NYSE · Healthcare

Pfizer Inc.

PFE · Drug Manufacturers - General

$26.30

▼ -0.02 (-0.09%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Pfizer Inc. at $26.30.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 74.3%

Operating Margin 27.8%

Net Income Margin 12.4%

Fin. Health D

Years to Pay Off Debt 8.2 yrs

Working Capital vs Long-Term Debt -$54.9B

Working Capital $5.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.73x

Cash Flow B

Free Cash Flow $9.1B

CapEx % of Net Income 33.8%

Owner Earnings $17.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $149.6B

Enterprise Value $204.1B

P/E (TTM) 19.34

Dividend Yield 6.53%

Exchange NYSE

Key Margins

Gross Profit 74.3%

Operating Margin 27.8%

Net Margin 12.4%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 75000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Pfizer Inc. at $26.30.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $26.30, the stock trades at a 22% premium to its Graham Number of $21.57. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Pfizer Inc.

Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States and internationally. It operates in three segments: Biopharma, PC1, and Pfizer Ignite. The company offers internal medicine products, including cardiovascular metabolic diseases products under the Eliquis brand; migraine products under the Nurtec ODT/Vydura and Zavzpret brand; vaccines under the Prevnar family, Abrysvo, Nimenrix, FSME/IMMUN-TicoVac, and Trumenba brands; and Paxlovid for the treatment of COVID-19. It also provides inflammation and immunology products, such as Xeljanz, Enbrel, Cibinqo, Litfulo, Eucrisa, and Velsipity; rare disease products for therapeutic areas comprising amyloidosis, hemophilia, and endocrine diseases under the Vyndaqel family, Genotropin, BeneFIX, Xyntha, Somavert, Ngenla, and Hympavzi brands; and anti-infective and immunoglobulin medicines under the Zavicefta, Octagam, and Panzyga brands. In addition, the company offers oncology products comprising ADCs, small molecules, bispecific, and other immunotherapies for the treatment of cancers, including breast cancer, genitourinary cancer, and hematologic malignancies, as well as melanoma, gastrointestinal, gynecological, and lung cancer under the Ibrance, Xtandi, Padcev, Adcetris, Inlyta, Lorbrena, Bosulif, Tukysa, Braftovi, Mektovi, Orgovyx, Elrexfio, Tivdak, and Talzenna brands. Further, it provides biosimilars under the Inflectra brand; oncology biosimilars comprising Retacrit, Ruxience, Zirabev, Trazimera and Nivestym, and other biosimilars; and sterile injectables, such as Sulperazon, Atgam, Fragmin, Solu Medrol, Solu Cortef, and Bicillin. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Merck KGaA; and BioNTech SE, as well as a strategic collaboration with Boltz, PBC to develop and deploy biomolecular AI foundation models. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	74.3% ▲	71.9%	58.1%	66.1%	N/A
Operating Margin %	27.8% ▲	23.5%	7.4%	37.7%	N/A
Net Income %	12.4% ▼	12.6%	3.6%	31.0%	N/A
Diluted EPS	1.36 ▼	1.41	0.37	5.47	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$208.2B	$213.4B	$226.5B	$197.2B	N/A
Total Debt	$64.0B ↑	$63.6B	$70.8B	$34.9B	N/A
Working Capital	$5.9B ▼	$7.4B	-$4.5B	$9.1B	N/A
Years to Pay Debt	8.23	7.93	33.43	1.11	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.1B ▼	$9.8B	$4.8B	$26.0B	N/A
Owner Earnings	$17.0B	$18.0B	$12.3B	$39.7B	N/A
CapEx % of Net Income	33.8%	36.2%	184.4%	10.3%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-1,882,020	-962,640	-912,870	-385,344
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	25,745,000	22,711,000	13,904,000	45,045,000
Total Unusual Items	-8,962,000	-4,584,000	-4,347,000	-4,014,000
Total Unusual Items Excluding Goodwill	-8,962,000	-4,584,000	-4,347,000	-4,014,000
Net Income From Continuing Operation Net Minority Interest	7,746,000	8,020,000	2,134,000	31,366,000
Reconciled Depreciation	6,592,000	7,013,000	6,290,000	5,064,000
Reconciled Cost Of Revenue	14,349,000	16,124,000	23,397,000	32,889,000
EBITDA	16,783,000	18,127,000	9,557,000	41,031,000
