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What this page is: Delvantic's full research page for Pfizer Inc. (PFE) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Watch · Gem Score +9 (−100…+100 Quality+Value blend) · Quality 13 · Value 6 · Sentiment 3 (timing only, not weighted) · Composite fair value $31.81 vs $25.81 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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Pfizer Inc.
PFE NYSEPfizer Inc. is a leading biopharmaceutical company that discovers, develops, manufactures, markets, distributes, and sells prescription drugs and vaccines worldwide. Operating in segments including Biopharma, PC1, and Pfizer Ignite, it focuses on key therapeutic areas such as oncology, cardiology, immunology, and infectious diseases. Notable products in its portfolio include the pneumococcal vaccine Prevnar 13, cardiovascular treatments like Vyndaqel and Eliquis, and oncology drug Padcev. Pfizer Inc. serves markets in the United States and internationally, with significant contributions from emerging markets representing a substantial portion of international sales. The company addresses critical health needs through innovative medicines that treat chronic and acute conditions, playing a vital role in global healthcare delivery. Founded in 1849 and headquartered in New York, New York, Pfizer Inc. maintains a broad presence in the pharmaceutical industry, supporting patients, healthcare providers, and public health initiatives across diverse regions.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 1.36
Total Equity: $86.78B
Shares: 5,713,000,000
Total Debt: $64.80B
Cash: $1.14B
EBITDA: $39.31B
Total Debt: $64.80B
Cash: $1.14B
Revenue: $62.58B
Revenue: $62.58B
Revenue: $62.58B
Total Equity: $86.78B
Tax Rate: -3.5%
Equity: $86.78B
Total Debt: $64.80B
Cash: $1.14B
Current Liabilities: $36.98B
Long-Term Debt: $61.64B
Total Debt: $64.80B
Total Equity: $86.78B
Shares: 5,713,000,000
Shares: 5,713,000,000
CapEx: -$2.63B
Shares: 5,713,000,000
Stock Price: $25.81
Net Income: $7.77B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 5, 2026 9:34am (18d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $81.3B | $100.3B | $58.5B | $63.6B | $62.6B |
| Cost of Revenue | $30.8B | $34.3B | $25.0B | $17.9B | $16.1B |
| Gross Profit | $50.5B | $66.0B | $33.5B | $45.8B | $46.5B |
| Operating Expenses | $12.7B | $13.7B | $14.8B | $14.7B | $13.8B |
| Operating Income | $37.8B | $52.3B | $18.8B | $31.0B | $32.7B |
| Net Income | $22.0B | $31.4B | $2.1B | $8.0B | $7.8B |
| EBITDA | $43.0B | $57.4B | $25.1B | $38.1B | $39.3B |
| EPS | $3.92 | $5.59 | $0.38 | $1.42 | $1.37 |
| EPS (Diluted) | $3.85 | $5.47 | $0.37 | $1.41 | $1.36 |
Balance Sheet (Annual)
Last updated: Aug 5, 2026 9:34am (18d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.9B | $416.0M | $2.9B | $1.0B | $1.1B |
| Total Current Assets | $59.7B | $51.3B | $43.3B | $50.4B | $42.9B |
| Total Assets | $181.5B | $197.2B | $226.5B | $213.4B | $208.2B |
| Current Liabilities | $42.7B | $42.1B | $47.8B | $43.0B | $37.0B |
| Long-Term Debt | $36.2B | $32.9B | $61.5B | $57.4B | $61.6B |
| Total Liabilities | $104.0B | $101.3B | $137.2B | $124.9B | $121.4B |
| Total Equity | $77.5B | $95.9B | $89.3B | $88.5B | $86.8B |
| Retained Earnings | $103.4B | $125.7B | $118.4B | $116.7B | $114.6B |
Cash Flow (Annual)
Last updated: Aug 6, 2026 12:35am (17d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $32.6B | $29.3B | $8.7B | $12.7B | $11.7B |
| Capital Expenditure | -$2.7B | -$3.2B | -$3.9B | -$2.9B | -$2.6B |
| Free Cash Flow | $29.9B | $26.0B | $4.8B | $9.8B | $9.1B |
| Acquisitions (net) | $0 | -$23.0B | -$43.4B | $0 | -$6.9B |
