Pfizer key statistics and ratios

In fiscal 2025, Pfizer had return on equity of 8.9% and a net margin of 12.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Pfizer: financial ratios, annual
Fiscal year	2007Dec 2007	2008Dec 2008	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	12.5%	13.2%	11.7%	9.3%	11.8%	17.8%	27.9%	10.6%	32.6%	16.6%	25.3%	14.5%	31.3%	36.3%	2.3%	9.1%	8.9%	4.6%
Return on assets	—	7.3%	5.3%	4.0%	5.2%	7.8%	12.3%	4.2%	12.4%	6.7%	9.8%	5.7%	13.1%	16.6%	1.0%	3.7%	3.7%	2.0%
Effective tax rate	11.0%	17.0%	20.1%	12.2%	31.5%	19.8%	27.4%	13.4%	—	−7.4%	5.1%	5.3%	7.6%	9.6%	—	−0.3%	−3.5%	4.4%
R&D as % of revenue	16.7%	16.5%	15.9%	14.6%	14.2%	13.7%	12.9%	14.9%	14.6%	19.0%	20.5%	20.9%	12.7%	11.3%	17.9%	17.0%	16.7%	18.1%
SG&A as % of revenue	32.3%	30.1%	29.9%	29.1%	28.8%	27.8%	27.8%	28.1%	28.2%	30.9%	31.1%	27.8%	15.6%	13.5%	24.8%	23.2%	22.0%	21.7%
Dividends ÷ net income	97.9%	105.4%	64.3%	73.7%	62.3%	44.8%	29.9%	101.4%	35.9%	71.5%	50.2%	92.1%	39.7%	28.6%	436.4%	118.4%	125.7%	242.8%

US$ thousands unless shown otherwise. Fiscal quarters.

Pfizer: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Net margin	2.3%	21.6%	19.9%	21.3%	−9.4%	18.6%	−1.6%	19.6%
R&D as % of revenue	17.1%	16.1%	16.9%	15.3%	18.3%	17.2%	18.7%	18.2%
SG&A as % of revenue	24.1%	22.1%	23.3%	19.1%	23.7%	20.5%	22.7%	19.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Pfizer's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pfizer.