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Pfizer (PFE) stock

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NYSE: PFE NYSE Pharmaceuticals Next results ~November 3, 2026

C+ Fundamentals grade

Pfizer is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$22

Cash-flow model

Base case. Range ~$14–$32 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 39% above our base value.

Price used: $30.67, November 2, 2026

Pfizer valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Pfizer files

Where Pfizer stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $63.7bn, down 0.2% on a year earlier, slower than 1.4% a quarter earlier. Free-cash-flow margin fell to 17.2% from 19.5% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $15.57 a share, against a share price of $30.13. At that price, our model says the market is pricing in about 9.8% a year of cash-flow growth for five years, faster than the -4.8% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Pfizer's trailing-twelve-month revenue grew 1.3% year on year, with a free-cash-flow margin of 18.5%.

Our discounted-cash-flow model values the business at ~$22 per share in the base case (~$14–$32 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 13.6% while net income fell 59.0%: a 73pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $30.67 is 33% above our value per share of $21.
  • High earnings multiple. The shares trade at 40 times the last 12 months' earnings, so expectations are demanding.
  • Earnings expected to fall. The consensus expects earnings per share to fall 2% next year.

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
$0.77 against an average estimate of $0.68: beat by 12.9%
Revenue
$16.58bn, down 0.4% on a year earlier
Guidance given
revenue guidance $60.5bn to $62.5bn (full-year 2026); adjusted diluted EPS guidance $2.8 to $3 (full-year 2026)
Next report
November 3, 2026; average EPS estimate $0.73

Pfizer's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+3.0%
  • 1 month+10.3%
  • This year+29.5%
  • 1 year+33.1%
  • 5 years-10.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$63.6B
Net margin
6.3%
EPS (TTM, diluted)
$0.70

Growth

Revenue growth
+1.3%
Change in growth rate
+1.6 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$11.8B
FCF margin
18.5%
Stock pay % of revenue
1.7%

Earnings

Last results
November 3, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Regulatory
  4. Regulatory
  5. Regulatory
  6. Announcement
  7. Regulatory
  8. Dividend
  9. Announcement
  10. Regulatory
  11. Announcement
  12. Insider trade
  13. Results
  14. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Pfizer valuation models and calculator

What the price is pricing in

The share price implies about 4.7% a year of cash-flow growth for five years.That is faster than the -4.8% a year revenue growth Pfizer has delivered.

  • Priced in4.7%
  • Last 12 months1.3%
  • 3 years a year-3.2%
  • 5 years a year-4.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($30.73, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$22
Price used
$30.73close November 3, 2026
Implied change
▼ 28%
Uncertainty
High

How we got here: a discounted-cash-flow model of Pfizer's free cash flow after stock-based pay with after-tax interest added back ($11.7B, FY2026 Q3 TTM), growing -3.5% and -0.1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$32 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Pfizer's free cash flow after stock-based pay ( $11.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Pfizer as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$22 ~$14–$32 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$26–$54 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$19–$32 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$30 ~$26–$37 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$25 ~$22–$30 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pfizer with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −32%
  • Revenue growth 5 points higher ▲ +42%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $21$31$45$63$87$118
8.5% $14$21$31$45$62$84
10% $10$15$23$33$46$63

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$19.76$22.90$28.59$26.61$27.43$45.72$40.96$24.06$23.53$23.68$30.67
Market value$121.7bn$138.7bn$170.9bn$151.0bn$154.5bn$261.0bn$234.8bn$137.4bn$134.1bn$135.3bn$175.6bn
+ Net debt (− = net cash)$39.5bn$42.1bn$40.6bn$51.0bn$38.0bn$36.5bn$35.4bn$69.0bn$63.3bn$63.7bn$60.8bn
Enterprise value$161.2bn$180.9bn$211.5bn$202.0bn$192.5bn$297.5bn$270.2bn$206.4bn$197.4bn$198.9bn$236.5bn
Multiples
Price / sales 2.3x2.6x4.2x3.7x3.7x3.2x2.3x2.3x2.1x2.2x2.8x
Price / earnings 16.9x6.5x15.3x9.4x16.9x11.9x7.5x64.8x16.7x17.4x43.5x
Price / free cash flow 8.5x9.3x12.3x14.3x12.7x8.7x9.0x28.7x13.6x14.9x14.9x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

78 /100

Strong moat

How hard Pfizer's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.7% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 73.4%, moving by 6.9 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Net margin has been a median 26.2%; its worst year was 6.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.9% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.8% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (83 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $15.9bn and EPS of $0.73 (range $0.56 to $0.83) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.96 −8% $62.2bn −1%
Next $2.88 −2% $59.9bn −4%

Next year's EPS estimate has moved +2.0% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 1 analyst raised Pfizer's forecast and 4 cut it.

