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Pfizer

NYSE:PFE
Snowflake Description

Established dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PFE
NYSE
$234B
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Pfizer Inc. discovers, develops, manufactures, and sells healthcare products worldwide. The last earnings update was 20 days ago. More info.


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PFE Share Price and Events
7 Day Returns
0.4%
NYSE:PFE
0.8%
US Pharmaceuticals
1.2%
US Market
1 Year Returns
16.3%
NYSE:PFE
11%
US Pharmaceuticals
3%
US Market
PFE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pfizer (PFE) 0.4% -0.5% 0.5% 16.3% 39.7% 31%
US Pharmaceuticals 0.8% 1.4% 8.5% 11% 18.2% 21.9%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • PFE outperformed the Pharmaceuticals industry which returned 11% over the past year.
  • PFE outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
PFE
Industry
5yr Volatility vs Market
Related Companies

PFE Value

 Is Pfizer undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Pfizer to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pfizer.

NYSE:PFE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:PFE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.68
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.681 (1 + (1- 21%) (17.99%))
0.851
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.851 * 5.96%)
7.8%

Discounted Cash Flow Calculation for NYSE:PFE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Pfizer is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:PFE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.8%)
2019 17,538.60 Analyst x5 16,269.44
2020 16,937.82 Analyst x6 14,575.14
2021 18,503.00 Analyst x4 14,769.81
2022 20,326.00 Analyst x2 15,050.90
2023 23,037.50 Analyst x2 15,824.26
2024 24,874.35 Est @ 7.97% 15,849.57
2025 26,466.39 Est @ 6.4% 15,643.65
2026 27,868.90 Est @ 5.3% 15,280.61
2027 29,130.94 Est @ 4.53% 14,816.75
2028 30,292.95 Est @ 3.99% 14,292.81
Present value of next 10 years cash flows $152,372.94
NYSE:PFE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $30,292.95 × (1 + 2.73%) ÷ (7.8% – 2.73%)
$613,696.74
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $613,696.74 ÷ (1 + 7.8%)10
$289,554.27
NYSE:PFE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $152,372.94 + $289,554.27
$441,927.22
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $441,927.22 / 5,551.80
$79.6
NYSE:PFE Discount to Share Price
Calculation Result
Value per share (USD) From above. $79.60
Current discount Discount to share price of $42.17
= -1 x ($42.17 - $79.60) / $79.60
47%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Pfizer is available for.
Intrinsic value
47%
Share price is $42.17 vs Future cash flow value of $79.6
Current Discount Checks
For Pfizer to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Pfizer's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Pfizer's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Pfizer's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Pfizer's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:PFE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.90
NYSE:PFE Share Price ** NYSE (2019-03-20) in USD $42.17
United States of America Pharmaceuticals Industry PE Ratio Median Figure of 30 Publicly-Listed Pharmaceuticals Companies 18x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pfizer.

NYSE:PFE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PFE Share Price ÷ EPS (both in USD)

= 42.17 ÷ 1.90

22.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pfizer is overvalued based on earnings compared to the US Pharmaceuticals industry average.
  • Pfizer is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Pfizer's expected growth come at a high price?
Raw Data
NYSE:PFE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
11.4%per year
United States of America Pharmaceuticals Industry PEG Ratio Median Figure of 24 Publicly-Listed Pharmaceuticals Companies 1.42x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

NYSE:PFE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.22x ÷ 11.4%

1.96x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pfizer is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Pfizer's assets?
Raw Data
NYSE:PFE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $11.09
NYSE:PFE Share Price * NYSE (2019-03-20) in USD $42.17
United States of America Pharmaceuticals Industry PB Ratio Median Figure of 179 Publicly-Listed Pharmaceuticals Companies 3.37x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:PFE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PFE Share Price ÷ Book Value per Share (both in USD)

= 42.17 ÷ 11.09

3.8x

* Primary Listing of Pfizer.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Pfizer is overvalued based on assets compared to the US Pharmaceuticals industry average.
X
Value checks
We assess Pfizer's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Pfizer has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PFE Future Performance

