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
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Pfizer Inc., historical price multiples (quarterly data)
Based on: 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).
An analysis of valuation ratios from April 2022 through March 2026 reveals a period of significant volatility in profit-based multiples, contrasted by relative stability in sales and book value metrics. While the company experienced a general contraction in valuation premiums during 2022, the subsequent years were characterized by extreme fluctuations in earnings and operating profit multiples, suggesting periods of substantial earnings volatility.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a steady decline throughout 2022, falling from 11.11 to 7.58. A period of extreme volatility occurred in late 2023, with a sharp increase peaking at 73.42 in December 2023, indicating a significant contraction in earnings relative to the share price. Following this peak, the ratio fluctuated, reaching 37.00 in September 2024 before stabilizing in a range between 13.09 and 20.12 from early 2025 through March 2026.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E trend, the P/OP ratio decreased from 11.49 in April 2022 to 6.80 by April 2023. The metric experienced a severe spike in December 2023, reaching 121.63, which reflects a precipitous drop in operating profit. The ratio subsequently normalized, trending downward through 2024 and maintaining a tight range between 9.49 and 11.27 throughout 2025 and early 2026.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated the highest level of stability among the analyzed metrics. After a moderate decline from 3.00 in April 2022 to 2.32 in April 2023, the ratio remained largely range-bound. It oscillated between a low of 2.17 in December 2024 and a high of 3.00 in June 2024, ending the period at 2.38 in March 2026, suggesting that revenue-based valuation remained consistent despite profit volatility.
- Price to Book Value (P/BV) Ratio
- A consistent long-term downward trend is observed in the P/BV ratio. The multiple decreased from 3.37 in April 2022 to 1.75 by December 2023. Throughout 2024, 2025, and early 2026, the ratio continued to trade at suppressed levels, fluctuating between 1.49 and 1.92. This indicates a sustained reduction in the market premium attributed to the company's net asset value over the analyzed timeframe.
The divergence between the stable P/S ratio and the highly volatile P/E and P/OP ratios suggests that the valuation instability was driven by fluctuations in bottom-line profitability rather than changes in top-line revenue or fundamental asset valuation. The gradual recovery and stabilization of profit multiples in 2025 and 2026 point toward a period of earnings normalization.
Price to Earnings (P/E)
Pfizer Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-29), 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 Q1 2026 Calculation
EPS
= (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
+ Net income (loss) attributable to Pfizer Inc. common shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics indicate a period of significant volatility characterized by a sustained decline in share price and extreme fluctuations in earnings performance. A general trend of valuation compression is observed from early 2022 through 2024, followed by a phase of relative stabilization in 2025 and early 2026.
- Share Price Trajectory
- A consistent downward trend is evident, with the share price decreasing from a high of 49.95 US$ in July 2022 to a low of 23.87 US$ by December 31, 2024. A modest recovery occurred throughout 2025, with the price stabilizing between 24.30 US$ and 27.10 US$ through March 2026.
- Earnings per Share (EPS) Volatility
- Earnings exhibited a severe contraction cycle. After peaking at 5.58 US$ in December 2022, EPS declined sharply throughout 2023, reaching 0.38 US$ by year-end. This decline culminated in negative earnings during the first half of 2024, with a low of -0.46 US$ in June 2024. A recovery phase followed, with EPS returning to positive territory and stabilizing between 1.31 US$ and 1.89 US$ from December 2024 through March 2026.
- Price-to-Earnings (P/E) Ratio Interpretation
- The P/E ratio demonstrates an inverse relationship with earnings performance. During the period of high earnings in 2022, the ratio remained low, dropping from 11.11 to 7.58, suggesting a conservative market valuation. As earnings collapsed in late 2023, the P/E ratio spiked to 73.42, reflecting a significant disconnect between the share price and the rapidly diminishing earnings. The ratio became mathematically undefined during the negative earnings period of early 2024. Following the return to profitability in mid-2024, the P/E ratio gradually normalized, moving from 37.00 in June 2024 to a range of 13.09 to 20.12 by March 2026.
The convergence of share price and stabilized earnings in the final periods indicates a transition from a high-volatility state to a more predictable valuation baseline, with the P/E ratio settling near 20.00 as of March 2026.
Price to Operating Profit (P/OP)
Pfizer Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-29), 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 Q1 2026 Calculation
Operating profit per share
= (Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics demonstrate a period of significant volatility in the Price to Operating Profit (P/OP) ratio, driven primarily by fluctuations in operating profitability rather than share price movements alone.