Consensus EPS forecast Pfizer, last 90 days
$2.80 $2.85 $2.90 $2.95 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.95 Current fiscal year, 60 days ago: $2.98 Current fiscal year, 30 days ago: $2.97 Current fiscal year, 7 days ago: $2.96 Current fiscal year, Now: $2.96 $2.96 Next fiscal year, 90 days ago: $2.83 Next fiscal year, 60 days ago: $2.90 Next fiscal year, 30 days ago: $2.90 Next fiscal year, 7 days ago: $2.89 Next fiscal year, Now: $2.88 $2.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.95$2.83
60 days ago $2.98$2.90
30 days ago $2.97$2.90
7 days ago $2.96$2.89
Now $2.96$2.88

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.68 $0.77 +12.9%
Mar 2026 $0.72 $0.75 +3.9%
Dec 2025 $0.57 $0.66 +16.2%
Sept 2025 $0.63 $0.87 +37.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Revenue guidance full-year 2026 $60.5bn to $62.5bn GAAP Raised
    “Raises full-year 2026 Revenue guidance (2) by $500 million at the midpoint to a range of $60.5 to $62.5 billion, from $59.5 to $62.5 billion previously.” source
  • Adjusted diluted EPS guidance full-year 2026 $2.80 to $3.00 Non-GAAP Maintained
    “Reaffirms full-year 2026 Adjusted (3) diluted EPS guidance (2) in a range of $2.80 to $3.00.” source
  • Adjusted SI&A Expenses full-year 2026 $12.5bn to $13.5bn Non-GAAP
    “Adjusted (3) SI&A Expenses ($ in billions) $12.5 to $13.5 $12.5 to $13.5” source
  • Adjusted R&D Expenses full-year 2026 $10.5bn to $11.5bn Non-GAAP
    “Adjusted (3) R&D Expenses ($ in billions) $10.5 to $11.5 $10.5 to $11.5” source
  • Effective Tax Rate on Adjusted Income full-year 2026 about 15% Non-GAAP
    “Effective Tax Rate on Adjusted (3) Income ~15.0% ~15.0%” source
  • COVID-19 products revenue expectation full-year 2026 about $4bn Lowered
    “The 2026 full-year Revenue guidance reflects better than expected performance of the non-COVID products by approximately $1.5 billion and the revised revenue expectation for our COVID-19 products, down to approximately $4 billion from approximately $5 billion previously.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Pfizer's revenue by -3.5% next year and -0.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-5.0%, weight 57%) , management guidance (-6.1%, weight 18%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy932%
Hold1761%
Sell27%

Monthly trend

  1. Oct 202681728
  2. Sep 2026281628
  3. Aug 2026281628
  4. Jul 2026281628

Counts of recommendations published by analysts covering Pfizer, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
4.2
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
69%
of shares
Held by insiders
0.1%
of shares
Employees
75,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +33.1%

$23.03 on October 31, 2025 to $30.67

ThenNowEffect
Revenue (last 12 months) $63.8bn $63.7bn −0.2%
Net margin 16.8% 6.8% −59.6%
P/E multiple 12.2x 40.5x +231.1%
Share count 5706m 5717m −0.2%

Biggest factor: p/e multiple.