| Net Debt Issued / (Repaid) | -$1.0B | -$3.3B | $28.3B | -$2.3B | $2.9B |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$2.0B | $0 | $0 | — |
| Net Change in Cash | $159.0M | -$1.5B | $2.4B | -$1.8B | $91.0M |
Growth Trends (YoY %)
Last updated: Aug 5, 2026 9:34am (18d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +23.4% | -41.7% | +8.8% | -1.6% |
| Gross Profit Growth | +30.8% | -49.2% | +36.5% | +1.6% |
| Operating Income Growth | +38.5% | -64.1% | +65.4% | +5.4% |
| Net Income Growth | +42.7% | -93.2% | +279.0% | -3.2% |
| EBITDA Growth | +33.6% | -56.3% | +51.9% | +3.3% |
Dividend History (Last 20)
Last updated: Aug 5, 2026 9:34am (18d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-24 | $0.43 | — | — | — |
| 2026-05-08 | $0.43 | — | — | — |
| 2026-01-23 | $0.43 | — | — | — |
| 2025-11-07 | $0.43 | — | — | — |
| 2025-07-25 | $0.43 | — | — | — |
| 2025-05-09 | $0.43 | — | — | — |
| 2025-01-24 | $0.43 | — | — | — |
| 2024-11-08 | $0.42 | — | — | — |
| 2024-07-26 | $0.42 | — | — | — |
| 2024-05-09 | $0.42 | — | — | — |
| 2024-01-25 | $0.42 | — | — | — |
| 2023-11-09 | $0.41 | — | — | — |
| 2023-07-27 | $0.41 | — | — | — |
| 2023-05-11 | $0.41 | — | — | — |
| 2023-01-26 | $0.41 | — | — | — |
| 2022-11-03 | $0.40 | — | — | — |
| 2022-07-28 | $0.40 | — | — | — |
| 2022-05-12 | $0.40 | — | — | — |
| 2022-01-27 | $0.40 | — | — | — |
| 2021-11-04 | $0.39 | — | — | — |
Deep Analysis
Risk : Reward — if the last quarter repeats
Live · as of 2026-08-19 10:46Recovery pays +88%; another quarter like the worst recent one costs 71%. Ratio 1.2:1.
| Case | Growth | Margin | Fair value | vs price ($25.81) |
|---|---|---|---|---|
| Bull — recovery | +6% | 32.3% | $48.50 | +88% |
| Base — stabilizes | +4% | 28.1% | $39.70 | +54% |
| Bear — keeps slipping | +2% | 23.9% | $31.78 | +23% |
| Stress — last quarter repeats | -6% | 6.8% | $7.46 | -71% |
Narrative Economics
market-narrative step).
Claude Reading
Starting with the raw tape: PFE's TTM revenue is running roughly $61.7B (Q3'25 + Q4'25 + Q1'26 + Q2'26 = $16.65 + $17.56 + $14.45 + $15.03), essentially flat-to-down versus the $63.6B 2024 print and $62.6B 2025. More importantly, the two most recent quarters show clear deceleration: Q1'26 rev $14.45B was down 5.3% YoY vs Q1'25's $13.72B — wait, that's actually +5.3%, but Q2'26 at $15.03B vs Q2'25 $14.65B is only +2.6%, and Q2'26 printed a *net loss* of $248M on a 74% gross margin business. That's not normalization; that's charge-laden or mix-deteriorating. The 91.5% earnings CAGR is a base-effect artifact off the 2023 trough ($2.1B NI) — meaningless. The honest read: revenue has stabilized near $62B, but the quarterly earnings volatility (-$1.65B, +$3.54B, +$2.69B, -$248M over four quarters) tells me GAAP is being whipsawed by restructuring, IPR&D charges, and amortization from the $43B Seagen deal. Cash flow is the cleaner signal: $11.7B OCF and $9.1B FCF against a $147B market cap = ~6.2% FCF yield, which alongside the 6.7% dividend yield is the entire investment thesis.
The balance sheet deserves harder scrutiny than the models gave it. $64.8B debt against $1.14B cash is a net debt position of ~$63.7B — that's 5.4x 2025 FCF, and the current ratio of 1.16 is thin for a pharma facing Eliquis LOE in 2028. The 6.7% dividend costs ~$9.5B/year, which is essentially 100% of FCF. There is no cushion for pipeline disappointment, another bolt-on M&A, or a genuine LOE gap year. The synthesis verdict of "growth is free at this price" ignores that the dividend is not free — it consumes all discretionary cash, and any FCF decline forces either a cut or leverage-up. That's the actual bear case, and neither the narrative layer nor the thesis eval quantified it sharply enough.