EBIT	10,191,000	11,114,000	3,267,000	35,967,000
Net Interest Income	-2,068,000	-2,546,000	-585,000	-987,000
Interest Expense	2,671,000	3,091,000	2,209,000	1,238,000
Interest Income	603,000	545,000	1,624,000	251,000
Normalized Income	14,825,980	11,641,360	5,568,130	34,994,656
Net Income From Continuing And Discontinued Operation	7,771,000	8,031,000	2,119,000	31,372,000
Total Expenses	45,172,000	48,689,000	55,137,000	63,058,000
Diluted Average Shares	5,713,000	5,700,000	5,709,000	5,733,000
Basic Average Shares	5,683,000	5,664,000	5,643,000	5,608,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	7,771,000	8,031,000	2,119,000	31,372,000
Net Income Common Stockholders	7,771,000	8,031,000	2,119,000	31,372,000
Net Income	7,771,000	8,031,000	2,119,000	31,372,000
Minority Interests	-41,000	-31,000	-39,000	-35,000
Net Income Including Noncontrolling Interests	7,812,000	8,062,000	2,158,000	31,407,000
Net Income Discontinuous Operations	25,000	11,000	-15,000	6,000
Net Income Continuous Operations	7,787,000	8,051,000	2,172,000	31,401,000
Tax Provision	-266,000	-28,000	-1,115,000	3,328,000
Pretax Income	7,520,000	8,023,000	1,058,000	34,729,000
Other Income Expense	-7,819,000	-4,369,000	-2,774,000	-2,400,000
Other Non Operating Income Expenses	1,143,000	113,000	1,068,000	1,178,000
Special Income Charges	-9,160,000	-5,864,000	-6,413,000	-3,055,000
Gain On Sale Of Ppe				0	99,000
Gain On Sale Of Business		525,000	222,000
Other Special Charges	2,670,000	675,000	668,000	1,183,000
Write Off		432,000	227,000	52,000	53,000
Impairment Of Capital Assets	4,940,000	3,295,000	3,024,000	421,000
Restructuring And Mergern Acquisition	1,550,000	2,419,000	2,943,000	1,451,000
Earnings From Equity Interest	0	102,000	505,000	436,000
Gain On Sale Of Security	198,000	1,280,000	2,066,000	-959,000
Net Non Operating Interest Income Expense	-2,068,000	-2,546,000	-585,000	-987,000
Interest Expense Non Operating	2,671,000	3,091,000	2,209,000	1,238,000
Interest Income Non Operating	603,000	545,000	1,624,000	251,000
Operating Income	17,407,000	14,938,000	4,417,000	38,117,000
Operating Expense	29,105,000	30,838,000	30,183,000	28,714,000
Depreciation Amortization Depletion Income Statement	4,874,000	5,286,000	4,733,000	3,609,000
Depreciation And Amortization In Income Statement	4,874,000	5,286,000	4,733,000	3,609,000
Amortization	4,874,000	5,286,000	4,733,000	3,609,000
Amortization Of Intangibles Income Statement	4,874,000	5,286,000	4,733,000	3,609,000
Research And Development	10,437,000	10,822,000	10,679,000	11,428,000
Selling General And Administration	13,794,000	14,730,000	14,771,000	13,677,000
Gross Profit	46,512,000	45,776,000	34,600,000	66,831,000
Cost Of Revenue	16,067,000	17,851,000	24,954,000	34,344,000
Total Revenue	62,579,000	63,627,000	59,554,000	101,175,000
Operating Revenue	62,579,000	63,627,000	59,554,000	101,175,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	3,935,000	3,926,000	3,916,000	3,903,000
Ordinary Shares Number	5,686,000	5,666,990	5,646,000	5,616,000
Share Issued	9,621,000	9,592,990	9,562,000	9,519,000
Net Debt	62,819,000	62,606,000	67,992,000	34,443,000
Total Debt	63,961,000	63,649,000	70,845,000	34,859,000
Tangible Book Value	-38,518,000	-35,736,000	-43,669,000	916,000
Invested Capital	150,437,000	151,852,000	159,859,000	130,520,000
Working Capital	5,914,000	7,363,000	-4,461,000	9,121,000
Net Tangible Assets	-38,518,000	-35,736,000	-43,669,000	916,000
Common Stock Equity	86,476,000	88,203,000	89,014,000	95,661,000
Total Capitalization	147,283,000	144,906,000	149,513,000	127,586,000
Total Equity Gross Minority Interest	86,775,000	88,497,000	89,288,000	95,916,000
Minority Interest	299,000	294,000	274,000	256,000
Stockholders Equity	86,476,000	88,203,000	89,014,000	95,661,000
Other Equity Interest	1,000				1,000
Gains Losses Not Affecting Retained Earnings	-8,070,000	-7,842,000	-7,961,000	-8,304,000
Other Equity Adjustments	-321,000	57,000	-217,000	-412,000
Foreign Currency Translation Adjustments	-7,796,000	-7,984,000	-7,863,000	-8,360,000
Minimum Pension Liabilities	75,000	191,000	128,000	248,000
Unrealized Gain Loss	-28,000	-106,000	-9,000	220,000
