Is PFE overvalued or undervalued?

At $29.58 the price sits inside our range of estimates. We don't call PFE overvalued or undervalued from a range. This is an educational estimate, not advice.

What discount rate is used for PFE?

A WACC of 7.1% and a terminal growth rate of 2.5%.

Is Pfizer stock undervalued?

TickerWorth's fair-value range for Pfizer Inc. (PFE) is $21.81 – $69.29 against a market price of $29.58. Priced within our range. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.

Pfizer (PFE) DCF valuation and fair value

Our fair-value range for Pfizer Inc. (PFE) is $21.81 – $69.29, built on a 7.1% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.

What growth is priced into Pfizer stock?

Today's price implies revenue growth of −0.4% a year for 5 years; our model assumes −4.6% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $29.58. A model estimate, not investment advice.

Pfizer (PFE) insider trading

The most recent insider filing (SEC Form 4) for Pfizer Inc. (PFE): BOURLA ALBERT, Director, Chairman & CEO, open-market buy on 2026-08-12. The latest filings are listed on this page. A disclosure, not a signal to trade.

PFE · Intrinsic value

Is Pfizer Inc. (PFE) overvalued or undervalued?

Name: Pfizer Inc. (PFE) DCF intrinsic value
Creator: TickerWorth

As of Oct 19, 2026, TickerWorth publishes a fair-value range of $21.81 – $69.29 for Pfizer Inc. (PFE), against the delayed market price of $29.58: priced within our range. It is a range, not a single number, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.

Model by Miraaj Patel · generated from a hand-researched model · Updated Oct 19, 2026 · How these pages are made

Open full PFE analysis

What is PFE worth?

Fair-value range: $21.81 – $69.29; A range by design: peer multiples and our researched mid-cycle DCF.
Market price: $29.58
Gap to fair value: —
Verdict: Priced within our range

Price as of 19 Oct 2026, 14:39 UTC · Prices are delayed.We publish this company as a range by design, not because our valuation lenses disagree, and we do not collapse it to a single number. We do not call it over- or undervalued from a range.

Fair-value range against the delayed market price: Priced within our range.

Reverse DCF: Today's price implies revenue growth of −0.4% a year for 5 years; our model assumes −4.6% a year on average over the same horizon.

What is PFE's TickerWorth Score?

A68/100

Scores higher than almost every company we compare it with

Compared with Healthcare companies in US

Its strongest point: trades below our estimate of what it's worth. Its weakest: balance sheet looks stretched.

Value · 71 of 100
Cheaper than 71% of Healthcare companies in US
Price vs worth · 100 of 100
Quality · 64 of 100
More profitable than 64% of Healthcare companies in US
Financial health · 32 of 100
Financially stronger than 32% of Healthcare companies in US
Growth · 62 of 100
Growing faster than 62% of Healthcare companies in US
Momentum · 84 of 100
Outperformed 84% of Healthcare companies in US over the past year

Confidence: High confidence · Scored 19 Oct 2026, 14:39 UTC

Get the Undervalued Company of the Week.