Where I partially disagree with the synthesis: the $31.09 signal-adjusted fair value assumes the current $62B revenue base holds. But Eliquis US LOE hits 2028, Vyndaqel faces generics later this decade, and management's own guidance implies a mid-decade revenue trough before oncology (Seagen) ramps. If you haircut 2028E revenue to $55B and assume operating margin compresses from 52% to ~40% (mix shift away from high-margin COVID/Eliquis toward newer oncology with heavier SG&A), FCF could realistically dip to $6-7B — at which point the dividend either gets cut or the payout ratio breaks. A contrarian would note that Pfizer's own 2030 revenue guidance ($ mid-$70Bs) requires flawless Seagen execution plus obesity/oncology wins, and management's post-COVID capital allocation track record (Global Blood Therapeutics, Arena, Seagen at peak multiples) does not inspire confidence. The thesis eval's -6 score feels roughly right; the +20.5% upside from DCF feels optimistic given execution risk isn't fully priced into the discount rate.
Committing: I lean toward *slight* undervaluation but with lower conviction than the synthesis. At 5.3x EV/EBITDA and a 6.7% yield backed by (barely) covered FCF, downside from $25.81 looks limited to maybe $22 absent a dividend cut — the no-growth floor argument has merit. But the upside case requires believing management can execute the Seagen integration, and every data point since 2022 (revenue collapse worse than peers, margin compression, GAAP volatility, insider activity is trivial award grants only — no open-market buying which is telling for a supposedly cheap stock) suggests skepticism is warranted. Fair value is closer to $28-30 than $32, and the setup is a total-return play (dividend + modest re-rating) rather than a re-rating catalyst story. I'd own it for the yield with position sizing that assumes a dividend cut is a non-trivial tail risk, not a mispricing to press aggressively. The insider absence (only tiny automatic awards, no purchases at a supposedly discounted price) is the tell — management themselves aren't backing up the truck.
GPT Reading
Pfizer at $25.81 looks more like a high-yield, low-confidence cash annuity than a classic value bargain, and I think the market is mostly right to be skeptical. The core fact pattern is that revenue has stabilized after the COVID collapse, but only at a much lower plateau: $100.3B in 2022 became $58.5B in 2023, then $63.6B in 2024 and $62.6B in 2025. That is not a business still falling apart, but it is also not one proving it can grow through the post-COVID hole. The quarterly run-rate in the last six quarters supports that view: excluding seasonality, revenue is oscillating around $14B-$17.5B, with 2026 Q1 at $14.45B and Q2 at $15.03B versus $13.72B and $14.65B in the comparable 2025 quarters. There is some top-line stability, but not enough to justify pretending the business has regained durable growth. What stands out more negatively is earnings quality and consistency: net income swung from $3.54B in 2025 Q3 to -$1.65B in Q4, back to $2.69B in 2026 Q1, then -$248M in Q2. A mature pharma can have charge-driven noise, but repeated negative quarters in a supposedly “normalized” period tell you the equity story is still carrying restructuring, deal, or asset-related baggage.
The valuation looks optically cheap on EV/EBITDA at 5.3x and the 6.7% dividend yield is the obvious attraction, but those numbers flatter the business because the accounting line items are distorted by unusually high reported operating income relative to actual cash generation. In 2025, Pfizer posted $32.7B of operating income on $62.6B of revenue, an absurdly high 52.3% operating margin for a company whose operating cash flow was only $11.7B and free cash flow $9.1B. That mismatch is too large to brush aside. If I value the company on free cash flow instead of headline EBIT, the picture is less compelling: a $147.1B market cap against $9.08B of FCF is about a 6.2% FCF yield, and enterprise value is materially higher once you include $64.8B of debt and only $1.14B of cash. For a company with declining COVID-era economics, visible patent risk, and erratic quarterly profitability, that is not a screaming bargain. It is fair-to-slightly-cheap if cash flows hold, but not cheap enough to compensate for major execution risk.