Treasury Stock	115,015,000	114,763,000	114,487,000	113,969,000
Retained Earnings	114,610,000	116,725,000	118,353,000	125,656,000
Additional Paid In Capital	94,469,000	93,603,000	92,631,000	91,802,000
Capital Stock	481,000	480,000	478,000	476,000
Common Stock	481,000	480,000	478,000	476,000
Total Liabilities Net Minority Interest	121,385,000	124,899,000	137,213,000	101,289,000
Total Non Current Liabilities Net Minority Interest	84,401,000	81,904,000	89,419,000	59,151,000
Other Non Current Liabilities	14,727,000	14,151,000	16,540,000	13,182,000
Derivative Product Liabilities	834,000	701,000	1,039,000	959,000
Employee Benefits	2,041,000	2,115,000	2,167,000	2,250,000
Non Current Pension And Other Postretirement Benefit Plans	2,041,000	2,115,000	2,167,000	2,250,000
Tradeand Other Payables Non Current	3,591,000	6,112,000	8,534,000	9,812,000
Non Current Deferred Liabilities	2,401,000	2,122,000	640,000	1,023,000
Non Current Deferred Taxes Liabilities	2,401,000	2,122,000	640,000	1,023,000
Long Term Debt And Capital Lease Obligation	60,807,000	56,703,000	60,499,000	31,925,000
Long Term Debt	60,807,000	56,703,000	60,499,000	31,925,000
Current Liabilities	36,984,000	42,995,000	47,794,000	42,138,000
Other Current Liabilities	18,648,000	19,720,000	20,541,000	22,578,000
Current Deferred Liabilities	784,000	1,511,000	2,700,000	2,520,000
Current Deferred Revenue	784,000	1,511,000	2,700,000	2,520,000
Current Debt And Capital Lease Obligation	3,154,000	6,946,000	10,346,000	2,934,000
Current Debt	3,154,000	6,946,000	10,346,000	2,934,000
Other Current Borrowings	3,154,000	4,493,000	2,381,000	2,934,000
Commercial Paper	0	2,453,000	7,965,000	0
Pensionand Other Post Retirement Benefit Plans Current	3,610,000	3,838,000	2,776,000	3,407,000
Payables And Accrued Expenses	10,788,000	10,980,000	11,431,000	10,699,000
Payables	10,788,000	10,980,000	11,431,000	10,699,000
Dividends Payable	2,445,000	2,437,000	2,372,000	2,303,000
Total Tax Payable	3,103,000	2,910,000	2,349,000	1,587,000
Income Tax Payable	3,103,000	2,910,000	2,349,000	1,587,000
Accounts Payable	5,240,000	5,633,000	6,710,000	6,809,000
Total Assets	208,160,000	213,396,000	226,501,000	197,205,000
Total Non Current Assets	165,263,000	163,038,000	183,168,000	145,944,000
Other Non Current Assets	9,631,000	9,817,000	12,471,000	13,163,000
Non Current Deferred Assets	9,699,000	8,662,000	3,706,000	6,693,000
Non Current Deferred Taxes Assets	9,699,000	8,662,000	3,706,000	6,693,000
Investments And Advances	1,622,000	2,227,000	15,368,000	15,069,000
Other Investments					5,054,000
Investmentin Financial Assets	1,387,000	2,010,000	3,731,000	4,036,000
Held To Maturity Securities	48,000	45,000	47,000	48,000
Available For Sale Securities	1,339,000	1,965,000	3,684,000	3,988,000
Long Term Equity Investment	235,000	217,000	11,637,000	11,033,000
Goodwill And Other Intangible Assets	124,994,000	123,939,000	132,683,000	94,745,000
Other Intangible Assets	53,730,000	55,412,000	64,900,000	43,370,000
Goodwill	71,264,000	68,527,000	67,783,000	51,375,000
Net PPE	19,317,000	18,393,000	18,940,000	16,274,000
Accumulated Depreciation	-17,386,000	-16,483,000	-16,045,000	-15,174,000
Gross PPE	36,703,000	34,876,000	34,985,000	31,448,000
Construction In Progress	4,805,000	4,937,000	5,925,000	4,875,000
Other Properties		1,000	-1,000	1,000
Machinery Furniture Equipment	21,854,000	20,611,000	19,662,000	17,372,000
Buildings And Improvements	9,744,000	9,036,000	9,046,000	8,832,000
Land And Improvements	299,000	291,000	353,000	368,000
Current Assets	42,898,000	50,358,000	43,333,000	51,259,000
Other Current Assets	2,807,000	4,253,000	4,910,000	5,017,000
Inventory	10,654,000	10,851,000	10,189,000	8,981,000
Other Inventories		-1,000	-1,000
Finished Goods	4,113,000	3,775,000	3,495,000	2,603,000
Work In Process	5,634,000	6,101,000	5,688,000	5,519,000
Raw Materials	907,000	976,000	1,007,000	859,000
Receivables	15,841,000	14,777,000	15,544,000	14,529,000
Taxes Receivable	3,967,000	3,314,000	3,978,000	3,577,000
Accounts Receivable	11,874,000	11,463,000	11,566,000	10,952,000
Allowance For Doubtful Accounts Receivable	-427,000	-438,000	-470,000	-449,000