Last 3 years +19.0%

$25.78 on November 3, 2023 to $30.67

ThenNowEffect
Revenue (last 12 months) $79.3bn $63.7bn −19.6%
Net margin 27.1% 6.8% −74.9%
P/E multiple 6.9x 40.5x +488.8%
Share count 5726m 5717m +0.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PFE+67%−10%−41%−2%+1%+30%
Industry peers (median)−20%−52%−13%−2%+9%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PFE75%42%17%33%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PFE−18%−28%−47%−20%−20%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 59% from December 16, 2021 to April 10, 2025. Getting back needed a 144% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$22.71 – $30.67
From 52-week high
0.0%
vs 50-day average
+7.2%
vs 200-day average
+16.4%
Volatility (1 year)
21%
Beta vs S&P 500
0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±2.2%
After a week
6 up, 5 down
typical move ±3.8%
After a month
6 up, 5 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.1% +1.6% +6.4% +15.9%
May 5, 2026 +0.9% +2.2% 0.0% −0.7%
February 3, 2026 +0.5% −1.3% +3.6% −0.2%
November 4, 2025 −0.2% −0.8% +5.3% +6.1%
August 5, 2025 +1.7% +0.3% +4.8% +4.3%
April 29, 2025 +5.9% +0.7% −0.7% +3.7%
February 4, 2025 +0.9% +1.1% −2.6% +0.2%
October 29, 2024 −1.2% −0.1% −3.0% −9.1%
July 30, 2024 −0.6% +1.1% −4.6% −6.4%
May 1, 2024 +8.1% +0.6% +10.3% +13.6%
January 30, 2024 −1.5% −1.7% +0.1% −3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Pfizer’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.44× the last 60 days’ realised volatility .
  • Puts are priced 5 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PFE Pfizer Grade C+ $30.95

Own 100 shares, sell the $32.00 call expiring December 4, 2026 (32 days) for $0.40 a share — $40.00 per contract.

Previous session · Bid $0.40, ask $0.51, quoted Mon 2 Nov, 17:33 New York time with PFE at $30.95. Option prices move with the shares: check the live chain at your broker before trading.

  • If PFE ends below $32.00: you keep your shares and the $40.00 — 1.3% extra on the position, 14.7% a year at that pace.
  • If it ends above $32.00: your shares are sold at $32.00, a total return of 4.7% including the premium — at or above our value of ~$21.
$145 $0 −$611 Break-even $30.55 Price $30.95 ← Our value ~$21
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$40.00
Annualised
14.7%
Break-even
$30.55
Max gain
$145.5
Chance of selling
~37%

Results are expected around November 3, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $30.00 put and sell the $32.00 call, both expiring December 4, 2026 (32 days).

