Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Pfizer Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
The valuation ratios exhibit significant volatility in earnings-based metrics alongside a general compression in asset-based and revenue-based multiples over the observed period. A distinct divergence is noted between the stability of sales multiples and the extreme fluctuations in profit-based multiples.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios followed a similar trajectory, characterized by an initial decline throughout 2022 and early 2023. A severe spike occurred in late 2023, with the P/E ratio reaching 73.42 and the P/OP ratio peaking at 121.63 by December 31, 2023. This suggests a period of significant earnings contraction relative to the stock price. Following this peak, both ratios normalized through 2024, with the P/E ratio fluctuating between 13.09 and 37.00 and the P/OP ratio stabilizing in the 9.49 to 11.92 range from March 2025 through June 2026.
- Revenue Valuation
- The Price to Sales (P/S) ratio remained relatively stable compared to profit metrics. Starting at 3.00 in April 2022, the ratio experienced a gradual decline to a low of 2.17 by March 2025. While there was a brief recovery to 3.00 in June 2024, the overall trend indicates a mild compression in the revenue multiple, ending the period at 2.27 in June 2026.
- Book Value Valuation
- A consistent downward trend is observed in the Price to Book Value (P/BV) ratio for the first half of the period. The ratio decreased from 3.37 in April 2022 to 1.75 by December 2023. From 2024 through June 2026, the P/BV ratio entered a stabilization phase, oscillating within a narrower band between 1.49 and 1.92, indicating a lower premium attributed to the company's net asset value compared to the start of the sequence.
Overall, the data indicates that while the market's valuation of the company's assets and sales has moderately declined and stabilized, the profit-based valuations have been subject to extreme volatility, particularly during the 2023 calendar year.
Price to Earnings (P/E)
Pfizer Inc., historical P/E calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Pfizer Inc. common shareholders (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to Pfizer Inc. common shareholdersQ2 2026
+ Net income (loss) attributable to Pfizer Inc. common shareholdersQ1 2026
+ Net income (loss) attributable to Pfizer Inc. common shareholdersQ4 2025
+ Net income (loss) attributable to Pfizer Inc. common shareholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
A comprehensive analysis of the valuation metrics from April 2022 to June 2026 reveals a significant contraction in both equity pricing and earnings stability. The period is characterized by a sustained downward trend in share price and high volatility in earnings per share, resulting in erratic Price to Earnings (P/E) multiples.
- Share Price Trends
- A consistent depreciation in share price is observed from April 2022, when the price stood at 49.45 USD, reaching a low of 23.87 USD by December 2024. Following this decline, the price entered a stabilization phase throughout 2025 and the first half of 2026, fluctuating within a narrow range between 24.30 USD and 27.10 USD.
- Earnings per Share (EPS) Performance
- Earnings exhibited extreme volatility, starting from a peak of 5.58 USD in December 2022 before collapsing to a low of -0.46 USD by June 2024. A recovery phase ensued, with EPS reaching 1.89 USD in June 2025, followed by a secondary decline to 0.76 USD by June 2026. This pattern indicates a period of significant earnings instability and a failure to return to 2022 levels.
- Price to Earnings (P/E) Ratio Interpretation
- The P/E ratio reflects the volatility of the underlying earnings. An initial contraction occurred between April 2022 and April 2023, with the ratio falling from 11.11 to 7.44. A dramatic expansion followed, peaking at 73.42 in December 2023, which was primarily driven by the sharp decline in EPS rather than an increase in share price. After a period of negative earnings in early 2024 where the ratio was not applicable, the P/E stabilized between 13.09 and 20.12 throughout 2025. However, a final spike to 33.42 occurred in June 2026, coinciding with a reduction in quarterly earnings.
Price to Operating Profit (P/OP)
Pfizer Inc., historical P/OP calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory from April 2022 through June 2026 is characterized by a steady decline in share price coupled with extreme volatility in operating profitability, leading to significant fluctuations in the Price to Operating Profit (P/OP) ratio.