Where the numbers come from

Hand-researched model

What the modeller flagged

THE FORECAST CONTAINS FOUR NEGATIVE REVENUE YEARS (2026-29) — the first is management's own guidance — and the final-year margin is 70% of the peak, so BOTH arms of the cyclical flag fire and the site publishes PFE as a range. This is the honest forecast, built product by product from the 10-K patent table, not an error.
TERMINAL VALUE IS ~75.4% OF ENTERPRISE VALUE — just over the 75% danger line. The five explicit years contain the cliff, so most of the answer rests on post-2030 Pfizer and 2.5% growth forever from a trough. Sensitivity range ~$12-54.
NO PIPELINE SUCCESS IS CREDITED. The Metsera monthly GLP-1/amylin obesity programme (ten pivotal trials starting 2026; the CVR alone could pay Metsera holders up to $2.3B), PF-08634404 (PD-1xVEGF, 3SBio), the Innovent ADC portfolio (up to $10.5B, 12 programmes), vepdegestrant and next-generation pneumococcal vaccines are all unlaunched and binary. A successful monthly obesity franchise is the largest upside not in the model; the June 2026 sigvotatug Phase 3 miss ($3.8B impairment) is a reminder of the downside.
FREE-CASH-FLOW GAP OVER 20%: year-1 unlevered FCF in the model is ~$14,084M against FY2025 reported OCF-less-capex of $9,075M (+55%) and TTM $10,985M (+28%). Reported FCF is after ~$2.7B of interest paid (excluded from unlevered FCF), after $4.7B of cash taxes in 2025 (the model taxes EBIT at the ~15% adjusted rate, ~$2.6B; 2025 cash taxes included global tax resolutions), and after restructuring, legal and COVID working-capital outflows; the model in turn charges ~$4.6B of BD and restructuring that Pfizer mostly books in investing cash. A structurally higher tax rate is the main risk in that gap: at 18% the value is ~$20.99.
OPEX IS A JUDGEMENT: SI&A+R&D is cut only to $21.5B by 2030 (44% of revenue, from 38% in 2025) because the obesity and oncology Phase 3s keep R&D near $11B. If Pfizer cuts opex to ~40% of revenue by 2029 the value is ~$26.51.
VYNDAQEL IS SAFER THAN THE 10-K TABLE SUGGESTS: the US basic patent row says 2026 (PTE pending to 2028), but the Q2 10-Q discloses settlements letting Vyndamax generics launch only on 2031-06-01 (subject to other litigation). The model keeps the family at ~$6B through 2030 with modest competitive erosion; an early generic would cut ~$4-5B of high-margin revenue.
POLICY: Pfizer's guidance includes Most-Favored-Nation pricing, TrumpRx participation and current tariffs; IRA negotiated prices apply to Ibrance and Xtandi among others. Further pricing mandates are not modeled beyond the product curves.
EXCLUDED FROM NET DEBT (each stated in the net-debt note): $2,259M of contingent consideration (mostly the Metsera CVR, ~$0.39/share), $1,937M of pension/postretirement obligations (~$0.34/share), $1,559M of long-term investments and $302M of noncontrolling interests.
SBC ($799M in FY2025, 1.3% of revenue) stays expensed inside the Adjusted operating lines; dilution is captured by the 5,734M diluted count.

Why PFE gets a range, not one number

At a recent price of $29.58, Pfizer Inc. (PFE) sits inside our range of estimates: our valuation lenses put the business somewhere between $21.81 and $69.29 per share. For a cyclical we value through the cycle we publish a range only (peer multiples and our researched mid-cycle DCF): where in the cycle the business sits decides where in that range it lands, and a single figure would claim we know that precisely. This is an educational model, not a price target or a recommendation.

Read the full reasoning

The valuation discounts Pfizer Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 7.1%, with a long-run terminal growth rate of 2.5%. About 75% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.

Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly -0.4% annual revenue growth for PFE. Our base case instead compounds to about -4.6% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.

Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, PFE's modeled DCF value ranges from about $12.20 to $54.34 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.

How to read this page: the DCF fair value is what Pfizer Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of PFE's intrinsic value. Figures update as new filings and prices come in.