 How is Pfizer expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pfizer expected to grow at an attractive rate?
  • Pfizer's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Pfizer's earnings growth is positive but not above the United States of America market average.
  • Pfizer's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:PFE Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PFE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 11.4%
NYSE:PFE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 3.1%
United States of America Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 20.5%
United States of America Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 5.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:PFE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PFE Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 63,002 23,062 6
2022-12-31 59,687 20,733 7
2021-12-31 56,573 19,217 15,569 9
2020-12-31 54,065 17,893 14,165 11
2019-12-31 53,489 17,626 12,265 13
NYSE:PFE Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 53,647 15,827 11,142
2018-09-30 53,373 17,846 23,808
2018-07-01 53,244 17,476 22,545
2018-04-01 52,673 16,869 21,746
2017-12-31 52,546 16,802 21,305
2017-10-01 52,471 15,463 9,791
2017-07-02 52,347 15,311 8,308
2017-04-02 52,598 15,677 7,281
2016-12-31 52,824 16,192 7,198
2016-10-02 53,243 15,049 6,270
2016-07-03 52,286 15,332 7,036
2016-04-03 50,992 15,816 7,615

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Pfizer's earnings are expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
  • Pfizer's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PFE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Pfizer Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PFE Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.79 2.79 2.79 1.00
2020-12-31 2.62 2.73 2.51 2.00
2019-12-31 2.30 2.43 2.21 3.00
NYSE:PFE Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.90
2018-09-30 4.02
2018-07-01 3.80
2018-04-01 3.65
2017-12-31 3.57
2017-10-01 1.63
2017-07-02 1.38
2017-04-02 1.20
2016-12-31 1.18
2016-10-02 1.03
2016-07-03 1.15
2016-04-03 1.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Pfizer is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Pfizer's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Pfizer has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PFE Past Performance

  How has Pfizer performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Pfizer's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Pfizer's year on year earnings growth rate has been positive over the past 5 years.
  • Pfizer's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Pfizer's 1-year earnings growth is negative, it can't be compared to the US Pharmaceuticals industry average.
Earnings and Revenue History
Pfizer's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pfizer Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PFE Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 53,647.00 11,142.00 13,943.00 7,959.00
2018-09-30 53,373.00 23,808.00 14,247.00 7,801.00
2018-07-01 53,244.00 22,545.00 14,577.00 7,660.00
2018-04-01 52,673.00 21,746.00 14,470.00 7,647.00
2017-12-31 52,546.00 21,305.00 14,606.00 7,645.00
2017-10-01 52,471.00 9,791.00 14,766.00 7,843.00
2017-07-02 52,347.00 8,308.00 14,629.00 7,861.00
2017-04-02 52,598.00 7,281.00 14,959.00 7,826.00
2016-12-31 52,824.00 7,198.00 14,894.00 7,858.00
2016-10-02 53,243.00 6,270.00 14,956.00 7,652.00
2016-07-03 52,286.00 7,036.00 14,697.00 7,797.00
2016-04-03 50,992.00 7,615.00 14,339.00 7,787.00
2015-12-31 48,851.00 6,948.00 14,325.00 7,646.00
2015-09-27 47,922.00 8,366.00 13,640.00 7,366.00
2015-06-28 48,196.00 8,913.00 13,666.00 7,135.00
2015-03-29 49,116.00 9,200.00 13,776.00 7,118.00
2014-12-31 49,605.00 9,085.00 13,720.00 7,150.00
2014-09-28 50,045.00 10,461.00 13,894.00 6,902.00
2014-06-29 50,327.00 10,370.00 13,944.00 6,740.00
2014-03-30 50,527.00 10,994.00 14,009.00 6,546.00
2013-12-31 51,584.00 11,339.00 14,164.00 6,551.00
2013-09-29 51,917.00 10,185.00 14,345.00 6,398.00
2013-06-30 52,227.00 10,590.00 14,436.00 6,612.00
2013-03-31 53,222.00 10,048.00 14,535.00 6,655.00
2012-12-31 54,657.00 8,991.00 15,018.00 6,705.00
2012-09-30 56,907.00 8,923.00 15,927.00 7,387.00
2012-07-01 60,563.00 8,254.00 16,890.00 7,567.00
2012-04-01 63,080.00 7,774.00 18,022.00 8,057.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Pfizer has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Pfizer used its assets less efficiently than the US Pharmaceuticals industry average last year based on Return on Assets.
  • Pfizer has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Pfizer's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Pfizer has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PFE Health

 How is Pfizer's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Pfizer's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Pfizer is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Pfizer's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Pfizer's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Pfizer Company Filings, last reported 2 months ago.