Gross Accounts Receivable	12,301,000	11,901,000	12,036,000	11,401,000
Cash Cash Equivalents And Short Term Investments	13,596,000	20,477,000	12,690,000	22,732,000
Other Short Term Investments	12,454,000	19,434,000	9,837,000	22,316,000
Cash And Cash Equivalents	1,142,000	1,043,000	2,853,000	416,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,075,000	9,835,000	4,793,000	26,031,000
Repurchase Of Capital Stock		0	0	-2,000,000	0
Repayment Of Debt	-9,752,000	-16,066,000	-2,572,000	-7,407,000
Issuance Of Debt	9,678,000	8,907,000	38,517,000	3,891,000
Capital Expenditure	-2,629,000	-2,909,000	-3,907,000	-3,236,000
Interest Paid Supplemental Data	2,739,000	3,227,000	2,215,000	1,442,000
Income Tax Paid Supplemental Data	4,688,000	3,605,000	3,147,000	7,867,000
End Cash Position	1,197,000	1,107,000	2,917,000	468,000
Beginning Cash Position	1,107,000	2,917,000	468,000	1,983,000
Effect Of Exchange Rate Changes	41,000	-66,000	-40,000	-165,000
Changes In Cash	49,000	-1,744,000	2,489,000	-1,350,000
Financing Cash Flow	-10,304,000	-17,140,000	26,066,000	-14,834,000
Cash Flow From Continuing Financing Activities	-10,303,000	-17,140,000	26,067,000	-14,834,000
Net Other Financing Charges	-459,000	-469,000	-632,000	-335,000
Cash Dividends Paid	-9,771,000	-9,512,000	-9,247,000	-8,983,000
Common Stock Dividend Paid	-9,771,000	-9,512,000	-9,247,000	-8,983,000
Net Common Stock Issuance		0	0	-2,000,000	0
Common Stock Payments		0	0	-2,000,000	0
Net Issuance Payments Of Debt	-74,000	-7,159,000	35,945,000	-3,516,000
Net Short Term Debt Issuance	-2,995,000	-4,909,000	7,683,000	-218,000
Short Term Debt Payments	-2,995,000	-13,816,000	-3,000	-4,109,000
Short Term Debt Issuance	0	8,907,000	7,686,000	3,891,000
Net Long Term Debt Issuance	2,921,000	-2,250,000	28,262,000	-3,298,000
Long Term Debt Payments	-6,757,000	-2,250,000	-2,569,000	-3,298,000
Long Term Debt Issuance	9,678,000	0	30,831,000	0
Investing Cash Flow	-1,351,000	2,652,000	-32,278,000	-15,783,000
Cash From Discontinued Investing Activities			0	0	-12,000
Cash Flow From Continuing Investing Activities	-1,351,000	2,654,000	-32,277,000	-15,783,000
Net Other Investing Changes	165,000		-180,000	-192,000	-306,000
Dividends Received Cfi		0	0	3,960,000	0
Net Investment Purchase And Sale	1,729,000	-1,479,000	15,239,000	6,682,000
Sale Of Investment	19,054,000	8,834,000	46,417,000	45,462,000
Purchase Of Investment	-17,325,000	-10,313,000	-31,178,000	-38,780,000
Net Business Purchase And Sale	-616,000	7,040,000	-43,430,000	-22,997,000
Sale Of Business	6,311,000	7,040,000	0	0
Purchase Of Business	-6,927,000	0	-43,430,000	-22,997,000
Net PPE Purchase And Sale	-2,629,000	-2,909,000	-3,907,000	-3,236,000
Purchase Of PPE	-2,629,000	-2,909,000	-3,907,000	-3,236,000
Operating Cash Flow	11,704,000	12,744,000	8,700,000	29,267,000
Cash From Discontinued Operating Activities			0	0	-343,000
Cash Flow From Continuing Operating Activities	11,705,000	12,743,000	8,702,000	29,267,000
Change In Working Capital	-5,354,000	-3,066,000	-2,172,000	-5,639,000
Change In Other Working Capital	-2,805,000	-1,345,000	-982,000	-545,000
Change In Other Current Liabilities	-3,667,000	-3,115,000	595,000	-1,449,000
Change In Other Current Assets	1,289,000	3,380,000	-663,000	-4,506,000
Change In Payables And Accrued Expense	-469,000	-1,023,000	-300,000	1,191,000
Change In Payable	-469,000	-1,023,000	-300,000	1,191,000
Change In Account Payable	-469,000	-1,023,000	-300,000	1,191,000
Change In Inventory	561,000	-854,000	-1,169,000	-591,000
Change In Receivables	-263,000	-109,000	347,000	261,000
Changes In Account Receivables	-263,000	-109,000	347,000	261,000
Other Non Cash Items	-1,257,000	-2,271,000	-4,281,000	-400,000
Stock Based Compensation	799,000	877,000	525,000	872,000
Asset Impairment Charge	5,270,000	4,242,000	9,607,000	1,733,000
Deferred Tax	-2,133,000	-2,102,000	-3,442,000	-3,764,000
Deferred Income Tax	-2,133,000	-2,102,000	-3,442,000	-3,764,000
Depreciation Amortization Depletion	6,592,000	7,013,000	6,290,000	5,064,000
Depreciation And Amortization	6,592,000	7,013,000	6,290,000	5,064,000
Net Income From Continuing Operations	7,787,000	8,051,000	2,173,000	31,401,000