The balance sheet matters more here than the usual pharma shorthand allows. $64.8B of debt against just $1.14B of cash leaves Pfizer with limited balance sheet elegance at exactly the time it needs flexibility to defend the base business, integrate acquired assets, and fund the pipeline. Equity of $86.8B keeps leverage from looking existential, and debt/equity of 0.75 is manageable for big pharma, but the cushion is thinner than the yield crowd tends to assume. The dividend yield near 6.7% is support, but it is not magic support; with $9.1B of free cash flow, the payout is covered only as long as the underlying revenue base stays intact and margins do not keep getting hit by charges and erosion. My read is that the stock deserves to trade as a bond-like pharma with a discount multiple, not as a hidden compounder. On that basis, a P/S of 2.3x and P/B of 1.7x do not look distressed. They look about right for a slow-growth, post-windfall franchise with uncertain reinvestment returns.
The best counterargument is straightforward and not weak: after the massive repricing from the COVID peak, Pfizer may simply be priced for too much disappointment. Revenue around $62B-$64B has held for two straight years, gross margin is still very strong at 74.3%, free cash flow is real, and a sub-6x EV/EBITDA multiple is low for a global pharma with meaningful scale. If the recent losses are mostly one-time items rather than a sign of deteriorating economics, then investors buying at $25-$26 are being paid nearly 7% to wait for pipeline and acquired assets to fill the gap. On that view, the market is over-penalizing management for the post-COVID comedown and for M&A skepticism. I weigh that argument lower because the burden of proof is now on Pfizer to show clean, recurring earnings power. A stock does not deserve a re-rating because it is no longer collapsing; it deserves one when it demonstrates that normalized earnings and cash flows are both durable and capable of offsetting looming erosion. So far, the revenue base looks stable, but the profitability base does not.
What would change my mind is evidence that the “messy but temporary” explanation is correct. I would turn more constructive if the next several quarters show revenue holding above roughly $15B per quarter while net income stays consistently positive at a $2.5B+ run rate and annual free cash flow climbs back toward $11B-$12B without financial engineering. I would also want to see debt start coming down from $64.8B in a meaningful way, because deleveraging would signal discipline and protect the dividend. If instead revenue slips back under $60B annualized, quarterly losses persist, or free cash flow falls below about $8B while the payout remains aggressive, then the stock is not cheap at $25.81—it is a yield trap in slow motion.
Grok Reading
Pfizer’s post-COVID reset is now fully visible in the numbers and largely complete: revenue has settled into a $62–64B band after the $100B 2022 peak, with 2025 finishing at $62.58B and trailing four quarters still oscillating between $14.5B and $17.6B without a clear re-acceleration. What stands out is the quality of the remaining franchise—gross margin holds at 74% and operating margin at an extraordinary 52%, generating $32.7B of operating income and $9.1B of free cash flow even after the vaccine cliff. That FCF supports a 6.7% dividend yield at the current $25.81 price, and the balance-sheet EV/EBITDA of 5.3× is deep-value territory for a diversified pharma with $86.8B of equity. The market is clearly treating Pfizer as a no-growth annuity; at 2.3× sales and 18.8× earnings the stock sits below the models’ own no-growth floor, which is why the composite fair-value work points to the low $30s.
The latest print, however, injects real noise: the June 2026 quarter delivered $15.0B of revenue but a $248M net loss, flipping the prior quarter’s 18.6% net margin into negative territory and echoing the $1.65B loss booked in Q4 2025. Net income has therefore become lumpy—$7.8B for full-year 2025 versus $8.0B in 2024—while cash on the balance sheet has dwindled to a thin $1.14B against $64.8B of total debt. ROE is a pedestrian 9% and the current ratio barely clears 1.16, so the high operating margins are not translating into pristine capital returns or fortress liquidity. Momentum metrics confirm the stagnation: revenue CAGR of only 3.4% and a recent year-over-year decline of 1.7% leave little organic growth to celebrate.
The strongest counter-argument is that the cheap multiple simply prices in the next set of patent cliffs correctly. Eliquis LOE alone threatens $4–5B of high-margin revenue with no visible replacement of equal scale, Seagen was acquired at peak biotech valuations, and the 6.7% yield is the market’s way of saying the dividend is the only remaining reason to own the stock. A smart skeptic would also note that FCF of $9.1B only just covers the roughly $9.9B cash cost of the current dividend, leaving almost no margin for error if another large write-down or integration charge appears. Those points have merit; the debt load and the two recent loss quarters keep me from pounding the table.