Every input behind PFE's DCF

Input	Value	Source
Base-year revenuePFE FY2025 10-K (accession 0000078003-26-000026, filed 2026-02-26): us-gaap:Revenues FY2025 = $62,579M (product $51,663M + alliance $9,266M + royalty $1,650M), -2% on FY2024's $63,627M; ex-COVID products +6% operationally. The mix is the whole story: COVID products (Comirnaty $4,367M + Paxlovid $2,362M = $6,729M) are fading, and ~$22.7B sits in products losing protection 2026-28 (Eliquis $7,961M, Vyndaqel family $6,380M, Ibrance $4,122M, Xtandi $2,194M, Xeljanz $1,087M, Adcetris $907M). CROSS-CHECK: H1 2026 revenue $29,484M, +4% on H1 2025's $28,367M (+2% operational; Q2 alone $15,034M, +3%). UNCHANGED as the base; FY2026 is guided.	$62,579,000,000	PFE FY2025 10-K (accession 0000078003-26-000026, filed 2026-02-26): us-gaap:Revenues FY2025 = $62,579M (product $51,663M + alliance $9,266M + royalty $1,650M), -2% on FY2024's $63,627M; ex-COVID products +6% operationally. The mix is the whole story: COVID products (Comirnaty $4,367M + Paxlovid $2,362M = $6,729M) are fading, and ~$22.7B sits in products losing protection 2026-28 (Eliquis $7,961M, Vyndaqel family $6,380M, Ibrance $4,122M, Xtandi $2,194M, Xeljanz $1,087M, Adcetris $907M). CROSS-CHECK: H1 2026 revenue $29,484M, +4% on H1 2025's $28,367M (+2% operational; Q2 alone $15,034M, +3%). UNCHANGED as the base; FY2026 is guided.
Base EBIT marginESTIMATEAssumption — PFE Q4/FY2025 earnings release, 8-K Ex-99 (accession 0000078003-26-000005, filed 2026-02-03) + PFE FY2025 10-K (accession 0000078003-26-000026, filed 2026-02-26): DERIVED; the treatment of deal accounting is the point (same method as this tracker's BMY and SNY models). GAAP FY2025: revenue $62,579M - cost of sales $16,067M - SI&A $13,794M - R&D $10,437M - Acquired IPR&D $1,613M - amortization of intangibles $4,874M (mostly Seagen, Biohaven, Arena, GBT) - restructuring/acquisition costs $1,550M = $14,244M (22.8%), before $6,724M of 'other deductions' that include $4,940M of intangible impairments. Not a run-rate. TREATMENT: start from Pfizer's own Adjusted lines (cost of sales $15,141M, SI&A $13,642M, R&D $10,212M) = $23,584M (37.69%), which exclude amortization, inventory step-up, restructuring and impairments, then charge a NORMALIZED 7.5% of revenue in place of the lumpy lines = 6.0% business development + 1.5% recurring restructuring (basis in special_cases): 37.69% - 7.5% = 30.19%. Pfizer books most deals as business combinations (Seagen $43.4B 2023, Metsera $6.9B 2025), so they never touch Acquired IPR&D ($1,613M in 2025, $108M in 2024) — a charge is needed or the model treats bought pipeline as free. Because amortization is excluded, D&A below is depreciation only. CROSS-CHECK H1 2026: adjusted revenue $29,484M - COGS $7,061M - SI&A $6,259M - R&D $5,164M = $11,000M (37.3% before the charge).	30.2%	ESTIMATEAssumption — PFE Q4/FY2025 earnings release, 8-K Ex-99 (accession 0000078003-26-000005, filed 2026-02-03) + PFE FY2025 10-K (accession 0000078003-26-000026, filed 2026-02-26): DERIVED; the treatment of deal accounting is the point (same method as this tracker's BMY and SNY models). GAAP FY2025: revenue $62,579M - cost of sales $16,067M - SI&A $13,794M - R&D $10,437M - Acquired IPR&D $1,613M - amortization of intangibles $4,874M (mostly Seagen, Biohaven, Arena, GBT) - restructuring/acquisition costs $1,550M = $14,244M (22.8%), before $6,724M of 'other deductions' that include $4,940M of intangible impairments. Not a run-rate. TREATMENT: start from Pfizer's own Adjusted lines (cost of sales $15,141M, SI&A $13,642M, R&D $10,212M) = $23,584M (37.69%), which exclude amortization, inventory step-up, restructuring and impairments, then charge a NORMALIZED 7.5% of revenue in place of the lumpy lines = 6.0% business development + 1.5% recurring restructuring (basis in special_cases): 37.69% - 7.5% = 30.19%. Pfizer books most deals as business combinations (Seagen $43.4B 2023, Metsera $6.9B 2025), so they never touch Acquired IPR&D ($1,613M in 2025, $108M in 2024) — a charge is needed or the model treats bought pipeline as free. Because amortization is excluded, D&A below is depreciation only. CROSS-CHECK H1 2026: adjusted revenue $29,484M - COGS $7,061M - SI&A $6,259M - R&D $5,164M = $11,000M (37.3% before the charge).
Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast	-2% → -5% → -11% → -5% → 1%	ESTIMATEAssumption — TickerWorth's 5-year explicit forecast
Risk-free rateUS 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; the program-wide rate shared by every researched model in this run.	5.2%	US 10Y Treasury constant maturity (FRED DGS10): 5.24% on 2026-10-01, the latest published observation; the program-wide rate shared by every researched model in this run.
BetaESTIMATEAssumption — normalized estimate (Blume-adjusted published beta, cross-checked): Published 5Y-monthly beta is 0.276 (yfinance, read 2026-10-05); my own 60-month regression of dividend-adjusted monthly returns on the S&P 500 (Oct-2021 to Sep-2026) gives 0.318, so it is not a data error. NORMALIZED UP to 0.52 with the standard Blume adjustment (0.67 x 0.276 + 0.33 = 0.515), the same method this tracker used for BMY (0.184 -> 0.45) and SNY (0.281 -> 0.52). CONSERVATIVE: raises WACC and LOWERS the value. Reason: at 0.276 Pfizer's cost of equity would be 6.6%, barely above the ~6.1% it would pay on a new bond — not credible for a company walking into a 2026-28 patent cliff. The low figure measures low correlation (Pfizer fell ~45% from its 2021 COVID peak while the market rose), not low risk. Cross-check: my 120-month regression (Oct-2016 to Sep-2026) gives 0.534, and the 10-year peer median used in the BMY/SNY models is ~0.50. The published 0.276 would give ~$28.60 (+$6.79/share); 0.65 would give ~$19.14.	0.52	ESTIMATEAssumption — normalized estimate (Blume-adjusted published beta, cross-checked): Published 5Y-monthly beta is 0.276 (yfinance, read 2026-10-05); my own 60-month regression of dividend-adjusted monthly returns on the S&P 500 (Oct-2021 to Sep-2026) gives 0.318, so it is not a data error. NORMALIZED UP to 0.52 with the standard Blume adjustment (0.67 x 0.276 + 0.33 = 0.515), the same method this tracker used for BMY (0.184 -> 0.45) and SNY (0.281 -> 0.52). CONSERVATIVE: raises WACC and LOWERS the value. Reason: at 0.276 Pfizer's cost of equity would be 6.6%, barely above the ~6.1% it would pay on a new bond — not credible for a company walking into a 2026-28 patent cliff. The low figure measures low correlation (Pfizer fell ~45% from its 2021 COVID peak while the market rose), not low risk. Cross-check: my 120-month regression (Oct-2016 to Sep-2026) gives 0.534, and the 10-year peer median used in the BMY/SNY models is ~0.50. The published 0.276 would give ~$28.60 (+$6.79/share); 0.65 would give ~$19.14.
Terminal growthESTIMATEAssumption — house default: House default 2.5%, kept for comparability. FLAG: a real judgement for Pfizer, not a formality. The terminal year (2030) sits just after the Eliquis/Ibrance/Xtandi cliff, and 2.5% forever assumes Pfizer keeps replacing each wave of expiries — more are scheduled (Braftovi 2030, Vyndamax US settlement date mid-2031, Padcev/Lorbrena 2033). The normalized 6% BD charge is what pays for that replacement. Must remain < WACC of ~7.08%.	2.5%	ESTIMATEAssumption — house default: House default 2.5%, kept for comparability. FLAG: a real judgement for Pfizer, not a formality. The terminal year (2030) sits just after the Eliquis/Ibrance/Xtandi cliff, and 2.5% forever assumes Pfizer keeps replacing each wave of expiries — more are scheduled (Braftovi 2030, Vyndamax US settlement date mid-2031, Padcev/Lorbrena 2033). The normalized 6% BD charge is what pays for that replacement. Must remain < WACC of ~7.08%.
Diluted sharesPFE Q2 2026 earnings release, 8-K Ex-99 (accession 0000078003-26-000094, filed 2026-08-04): Diluted weighted-average shares 5,734M used for Q2 2026 Adjusted EPS (the GAAP loss per share used the 5,699M basic count because dilution would be anti-dilutive). 2026 guidance assumes ~5.74B and no buybacks; none since 2022. Shares outstanding 5,699.7M (yfinance).	5,734M	PFE Q2 2026 earnings release, 8-K Ex-99 (accession 0000078003-26-000094, filed 2026-08-04): Diluted weighted-average shares 5,734M used for Q2 2026 Adjusted EPS (the GAAP loss per share used the 5,699M basic count because dilution would be anti-dilutive). 2026 guidance assumes ~5.74B and no buybacks; none since 2022. Shares outstanding 5,699.7M (yfinance).
Market priceDelayed quote · as of 2026-10-19 14:39 UTC	$29.58	Delayed quote · as of 2026-10-19 14:39 UTC