  • Net cost of $0.48 a share ($48.00 per contract of 100 shares).
  • Worst case at expiry: -4.6%, if the shares fall below $30.00 (-3.1% from today).
  • Best case at expiry: +1.9%, if the shares rise above $32.00 (+3.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $21.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Pfizer in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Pfizer
$54B $56B $58B $60B $62B $64B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $59.6B Revenue (TTM), FY24 Q1: $55.9B Revenue (TTM), FY24 Q2: $56.2B Revenue (TTM), FY24 Q3: $60.4B Revenue (TTM), FY24 Q4: $63.6B Revenue (TTM), FY25 Q1: $62.5B Revenue (TTM), FY25 Q2: $63.8B Revenue (TTM), FY25 Q3: $62.8B Revenue (TTM), FY25 Q4: $62.6B Revenue (TTM), FY26 Q1: $63.3B Revenue (TTM), FY26 Q2: $63.7B Revenue (TTM), FY26 Q3: $63.6B $63.6B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $59.6B
FY24 Q1 $55.9B
FY24 Q2 $56.2B
FY24 Q3 $60.4B
FY24 Q4 $63.6B
FY25 Q1 $62.5B
FY25 Q2 $63.8B
FY25 Q3 $62.8B
FY25 Q4 $62.6B
FY26 Q1 $63.3B
FY26 Q2 $63.7B
FY26 Q3 $63.6B
Revenue growth, TTM YoY Pfizer
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -41.1% Revenue growth, TTM YoY, FY24 Q1: -40.5% Revenue growth, TTM YoY, FY24 Q2: -29.1% Revenue growth, TTM YoY, FY24 Q3: -13.8% Revenue growth, TTM YoY, FY24 Q4: 6.8% Revenue growth, TTM YoY, FY25 Q1: 11.6% Revenue growth, TTM YoY, FY25 Q2: 13.5% Revenue growth, TTM YoY, FY25 Q3: 3.9% Revenue growth, TTM YoY, FY25 Q4: -1.6% Revenue growth, TTM YoY, FY26 Q1: 1.4% Revenue growth, TTM YoY, FY26 Q2: -0.2% Revenue growth, TTM YoY, FY26 Q3: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -41.1%
FY24 Q1 -40.5%
FY24 Q2 -29.1%
FY24 Q3 -13.8%
FY24 Q4 6.8%
FY25 Q1 11.6%
FY25 Q2 13.5%
FY25 Q3 3.9%
FY25 Q4 -1.6%
FY26 Q1 1.4%
FY26 Q2 -0.2%
FY26 Q3 1.3%
FCF margin (TTM) Pfizer
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.0% FCF margin (TTM), FY24 Q1: 9.1% FCF margin (TTM), FY24 Q2: 8.6% FCF margin (TTM), FY24 Q3: 13.6% FCF margin (TTM), FY24 Q4: 15.5% FCF margin (TTM), FY25 Q1: 18.0% FCF margin (TTM), FY25 Q2: 19.5% FCF margin (TTM), FY25 Q3: 16.5% FCF margin (TTM), FY25 Q4: 14.5% FCF margin (TTM), FY26 Q1: 15.0% FCF margin (TTM), FY26 Q2: 17.2% FCF margin (TTM), FY26 Q3: 18.5% 18.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.0%
FY24 Q1 9.1%
FY24 Q2 8.6%
FY24 Q3 13.6%
FY24 Q4 15.5%
FY25 Q1 18.0%
FY25 Q2 19.5%
FY25 Q3 16.5%
FY25 Q4 14.5%
FY26 Q1 15.0%
FY26 Q2 17.2%
FY26 Q3 18.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2007 Dec 2007 2008 Dec 2008 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 48.4 48.3 49.3 65.2 61.0 54.7 51.6 52.8 52.5 40.8 40.9 41.7 81.3 101.2 59.6 63.6 62.6 63.6
Gross profit 37.2 40.2 40.8 50.4 48.5 44.8 42.0 40.5 41.3 31.8 32.9 33.2 50.5 66.8 34.6 45.8 46.5 46.7
Net income 8.1 8.1 8.6 8.3 10.0 14.6 22.0 7.2 21.3 11.2 16.0 9.2 22.0 31.4 2.1 8.0 7.8 4.0
Diluted EPS $1.17 $1.20 $1.23 $1.02 $1.27 $1.94 $3.19 $1.17 $3.52 $1.87 $2.82 $1.63 $3.85 $5.47 $0.37 $1.41 $1.36 $0.70
Growth (year on year)
Revenue — −0.3% +2.0% +32.3% −6.3% −10.4% −5.6% +2.4% −0.5% −22.3% +0.2% +1.8% +95.2% +24.5% −41.1% +6.8% −1.6% +1.3%
Net income — −0.5% +6.6% −4.4% +21.2% +45.6% +51.0% −67.2% +195.3% −47.7% +43.7% −42.8% +140.0% +42.7% −93.2% +279.0% −3.2% −59.0%
Diluted EPS — +2.6% +2.5% −17.1% +24.5% +52.8% +64.4% −63.3% +200.9% −46.9% +50.8% −42.2% +136.2% +42.1% −93.2% +281.1% −3.5% −59.1%
Margins
Gross margin 76.8% 83.2% 82.8% 77.3% 79.5% 82.0% 81.4% 76.7% 78.6% 78.0% 80.3% 79.6% 62.1% 66.1% 58.1% 71.9% 74.3% 73.4%
Net margin 16.8% 16.8% 17.5% 12.7% 16.4% 26.7% 42.7% 13.7% 40.6% 27.3% 39.2% 22.0% 27.0% 31.0% 3.6% 12.6% 12.4% 6.3%
Free-cash-flow margin 23.7% 34.2% 31.2% 15.3% 30.4% 28.2% 31.9% 27.2% 28.3% 33.9% 25.8% 29.2% 36.7% 25.7% 8.0% 15.5% 14.5% 18.5%
Cash flow
Cash from operations 13.4 18.2 16.6 11.5 20.2 16.7 17.7 16.2 16.8 15.8 12.6 14.4 32.6 29.3 8.7 12.7 11.7 14.2
