Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 11.2x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $160.6B | $141.6B | $151.2B | $164.4B | $293.8B | $337.1B | $207.3B | $210.8B | $247.3B | $208.0B | $189.6B |
| Enterprise Value | $226.8B | $207.9B | $217.2B | $232.4B | $328.2B | $372.1B | $243.8B | $260.5B | $287.9B | $249.2B | $228.1B |
| P/E Ratio → | 20.71 | 18.31 | 18.82 | 77.56 | 9.37 | 15.22 | 22.64 | 12.95 | 22.18 | 9.76 | 26.32 |
| P/S Ratio | 2.57 | 2.26 | 2.38 | 2.76 | 2.93 | 4.15 | 4.98 | 5.12 | 4.61 | 3.96 | 3.59 |
| P/B Ratio | 1.85 | 1.63 | 1.71 | 1.84 | 3.06 | 4.35 | 3.27 | 3.32 | 3.88 | 2.90 | 3.17 |
| P/FCF | 17.69 | 15.60 | 15.38 | 34.29 | 11.28 | 11.28 | 17.85 | 21.09 | 18.14 | 14.59 | 13.64 |
| P/OCF | 13.72 | 12.10 | 11.87 | 18.89 | 10.04 | 10.35 | 14.39 | 16.74 | 15.63 | 12.63 | 11.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.32 | 3.41 | 3.90 | 3.27 | 4.58 | 5.85 | 6.33 | 5.37 | 4.74 | 4.32 |
| EV / EBITDA | 11.15 | 10.22 | 9.24 | 20.06 | 7.70 | 14.32 | 17.71 | 19.58 | 13.29 | 12.06 | 11.39 |
| EV / EBIT | 14.69 | 20.40 | 19.54 | 71.12 | 9.13 | 14.53 | 28.73 | 19.95 | 21.81 | 18.36 | 23.92 |
| EV / FCF | — | 22.90 | 22.08 | 48.48 | 12.61 | 12.46 | 21.00 | 26.06 | 21.12 | 17.49 | 16.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.3% | 70.3% | 65.8% | 50.9% | 61.9% | 57.7% | 71.7% | 69.3% | 70.2% | 70.0% | 69.8% |
| Operating Margin | 24.7% | 24.7% | 25.9% | 8.9% | 37.4% | 25.6% | 21.8% | 18.2% | 28.5% | 27.4% | 27.0% |
| Net Profit Margin | 12.4% | 12.4% | 12.6% | 3.6% | 31.3% | 27.2% | 22.0% | 39.5% | 20.8% | 40.5% | 13.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 9.0% | 2.3% | 36.2% | 31.4% | 14.4% | 25.6% | 16.5% | 32.4% | 11.6% |
| ROA | 3.7% | 3.7% | 3.6% | 1.0% | 16.6% | 13.2% | 5.7% | 10.0% | 6.7% | 12.4% | 4.3% |
| ROIC | 7.5% | 7.5% | 7.9% | 2.8% | 23.2% | 14.7% | 6.4% | 5.2% | 10.6% | 10.2% | 10.8% |
| ROCE | 9.0% | 9.0% | 9.4% | 3.2% | 25.6% | 15.6% | 7.0% | 5.8% | 11.4% | 10.2% | 10.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.76 | 0.79 | 0.36 | 0.48 | 0.60 | 0.80 | 0.65 | 0.59 | 0.69 |
| Debt / EBITDA | 3.31 | 3.31 | 2.85 | 6.12 | 0.82 | 1.42 | 2.78 | 3.82 | 1.93 | 2.06 | 2.05 |
| Net Debt / Equity | — | 0.76 | 0.75 | 0.76 | 0.36 | 0.45 | 0.57 | 0.78 | 0.64 | 0.58 | 0.64 |
| Net Debt / EBITDA | 3.26 | 3.26 | 2.81 | 5.87 | 0.81 | 1.35 | 2.65 | 3.74 | 1.87 | 2.00 | 1.92 |
| Debt / FCF | — | 7.30 | 6.71 | 14.19 | 1.32 | 1.17 | 3.14 | 4.97 | 2.98 | 2.90 | 2.77 |
| Interest Coverage | 3.82 | 3.82 | 3.60 | 1.48 | 29.05 | 19.83 | 5.86 | 8.30 | 10.03 | 10.69 | 8.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.16 | 1.16 | 1.17 | 0.91 | 1.22 | 1.40 | 1.35 | 0.88 | 1.57 | 1.35 | 1.25 |
| Quick Ratio | 0.87 | 0.87 | 0.92 | 0.69 | 1.00 | 1.19 | 1.04 | 0.69 | 1.33 | 1.10 | 1.03 |
| Cash Ratio | 0.37 | 0.37 | 0.48 | 0.27 | 0.54 | 0.73 | 0.47 | 0.26 | 0.59 | 0.66 | 0.57 |
| Asset Turnover | — | 0.30 | 0.30 | 0.26 | 0.51 | 0.45 | 0.27 | 0.25 | 0.34 | 0.31 | 0.31 |
| Inventory Turnover | 1.74 | 1.74 | 2.01 | 2.87 | 4.26 | 3.80 | 1.46 | 1.79 | 2.13 | 2.08 | 2.35 |
| Days Sales Outstanding | — | 92.39 | 84.77 | 95.27 | 52.86 | 70.70 | 97.95 | 84.29 | 77.56 | 78.29 | 77.85 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.1% | 6.9% | 6.3% | 5.6% | 3.1% | 2.6% | 4.1% | 3.8% | 3.2% | 3.7% | 3.9% |
| Payout Ratio | 125.8% | 125.8% | 118.6% | 433.5% | 28.6% | 39.4% | 92.1% | 49.4% | 71.5% | 35.9% | 101.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.5% | 5.3% | 1.3% | 10.7% | 6.6% | 4.4% | 7.7% | 4.5% | 10.2% | 3.8% |
| FCF Yield | 5.7% | 6.4% | 6.5% | 2.9% | 8.9% | 8.9% | 5.6% | 4.7% | 5.5% | 6.9% | 7.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 4.2% | 4.9% | 2.4% | 2.6% |
| Total Shareholder Yield | 6.1% | 6.9% | 6.3% | 5.6% | 3.7% | 2.6% | 4.1% | 8.0% | 8.2% | 6.1% | 6.5% |
| Shares Outstanding | — | $5.7B | $5.7B | $5.7B | $5.7B | $5.7B | $5.6B | $5.7B | $6.0B | $6.1B | $6.2B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PFE stock.