NYSE:PFE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 63,758.00 42,123.00 18,930.00
2018-09-30 71,664.00 41,699.00 17,327.00
2018-07-01 70,123.00 41,028.00 13,487.00
2018-04-01 70,542.00 41,267.00 11,473.00
2017-12-31 71,656.00 43,669.00 20,096.00
2017-10-01 61,110.00 44,105.00 17,022.00
2017-07-02 58,694.00 43,871.00 14,439.00
2017-04-02 58,746.00 44,236.00 14,719.00
2016-12-31 59,840.00 42,234.00 17,876.00
2016-10-02 63,600.00 44,073.00 14,420.00
2016-07-03 63,066.00 44,185.00 21,000.00
2016-04-03 63,347.00 39,379.00 19,448.00
2015-12-31 64,998.00 39,038.00 23,292.00
2015-09-27 67,124.00 39,054.00 20,659.00
2015-06-28 67,180.00 35,503.00 30,272.00
2015-03-29 67,587.00 35,997.00 27,709.00
2014-12-31 71,622.00 36,699.00 36,156.00
2014-09-28 78,305.00 37,120.00 33,473.00
2014-06-29 76,956.00 37,918.00 34,127.00
2014-03-30 78,068.00 37,155.00 33,949.00
2013-12-31 76,620.00 36,790.00 32,498.00
2013-09-29 78,354.00 36,750.00 33,714.00
2013-06-30 78,977.00 36,942.00 33,785.00
2013-03-31 82,827.00 40,403.00 35,410.00
2012-12-31 81,678.00 37,493.00 32,399.00
2012-09-30 82,115.00 38,886.00 22,980.00
2012-07-01 79,961.00 38,591.00 24,342.00
2012-04-01 83,677.00 39,095.00 23,993.00
  • Pfizer's level of debt (66.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (48% vs 66.1% today).
  • Debt is well covered by operating cash flow (37.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.5x coverage).
X
Financial health checks
We assess Pfizer's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pfizer has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PFE Dividends

 What is Pfizer's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.41%
Current annual income from Pfizer dividends. Estimated to be 3.66% next year.
If you bought $2,000 of Pfizer shares you are expected to receive $68 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pfizer's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Pfizer's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:PFE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:PFE Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.84 2.00
2022-12-31 1.73 2.00
2021-12-31 1.58 6.00
2020-12-31 1.51 9.00
2019-12-31 1.44 9.00
NYSE:PFE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-12-14 1.440 3.409
2018-09-27 1.360 3.091
2018-06-28 1.360 3.380
2018-04-26 1.360 3.783
2017-12-18 1.360 3.754
2017-09-27 1.280 3.570
2017-06-22 1.280 3.787
2017-04-27 1.280 3.897
2016-12-12 1.280 3.850
2016-09-22 1.200 3.721
2016-06-23 1.200 3.401
2016-04-28 1.200 3.520
2015-12-14 1.200 3.887
2015-09-25 1.120 3.379
2015-06-25 1.120 3.307
2015-04-23 1.120 3.273
2014-12-15 1.120 3.351
2014-10-23 1.040 3.408
2014-06-26 1.040 3.541
2014-04-24 1.040 3.499
2013-12-16 1.040 3.333
2013-10-24 0.960 3.065
2013-06-27 0.960 3.332
2013-04-25 0.960 3.339
2012-12-31 0.960 3.442
2012-10-25 0.880 3.544
2012-06-28 0.880 3.650
2012-04-26 0.880 3.929
2011-12-12 0.880 4.057
2011-10-27 0.800 4.068
2011-06-23 0.800 4.265
2011-04-28 0.800 3.865
2010-12-13 0.800 4.201
2010-10-28 0.720 4.261
2010-06-24 0.720 4.467
2010-04-22 0.720 4.577
2009-12-14 0.720 4.026
2009-10-22 0.640 3.593
2009-06-25 0.640 3.976
2009-04-23 0.640 4.426
2009-03-23 1.280 9.331

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Pfizer's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Pfizer's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Pfizer afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Pfizer has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PFE Management

 What is the CEO of Pfizer's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Albert Bourla
COMPENSATION $9,854,557
AGE 56
TENURE AS CEO 0.2 years
CEO Bio