- Share Price Trajectory
- A consistent downward trend in share price is observed from April 2022 ($49.45) through December 2024 ($26.10), representing a substantial contraction in market valuation. A period of relative stabilization followed, with the price oscillating between $23.87 and $27.10 from early 2025 through March 2026.
- Operating Profitability Performance
- Operating profit per share peaked at $6.22 in December 2022 before entering a sharp decline. Profitability reached its nadir between March 2024 and June 2024, during which values turned negative, reaching a low of -0.42. Since September 2024, a recovery has been evident, with operating profit per share stabilizing within a range of $2.12 to $2.55.
- P/OP Ratio Volatility and Normalization
- The P/OP ratio exhibited extreme variance corresponding to the decline in earnings. While the ratio initially decreased from 11.49 to 6.74 between April 2022 and April 2023, it experienced an anomalous spike to 121.63 by December 2023 as operating profits approached zero. During the period of negative operating profit in the first half of 2024, the ratio became non-meaningful. Following the return to profitability in September 2024, the P/OP ratio normalized, fluctuating within a tighter band of 9.49 to 11.92 through March 2026.
The analysis indicates that the extreme valuation anomalies observed in late 2023 and early 2024 were the result of a temporary collapse in operating earnings. The subsequent stabilization of the P/OP ratio suggests a return to a more predictable valuation baseline as operating profits recovered and aligned with the lower share price equilibrium.
Price to Sales (P/S)
Pfizer Inc., historical P/S calculation (quarterly data)
| Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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: 2026-03-29), 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 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Pfizer Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed period shows a general decline in equity valuation and revenue per share, resulting in a volatile price-to-sales (P/S) ratio.
- Share Price Trajectory
- A prolonged downward trend in share price is observed from April 2022 through March 2025. The price decreased from a peak of US$ 49.95 in July 2022 to a minimum of US$ 23.87 in December 2024. A slight recovery and period of consolidation followed, with the price ending at US$ 26.45 by March 2026.
- Sales per Share Performance
- Sales per share experienced a significant contraction, falling from US$ 18.05 in July 2022 to a low of US$ 9.87 in March 2024. From the second quarter of 2024 onward, this metric remained relatively stable, fluctuating within a narrow range between US$ 10.66 and US$ 11.23.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio exhibited several cycles of contraction and expansion. An initial decline from 3.00 in April 2022 to 2.32 in April 2023 was followed by a recovery to 3.00 by June 2024. This second peak occurred despite falling share prices, indicating that sales per share were declining more rapidly than the market price. A subsequent decline brought the ratio to its lowest point of 2.17 in March 2025, before it moderately recovered to 2.38 by March 2026.
Price to Book Value (P/BV)
Pfizer Inc., historical P/BV calculation (quarterly data)
| 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: 2026-03-29), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between April 2022 and March 2026 indicate a consistent contraction in the Price to Book Value (P/BV) ratio, reflecting a significant decline in the market's premium over the company's accounting value.
- Share Price Trajectory
- A sustained downward trend is evident in the share price, which declined from a peak of 49.95 US$ in July 2022 to 26.45 US$ by March 2026. The most aggressive depreciation occurred between October 2022 and December 2023, during which the price fell from 46.72 US$ to 27.55 US$. Subsequent periods showed relative stabilization with minor volatility, fluctuating between 23.87 US$ and 29.74 US$.
- Book Value per Share (BVPS) Stability
- The book value per share exhibited greater stability than the market price, although it experienced periodic fluctuations. BVPS rose from 14.69 US$ in April 2022 to a peak of 17.89 US$ in April 2023. Following this peak, the value generally trended downward and stabilized, ending the period at 15.81 US$ in March 2026. The relative resilience of the BVPS compared to the share price contributed to the compression of the valuation ratio.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio underwent a significant compression, decreasing from 3.37 in April 2022 to 1.67 by March 2026. This decline occurred in two primary phases: a rapid contraction from 3.37 to 2.14 between April 2022 and April 2023, followed by a period of lower-level consolidation where the ratio largely remained between 1.49 and 1.92. The lowest valuation multiple was recorded in June 2025 at 1.49.
The observed divergence between the steadily declining share price and the relatively stable book value indicates a reduction in market confidence or a shift in valuation multiples applied to the company's assets. The final P/BV of 1.67 represents a substantial reduction in the market premium compared to the 3.37 multiple observed at the start of the period.