NYSE · PFE

Pfizer Inc.

Healthcare · Drug Manufacturers - General

$27.64▲ 0.64% ($0.17)at close

After hours$27.68▲ 0.18%7:59 PM ET

52-week

$23.58$29.21

What the market price implies · Reverse DCF

To support a price of $27.64, this model requires revenue to grow by -4.67%/yr over the next 10 years, compounded annually.

Historical revenue grew by -6.33%/yr over the past 4 years. The required annual growth rate is 1.66 percentage points higher.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

-4.67%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$27.64

Estimated value / share

$48.47

Base scenario

This estimate is 75.4% above the price used.

USD · TTM ending 2026-06-28

Year 1 growth 0% · Ending margin 25.08% · Discount rate 6.53%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:59 PM UTC
Financial statement period: TTM ending 2026-06-28
Data refreshed: Sep 18, 2026, 4:10 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 220.1%.

Do you have 5+ years of positive FCFF history? 30 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 28.5 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 14.91%Revenue (TTM): -0.21%FCF (TTM): -11.67%P/FCF: 48th pct

What changed

The stock rose 14.91% over the last year. Revenue declined 0.21% over the trailing twelve months. Operating margin moved from 29.6% to 25.08%. Free cash flow declined 11.67% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 25.08%. A decisive move in revenue — currently down 0.21% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Pfizer Inc. is a global biopharmaceutical leader engaged in the research, development, production, marketing, and distribution of a wide array of medicinal and vaccine products worldwide.

CEOAlbert Bourla

SectorHealthcare

IndustryDrug Manufacturers - General

Employees75,000

IPO dateJun 1, 1972

https://www.pfizer.com

Market multiples

Forward P/E—

EV/EBITDA13.76

Enterprise value$207.77B

Stock splits

Nov 17, 2020↑ Forward

Every 500 shares became 527

+5%

Jul 1, 1999↑ Forward

Every 1 shares became 3

+200%

Jul 1, 1997↑ Forward

Every 1 shares became 2

+100%

Jul 3, 1995↑ Forward

Every 1 shares became 2

+100%

Apr 1, 1991↑ Forward

Every 1 shares became 2

+100%

Jul 1, 1983↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth2.6%

Gross margin (FY2025)70.33%▲4.6ppvs FY2024

Operating margin (FY2025)24.67%▼1.2ppvs FY2024

ROE4.99%▼3.9ppvs FY2025

Analyst consensus

RatingHold

Target price$28.50▲3.13%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $0.79 · Revenue est $15.93B

View

Dividends

$1.72/shareQuarterlyDividend Achiever · 16yrStretched

PFE pays a dividend with a 6.22% dividend yield, 16 consecutive years of growth, growing at 2.1% annually, covered 0.9× by free cash flow.

Dividend Yield

6.22%

Annual Div / Share

$1.72

5yr CAGR

+2.1%

Doubles every ~33.3yr

Payout Ratio

225.72%

Stretched

Dividend Growth Rate

3yr CAGR

+1.81%

5yr CAGR

+2.1%

10yr CAGR

+4.27%

Dividend Safety

2/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.72+0.6%

2025$1.71+2.4%

2024$1.67+2.5%

2023$1.63+2.5%

2022$1.59+2.6%

2021$1.55+3.3%

2020$1.50+5.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$62/yr

$5/mo

In 5 yrs

$69/yr+11%

$6/mo

In 10 yrs

$77/yr+23%

$6/mo

Today	In 5 yrs	In 10 yrs
$62/yr $5/mo	$69/yr+11% $6/mo	$77/yr+23% $6/mo

Yield-on-cost grows from 6.22% → 7.66% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

PFE has raised its dividend for 16 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 225.72% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.

Dividend exceeds free cash flow

Free cash flow covers only 0.93× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NYSE · PFE

Pfizer Inc.