I would flip to a more constructive stance if the next two quarters restore mid-teens net margins without one-time crutches and if management shows any pipeline asset (Seagen ADCs or Vyndaqel expansion) adding at least $1B of incremental run-rate revenue by mid-2027. Conversely, a cut in the dividend or another sub-$14B revenue quarter would confirm the bear case and push the stock toward the low $20s.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Pfizer remains a large, profitable franchise: FY2025 revenue of $62.58B carried a 74.3% gross margin and 52.3% operating margin, producing $7.77B net income and $9.08B free cash flow. Earnings integrity looks clean on the mechanical checks - OCF/NI of 1.92x, accruals at -2.4% of assets, Beneish M at -2.52, and share count essentially flat at 5.71B with SBC only 1.3% of revenue. The revenue cliff from $100.33B (2022) to $58.50B (2023) reflects the COVID product runoff, and the business has since stabilized around a $62-64B base with margins recovering to pre-pandemic-or-better levels. The soft spot is the balance sheet. Net debt of $63.65B against just $1.14B liquid cash and $3.15B short-term debt shows the Seagen acquisition has left the company with a constraint, not a cushion. Altman Z of 2.35 sits in the grey zone. At $9B of annual FCF, leverage is serviceable but not quickly retirable, and buybacks recover only 47% of SBC - capital return is essentially the dividend, with deleveraging absorbing the rest. Overall this looks like a durable, moaty large-cap pharma running well operationally, with the open question being whether the post-COVID, post-Seagen pipeline can grow the top line off the new $62B base before LOEs bite. That is a durability question the mechanical data cannot answer.
Verify before trusting this (6)
- LOE (loss of exclusivity) schedule for Eliquis, Ibrance and other key franchises through 2030
- Seagen integration progress and oncology pipeline contribution to revenue
- Debt maturity ladder and refinancing plans for the $3.15B near-term maturities
- Customer/product concentration - share of revenue from top 5 products
- R&D productivity metrics and late-stage pipeline NPV disclosures
- Any goodwill or IPR&D impairment risk from Seagen or prior deals
The composite fair value of $32.78 and signal-adjusted $31.09 imply ~20% upside from $25.81. The methods disagree meaningfully: DCF lands at $24.14 (essentially at spot, reflecting patent-cliff cash flow risk), anchored P/E at $22.34 (below spot, reflecting depressed forward earnings power post-COVID), while EPV at $60.51 is a clear outlier and should be heavily discounted - it likely capitalizes peak-COVID margins as sustainable, which they are not. Stripping the EPV runaway, the honest deserved-value band is roughly $23-32, centered slightly above today's price.
Verify before trusting this (5)
- Forward guidance on 2025-2027 revenue ex-COVID and Seagen contribution
- Eliquis LOE cadence and Medicare negotiation impact on pricing
- Vyndaqel competitive erosion from BridgeBio's acoramidis
- Free cash flow trajectory net of debt paydown and dividend coverage
- Whether margins normalize below current peak (validates EPV haircut)
PFE sits under a moderate fallen-angel narrative: post-COVID hangover, patent-cliff overhang (Eliquis, Vyndaqel), and damaged management credibility. That story is durable but not intensifying, and with cult coefficient low, there is no reflexive selling pressure - just persistent disinterest that keeps the multiple compressed. The 3.5%+ dividend and cash-yield framing in the news flow gives income investors a reason to hold, which puts a soft floor under sentiment. On the other side, the Q2 print (revenue beat, raised 2026 guidance, cost cuts, non-COVID growth) is a genuine tailwind that cracks the bear story at the margin, and takeover-adjacent oncology buzz keeps the name in a constructive news cycle. With beta 0.28, the risk-on tape barely reaches this stock - PFE will not ride a melt-up, but a wobble in the S&P will not maul it either. Macro headwinds (10y 4.63%, mkt PE 27.7) matter less to a defensive dividend payer than to a high-multiple growth name. Net: the negative narrative and positive earnings-driven news roughly offset. Analyst tone appears to be inching from skeptical toward cautiously constructive (12% undervalued framings, raised outlook), but an obesity readout looms as a binary event that could swing the story either way.
Verify before trusting this (4)
- Obesity trial readout timing and outcome - a clear win could flip the archetype from fallen-angel to turnaround
- Whether sell-side target revisions follow the raised 2026 guidance higher
- Any sector rotation into defensive pharma if the risk-on tape rolls over
- Follow-through on cost-cut execution in coming quarters to rebuild management credibility
This lens hasn't been run for this ticker yet.
When we made this prediction on Aug 6, 2026, PFE was $25.81. We expect it to be $27.75 by Feb 2027, and we consider it great value under $22.50. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 6, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.