Pfizer Inc.'s current P/E ratio is 20.7x. The historical average is 26.5x. This places it at the 53th percentile of its historical range.
Pfizer Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Pfizer Inc.'s return on equity (ROE) is 8.9%. The historical average is 20.2%.
Based on historical data, Pfizer Inc. is trading at a P/E of 20.7x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pfizer Inc.'s current dividend yield is 6.10% with a payout ratio of 125.8%.
Pfizer Inc. has 70.3% gross margin and 24.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pfizer Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Patent cliff and IRA pricing
Metrics are mathematically derived from official filings.
Margin Resilience Amid Mix Shift
Gross margin expanded to 72.8% in Q2 2026 from 64.3% a year earlier, reflecting a favorable product mix as lower-margin COVID products fade, according to income statement data.
The gross margin improvement suggests that the revenue mix is shifting toward higher-margin products, likely oncology and specialty care, which may partially offset the volume decline from COVID products. Operating margin also improved to 31.3% from 24.4% year-over-year, indicating that cost controls are taking effect. However, net margin turned negative at -1.6% in Q2 2026, driven by below-the-line items, which obscures the underlying operational profitability.
ROIC Stagnant Below Cost of Capital
ROIC has hovered between 0.9% and 2.8% over the past ten quarters, well below the cost of capital, suggesting value destruction, as per reported figures.
Despite a stable gross margin, ROIC remains persistently low, indicating that the company is not generating sufficient returns on its large capital base, which includes significant goodwill and intangibles from acquisitions. The low ROIC is partly due to the high fixed-cost base and the ongoing integration of Seagen, which has yet to contribute meaningfully to earnings. Investors should monitor whether the oncology portfolio can lift ROIC toward the mid-single digits, which would still be below the cost of capital but an improvement.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 204 days in Q2 2026 from 201 days a year earlier, driven by elevated DIO of 229 days, according to quarterly data.
The extended cash conversion cycle, particularly the high days inventory outstanding, suggests that Pfizer is holding significant inventory, possibly for new product launches or due to supply chain complexities. DSO improved to 76 days from 96 days, indicating better receivables collection, but the overall CCC remains elevated compared to peers. This inefficiency ties up cash and may pressure liquidity, especially given the thin cash position.
Leverage Creeps Higher, Coverage Thin
Debt-to-EBITDA rose to 10.73 in Q2 2026 from 9.91 a year earlier, while interest coverage fell to 0.02, per balance sheet data.
The sharp decline in interest coverage to near zero in Q2 2026 is alarming, though it may be distorted by the net loss and one-time charges. Excluding that quarter, coverage has been around 5-6 times, which is manageable but not comfortable. The rising D/EBITDA suggests that EBITDA is declining faster than debt, increasing refinancing risk. Investors should monitor whether the company can generate sufficient cash flow to service its $63.2 billion debt load, especially as patent expirations approach.
Liquidity Buffer Thin but Stable
Current ratio improved to 1.27 in Q2 2026 from 0.86 in Q2 2024, but cash reserves of $976 million remain minimal relative to total debt, per latest balance sheet.
The improvement in the current ratio is positive, but the absolute level of liquidity remains weak, with cash and equivalents covering only a small fraction of short-term obligations. The quick ratio of 0.96 indicates that inventory is a significant component of current assets, which may be less liquid in a stress scenario. Given the high dividend payout and ongoing capital expenditures, the company may need to rely on debt markets or asset sales to meet near-term obligations if cash flows deteriorate.
P/E Misleads on Earnings Quality
The trailing P/E of 18.98 is distorted by volatile net income, while forward P/E of 8.77 appears more reasonable, but both obscure the impact of one-time charges, per valuation data.
The most commonly misapplied ratio for Pfizer is the P/E, because net income is heavily influenced by non-recurring items such as acquisition-related charges, inventory write-downs, and COVID product adjustments. The forward P/E of 8.77 may appear cheap, but it relies on analyst estimates that may not fully capture the patent cliff risk. A more appropriate metric is EV/EBITDA, which at 10.49 is more stable and reflects the company's operating performance before non-cash charges. Investors should also consider P/FCF, which at 16.21 indicates that free cash flow generation is not as strong as earnings suggest.