Capital spending 1.9 1.7 1.2 1.5 1.7 1.3 1.2 1.8 2.0 2.0 2.0 2.2 2.7 3.2 3.9 2.9 2.6 2.4
Free cash flow 11.5 16.5 15.4 9.9 18.6 15.4 16.5 14.4 14.8 13.8 10.5 12.2 29.9 26.0 4.8 9.8 9.1 11.8
Stock-based pay 0.4 0.4 0.3 0.4 0.4 0.5 0.5 0.7 0.8 0.9 0.7 0.8 1.2 0.9 0.5 0.9 0.8 1.1
Free cash flow after stock pay 11.0 16.2 15.0 9.5 18.2 14.9 16.0 13.7 14.0 12.9 9.9 11.4 28.7 25.2 4.3 9.0 8.3 10.7
Balance sheet
Cash 3.4 2.1 2.0 1.7 3.2 10.1 2.2 2.6 1.3 1.1 1.1 1.8 1.9 0.4 2.9 1.0 1.1 1.8
Total debt 0.0 17.3 — 44.0 38.9 37.5 36.5 42.1 43.5 41.7 52.2 39.8 38.4 35.8 71.9 64.4 64.8 62.7
Net debt (negative = net cash) −3.4 15.2 −2.0 42.3 35.8 27.4 34.3 39.5 42.1 40.6 51.0 38.1 36.5 35.4 69.0 63.3 63.7 60.8
Diluted shares 6,939m 6,750m 7,045m 8,074m 7,870m 7,508m 6,895m 6,159m 6,058m 5,977m 5,675m 5,632m 5,708m 5,733m 5,709m 5,700m 5,713m 5,726m
Returned to shareholders
Dividends 8.0 8.5 5.5 6.1 6.2 6.5 6.6 7.3 7.7 8.0 8.0 8.4 8.7 9.0 9.2 9.5 9.8 9.8
Buybacks 10.0 0.5 0.0 1.0 9.0 8.2 16.3 5.0 5.0 12.2 8.9 0.0 0.0 2.0 0.0 0.0 — —
Total returned 18.0 9.0 5.5 7.1 15.2 14.8 22.9 12.3 12.7 20.2 16.9 8.4 8.7 11.0 9.2 9.5 9.8 9.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 27, 2026
What it owns · $204.5bn
Short-term assets $45.0bnLonger-term assets $159.5bn
What it owes, and who funded it · $204.2bn
Short-term liabilities $31.7bnLonger-term liabilities $83.5bnShareholders' equity $89.0bn
  • Short-term assets cover short-term liabilities $45.0bn of assets due within a year against $31.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $45.0bn short-term assets against $83.5bn of longer-dated liabilities.
  • More cash than debt $1.8bn of cash against $62.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $14.2bn of operating cash flow against $62.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Pfizer's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$9.8B
Diluted share count
+0.3%
year over year
Total shareholder yield
5.5%
dividends 5.5% + buybacks 0.0% of market value
Dividend payout ratio
243%
of net income paid out
R&D spending
18.1%
of revenue
Sales & admin spending
21.7%
of revenue
Days sales outstanding
81 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated PFE MRK AZN BMY NVO LLY Median
Revenue, last 12 months $63.6bn $66.6bn $58.7bn $50.0bn $46.8bn $86.5bn $276m
Revenue growth, last 12 months 1.3% 4.6% 8.6% 4.2% 11.1% 45.5% 9.9%
Revenue growth, 3-year average −3.2% 4.5% — 3.6% — 39.2% 5.5%
Revenue growth, latest quarter −0.4% 5.1% — 6.9% — 38.6% 6.5%
Gross margin 73.4% 73.0% 81.9% 69.2% 81.0% 83.6% 62.0%
Operating margin — — 23.4% — 41.3% — −5.9%
Net margin 6.3% 4.8% 17.4% 18.5% 33.1% 31.9% −7.3%
Cash from operations / revenue 22.3% 30.0% 24.8% 21.3% 38.5% 35.4% 10.2%
Free-cash-flow margin 18.5% 24.1% 20.0% 18.6% 19.1% 22.7% 8.6%
Free-cash-flow margin, 3-year average 16.2% 22.8% 14.4% 26.5% — 13.9% 7.4%
Stock pay / revenue 1.7% 1.3% 1.2% 1.1% 0.5% 0.8% 3.6%
Change in share count 0.3% −1.9% −0.1% 0.6% −0.3% −0.6% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 1.3% 10.0% 51 of 74
Change in growth rate Growth +1.6pp +0.0pp 29 of 74
Gross margin Profitability 73.4% 59.8% 13 of 59
Net margin Profitability 6.3% -7.3% 25 of 75
Free-cash-flow margin Cash generation 18.5% 10.1% 25 of 74
Stock pay as % of revenue Cash generation 1.7% 3.6% 24 of 69
Long-term debt as % of assets Balance sheet 29.3% 23.8% 31 of 53
Change in share count Balance sheet 0.3% 1.5% 23 of 62
Days sales outstanding Balance sheet 81 days 73 days 35 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $51.7B ▼ 4.0%
Royalty $1.6B ▲ 16.0%
Pfizer Centre One $1.3B ▲ 16.8%
Pfizer Ignite $41M ▼ 50.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $37.1B 59.2% ▼ 4.2%
International Developed Markets $16.2B 25.9% ▲ 0.8%
International Emerging Markets $9.3B 14.9% ▲ 4.9%

