Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin23.5%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-1.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt-254.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$51.8B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$8.7B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
C
Price-to-Book1.86x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$302M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings$1.9B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-256,000
-1,648,000
Reconciled Depreciation
1,622,000
1,687,000
Reconciled Cost Of Revenue
3,655,000
4,815,000
EBITDA
1,636,000
756,000
EBIT
14,000
-931,000
Net Interest Income
-554,000
-545,000
Interest Expense
667,000
711,000
Interest Income
113,000
166,000
Normalized Income
2,122,400
3,718,456
Net Income From Continuing And Discontinued Operation
-248,000
-1,648,000
Total Expenses
11,497,000
13,870,000
Diluted Average Shares
5,699,000
5,686,000
Basic Average Shares
5,699,000
5,686,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-248,000
-1,648,000
Net Income Common Stockholders
-248,000
-1,648,000
Net Income
-248,000
-1,648,000
Minority Interests
-10,000
-8,000
Net Income Including Noncontrolling Interests
-237,000
-1,640,000
Net Income Discontinuous Operations
8,000
0
Net Income Continuous Operations
-246,000
-1,640,000
Tax Provision
-407,000
-2,000
Pretax Income
-653,000
-1,642,000
Other Income Expense
-3,635,000
-4,785,000
Other Non Operating Income Expenses
329,000
588,000
Special Income Charges
-4,025,000
-5,337,000
Gain On Sale Of Business
1,870,000
795,000
Other Special Charges
858,000
514,000
Write Off
255,000
Impairment Of Capital Assets
4,325,000
4,470,000
Restructuring And Mergern Acquisition
712,000
604,000
Gain On Sale Of Security
61,000
-36,000
Net Non Operating Interest Income Expense
-554,000
-545,000
Interest Expense Non Operating
667,000
711,000
Interest Income Non Operating
113,000
166,000
Operating Income
3,537,000
3,687,000
Operating Expense
7,405,000
8,598,000
Depreciation Amortization Depletion Income Statement
1,185,000
1,230,000
Depreciation And Amortization In Income Statement
1,185,000
1,230,000
Amortization
1,185,000
1,230,000
Amortization Of Intangibles Income Statement
1,185,000
1,230,000
Research And Development
2,809,000
3,206,000
Selling General And Administration
3,411,000
4,162,000
Gross Profit
10,942,000
12,285,000
Cost Of Revenue
4,092,000
5,272,000
Total Revenue
15,034,000
17,557,000
Operating Revenue
15,034,000
17,557,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
3,935,000
Ordinary Shares Number
5,699,444
5,686,000
Share Issued
5,699,444
9,621,000
Net Debt
62,218,000
62,819,000
Total Debt
63,194,000
63,961,000
Tangible Book Value
-33,282,000
-38,518,000
Invested Capital
148,384,000
150,437,000
Working Capital
8,712,000
5,914,000
Net Tangible Assets
-33,282,000
-38,518,000
Common Stock Equity
85,190,000
86,476,000
Total Capitalization
145,685,000
147,283,000
Total Equity Gross Minority Interest
85,492,000
86,775,000
Minority Interest
302,000
299,000
Stockholders Equity
85,190,000
86,476,000
Other Equity Interest
-1,000
1,000
Gains Losses Not Affecting Retained Earnings
-7,217,000
-8,070,000
Other Equity Adjustments
-261,000
-321,000
Foreign Currency Translation Adjustments
-7,011,000
-7,796,000
Minimum Pension Liabilities
62,000
75,000
Unrealized Gain Loss
-7,000
-28,000
Treasury Stock
115,194,000
115,015,000
Retained Earnings
112,087,000
114,610,000
Additional Paid In Capital
95,033,000
94,469,000
Capital Stock
482,000
481,000
Common Stock
482,000
481,000
Total Liabilities Net Minority Interest
115,639,000
121,385,000
Total Non Current Liabilities Net Minority Interest
82,993,000
84,401,000
Other Non Current Liabilities
14,781,000
14,727,000
Derivative Product Liabilities
834,000
Employee Benefits
1,937,000
2,041,000
Non Current Pension And Other Postretirement Benefit Plans
1,937,000
2,041,000
Tradeand Other Payables Non Current
3,816,000
3,591,000
Non Current Deferred Liabilities
1,964,000
2,401,000
Non Current Deferred Taxes Liabilities
1,964,000
2,401,000
Long Term Debt And Capital Lease Obligation
60,495,000
60,807,000
Long Term Debt
60,495,000
60,807,000
Current Liabilities
32,646,000
36,984,000
Other Current Liabilities
19,708,000
18,648,000
Current Deferred Liabilities
784,000
1,511,000
Current Deferred Revenue
784,000
1,511,000
Current Debt And Capital Lease Obligation
2,699,000
3,154,000
Current Debt
2,699,000
3,154,000
Other Current Borrowings
2,699,000
3,154,000
Commercial Paper
0
2,453,000
Pensionand Other Post Retirement Benefit Plans Current
2,554,000
3,610,000
Payables And Accrued Expenses
7,685,000
10,788,000
Payables
7,685,000
10,788,000
Dividends Payable
2,451,000
2,445,000
Total Tax Payable
653,000
3,103,000
Income Tax Payable
653,000
3,103,000
Accounts Payable
4,581,000
5,240,000
Total Assets
201,131,000
208,160,000
Total Non Current Assets
159,773,000
165,263,000
Other Non Current Assets
9,939,000
9,631,000
Non Current Deferred Assets
10,774,000
9,699,000
Non Current Deferred Taxes Assets
10,774,000
9,699,000
Investments And Advances
1,559,000
1,622,000
Investmentin Financial Assets
1,318,000
1,387,000
Held To Maturity Securities
49,000
