Latest Ratios: P/E Ratio 17.7x · EV/EBITDA 10.0x · 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 | $136.9B | $141.6B | $151.2B | $164.4B | $293.8B | $337.1B | $207.3B | $210.8B | $247.3B | $208.0B | $189.6B |
| Enterprise Value | $203.2B | $207.9B | $217.2B | $232.4B | $328.2B | $372.1B | $243.8B | $260.5B | $287.9B | $249.2B | $228.1B |
| P/E Ratio → | 17.70 | 18.31 | 18.82 | 77.56 | 9.37 | 15.22 | 22.64 | 12.95 | 22.18 | 9.76 | 26.32 |
| P/S Ratio | 2.19 | 2.26 | 2.38 | 2.76 | 2.93 | 4.15 | 4.98 | 5.12 | 4.61 | 3.96 | 3.59 |
| P/B Ratio | 1.58 | 1.63 | 1.71 | 1.84 | 3.06 | 4.35 | 3.27 | 3.32 | 3.88 | 2.90 | 3.17 |
| P/FCF | 15.09 | 15.60 | 15.38 | 34.29 | 11.28 | 11.28 | 17.85 | 21.09 | 18.14 | 14.59 | 13.64 |
| P/OCF | 11.70 | 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 | 9.99 | 10.22 | 9.24 | 20.06 | 7.70 | 14.32 | 17.71 | 19.58 | 13.29 | 12.06 | 11.39 |
| EV / EBIT | 13.16 | 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 | — | 69.26 | 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 | 7.1% | 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 | 5.7% | 5.5% | 5.3% | 1.3% | 10.7% | 6.6% | 4.4% | 7.7% | 4.5% | 10.2% | 3.8% |
| FCF Yield | 6.6% | 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 | 7.1% | 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 |
Pipeline execution and leverage
According to current market data, Pfizer's forward P/E of 8.21 suggests investors are pricing in significant long-term earnings contraction, a valuation discount that appears more pronounced than the multiples commanded by peers like Merck or Johnson & Johnson, which benefit from more stable oncology-driven growth profiles.
The stark contrast between the TTM P/E of 17.86 and the forward P/E of 8.21 indicates that the market expects a sharp decline in earnings, likely tied to the loss of exclusivity for key assets. This valuation gap warrants further investigation into whether the market is overly pessimistic regarding the commercial potential of the newly acquired Seagen pipeline.
Based on reported figures, Pfizer's ROIC has struggled to maintain momentum, hovering near 2.0% in 2026Q1, which represents a significant decay in capital efficiency compared to the high-teens and low-twenties returns consistently generated by diversified pharmaceutical peers like Johnson & Johnson and Merck.
The persistent low ROIC suggests that the company's aggressive M&A strategy is currently failing to generate returns that exceed the cost of capital. Investors should monitor whether the integration of recent acquisitions can eventually drive margin expansion or if the high purchase premiums will continue to dilute long-term shareholder value.
As reported in financial statements, Pfizer's cash conversion cycle reached 182 days in 2026Q1, a figure that appears structurally elevated and suggests significant inefficiencies in inventory management and receivables collection when compared to the leaner operational profiles of more focused pharmaceutical competitors.
The high days inventory outstanding (DIO) of 198 days indicates a potential over-accumulation of stock, which may be tied to the complexities of managing a global biologic supply chain. This inefficiency ties up significant liquidity and may be masking the true underlying cash-generating capability of the core business.
According to recent quarterly filings, Pfizer's debt-to-EBITDA ratio of 12.36 in 2026Q1 highlights a strained balance sheet, suggesting that the company's ability to service its debt obligations is significantly more precarious than the leverage profiles observed in its more conservatively financed pharmaceutical industry peers.
The high debt load, exacerbated by the Seagen acquisition, leaves little room for operational error or further inorganic expansion. Investors should monitor the interest coverage ratio, which has shown volatility, as any sustained decline could limit the company's flexibility to fund necessary R&D or maintain its dividend payout.
The P/E ratio is frequently misapplied to Pfizer's business model because it fails to account for the massive non-cash amortization of acquired intangibles and the volatility of alliance-based revenue, which together obscure the true underlying cash-generating power of the company's diversified pharmaceutical portfolio.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better assess the company's ability to service its debt and fund its pipeline. Relying on P/E in this context may lead to an inaccurate assessment of the company's valuation relative to its actual cash-generating capacity.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PFE stock.
Pfizer Inc.'s current P/E ratio is 17.7x. The historical average is 26.5x. This places it at the 33th percentile of its historical range.
Pfizer Inc.'s current EV/EBITDA is 10.0x. 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 17.7x. This is at the 33th 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 7.14% 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.