These metrics estimate what Pfizer Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$21.57

Margin of Safety

Market Cap ÷ Company Value

1.70

P/B Ratio

1.73

Warren's Owner Earnings

$17.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$62.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.16x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

6.53%

vs Uninterrupted dividends

❌ Earnings Growth

-75.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.73x P/B (P/E×P/B: 33.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-13.80

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$34.00

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	33.8%	36.2%	184.4%	10.3%	N/A
Repurchase of Capital Stock	N/A	$0M	$0M	-$2.0B	$0M
Free Cash Flow	$9.1B ▼	$9.8B ▲	$4.8B ▼	$26.0B •	N/A •
Warren's Owner Earnings	$17.0B	$18.0B	$12.3B	$39.7B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare PFE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.10%

Low — management has little skin in the game

Return on Equity (ROE)

9.0%

Adequate — returns are moderate

Return on Assets (ROA)

3.7%

Fair — average asset utilization

Debt Trend YoY

+0.5% YoY

Debt is roughly stable

Leadership Team

Albert Bourla , Ph.

Chairman of the Board & CEO

Age 63

Pay: $9,140,441

0.118% of net income

David Denton

Executive VP & CFO

Age 60

Pay: $4,802,804

0.062% of net income

Chris Boshoff FMedSci, , Ph.

Chief Scientific Officer and President of Research & Development

Age 61

Pay: $5,198,006

0.067% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.52%	541,346,182
Blackrock Inc.	8.67%	493,062,528
State Street Corporation	5.28%	300,445,164
Geode Capital Management, LLC	2.29%	130,192,081
Morgan Stanley	1.57%	89,113,604
NORGES BANK	1.29%	73,533,577
Northern Trust Corporation	1.11%	63,250,589
Massachusetts Financial Services Co.	0.98%	55,873,002

Risk Analysis

Beta (Market Risk)

0.30

Low volatility — more stable than the market

Short Interest

2.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.78x

Conservative balance sheet — low financial risk

Current Ratio