From Pfizer's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$92.3B
Institutions reporting
2,819
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
114 / 234

Top buyers and sellers, Q2 2026: 1,270 institutions bought and 1,444 sold ; the biggest buyer was Blackrock, Inc (+31.4M shares) and the biggest seller Wellington Management Group LLP (−22.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $12.8B 529.7M 13.8% ▲ 6.3%
Vanguard Capital Management LLC $9B 372.1M 9.7% ▲ 0.7%
State Street Corp $7.4B 307.1M 8.0% ▲ 1.8%
Geode Capital Management, LLC $3.2B 135.3M 3.5% ▲ 1.3%
Vanguard Portfolio Management LLC $2.9B 119.2M 3.1% ▲ 2.1%
Fisher Asset Management, LLC $2.6B 109.1M 2.8% ▲ 3.9%
Morgan Stanley $2.3B 96.3M 2.5% ▲ 3.9%
Norges Bank $1.5B 61.5M 1.6% —
Northern Trust Corp $1.4B 59.1M 1.5% ▼ 4.7%
Bank Of New York Mellon Corp $1.4B 57.9M 1.5% ▲ 7.4%
Massachusetts Financial Services Co $1.4B 56.6M 1.5% ▼ 0.6%
State Farm Mutual Automobile Insurance Co $1.3B 54.5M 1.4% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pfizer's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3M 3 trades by 3 insiders, last 12 months Insider sales History → $134,661 2 trades by 1 insider · 0% under pre-set plans
Net ▲ $2.8M net buying
Insider Date Trade Shares Price Value
Bourla Albert Chairman & CEO August 12, 2026 Buy 38,000 $26.34 $1M
Buckley Mortimer J Director August 5, 2026 Buy 37,632 $25.52 $960,369
Blaylock Ronald E Director August 5, 2026 Buy 39,231 $25.46 $998,821
Damico Jennifer B. SVP & Controller August 5, 2026 Sell 3,278 $25.40 $83,261
Damico Jennifer B. SVP & Controller June 9, 2026 Sell 2,000 $25.70 $51,400

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 143 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 3 sales of Pfizer shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • J. French Hill(R-AR 2):Sale (full), $100,001 - $250,000, traded December 31, 2025, filed January 23, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • May 5, 2026
  • February 3, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Pfizer was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Pfizer in brief

What does Pfizer do?
Pfizer is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Pfizer's stock ticker?
Pfizer trades under the ticker PFE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pfizer's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pfizer reported revenue of $63.6B, 1.3% higher than a year earlier, according to its SEC filings.
What is Pfizer's free cash flow?
Pfizer's free-cash-flow margin is 18.5% of revenue over the trailing twelve months, ranking 25 of the 74 pharmaceuticals companies we cover.
What is Pfizer's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Pfizer's free cash flow after stock-based pay gives ~$22 per share in the base case, and ~$14–$32 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Pfizer's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Pfizer's market cap?
On November 2, 2026, Pfizer's market capitalisation was about $176B, with a price-to-earnings ratio of 43.5 and net debt of $60.8B. Market figures come from third-party market data and may be delayed.
Does Pfizer pay a dividend?
Yes: Pfizer paid $9.8B in dividends over the trailing twelve months, a dividend yield of 5.54% and a payout ratio of 242.8%.
How much debt does Pfizer have?
Pfizer's debt-to-equity ratio is 70.4%, from its latest balance sheet (43.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Pfizer's competitors?
In our Pharmaceuticals peer group, the companies closest to Pfizer are Merck & Co., Astrazeneca PLC, Bristol Myers Squibb, Novo Nordisk A S and Lilly (Eli). The side-by-side comparison below sets their revenue, margins and growth against Pfizer's.
Are insiders buying or selling Pfizer stock?
Over the last 12 months, Pfizer's directors and officers reported 3 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Pfizer's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Pfizer announces its own schedule.