Mr. Albert Bourla, DVM, Ph.D. serves as the Chief Executive Officer of Pfizer Inc. since January 1, 2019 and has been its Executive Director since February 23, 2018. Mr. Bourla was Chief Operating Officer of Pfizer Inc. since January 2018 until January 1, 2018. Mr. Bourla served as Group President of Pfizer Innovative Health at Pfizer Inc. since June 2016 until December 2017. He served as Group President of Global Innovative Pharma & Global Vaccines, Oncology & Consumer Healthcare Businesses at Pfizer Inc. since February 12, 2016 until June 2016. Mr. Bourla served as Group President of the Vaccines, Oncology and Consumer Healthcare Business at Pfizer Inc. since January 1, 2014. Mr. Bourla served as President and General Manager of Established Products Business Unit at Pfizer Inc., from December 2010 to December 2013 and served as its Area President of Europe, Africa, Asia and Pacific of Pfizer Animal Health from 2009 to November 2010 and Area President of Europe, Africa and Middle East of Pfizer Animal Health from 2005 to 2009. Over the course of his career Dr. Bourla has held a number of senior global positions across a range of businesses and geographies. Dr. Bourla has significant scientific expertise. He is a Doctor of Veterinary Medicine and holds a PhD degree in the Biotechnology of Reproduction from the Veterinary School of Aristotle University.

CEO Compensation
  • Albert's compensation has been consistent with company performance over the past year.
  • Albert's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Pfizer management team in years:

5.3
Average Tenure
56
Average Age
  • The average tenure for the Pfizer management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ian Read

TITLE
Executive Chairman
COMPENSATION
$20M
AGE
64
TENURE
0.2 yrs

Albert Bourla

TITLE
CEO & Director
COMPENSATION
$10M
AGE
56
TENURE
0.2 yrs

Frank D'Amelio

TITLE
CFO & EVP of Global Supply & Business Operations
COMPENSATION
$7M
AGE
60
TENURE
11.5 yrs

Mikael Dolsten

TITLE
Chief Scientific Officer & President of Worldwide Research
COMPENSATION
$7M
AGE
59

John Young

TITLE
Group President & Chief Business Officer
COMPENSATION
$7M
AGE
53
TENURE
6.8 yrs

Loretta Cangialosi

TITLE
Senior VP

Lidia Fonseca

TITLE
EVP & Chief Digital and Technology Officer
AGE
49
TENURE
0.2 yrs

Chuck Triano

TITLE
Senior Vice President of Investor Relations
TENURE
10.8 yrs

Doug Lankler

TITLE
Executive VP & General Counsel
AGE
52
TENURE
5.3 yrs

Rady Johnson

TITLE
EVP and Chief Compliance
AGE
56
TENURE
5.3 yrs
Board of Directors Tenure

Average tenure and age of the Pfizer board of directors in years:

7.3
Average Tenure
62.5
Average Age
  • The tenure for the Pfizer board of directors is about average.
Board of Directors