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What does Pfizer Inc. do?

What does it do?

Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products in the United States and internationally. It operates in the Drug Manufacturers - General industry (Healthcare sector), headquartered in United States. The company employs roughly 75,000 people.

How does it make money?

The business turns $63.7B in annual revenue into profit. Out of every $100 of sales, about $28 is left as operating profit (operating margin of 27.9%), after a 75% gross margin on the products/services it sells. After all costs, taxes and interest, 6.8% of revenue becomes bottom-line net profit.

Is it financially healthy?

Financially it looks mixed: carries modest debt (0.7× equity), can just cover its short-term bills (1.3× current ratio), and is currently profitable.

Who at PFE filed insider trades?

Recent insider filings for Pfizer Inc.
Date	Insider	Relationship	What happened	Value	Filing
12 Aug 2026	BOURLA ALBERT	Director, Chairman & CEO	Open-market buy	$1,000,920.00	Form 4 for BOURLA ALBERT (opens sec.gov in a new tab)
5 Aug 2026	DAMICO JENNIFER B.	SVP & Controller	Open-market sale	$83,261.20	Form 4 for DAMICO JENNIFER B. (opens sec.gov in a new tab)
5 Aug 2026	BLAYLOCK RONALD E	Director	Open-market buy	$998,821.26	Form 4 for BLAYLOCK RONALD E (opens sec.gov in a new tab)
5 Aug 2026	Buckley Mortimer J	Director	Open-market buy	$960,368.64	Form 4 for Buckley Mortimer J (opens sec.gov in a new tab)
9 Jun 2026	DAMICO JENNIFER B.	SVP & Controller	Open-market sale	$51,400.00	Form 4 for DAMICO JENNIFER B. (opens sec.gov in a new tab)

A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4).

Common questions

What is PFE's intrinsic value?
TickerWorth's valuation lenses put Pfizer Inc. (PFE) between $21.81 and $69.29 per share, versus a market price of $29.58. For a cyclical we value through the cycle we publish a range only (peer multiples and our researched mid-cycle DCF): where in the cycle the business sits decides where in that range it lands, and a single figure would claim we know that precisely.
Is PFE overvalued or undervalued?
At $29.58 the price sits inside our range of estimates. We don't call PFE overvalued or undervalued from a range. This is an educational estimate, not advice.
What discount rate is used for PFE?
A WACC of 7.1% and a terminal growth rate of 2.5%.
Is Pfizer stock undervalued?
TickerWorth's fair-value range for Pfizer Inc. (PFE) is $21.81 – $69.29 against a market price of $29.58. Priced within our range. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
Pfizer (PFE) DCF valuation and fair value
Our fair-value range for Pfizer Inc. (PFE) is $21.81 – $69.29, built on a 7.1% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Pfizer stock?
Today's price implies revenue growth of −0.4% a year for 5 years; our model assumes −4.6% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $29.58. A model estimate, not investment advice.
Pfizer (PFE) insider trading
The most recent insider filing (SEC Form 4) for Pfizer Inc. (PFE): BOURLA ALBERT, Director, Chairman & CEO, open-market buy on 2026-08-12. The latest filings are listed on this page. A disclosure, not a signal to trade.