- Share Price Performance
- A consistent downward trend is observed in the share price, which peaked at 49.95 USD in July 2022 and reached a low of 23.87 USD in March 2025. Although a minor recovery occurred toward the end of 2025, the price stabilized at 25.41 USD by June 2026, representing a substantial overall contraction in market valuation.
- Operating Profit Dynamics
- Operating profit per share exhibited a sharp cyclical pattern. After reaching a peak of 6.22 USD in December 2022, profitability collapsed throughout 2023, plummeting to 0.23 USD by December 2023. This decline extended into early 2024, with negative operating profits recorded in March (-0.21 USD) and June (-0.42 USD). A recovery phase began in September 2024, with profits stabilizing between 2.12 USD and 2.61 USD through mid-2026.
- P/OP Ratio Volatility and Anomalies
- The P/OP ratio experienced extreme distortions driven by the collapse in operating profits. Between April 2022 and December 2022, the ratio compressed from 11.49 to 6.80 as profits rose. However, as operating profit approached zero in December 2023, the ratio spiked to an anomalous 121.63. During the first half of 2024, the ratio became non-calculable or unavailable due to negative operating profits.
- Valuation Stabilization
- Following the recovery of operating profits in late 2024, the P/OP ratio returned to a normalized range. From December 2024 to June 2026, the ratio remained relatively stable, fluctuating within a narrow band between 9.49 and 11.92. This suggests a realignment of the share price with the restored, albeit lower, levels of operating profitability compared to the 2022 peak.
Price to Sales (P/S)
Pfizer Inc., historical P/S calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a sustained contraction in both market valuation and revenue efficiency over the observed period from April 2022 to June 2026.
- Share Price Performance
- A persistent downward trajectory is observed in the share price, which declined from a high of 49.95 USD in July 2022 to 25.41 USD by June 2026. This reflects a substantial reduction in market price over the analyzed timeframe.
- Sales per Share Trends
- Sales per share exhibited a significant decline from a peak of 18.05 USD in July 2022 to a minimum of 9.87 USD in March 2024. Following this trough, a period of gradual stabilization and modest recovery occurred, with values increasing to 11.18 USD by June 2026.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio demonstrated overall compression, moving from 3.00 in April 2022 to 2.27 by June 2026. A notable divergence occurred between December 2023 and June 2024, during which the ratio rose from 2.61 to 3.00. This increase occurred despite a falling share price, indicating that sales per share were contracting more rapidly than the market value during that specific window.
The long-term trend suggests a market recalibration of the valuation multiple relative to revenue. While sales per share have shown signs of stabilization since early 2024, the P/S ratio has trended downward in the final year of the period, indicating that the market is applying a more conservative multiple to the stabilized revenue stream.
Price to Book Value (P/BV)
Pfizer Inc., historical P/BV calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Pfizer Inc. shareholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Pfizer Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
A significant compression in the valuation multiple is evident from April 2022 through June 2026. The Price to Book Value (P/BV) ratio transitioned from a peak of 3.37 to a stabilized range between 1.50 and 1.78, indicating a substantial shift in market valuation relative to the company's accounting equity.
- Share Price Performance
- The share price exhibited a consistent downward trajectory for the first three years of the analyzed period, falling from 49.45 USD in April 2022 to a low of 23.87 USD by December 2024. Following this decline, the price entered a phase of relative stabilization, oscillating between 23.87 USD and 27.10 USD through June 2026.
- Book Value per Share (BVPS) Trends
- BVPS remained relatively stable throughout the period, showing far less volatility than the share price. The value increased from 14.69 USD in April 2022 to a peak of 17.89 USD in April 2023. For the remainder of the timeline, BVPS fluctuated within a narrow corridor, ending at 14.95 USD in June 2026, which suggests that the underlying net asset value remained consistent despite market price volatility.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio experienced a sustained contraction, dropping from 3.37 in April 2022 to 1.50 by December 2024. This downward trend was primarily driven by the decline in share price rather than changes in book value. From early 2025 through mid-2026, the ratio stabilized, fluctuating between 1.49 and 1.78, indicating that the market has established a new, lower valuation floor for the equity relative to its book value.