Albert Bourla

TITLE
CEO & Director
COMPENSATION
$10M
AGE
56
TENURE
1.1 yrs

W. Cornwell

TITLE
Independent Director
COMPENSATION
$369K
AGE
69
TENURE
22.1 yrs

Ian Read

TITLE
Executive Chairman
COMPENSATION
$20M
AGE
64
TENURE
7.3 yrs

Denny Ausiello

TITLE
Director
COMPENSATION
$361K
AGE
72
TENURE
12.3 yrs

Suzanne Nora Johnson

TITLE
Independent Director
COMPENSATION
$363K
AGE
61
TENURE
11.5 yrs

Helen Hobbs

TITLE
Independent Director
COMPENSATION
$378K
AGE
66
TENURE
7.3 yrs

Jim Smith

TITLE
Independent Director
COMPENSATION
$363K
AGE
58
TENURE
4.8 yrs

Joe Echevarria

TITLE
Independent Director
COMPENSATION
$354K
AGE
61
TENURE
3.8 yrs

Shantanu Narayen

TITLE
Lead Independent Director
COMPENSATION
$382K
AGE
54
TENURE
1.2 yrs

Jim Kilts

TITLE
Independent Director
COMPENSATION
$346K
AGE
70
TENURE
11.5 yrs
Who owns this company?
Recent Insider Trading
  • Pfizer insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Mar 19 Sell Rady Johnson Individual 15. Mar 19 15. Mar 19 -8,700 $41.13 $-357,831
05. Mar 19 Sell Mikael Dohlsten Individual 04. Mar 19 04. Mar 19 -43,362 $43.54 $-1,887,176
05. Mar 19 Sell Dawn Rogers Individual 04. Mar 19 04. Mar 19 -15,002 $42.99 $-644,798
02. Feb 19 Sell Douglas Lankler Individual 30. Jan 19 01. Feb 19 -43,800 $42.75 $-1,811,821
14. Aug 18 Sell Laurie Olson Individual 13. Aug 18 13. Aug 18 -10,214 $41.00 $-418,774
06. Aug 18 Sell Alexander MacKenzie Individual 03. Aug 18 03. Aug 18 -25,642 $39.56 $-1,013,171
03. Aug 18 Sell Loretta Cangialosi Individual 01. Aug 18 01. Aug 18 -26,814 $40.17 $-1,076,933
03. Aug 18 Sell Kirsten Lund-Jurgensen Individual 01. Aug 18 01. Aug 18 -20,942 $40.05 $-838,572
03. Aug 18 Sell Michael Goettler Individual 01. Aug 18 01. Aug 18 -19,198 $39.72 $-762,116
08. Jun 18 Sell Laurie Olson Individual 06. Jun 18 06. Jun 18 -19,000 $36.46 $-692,582
05. Jun 18 Sell W. Cornwell Individual 04. Jun 18 04. Jun 18 -5,223 $36.40 $-190,117
X
Management checks
We assess Pfizer's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Pfizer has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PFE News

Simply Wall St News

Should You Be Excited About Pfizer Inc.'s (NYSE:PFE) 33% Return On Equity?

Pfizer has a ROE of 33%, based on the last twelve months. … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.33. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Expect Pfizer Inc (NYSE:PFE) To Continue Delivering An ROE Of 32.2%?

and want to learn about Return on Equity using a real-life example. … Pfizer Inc (NYSE:PFE) outperformed the pharmaceuticals industry on the basis of its ROE – producing a higher 32.2% relative to the peer average of 13.0% over the past 12 months. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden.

Simply Wall St -

Is It Time To Sell Pfizer Inc (NYSE:PFE) Based Off Its PE Ratio?

Yes, this cheaper multiple can initially be attractive, but there are many company-specific elements which are not captured in such a static ratio – such as its growth outlook and debt obligations … This article will cover some key aspects we should consider in order to determine the best multiple to be used for

Simply Wall St -

How Financially Strong Is Pfizer Inc (NYSE:PFE)?

the key to their continued success lies in its financial health. … This article will examine Pfizer’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis

Simply Wall St -

A Look At Pfizer Inc's (NYSE:PFE) Exceptional Fundamentals

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Pfizer Inc (NYSE:PFE) due to its excellent fundamentals in more than one area.

Simply Wall St -

An Intrinsic Calculation For Pfizer Inc (NYSE:PFE) Shows It's 42.72% Undervalued

by taking the expected future cash flows and discounting them to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Is Pfizer Inc (NYSE:PFE) A Great Dividend Stock?

See our latest analysis for Pfizer 5 checks you should do on a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is its annual yield among the top 25% of dividend-paying companies? … In the near future, analysts are predicting a higher payout ratio of 46.70%, leading to a dividend yield of around 4.07%. … Relative to peers, Pfizer has a yield of 3.73%, which is high for Pharmaceuticals stocks but still below the market's top dividend payers.Next Steps: With this in mind, I definitely rank Pfizer as a strong dividend stock, and makes it worth further research for anyone who likes steady income generation from their portfolio.

Simply Wall St -

What Investors Should Know About Pfizer Inc's (NYSE:PFE) Financial Strength

View our latest analysis for Pfizer How does PFE’s operating cash flow stack up against its debt? … Moreover, PFE has produced US$16.47B in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 37.72%, meaning that PFE’s operating cash is sufficient to cover its debt. … Next Steps: PFE’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

What Do Analysts Think About Pfizer Inc's (NYSE:PFE) Profit Margin?

