Discounted Cash Flow

Pfizer Inc.

PFE · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $52.8b $7.2b $14.1b 13.7% $1.17
2017 $52.5b (-0.5%) $21.3b (195.3%) $14.5b (3.1%) 40.6% (196.9%) $3.52 (200.9%)
2018 $53.6b (2.1%) $11.2b (-47.7%) $13.8b (-5.0%) 20.8% (-48.7%) $1.86 (-47.2%)
2019 $51.8b (-3.5%) $16.3b (45.9%) $10.4b (-24.5%) 31.4% (51.3%) $2.87 (54.3%)
2020 $41.9b (-19.0%) $9.6b (-40.9%) $12.2b (16.7%) 22.9% (-27.0%) $1.24 (-56.8%)
2021 $81.3b (94.0%) $22.0b (128.6%) $29.9b (145.8%) 27.0% (17.8%) $3.93 (216.9%)
2022 $100.3b (23.4%) $31.4b (42.7%) $26.0b (-12.8%) 31.3% (15.6%) $5.47 (39.2%)
2023 $50.9b (-49.3%) $2.1b (-93.2%) $4.8b (-81.6%) 4.2% (-86.7%) $0.37 (-93.2%)
2024 $63.6b (25.0%) $8.0b (279.0%) $9.8b (105.2%) 12.6% (203.3%) $1.41 (281.1%)
2025 $62.6b (-1.6%) $7.8b (-3.2%) $9.1b (-7.7%) 12.4% (-1.6%) $1.36 (-3.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model