradual reduction observed through to June 2025, where BVPS stabilized near $15.6. Despite the decline in the latter periods, the BVPS remained above the initial values from 2020, indicating a sustained increase in underlying book value over the long term.

Price-to-Book Value Ratio (P/BV) Trend

The price-to-book value ratio began at 3.16 in March 2020, peaking around 3.78 mid-2021, roughly corresponding with the peak in share price. From this period onward, the P/BV ratio experienced a persistent decline, falling below 2.0 by early 2024 and eventually reaching around 1.5 by mid-2025. This downward shift shows that the market price was converging closer to the book value per share, which reflects reduced market premium relative to book value over time.

Insights and Interpretation

The data indicates an initial phase of strong market confidence, as reflected by rising share prices and high P/BV ratios through 2021. However, starting from late 2021, market sentiment appears to have weakened as share prices declined despite a relatively steady or slightly declining book value, leading to a decreased P/BV ratio. This suggests a market reassessment of valuation multiples, potentially due to external factors affecting investor confidence or corporate performance perspectives. The sustained rise in book value per share until early 2023 indicates underlying asset or equity growth, but this was not sufficient to uphold the share price in the face of changing market conditions.