Healthcare · Drug Manufacturers - General

$27.64▲ 0.64% ($0.17)at close

After hours$27.68▲ 0.18%7:59 PM ET

52-week

$23.58$29.21

What the market price implies · Reverse DCF

To support a price of $27.64, this model requires revenue to grow by -4.67%/yr over the next 10 years, compounded annually.

Historical revenue grew by -6.33%/yr over the past 4 years. The required annual growth rate is 1.66 percentage points higher.

Selected forecast · Base scenario

0.8%/yr · actual 10-year annualized revenue growth

Year 1 growth: 0%

Market-implied · Base operating assumptions + edited margins

-4.67%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$27.64

Estimated value / share

$48.47

Base scenario

This estimate is 75.4% above the price used.

USD · TTM ending 2026-06-28

Year 1 growth 0% · Ending margin 25.08% · Discount rate 6.53%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:59 PM UTC
Financial statement period: TTM ending 2026-06-28
Data refreshed: Sep 18, 2026, 4:10 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 30 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 220.1%.

Do you have 5+ years of positive FCFF history? 30 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 14.91%Revenue (TTM): -0.21%FCF (TTM): -11.67%P/FCF: 48th pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 25.08%. A decisive move in revenue — currently down 0.21% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Pfizer Inc. is a global biopharmaceutical leader engaged in the research, development, production, marketing, and distribution of a wide array of medicinal and vaccine products worldwide.

CEOAlbert Bourla

SectorHealthcare

IndustryDrug Manufacturers - General

Employees75,000

IPO dateJun 1, 1972

https://www.pfizer.com

Market multiples

Forward P/E—

EV/EBITDA13.76

Enterprise value$207.77B

Stock splits

Nov 17, 2020↑ Forward

Every 500 shares became 527

+5%

Jul 1, 1999↑ Forward

Every 1 shares became 3

+200%

Jul 1, 1997↑ Forward

Every 1 shares became 2

+100%

Jul 3, 1995↑ Forward

Every 1 shares became 2

+100%

Apr 1, 1991↑ Forward

Every 1 shares became 2

+100%

Jul 1, 1983↑ Forward

Every 1 shares became 2

+100%

Profitability & growth

Revenue growth2.6%

Gross margin (FY2025)70.33%▲4.6ppvs FY2024

Operating margin (FY2025)24.67%▼1.2ppvs FY2024

ROE4.99%▼3.9ppvs FY2025

Analyst consensus

RatingHold

Target price$28.50▲3.13%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $0.79 · Revenue est $15.93B

View

Dividends

$1.72/shareQuarterlyDividend Achiever · 16yrStretched

PFE pays a dividend with a 6.22% dividend yield, 16 consecutive years of growth, growing at 2.1% annually, covered 0.9× by free cash flow.

Dividend Yield

6.22%

Annual Div / Share

$1.72

5yr CAGR

+2.1%

Doubles every ~33.3yr

Payout Ratio

225.72%

Stretched

Dividend Growth Rate

3yr CAGR

+1.81%

5yr CAGR

+2.1%

10yr CAGR

+4.27%

Dividend Safety

2/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.72+0.6%

2025$1.71+2.4%

2024$1.67+2.5%

2023$1.63+2.5%

2022$1.59+2.6%

2021$1.55+3.3%

2020$1.50+5.6%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$62/yr

$5/mo

In 5 yrs

$69/yr+11%

$6/mo

In 10 yrs

$77/yr+23%

$6/mo

Today	In 5 yrs	In 10 yrs
$62/yr $5/mo	$69/yr+11% $6/mo	$77/yr+23% $6/mo

Yield-on-cost grows from 6.22% → 7.66% over 10yr

Analysis

Dividend Strengths

Dividend Achiever

PFE has raised its dividend for 16 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.

Risks to Watch

High payout ratio

With 225.72% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.

Dividend exceeds free cash flow

Free cash flow covers only 0.93× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.