48,000
Available For Sale Securities
1,269,000
1,339,000
Long Term Equity Investment
241,000
235,000
Goodwill And Other Intangible Assets
118,472,000
124,994,000
Other Intangible Assets
47,053,000
53,730,000
Goodwill
71,419,000
71,264,000
Net PPE
19,029,000
19,317,000
Accumulated Depreciation
-18,104,000
-17,386,000
Gross PPE
37,133,000
36,703,000
Construction In Progress
4,805,000
4,937,000
Other Properties
1,000
Machinery Furniture Equipment
21,854,000
20,611,000
Buildings And Improvements
9,744,000
9,036,000
Land And Improvements
299,000
291,000
Current Assets
41,358,000
42,898,000
Other Current Assets
3,523,000
2,807,000
Inventory
9,945,000
10,654,000
Other Inventories
-1,000
Finished Goods
3,887,000
4,113,000
Work In Process
5,160,000
5,634,000
Raw Materials
898,000
907,000
Receivables
16,192,000
15,841,000
Taxes Receivable
3,702,000
3,967,000
Accounts Receivable
12,490,000
11,874,000
Allowance For Doubtful Accounts Receivable
-423,000
-427,000
Gross Accounts Receivable
12,913,000
12,301,000
Cash Cash Equivalents And Short Term Investments
11,698,000
13,596,000
Other Short Term Investments
10,722,000
12,454,000
Cash And Cash Equivalents
976,000
1,142,000
Cash Flow
2026
2025
2024
Free Cash Flow
302,000
4,503,000
Repayment Of Debt
-1,186,000
-2,906,000
Issuance Of Debt
5,991,000
732,000
Capital Expenditure
-533,000
-845,000
Interest Paid Supplemental Data
1,248,000
981,000
Income Tax Paid Supplemental Data
3,467,000
1,017,000
End Cash Position
1,034,000
1,197,000
Beginning Cash Position
1,760,000
1,394,000
Effect Of Exchange Rate Changes
-4,000
5,000
Changes In Cash
-722,000
-202,000
Financing Cash Flow
-3,663,000
596,000
Cash Flow From Continuing Financing Activities
-3,664,000
597,000
Net Other Financing Charges
-26,000
-44,000
Cash Dividends Paid
-2,451,000
-2,445,000
Common Stock Dividend Paid
-2,451,000
-2,445,000
Net Issuance Payments Of Debt
-1,186,000
3,085,000
Net Short Term Debt Issuance
64,000
101,000
Short Term Debt Payments
64,000
101,000
Short Term Debt Issuance
0
732,000
Net Long Term Debt Issuance
2,984,000
0
Long Term Debt Payments
-3,007,000
0
Long Term Debt Issuance
5,991,000
0
Investing Cash Flow
2,106,000
-6,146,000
Cash Flow From Continuing Investing Activities
2,106,000
-6,146,000
Net Other Investing Changes
-1,000
-137,000
Net Investment Purchase And Sale
2,640,000
1,763,000
Sale Of Investment
4,383,000
5,314,000
Purchase Of Investment
-1,743,000
-3,551,000
Net Business Purchase And Sale
0
-6,927,000
Net PPE Purchase And Sale
-533,000
-845,000
Purchase Of PPE
-533,000
-845,000
Operating Cash Flow
835,000
5,348,000
Cash Flow From Continuing Operating Activities
860,000
5,350,000
Change In Working Capital
-1,816,000
1,590,000
Other Non Cash Items
-203,000
-487,000
Stock Based Compensation
249,000
225,000
Asset Impairment Charge
4,393,000
4,406,000
Deferred Tax
-1,320,000
-433,000
Deferred Income Tax
-1,320,000
-433,000
Depreciation Amortization Depletion
1,622,000
1,687,000
Depreciation And Amortization
1,622,000
1,687,000
Net Income From Continuing Operations
-220,000
-1,640,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $14.7B▲ $15.0B+2.6%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 74.2%▲ 72.8%-1.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 24.1%▼ 23.5%-0.6pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 19.9%▼ -1.6%-21.5pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$15.0B/qtr (≈$60.1B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.27x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$302M
vs Positive
Operating Cash Flow
$835M
Latest quarter · Buffett's cash reality check
ROIC
1.7%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.8x
Net Assets: $85.5B
⚠️Net margin compressed 21.5pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
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)
-0.3%
Weak — poor returns on equity
Return on Assets (ROA)
-0.1%
Poor — assets are not generating adequate returns
Debt Trend YoY
-0.8% YoY
Debt is declining — management is deleveraging
Leadership Team
Albert Bourla , Ph.
Chairman of the Board & CEO
Age 63
Pay: $9,140,441
Chris Boshoff FMedSci, , Ph.
Chief Scientific Officer and President of Research & Development
Age 61
Pay: $5,198,006
Cecile Guegan
Interim CFO & Executive VP
Age 54
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
9.29%
529,670,433
Vanguard Capital Management LLC
6.53%
372,149,852
State Street Corporation
5.39%
307,090,897
Geode Capital Management, LLC
2.37%
135,275,782
Vanguard Portfolio Management LLC
2.09%
119,235,030
Fisher Asset Management, LLC
1.91%
109,067,291
Morgan Stanley
1.69%
96,345,452
NORGES BANK
1.08%
61,505,586
Risk Analysis
Beta (Market Risk)
0.30
Low volatility — more stable than the market
Short Interest
2.7% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
0.74x
Conservative balance sheet — low financial risk
Current Ratio
1.27x
Adequate liquidity
52-Week Price Range
Low: $23.58Current: $27.74High: $29.21
Currently at 74% of 52-week range
Pfizer Inc. (PFE) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 72.8%. Operating margin: 23.5%. Net margin: -1.6%. Market cap: $158.1B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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