To get some insight, I will try to evaluate Pfizer's margin behaviour so investors can evaluate the revenue and cost drivers behind future earnings projections and understand how they may impact on returns compared to the industry. … Margin Calculation for PFE Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 21.75 Billion ÷ 52.67 Billion = 41.28% There has been an expansion in Pfizer's margin over the past five years, as a result of a positive 5.37% average growth in net income and decline in revenue growth of -2.98% on average, indicating that that despite the previous revenue decline, the company has managed to maintain positive earnigns growth and therefore increase the proportion of revenue that falls to the bottom line. … Thus, it is essential to run your own analysis on Pfizer's future expectations whilst maintaining a watchful eye over cost behaviour, because if the business is able to maintain their revenue trajectory, there may be an opportunity to return to positive earnings growth and attractive returns.

Simply Wall St -

Read This Before Buying Pfizer Inc (NYSE:PFE) For Its Upcoming $0.34 Dividend

See our latest analysis for Pfizer Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is their annual yield among the top 25% of dividend payers? … Next Steps: Taking into account the dividend metrics, Pfizer ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers. … Given that this is purely a dividend analysis, you should always research extensively before deciding whether or not a stock is an appropriate investment for you.

Simply Wall St -

PFE Company Info

Description

Pfizer Inc. discovers, develops, manufactures, and sells healthcare products worldwide. It offers medicines and vaccines in various therapeutic areas, including internal medicine, vaccines, oncology, inflammation and immunology, and rare diseases under the Lyrica, Chantix/Champix, Eliquis, Ibrance, Sutent, Xalkori, Inlyta, Xtandi, Enbrel, Xeljanz, Eucrisa, BeneFix, Genotropin, and Refacto AF/Xyntha brands. The company also provides consumer healthcare products that comprise over-the-counter medicines, including dietary supplement products under the Centrum, Caltrate, and Emergen-C names; pain management products under the Advil and ThermaCare names; gastrointestinal products under the Nexium 24HR/Nexium Control and Preparation H names; and respiratory and personal care products under the Robitussin, Advil Cold & Sinus, and ChapStick names. In addition, it offers products that would lose or have lost marketing patent protection; branded generic products; generic sterile injectable products; biosimilars; and anti-infectives under the Lipitor, Premarin family, Norvasc, Lyrica, Celebrex, Viagra, Inflectra/Remsima, Zyvox, Vfend, Revatio, Inspra, Medrol, Sulperazon, Fragmin, Tygacil, Nivestim, and Retacrit, Ixifi Infliximab BS names. Further, the company is also involved in the contract manufacturing business. It serves wholesalers, retailers, hospitals, clinics, government agencies, pharmacies, and individual provider offices, as well as disease control and prevention centers. The company has collaboration and/or co-promotion agreements with Bristol-Myers Squibb Company, Astellas Pharma US, Inc., and Merck KGaA; licensing agreement with BionTech AG; and collaboration agreements with Merck & Co., Inc. and Eli Lilly & Company, as well as with Merck KGaA and Nektar Therapeutics to develop a therapy for treating pancreatic cancer. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.

Details
Name: Pfizer Inc.
PFE
Exchange: NYSE
Founded: 1849
$234,119,607,994
5,551,804,790
Website: http://www.pfizer.com
Address: Pfizer Inc.
235 East 42nd Street,
New York,
New York, 10017,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE PFE Common Stock New York Stock Exchange US USD 02. Jan 1968
DB PFE Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
XTRA PFE Common Stock XETRA Trading Platform DE EUR 02. Jan 1968
LSE 0Q1N Common Stock London Stock Exchange GB EUR 02. Jan 1968
OM PFE Common Stock OMX Nordic Exchange Stockholm SE SEK 02. Jan 1968
WBAG PFE Common Stock Wiener Boerse AG AT EUR 02. Jan 1968
SNSE PFE Common Stock Santiago Stock Exchange CL USD 02. Jan 1968
BVC PFE Common Stock Bolsa de Valores de Colombia CO COP 02. Jan 1968
BMV PFE * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1968
BVL PFE Common Stock Bolsa de Valores de Lima PE USD 02. Jan 1968
BATS-CHIXE PFES Common Stock BATS 'Chi-X Europe' GB SEK 02. Jan 1968
BOVESPA PFIZ34 BDR REPR 1 COM STK NPV Bolsa de Valores de Sao Paulo BR BRL 18. May 2011
BASE PFE CEDEAR EACH 2 REP 1 ORD USD0.05 Buenos Aires Stock Exchange AR ARS 13. Sep 2000
Number of employees
Current staff
Staff numbers
92,400
Pfizer employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:43
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/06
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.